What is Taxable Income? Surprising Sources You May Need to Report
Taxable income is the portion of your income that the Internal Revenue Service (IRS) can tax. It includes not only the wages you earn from your primary employment but also other sources of income that may surprise you. Understanding what counts as taxable income is essential to avoid unexpected tax liabilities, penalties, interest, and audits.What is... Read More
10 Red Flags That Can Trigger an IRS Audit
According to a 2023 report published by the Congressional Research Service, less than 1% of Americans are subjected to an audit by the Internal Revenue Service (IRS) each year. In fact, if you earn less than $1 million, the chance you’ll be audited is less than 5 out of 1000. How can you ensure you’re not... Read More
Tips for Managing Student Loan Debt on a Low Income
A college degree isn’t cheap. And unless you’ve got a rich uncle or parents who planned WAY ahead, you may find yourself in student loan debt after graduation. Understanding what you’re up against can help you tackle your student loan debt wisely … even on a low income.Know What Type of Student Loan You HavePrivate... Read More
How to Compare Personal Loan Offers to Get the Best Deal
Personal loans can be a valuable tool in reaching your financial goals. But what should you be looking for when shopping for personal loans? Most banks and credit unions will have loan options with different rates and terms that can vary widely between lenders. Here are the details to consider when comparing personal loans between lenders. Types of... Read More
7 Tips for Choosing a Tax Preparer
When it comes to choosing a tax preparer, you have several options at your disposal. You can find anything from large tax prep chains to individual tax preparers - but how do you choose which is right for you? Whoever you choose will have access to almost all of your personal details, such as your bank... Read More
What are Tax-Advantaged Accounts and How Do I Use Them?
What Is a Tax-Advantaged Account?A tax-advantaged account is a financial account with tax benefits that is designed to help you save for important financial milestones and purchases like retirement, college, and medical expenses. Tax-advantaged accounts typically fall into two categories: tax-deferred and tax-exempt accounts. Tax-deferred accounts, also known as pre-tax accounts, will not tax money that is... Read More
What are balloon payments? Are they a good idea?
A balloon loan can be helpful if you need a large sum of money for a temporary project that will eventually pay off.But let borrowers be warned: if things don’t play out as you planned, the balloon could (quite literally) burst and leave you in bad shape.Here’s everything you need to know about balloon loans... Read More
How Can I Get a Tax Credit?
If you were hit with a massive income tax bill last year, you might look into other ways to reduce your tax burden and appease Uncle Sam.Tax credits can directly reduce the amount of taxes you owe and significantly lower your overall tax bill to save you money. Let’s take a closer look at the different... Read More
How to Get $500 Fast
Sometimes, you just need cash, and you need it fast. Whether it’s an unexpected medical expense or a car repair that can’t wait—there are a few options to help you get the cash you need quickly. Apply for a Personal LoanWhether it’s an ongoing monthly bill or something unexpected—a personal loan may help.Compared to auto loans,... Read More
