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It’s generally too late to take steps to qualify for new deductions and credits this year, but you can still make sure to include all the tax breaks that could help you if you haven’t filed your tax return yet. If you itemize, you probably already got the mortgage interest deduction and charitable contribution deduction. Above the line deductions like moving costs and student loan interest are also hard to miss.
But what about other potential breaks? Think back through your year, look through your bank statements and receipts, and see if you can find some of these tax breaks to help you reduce your bill. Here are five to consider: [ continue reading… ]
Home ownership comes with a lot of responsibility, so it seems fair that there are also many benefits – especially when it comes time to pay your taxes. If you already own a home, you’re probably familiar with these. But, for the rest of us looking to buy now or in the future, here are some basics on 6 tax benefits you can expect once you become a homeowner.
The mortgage interest deduction
This is the major deduction most homeowners are eager to cash in on. The way mortgages work is that you pay most of the interest on the loan within the first several years. The good thing is that interest payments qualify as an itemized deduction (listed on Schedule A) on the federal tax return, potentially reducing your tax liability for those that can gain versus filing the standard deduction every year. [ continue reading… ]
I’ve always heard it’s best to pay off your credit card in full each month, but this certainly not the universally accepted opinion. Some people actually think carrying a balance on their card is the best way to build credit. What about you though – is it good or bad for your credit score if you carry a credit card balance?
The argument for paying off your credit card in full each month is straightforward:
It demonstrates your ability to handle credit responsibly by only borrowing what your budget can afford. This can boost your credit score.
You’ll save money on interest (although the amount of interest you pay doesn’t necessarily impact your credit score).
But there is also an argument for carrying a balance:
If you make the minimum payment on time, carrying a balance doesn’t count against you.
The indication is that most of us aren’t very good at it.
According to a survey reported by CNBC, close to 40% of baby boomers have spent more than $500 without letting their significant others know. On top of that, the survey estimates that there might be as many as 12 million Americans hiding accounts and credit cards from their partners. That’s right. 12 million people!
It’s Fairly Easy to Hide Money from a Significant Other
You might think that it would be hard to hide money from a significant other, but the reality is that hiding an account is actually pretty easy to do.
After all, your credit is separate from your partner’s even if you are married, and it’s not that hard for a partner to open a credit card without you knowing. It’s even possible for him or her to open a bank account in his or her own name without you ever knowing about it. [ continue reading… ]
Everyone makes home improvements for different reasons, but most of the time they’re either a necessity (maybe a roof repair), something for personal enjoyment, or intended to increase a home’s market value. In fact, about 53% of adults in the U.S. have completed a home improvement project within the last year. Whether you’re getting ready to move or just sprucing things up a bit, it’s wise to be mindful of how the improvements you’re making will affect your home’s value when it comes time to sell or refinance your mortgage.
Based on what real estate experts say, the three top home improvement categories that deliver the biggest bang for your home renovating buck fall into three categories: practical appeal, curb appeal, and modern appeal. Let’s take a look at each: [ continue reading… ]
We hear all the time that it’s important to pay attention to our credit and work to improve our scores.
Knowing exactly where you stand can be difficult, however, when you consider that you could have hundreds of credit scores. Where do you start?
How Does That Happen?
Well, a big reason is that there isn’t a standard way to calculate a credit score. Any credit scoring model uses information from your credit report. So, right there, you have as many credit scores as you do reports. There’s a different score for each credit reporting agency. [ continue reading… ]
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