The IRS reports that the average tax refund for this season, so far, is a little more than $3,000. That’s a pretty decent chunk of change. However, even though many taxpayers say that they plan to save their tax refund, this money actually gets spent, according to CNBC.
When refinancing or purchasing a new home, one of the items that a title company researches are the property taxes. Although every homeowner pays property taxes across the county, determining your specific property taxes has many variables. These variables coincide with different aspects of your home’s location and your home’s assessed value. Depending on the taxing authority, your taxes could be determined by the city, county, school district or by all three. When you pay property tax each year, you’re paying for necessities that are provided by the city, such as police and fire department services, garbage pickup and snow removal.
One of the first items addressed during the home buying process is your credit. Your credit score is an essential number that can impact whether you’ll be able to qualify for a mortgage. If your credit score falls below, 620, you’ll want to utilize some tools and programs to raise your score. As your credit score rises, different programs will allow improved and lowered interest rates for you.
I’m saving for both retirement and college – my two-year-old daughter’s college. Right about the time she’d be putting her cute little hand out for some college money, I’ll be getting ready to retire. Here’s how I’m saving for two very different goals at the same time.
Tax time is looming and if you own a small business or are a single proprietor, you’re probably scrambling to get all your records straight. Are your W2s out and were they postmarked by January 31? What about 1099s to consultants to whom you paid more than $600 in 2013? They need to get a Copy C by January 31. Remember, the IRS needs to get a Copy A by February, along with the cover page, known as Form 1096. Don’t forget that consultants include LLCs, DBAs, and partnerships. Avoid this mess for 2014 by using online tools and services that make tax time much less stressful.
Compound interest really is a great invention and a powerful force — depending on which end you’re on.
Depending on your income, assets, marital status and a host of other life factors, making sure you have all of the necessary documents needed to file your taxes can seem daunting. Here’s a quick checklist of items you may need to gather before meeting with your tax professional.
When major life events change the facts of your life, they can also change your tax situation. With tax season under way, it makes sense to consider how certain events will impact your situation. The Motley Fool has a list of life events that can impact your taxes. One of those things is buying a home with a mortgage.
Wedding photography and videography are EXPENSIVE! If you don’t have room in the budget for both, there are a few alternative options. Here are a few ways to get all the wedding pictures and videos you deserve, without going broke.
As tempting as it is to save money by doing your taxes on your own (or with a little help from software), there are times when it makes more sense to just pay an accountant. I used to do my taxes completely on my own, and then I added tax prep software when things started getting serious. After a few years I realized that I needed a little more help. Here are the 3 signs that led me to hire an accountant for my taxes.