What is Debt Consolidation?
Debt consolidation is a financial strategy that involves combining multiple debts into a single loan or line of credit. Consumers may choose to consolidate their debts for one or more reasons: To simplify their monthly payments, To reduce interest rates, or To reduce monthly payments. What You Should Know About Debt Consolidation LoansSingle PaymentInstead of... Read More
What to Do After Being Rejected for a Personal Loan
It hurts to get rejected … from a love interest or for a personal loan. But once the sting has subsided, you can get your mojo back. Follow these guidelines to improve your chances of being approved for a personal loan in the future. Improve Your Credit ScoreDuring the application process, you likely learned your credit... Read More
How Do I Report Income from My Side Hustle?
It’s not as difficult as you might think.So, you’ve decided to support your regular employment income with a side hustle. Good for you! You’ve joined the nearly 45% of Americans who work “on the side” for either extra spending money or to cover basic living expenses. Most side hustlers spend 5-10 hours per week earning money outside... Read More
How Do Tax Brackets Work?
We’re not in the same tax bracket.Federal income tax liability is based on a percentage of your taxable income. Don’t confuse taxable income with gross income, or the total amount of money you earned over the course of a year. What Is Taxable Income?Taxable income is the money you earn from work, investments, and other sources... Read More
How Do I File a Tax Extension?
And What Are the Consequences?The most important thing to know about filing a tax extension is not how it’s done. The most important thing to know about filing a tax extension is what it’s actually extending … because it’s probably not what you think. The most important thing to know about filing a tax extension is... Read More
Should I Itemize Deductions on My Taxes?
Deciding to File Schedule AWhat are Deductions, Anyway?Deductions are expenses you can subtract from your adjusted gross income when filing your federal income tax return. Deductions reduce your taxable income, which is the amount of money subject to taxation. Some deductions are available to all taxpayers whether you choose the standard deduction or choose to... Read More
What Happens If I File My Taxes Incorrectly?
Making an error on your tax return isn’t the end of the world. In many cases, the IRS will make the correction themselves and notify you of the change. If the error cannot be corrected by the IRS, you will be notified to make the correction yourself. Of course, any error can lead to a... Read More
How to Check Your Credit Score for Free
Knowing your credit score is a vital part of building a solid financial future. Because banks, credit unions, online lenders, and other financial institutions use your credit score to determine your creditworthiness, you must have an adequate credit score to obtain loans for college, cars, mortgages, and more. Credit card companies also rely on your... Read More
What Lowers Your Credit Score?
In many aspects of life, lower is better. We are told by doctors to lower our blood pressure, lower our blood glucose levels, and lower our LDL, or “bad” cholesterol. We are encouraged when we hear reports of lower unemployment and lower crime rates. But when it comes to your credit score, lower is definitely NOT... Read More
