You may accept the fact that you have to pay more for a home that is closer to your job; however, did you realize that your work commute could have a negative impact on your mortgage amount. Homeowners that have a long commute to work may be penalized by their mortgage company. Lenders may include the cost of commuting when they calculate a borrower’s debt-to-income ratio. This could lower the amount of money you can borrow and cut into your purchasing power as your search for a new … [Read more...]
Do you have unclaimed tax refunds?
March 26, 2014 by
The Internal Revenue Service may have an unexpected surprise for you - - an unclaimed tax refund. It is estimated that the IRS has about $760 million in unclaimed refunds. If you did not file a 2010 tax return, Uncle Sam may owe you some serious cash. In order to claim your money, you must file your 2010 tax return before April 15 or your cash will be gone forever. For more information read, “Unclaimed Tax Refunds: How to Get Your Lost Cash.” Image Credit: eFile.com … [Read more...]
Justice Department investigates GM ignition defect
March 25, 2014 by
The recall of over one and half million vehicles last month by General Motors due to a defective ignition switch has prompted the Justice Department to launch an investigation into the matter. Federal authorities are trying to determine if GM knew about the ignition switch defect when it filed bankruptcy in 2009 and whether GM understated the defect to safety regulators. The theory that the “new GM” can claim bankruptcy protection as a way to avoid lawsuits related to defect has left many … [Read more...]
Add these legal items to your annual Spring Cleaning list
March 24, 2014 by
As you work to sweep out the dust that Old Man Winter has left behind, do not forget to perform a little “legal” spring cleaning to make sure that you have all of your ducks in a row just in case spring and summer brings more than just showers, flowers and sunshine. Updating your estate plans, reviewing credit reports and preparing for next year’s tax return (especially if you are having trouble with this year’s taxes) can keep you on track to reach your financial goals. For tips and more … [Read more...]
Taxpayers have new worry in addition to tax deadline – – new tax scam
March 21, 2014 by
The Internal Revenue Service is warning taxpayers of a new tax scam that they are dubbing the biggest tax scam they have ever seen. Thousands of Americans have already been taken for more than a million dollars. It begins with a telephone call from someone claiming to be from the IRS who is threatening arrest or other severe penalties unless you pay the amount you owe immediately. In some cases, follow-up calls and emails will be used as well. For the full story and tips on how to protect … [Read more...]
Double-checking your tax returns can speed your tax refunds
March 20, 2014 by
If you are preparing your own tax returns this year, take note. Failing to sign in the correct places, misspelling a dependant’s name or a calculation error may lead to delayed refunds or worse, penalties and interested. Do not rely on a software program to do all of the work for you when you are preparing your tax returns this year. You must review each page to ensure that the information printed on those pages is accurate and correct. Failing to double-check your tax return can cost you … [Read more...]
Do you know how bankruptcy affects your taxes?
March 19, 2014 by
If you are filing bankruptcy, there are several important things you should know about how your bankruptcy case will affect your taxes. First, if you are in the middle of an IRS audit, filing a bankruptcy will not stop the audit but it will stop collection actions. The other important element of bankruptcy and taxes is that not all tax debt can be discharged in bankruptcy. For more information about bankruptcy and taxes read, “How Bankruptcy Impacts Your Taxes.” Image Credit: Dave … [Read more...]
Learn how to use credit cards wisely to stay out of bankruptcy
March 18, 2014 by
Not everyone that files bankruptcy is there because he or abused credit. Most debtors file bankruptcy due to circumstances beyond their control such as medical bills or the loss of a job. However, a fair number of debtors file because they have gotten themselves in trouble with credit cards. Credit card debt ranks high among the types of debt we see in bankruptcies. Learning how to handle debt is the best way to stay out of trouble. This does not mean that you will not have or use credit … [Read more...]
Another fast food chain files for bankruptcy relief
March 17, 2014 by
Quiznos Corp. follows Sbarro LLC as another fast food chain looks to the bankruptcy court for help as revenues decrease and unpaid bills rise higher. Because competition in the fast food market has increased dramatically in recent years, businesses are forced to find ways to cut costs and increase revenue as consumers abandon their favorite chains in search of new flavors to try. Quiznos will ask the bankruptcy court to approve at $15 million loan from its senior lenders in hopes of continue … [Read more...]
Repaying debts – a necessary evil
March 14, 2014 by
No one likes to think about paying bills but it is a necessary evil for those of us who want a good credit score and want to avoid bill collectors. However, there are smart ways to repay debts that can actually save you money and help you strengthen your finances. For example, if you are trying to pay off multiple debts, knowing which debts to pay first will save you hundreds of dollars in interest verses paying the minimum payments on all debts. For more on repaying debts read Find Law’s … [Read more...]
