How Do Tax Brackets Work?
We’re not in the same tax bracket.Federal income tax liability is based on a percentage of your taxable income. Don’t confuse taxable income with gross income, or the total amount of money you earned over the course of a year. What Is Taxable Income?Taxable income is the money you earn from work, investments, and other sources... Read More
How Do I File a Tax Extension?
And What Are the Consequences?The most important thing to know about filing a tax extension is not how it’s done. The most important thing to know about filing a tax extension is what it’s actually extending … because it’s probably not what you think. The most important thing to know about filing a tax extension is... Read More
Should I Itemize Deductions on My Taxes?
Deciding to File Schedule AWhat are Deductions, Anyway?Deductions are expenses you can subtract from your adjusted gross income when filing your federal income tax return. Deductions reduce your taxable income, which is the amount of money subject to taxation. Some deductions are available to all taxpayers whether you choose the standard deduction or choose to... Read More
What Happens If I File My Taxes Incorrectly?
Making an error on your tax return isn’t the end of the world. In many cases, the IRS will make the correction themselves and notify you of the change. If the error cannot be corrected by the IRS, you will be notified to make the correction yourself. Of course, any error can lead to a... Read More
How to Check Your Credit Score for Free
Knowing your credit score is a vital part of building a solid financial future. Because banks, credit unions, online lenders, and other financial institutions use your credit score to determine your creditworthiness, you must have an adequate credit score to obtain loans for college, cars, mortgages, and more. Credit card companies also rely on your... Read More
What Lowers Your Credit Score?
In many aspects of life, lower is better. We are told by doctors to lower our blood pressure, lower our blood glucose levels, and lower our LDL, or “bad” cholesterol. We are encouraged when we hear reports of lower unemployment and lower crime rates. But when it comes to your credit score, lower is definitely NOT... Read More
When to Consider a Personal Loan
Contrary to popular belief, taking a personal loan isn’t always a bad idea. In fact, obtaining a personal loan can be a smart financial move in order to take advantage of lower interest rates or to increase your credit score.What is a Personal Loan?A personal loan is different than other types of loans for two... Read More
How Does a Personal Loan Affect Your Credit Score?
A personal loan, like any debt, can impact your credit score positively or negatively. It all depends on how you manage that debt. Understanding the effects a personal loan can have on your FICO score will empower you to utilize loans to your advantage.Positive Effects of a Personal Loan on Your Credit ScoreEasy Opportunity to... Read More
How Can a Personal Loan Improve Your Credit?
Do you have good or bad credit? Do you even know?What is Credit?In this case, the word “credit” refers to your credit score. Your credit score, also known as your FICO score, is a numerical value derived from criteria established by the Fair Isaac Corporation, a data analytics company. This score is widely used by... Read More
