When suspicious sounds underneath your car's hood become more common, and the frequency of trips to the repair shop increases dramatically, one question naturally arises: as your vehicle ages, should you keep repairing your existing car or invest that money into a newer model altogether? How you proceed at this critical juncture can have a significant impact on your financial landscape. Exploring your options with a focus on your long-term financial health is a crucial first step.
We've all heard the warnings: never give out personal information to someone claiming to be from the IRS over the phone. But did you know there are legitimate times when the IRS might need to contact you? Typically, these interactions start with a letter, but how can you be sure you're dealing with a bona fide IRS representative? Let's explore when and how the IRS might contact you and how to recognize legitimate communication from the agency.
Managing your credit responsibly is one of the most important - and impactful - aspects of maintaining a healthy financial outlook. Whether you're shooting for a higher credit score, looking for the best way to manage multiple credit cards, or just keeping track of your expenses, accruing a good foundation of knowledge on the basics can help you make better, more informed decisions. Read on to find key strategies for managing your credit in the best way.
Donating to a non-profit organization supports a cause that is meaningful to the contributor, but to those who are 70 1⁄2 or older, it also offers significant tax advantages. One such method is through Charitable Gift Annuities (CGAs). This financial tool allows donors to make substantial charitable contributions while also securing a steady income stream for themselves. If you're eligible, here's how you can leverage CGAs to save on your taxes while contributing to a non-profit you care about.
There's no denying that we're living firmly in the digital age, and the way that we handle financial documents has shifted dramatically over the last decade or so. While digital records are becoming more prevalent, it's still vital to understand which paper documents need to be retained and for how long. If you're ready to nail down the essentials of document management, here are some tips to help you responsibly declutter.
Tax season. It's the time of year when all eyes are on finances, while many eagerly anticipate a tax refund they see as a financial windfall. While everyone loves to have more money show up in their bank account from the IRS, refunds aren't the be-all and end-all when it comes to successful tax planning. Before you put all your eggs in the refund basket, let's explore why owing no tax can be a better, more strategic move that puts you in greater control of your finances.
As tax season begins to wind down, you're likely breathing a sigh of relief, with your financial documents and receipts soon to be stowed away until next year. Before you tuck those files away, consider this: the very best time to craft your tax savings plan is actually right now.
It's tax time again, which often means a flurry of activity, a blizzard of paperwork, and an avalanche of mixed information. Arguably, one of the most important decisions you'll face this tax season is whether to take the standard deduction or itemize your deductions. This seemingly minor decision can have a massive impact on the complexity of your filing process but can still be the best choice in many situations. Explore the world of itemized deductions to equip yourself with the knowledge you need to make an informed decision tailored to your unique tax situation.
Though it’s common knowledge that taxes are one of life's few certainties, taxes can certainly feel complicated and confusing at times. For some filers, tax season is a stressful scramble for receipts, forms, and information. For others, the season brings the welcome news of a tax refund - a nice chunk of change heading back into your pocket when the process concludes for the year. Still, the path your tax refund takes from the time you file to when you actually receive your money can feel like it's shrouded in mystery. What factors affect how long it takes to arrive? And, once it does, what are some of the wisest ways to put your windfall to use?
Facing an IRS audit or dealing with a complex tax issue can feel a bit like navigating an endless, highly complicated maze. While the IRS does provide resources and information, the process can be incredibly overwhelming, leaving you feeling unsure and out of your depth. In these situations, understanding your options and seeking professional support becomes crucial. This is where third-party representation comes in, offering a valuable solution to individuals and businesses facing tax challenges.