Can You Claim the Home Office Tax Deduction?
Not long after Covid-19 began to spread wildly, companies that were able, changed their operation by having most employees work from their homes. During the month of May, 2020, over 35% of employees were working from home, according to a report published by the Federal Reserve Bank of Dallas.
This was about a 27% increase over the prior month of February, and it appears that the percentage will continue to rise over the coming months. If you are now classified as a full-time remote employee, you may be wondering if you’ll be able to qualify for the home office tax deduction on your 2020 tax return. View full post…
Improve Your Credit Score by Following Our 6 Tips
Has your credit score “tanked” or been reducing for whatever reason? Don’t throw in the towel and just give up. There is something you can do about it if you’re willing to work hard at it. We’re not saying it’s going to be easy, but it will be worthwhile. Follow our 6 tips to improve your credit score, and it will pay off.
No question about it, improving your credit score is worth spending some time and sweat. It’s also a good investment in the long run as you’ll see later on in this article.
How many times have you applied for a car loan or a credit card and been declined? Or maybe View full post…
Best Way to File Your Taxes if You Are Self-Employed
If you’ve just started a new business, or are planning to open one, you will need to know the best way to file your taxes. The steps that you need to take are not complicated, but some of the detail might be. Whatever you do, don’t put off filing, or for that matter paying quarterly estimates, if required.
The last thing you want, is to end the year with a nice profit, and have a big tax bill for income taxes and self-employment taxes. Like most new business owners, you’ve View full post…
5 Tips for Couples to Manage Their Joint Financials
Financial issues often lead to frustrations when they are not organized well enough. When it comes to couples, it is even more important to have strict and tight administration, as it can slowly but steadily build up unwanted tension even in the best relationship. In this article, we gathered a few tips and tools that make our lives easier.
Tip #1 – Be open about it
Both members of the couple will join the relationship with some kind of history. One may have had an adventurous life, while the other may have had an eventful financial past. If you are open about your economic background from the beginning View full post…
Top 5 Money Myths Exposed
Due to the coronavirus, high school and college commencements in general, are being held online. For the college Class of 2020, we have some financial advice to offer. Plus, we will expose the top 5 money myths that hopefully will get you started down the right path.
Based on personal experience, I’ve come across young graduates that are of the mind-set “let’s just kick back & be young for the time being and adulting will kick in when it’s ready.” As I look back now, this is not what I would recommend to 2020 grads or for any student.
My best recommendation to you is to get your finances in View full post…
What Is a Section 1031 Exchange? The Rules & What You Need to Know
The first thing you need to know is that a Section 1031 exchange isn’t for everyone. By that, I mean there are many situations where doing one just doesn’t make sense. Having said that, let’s take a look at the definition and what it does.
Even though, a 1031 exchange can be very complicated, for many, there are major tax advantages to it. For instance, you may have a parcel of real estate that you want to sell, but in doing so, it will generate a big profit and a big tax bill. In this case, a 1031 exchange might be a good option for you. View full post…
What You Need to Know About the CARES Act and Foreclosure
When the CARES Act was signed into law this past March, 2020, it gave homeowners who had government backed mortgages, protection from foreclosure up through August 31, 2020. The primary purpose of the new law was to keep homeowners and renters in their homes.
The government backed loans included the FHA, VA, USDA, Ginny Mae, and Freddie Mac. It did not protect those homeowners who had direct mortgages with mortgage lenders, or private party loans. Prior to the August 31 expiration date, the government agencies mentioned above have now extended View full post…
File a Tax Return for a Deceased Individual – 6 Tips
We’ve all heard that saying, “the only things that are certain in life are death and taxes.” When a person dies, it doesn’t relieve them of the responsibility to pay any taxes that may be due for the time they were alive.
It may be a spouse, dependent, or a parent that had earned and/or investment income that must be reported to the IRS and the respective state taxing agency. Someone needs to file a tax return and pay any taxes that are due.
Some final returns are very simple like when a deceased person may have worked one job, and had only 1 W-2 form. Many other returns can get complicated very quickly, and we always recommend that you get help from an experienced View full post…