Category: Personal Taxes

Latest Posts From Category: Personal Taxes

Three eggs with the inscriptions IRA, 401k, Roth lie in the nest against the background of the 5305-SEP form, indicating a retirement nest egg
Personal Taxes

Retirement Savings: When Can You Really Take Money Out?

Both individual retirement accounts and 401(k) plans are designed to help people save for retirement. A 401(k) is offered by your employer. You contribute a portion of your paycheck each pay period, and the amount you can contribute depends on

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close up of individual tax return with audit stamped on it in red.
Personal Taxes

Your Privacy During an IRS Audit: What You Need to Know

During an audit, if the IRS finds no reasonable indication that you have unreported income, it won’t seek intrusive and extraneous information about your lifestyle. That may not make you less nervous about being audited, but it should reassure you

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Personal Taxes

Is Your Job Safe? Understand Layoff Patterns Now

The main reason for a layoff is almost always financial. Companies may need to reduce costs or streamline operations quickly. To this end, managers often ask whether a job can be outsourced or automated for less money than it costs

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woman sitting on floor with confused look on her face while looking at back of washing machine that has the cover removed indicating that the machine is in need of repair
Personal Taxes

Extended Warranties: A Great Way to Cash In

A credit card’s warranty protection extends the warranty on products that you purchase using that specific credit card. Not all credit cards offer this protection. But those that do usually extend the terms of the original manufacturer’s warranty for up

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House model and home key on pile of money background. Representing equity of the home
Personal Taxes

Need Funds? Compare Home Equity Loan Options

Equity is the difference between what you owe on your mortgage and what your home is worth. If your home is worth $400,000 and you owe $250,000 on your mortgage, you have $150,000 in equity.  You can then borrow against

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Personal Taxes

ARM Yourself with Knowledge: Smart Mortgage Choices Now

The interest rate of an adjustable-rate mortgage, or ARM, can rise or fall during its term. That’s the main difference between ARMs and standard 15-year or 30-year fixed-rate mortgages. ARMs start out with a fixed period During this period, an

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Personal Taxes

Design a Budget: 50-30-20, For Future Security

The 50-30-20 budget rule outlines that you should spend up to 50% of your after-tax income on monthly needs and bills that you must pay. You should then save 20% of your after-tax income. That leaves the remaining 30% of

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Personal Taxes

Medicare: Quick Look at Your Options

Many people do not realize that Medicare does not provide full health coverage. Part A covers inpatient hospital care, skilled nursing facility care, hospice and some home health care, but the coverage is subject to deductibles, coinsurance and other restrictions.

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Personal Taxes

Vacation Home Tax: Know Your Deductions Now

Have you ever daydreamed about how nice it would be to own a house in the woods or along the shore? Here are some financial pointers to consider if owning a vacation home is on your bucket list. Are you

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