5 Tips to Help You Avoid Becoming a Victim of Unemployment Insurance Fraud
With all of the negative effects of the Covid-19 pandemic, especially the loss of jobs for so many, unscrupulous scammers have found another way to steal your money. As unemployment continues to rise, fraudsters are now stealing your benefits by using unemployment insurance fraud.
It’s actually very easy for them to do. There are thousands of websites on the dark web where cyber criminals are selling your personal information to these fraudsters for a fee. We all hear about data breaches when some company has been hacked and information has been taken.
This is where the personal information usually ends up…on the dark web for sale to whomever wants to buy it. A criminal can buy your name, current address, social security number, family member names, place of employment, driver’s license information View full post…
Do I have to Report Unemployment Money on my Tax Return?
Short answer…yes, it’s taxable on your Federal return and on most of the states too. We know next year’s taxes are the least of your worries right now when you lose your job. But, if you’ve gotten any unemployment money this year, it’s a good idea to look at this now, and understand just how they’re taxed. You’ll avoid bad surprises that way.
Hang on. I need to Report It and Pay Taxes?
Unfortunately, yes. We know it seems like the government is kicking you in the gut when you’re down and out. It gets worse…that extra $600 a week a lot of people got through the Cares Act is also taxable.
We hate to be the bearer of more bad news, but View full post…
Financial Havoc Caused by the Coronavirus
It should come as no surprise that the coronavirus pandemic has left many individuals in dire financial straits. Many Americans who have lost their jobs, or other sources of income, have very little in savings as a backup.
A study was done by Simplywise.com, a technology company that provides free services to assist people in making sound Social Security decisions. They discovered that about 38% of individuals who lost their job, or had a drop in income due to Covid-19, had total savings that would barely last for a month.
Even more alarming, another 20% of individuals didn’t have enough in savings to last them for View full post…
Special Needs Families in Covid-19 Crisis
The global pandemic of Covid-19 has essentially shifted our entire education system to the internet. This remote learning creates an even greater challenge for the special needs students enrolled in the public and private schools of the USA. In some cases, many special needs families simply can’t afford the additional out of pocket costs that they now have to bear.
Disabled and special needs students often require alternative education and support services. Parents of special needs children are having to make tough decisions as they cope with the responsibilities of healthcare, therapies, and education of their children, causing severe financial problems for many of them.
Jessica Tuman, vice president of Voya Cares Center of Excellence, at Voya Financial, which focuses primarily View full post…
Want to know how creating an emergency fund will help? Read these 6 Tips
Do you make it a point to pay all of your monthly bills early or on time, pay your credit card balances in full to avoid interest charges, and put money away for retirement? If you are, that’s terrific! But have you begun creating an emergency fund for yourself?
An emergency fund sometimes dubbed a ‘rainy day’ fund is a side reserve of finances intended for emergencies that seem to pop up at the worst possible time. If you do not have one, you must make the right moves to establish one.
While creating an emergency fund is necessary, it is actually not very View full post…
How to Get Out of Credit Card Debt – Let Me Count the Ways
When your credit card bill (s) come in, do you wonder how you will be able to make even the minimum payment? Does it seem like the balances on those cards never goes down? You’re not alone.
As long as you continue to pay just the minimum payment called for, you’ll be paying on those cards for 20 years or more. We’ll show you how to get out of credit card debt and stay out.
Credit cards used wisely and paid in full each month, can be a big help. But for many, the temptation to buy things you can’t afford, is too great, and soon the card is maxed out, and so is the ability to repay.
If you’re serious about eliminating credit card debt, then read on. It will take serious planning, a lot of discipline, and sacrifices to do this. The first thing that you must do is to know exactly what you have to deal with. View full post…
6 things to consider before making the jump to becoming a freelancer
(BPT) – Considering the economic challenges the world is faced with today, including some of the highest unemployment numbers in recent history, now could be an excellent time to begin a career as a freelancer.
Recent nationwide furloughs and layoffs caused by the struggling economy and the social distancing necessitated by COVID-19 make that particularly true. But statistics show the number of freelancers has been growing over the past decade, partly because people enjoy the flexibility, control and better work-life balance that can come with the role. And independent contractors span a range of professions these days, from law to graphic design to engineering.
In a survey conducted in the nation’s top 30 cities for freelancing last year, for example, some six million independent contractors were collectively earning View full post…
The Risks and Rewards of Reverse Mortgages
Retirees need sufficient income to get them through their golden years. If your home is your largest asset, though, what do you do?
The FHA started the reverse mortgage program for seniors just like you. Unlike a traditional mortgage with required monthly payments, the reverse mortgage pays homeowners age 62 and older some of their home’s equity. You may choose from a lump sum payment, monthly payments, a line of credit, or a combination.
In the last few years, the media ran wild with horror stories of scam artists taking advantage of seniors with reverse mortgages, but they’ve come a long way. Today, the reverse mortgage program offers seniors access to their funds without selling their home.
Like any other mortgage or loan, the reverse mortgage has its risks and rewards. Check them out below. View full post…
Awards for Creative Tax Deductions – Or Not
Now that the 2020 tax season initial filing season is over, we’re hoping that the following might help to put a smile on your face. Every tax year, the IRS receives returns with deductions that are…well, let’s just say creative.
Some of these creative tax deductions are approved, some even make it to the tax court, where some of the judges must have a good sense of humor. Here’s the first one:
Normally, expenses you pay for your child to attend school are not deductible. However, one particular child had severe respiratory problems, so the parents sent him to a school in Arizona. They deducted the cost of travel to Arizona and his room and board as a medical expense. It was View full post…