5 Ways to Manage Your Money Better & Take Charge of Your Finances
Do you put off making changes to better manage your money? If you have financial fears, does the prospect of financial planning seem next to impossible? If so, you’re not alone. Almost one half of Americans find this scary, and it doesn’t have to be.
There’s no need to postpone a much-needed review of your financial situation any longer. Getting your finances back on track and knowing where your hard-earned money is going, is not that difficult. Over 80% of Americans say that they would like to be in better control of their finances.
For that reason, we offer a simple checklist of five options that you can review to fit your specific personal circumstances. By following them, you will be well on your way to being able to manage your money better.
- First and foremost, get rid of credit card debt. Many individuals are carrying several credit cards with high balances with high fees and very high interest rates. Many are only able to pay the minimum payments required, and in doing so, will be paying on those cards into old age.
There are a number of tests that the IRS says you must satisfy to qualify for the moving expenses deduction. The primary test is that your move must be work related in order to deduct any relocation costs. There’s also tests for time and distance that will be explained shortly.
Did you know that if you earn income from your favorite hobby, you’re required to report it on your tax return? I didn’t think so. Most individuals aren’t aware of this and fail to report this income on their tax returns.
Anyone contemplating divorce has many issues to consider, the least of which is income tax. However, how your divorce is structured could have a serious impact on your income taxes. The two primary points that most couples are usually concerned with are alimony and a name change, but these are only two of many tax effects of divorce issues that must be considered.
With the arrival of the warm summer months, comes the arrival of many newly married couples. Taxation for a married couple is different than
