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

How Should You Pay Your Taxes?

Personal Finance

How Should You Pay Your Taxes?

How Should You Pay Your Taxes?

So you haven’t done your taxes yet — yeah, you and several million other Americans. It’s not a huge deal, but now that it’s April, let’s talk about your options for paying the bill. Of course, you’d rather not be on the paying end this year, but just in case you don’t get a refund… Read More

The Little-Known Form for Avoiding a Big Tax Bill

Personal Finance

The Little-Known Form for Avoiding a Big Tax Bill

The Little-Known Form for Avoiding a Big Tax Bill

An estimated 5.75 million forms reporting “cancellation of indebtedness income” have been sent to taxpayers this year. But how many of these 1099-C forms are correct? Given the complaints we’ve received on our blog, we suspect the number of mistakes is significant. Here are just a few examples of some of the mistakes our readers… Read More

How to Make Money Paying Taxes With a Credit Card

Credit Cards

How to Make Money Paying Taxes With a Credit Card

How to Make Money Paying Taxes With a Credit Card

Nobody likes paying taxes, but the IRS makes it easy to do so by authorizing select companies to process credit and debit cards on its behalf. The downside is that these companies charge taxpayers a processing fee for their payments. These fees, which range from 1.87% – 2.35% of the taxes paid, make it unwise… Read More

Can Paying Your Taxes Late Affect Your Credit Score?

Credit Score

Can Paying Your Taxes Late Affect Your Credit Score?

Can Paying Your Taxes Late Affect Your Credit Score?

It’s a good thing to be punctual, especially when it comes to financial matters. Credit scores rely heavily on your payment history, so developing a habit of making on-time payments will help you improve and maintain high credit scores. While tax information isn’t generally reported to credit bureaus, missing the deadline for paying the IRS… Read More

Why Troubled Homeowners Could Face Huge Tax Bills

Mortgages

Why Troubled Homeowners Could Face Huge Tax Bills

Why Troubled Homeowners Could Face Huge Tax Bills

Financial adversity is an unhappy fact of life — jobs are won and lost, savings stashed and spent, and investments gain and lose ground all the time. Certain reversals of fortune are within our ability to predict and prevent. Indeed, some losses may even be manageable. Others, though, are impossible for some to overcome. Apparently,… Read More

How Your Taxes Could Hurt Your Homebuying Chances

Mortgages

How Your Taxes Could Hurt Your Homebuying Chances

How Your Taxes Could Hurt Your Homebuying Chances

Are you planning on buying or refinancing a home this year? When it comes to your taxes, be careful. If you’re trying to save a few bucks when paying Uncle Sam, you might be doing things that could cost you your mortgage. When You’re an Employee First, let’s take a look at the tax moves… Read More

I Can’t Pay My Taxes. What Do I Do?

Managing Debt

I Can’t Pay My Taxes. What Do I Do?

I Can’t Pay My Taxes. What Do I Do?

As much as we’d all like a refund this tax season, not everyone gets money back from the IRS. If you’re not prepared for it, owing money on your taxes can seriously stress your budgets and, potentially, your credit. If you’re not sure whether you’ll owe or be owed, there’s no better time than now… Read More

What Should I Do With My Tax Refund?

Personal Finance

What Should I Do With My Tax Refund?

What Should I Do With My Tax Refund?

Filing your taxes early provides a lot of advantages: It reduces the stress that comes with last-minute filing, can prevent tax return fraud (you get to it before the crooks do) and if you’re getting a refund, you receive it sooner. And when that refund arrives, it can be oh-so exciting. What to do with… Read More

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