4 Ways to Make Money off Your Closet

Personal Finance

4 Ways to Make Money off Your Closet

4 Ways to Make Money off Your Closet

I am always up for making money. I mean, who isn’t? Of course, when we think of making money, we just think about side jobs. But you might be missing out on a simple way to make a little extra cash. I’m talking about your bedroom closet. There can be amazing ways to make money just behind the door. 1. Check Bags... Read More

What’s the Difference Between a Tax Credit & a Tax Deduction?

Personal Finance

What’s the Difference Between a Tax Credit & a Tax Deduction?

What’s the Difference Between a Tax Credit & a Tax Deduction?

The U.S. Tax Code provides tax relief under various conditions in the form of tax deductions and tax credits. While both of these can save you money, they work very differently. Additionally, there are business tax deductions which are not covered here. In order to understand how tax deductions and credits operate, it is necessary... Read More

Tax Hacks: What to Do If You’re Self-Employed

Personal Finance

Tax Hacks: What to Do If You’re Self-Employed

Tax Hacks: What to Do If You’re Self-Employed

Being your own boss definitely has its advantages — flexibility, upward mobility, the chance to take your business in the direction you choose — but at tax time, being self-employed can be a challenge. Here’s a look at what’s expected of you when you go to work for yourself. Self-Employment Tax Like everyone else, if you’re self-employed, you’ll... Read More

Can I Deduct My Student Loan Interest?

Students

Can I Deduct My Student Loan Interest?

Can I Deduct My Student Loan Interest?

Q: I’ve heard that even if my parents pay my student loans, which they’ve been doing, I can deduct the interest. Is that true? — Looking for deductions A: There are lots of rules surrounding who may deduct interest on student loans. Generally, any personal interest you pay, other than certain mortgage interest, is not deductible on your... Read More

5 True Stories of Totally Weird Tax Deductions

Personal Finance

5 True Stories of Totally Weird Tax Deductions

5 True Stories of Totally Weird Tax Deductions

Tax season is almost upon us, which means someone, somewhere is asking the age-old question: Can I write off my cat food? (The answer: You can’t unless it’s a business expense). What you can do, however, is read this excellent roundup of weird tax deductions, guaranteed to get you jazzed about filling out that 1099. And if you aren’t... Read More

How Debt Can Actually Lower Your Taxes

Personal Finance

How Debt Can Actually Lower Your Taxes

How Debt Can Actually Lower Your Taxes

Debt is not necessarily the most terrible thing ever. Sometimes, debt is a good thing — it can help you fund college, build credit and can even help you save money on your taxes. Taking on debt can be beneficial in many ways — student loans are an investment in your future, for example —... Read More

3 Reasons to Start Your Taxes Now

Personal Finance

3 Reasons to Start Your Taxes Now

3 Reasons to Start Your Taxes Now

I am normally a tax procrastinator. I get them done, but not without my accountant bugging me a few times. But this year will be different. I am actually already starting on my 2013 taxes in 2013 (what a concept!) – and you may want to do the same. Yes, we’re into the busy holiday... Read More

6 Things to Do With Your Money Before 2014

Personal Finance

6 Things to Do With Your Money Before 2014

6 Things to Do With Your Money Before 2014

As we approach the end of 2013, there are several steps you can take to save on taxes. It’s important to get organized so you can be sure you are taking all of the tax deductions to which you are entitled. And it’s never too late to review your rate of withholding and estimated taxes... Read More

The Tax Deductions You Shouldn’t Overlook

Personal Finance

The Tax Deductions You Shouldn’t Overlook

The Tax Deductions You Shouldn’t Overlook

The good thing about taxes is they’re only filed once a year. The bad thing is it’s almost impossible to remember which tax deductions you qualify for each year. “Credits come and go. It’s hard to remember,” says Bob Wheeler, a certified public accountant in Santa Monica, Calif. While the IRS does all it can... Read More

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