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In recent weeks, unsuspecting taxpayers nationwide have fallen victim to a rash of telephone scams from callers impersonating IRS representatives. Last week, the IRS released a video on both their website and YouTube channel to educate taxpayers about the scam. According to the IRS, many of these convincing imposters, who demand immediate payment for past due taxes, are tech savvy enough to make their caller ID look as though they are calling from the IRS. A key point the IRS stresses in the … [Read more...]

Les Christie of CNN Money reports that the percentage of homes purchased by first-time homebuyers in 2014 has dropped from a norm of 40% down to 33% -- the lowest it has been in almost 30 years. This is unusual particularly when you consider that mortgage rates are exceptionally low. The low number of millennials purchasing homes is largely attributed to high student-loan debts and less than exceptional incomes. Additionally, in the wake of the housing crises, mortgage lenders are much more … [Read more...]

Dave Ramsey is known nationwide as a financial guru who can help people manage their finances and get out of debt for good. What many do not realize, however, is that he and his wife filed for bankruptcy twenty years ago. In this article, Ramsey talks about the difficulties inherent with filing for bankruptcy, but explains that sometimes, this drastic step is the only viable solution. He also assures that it is not the end of the world. Used as a learning experience, bankruptcy gives you the … [Read more...]

Les Christie of CNN Money reports that the average rate for 15-year mortgages has dipped to its lowest amount since June of 2013. At an average of just 3.08%, these rates offer a great deal to those who are planning to refinance, particularly if they are still paying rates of 5% or higher and have several years left on their loans. Christie attributes the low rates to the high number of investors who are turning to mortgage-backed securities amid financial market uncertainty. Refinancing at … [Read more...]

As of 2014, taxpayers were limited to contributing $17,500 a year to their 401(k), 403(b), or 457 plans or to the federal government’s Thrift Savings Plan. However, these limitations have been upgraded to $18,000 in 2015 to meet cost of living adjustments.  In addition, for those approaching retirement, the catch-up contribution limit for these retirement plans was increased from $5,500 to $6000 for the calendar year. Limits for contributions to IRAs remain unchanged at $5,500. Learn more … [Read more...]

Christine Magee of Tech Crunch reports that venture capitalists are currently investing a lot into real estate technology. These investors have recently put more than $300 million into more than 30 real-estate tech startup companies similar to Zillow and Realtor.com. This is an unusually high upswing in this industry sector. This technology is needed as more and more entrepreneurs are entering the real estate market. If you are one of these entrepreneurs, be sure that you have a reliable … [Read more...]

Tara Siegel Bernard of the New York Times recently published an article entitled Years After the Market Collapse, Sidelined Borrowers Return. In it, Bernard reports that borrowers are typically unable to acquire mortgages for two to seven years following a bankruptcy, foreclosure or short-sale, but today, four years after the peak of the foreclosure problem, those who suffered financial difficulties at that time are slowly beginning to reenter the housing market. Many are doing so with lower … [Read more...]

Despite how polarized Americans are politically, one thing that both sides have in common in the desire to protect Social Security benefits. According to an article by Forbes writer Janet Novack, the opposition to cutting Social Security benefits spans all age groups as well as political ideology. Currently, Social Security is in jeopardy and if funding continues as it currently stands, the trust fund that supports it will be exhausted by 2033. Accordingly, a recent poll showed that … [Read more...]

ABC News and 20/20 reports on a case in Maryland in which two women used forged documents to claim vacant properties as their own. The pair kept two of the largest homes for themselves and collected rent from tenants in the others. Homeowners and tenants alike were pulled into a legal quagmire as the case unfolded. If you leave a home vacant with plans to return to it, sell it or take in tenants, be sure that you go through the proper legal channels and keep your property protected. If you have … [Read more...]

Sam Wyly, the 80-year old managing director of the Texas-based company Ranger Governance is in hot water after being found liable for making illegal trades and hiding stock holdings in offshore accounts. Owing approximately $500 million in fines and back taxes, Wylie filed for Chapter 11 personal bankruptcy, naming the IRS and the SEC as his largest creditors. As part of the terms of his bankruptcy, he may be forced to forfeit as much as $400 million in assets. The full story is covered by … [Read more...]