All Entries in the "ANSWERS" Category
Can I deduct my job-hunting expenses?
Unfortunately, expenses incurred while looking for your first job are not tax deductible. But moving expenses to get to that first job are. If you moved more than 50 miles, you can deduct expenses for: Packing supplies Truck rental Movers Storage Mileage and gas Airfare Hotel stays You can also deduct 20 cents per mile [...]
3 Tax-Saving Tips
2010 Tax Saving Tips Keep receipts for job hunting and work-related moving expenses. When you rollover your 401(k), have it directly deposited into your new account. If you’ll owe taxes on your Social Security benefits, request voluntary withholding. Taxpayers with any tax questions can take advantage of a free answer from Turbo Tax expert through [...]
Do I have to report tips to my employer?
Sorry, Uncle Sam considers tips part of your income. You must report them so your employer can withhold federal income, Social Security and Medicare taxes from your total wages. If you don’t report your tips, you could end up paying a hefty penalty in addition to the taxes you owe.Keeping a daily record of your [...]
Will my raise or pay cut change my tax rate?
Getting a raise, starting a new job, or retiring can have a dramatic impact on your taxes. H&R Block Free Edition walks you through job changes, step by step, to ensure your return is correct and you get every deduction you deserve. Your Pay Raise? (or Pay Cut) Will my raise or pay cut change [...]
How do I efile my Taxes for Free?
The Internal Revenue Service will accept free file tax returns from eligible taxpayers through e-file starting Friday. To file, or find out if you are eligible to file at this time, visit this link. “The free file program is a program that allows federal tax payers to file for free,” IRS media relations’ representative Raphael [...]
Where to get tax return forms?
Most people use the main federal income tax form is the 1040 or 1040A or 1040-EZ for very easy tax filing situations. Each taxpayer must fill out a tax return form as well as any appropriate additional tax forms required. With tax being a very scary subject for most people, few people know about all the [...]
Bankruptcy 101: Bankruptcy Discharges
People often file bankruptcy to get a discharge, which is a court order that states that you don’t have to pay back most of your debts. According to Justice.gov, you can only receive a Chapter 7 discharge once every eight years. Other rules apply if you previously received a discharge in a Chapter 13 case. [...]
Top Credit Card for Bad Credit
The internet is often a great source of information. In fact, these days it seems like it’s almost the only place to find information. But there’s a real economy behind providing and distributing all that information, and consumers would do well to keep that in mind when looking for advice. Credit cards are a perfect [...]
Should You Date in the Workplace?
Here’s how to increase your chances of enjoying romance in the workplace without getting bitten by something worse than the love bug. Think twice about a relationship with your supervisor. How would you feel if you and your boss/lover had a blowup last night and this morning had to work together? Or if suspicious coworkers [...]
Naming Children as Insurance and Retirement Plan Beneficiaries
As a parent of minor children, it’s understandable to want to name your children as beneficiaries on your insurance policies. You want them to be taken care, of course. However, naming children requires several important steps to make sure the children receive the money. This are several important facts to consider: Since many insurance companies, [...]
5 Things to Know When Financing a New Car
Buying a new car is an exciting purchase, for sure, and an expensive one at that. But you can definitely save money if you know a little something about auto financing. Before you step foot in a dealership, here are a few tips that can help you come out on top: Learn your options. Check with [...]
Mortgage 101: Fixed Rate v. Adjustable Rate
If you want to buy a home, you may have no option but to take out a home loan. You do, however, have options when it comes to which mortgage you choose. There are two basic types of mortgages: fixed rate and adjustable rate mortgage (ARM). Fixed rate mortgages have set interest rates, which means [...]
Exit Strategies for Entrepreneurs
Creating an exit strategy for your business is a vital step not only for the profitability of the business, but for your financial future as well. The first thing to consider when creating an exit strategy is to take a comprehensive analysis of your business and personal finances, as well as your goals for the future. Be sure [...]
Alternative Minimum Tax
Alternative Minimum Tax, also referred to as AMT, refers to the minimum amount of personal income tax owed by an individual to the Internal Revenue Service (IRS). There are two types of AMT: a personal income tax, and a corporate income tax. According to IRS.gov, “The Alternative Minimum Tax attempts to ensure that anyone who benefits [...]
Can Consumers Fight Back Against Credit Fraud?
In this age of information, credit fraud is not a difficult crime to perpetrate. The idea that a thief could gain access to your account information or personal data is not as implausible as you might think–social security number misuse has increased over the last two years, resulting in a variety of credit-related crimes.Fortunately, you [...]
What exactly is a Credit Report?
Whenever you apply for any type of credit or financing, a credit report is pulled from at least one of the three major credit bureaus. While there are hundreds of smaller credit bureaus around the country, virtually every credit bureau is affiliated with Trans Union, Experian, or Equifax. These credit bureaus collect and maintain information [...]
What is a Credit Score…Really?
What does your score mean? This rating system is meant to develop a snapshot of the risk you currently represent to a lender. Several parameters in your credit file, including length of credit history, number of open accounts, loans, mortgages, public records, and others are formulated to produce a three-digit score between about 300 and [...]
