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It seems as if everyone is focused on what is bad about the changes to the tax code for 2014.  From the tax penalty under Obamacare to the loss of some major tax credits and deductions, it does not appear that taxpayers have much to be happy about looking forward into 2014.  However, some of the new tax changes will make a few taxpayers very happy. For example, if you have a home office you will find that the new rules make it easier to qualify for the home office tax deduction beginning with … [Read more...]

With the tax filing deadline getting closer each day, taxpayers are scrambling to find ways to lower their tax bills and increase their tax refunds.  One of the biggest tax breaks for homeowners in America is the mortgage interest deduction.  Homeowners can claim this deduction on their main home and even on a second home.  Interest from a purchase money mortgage, second mortgage, line of credit and home equity loan may all qualify for the tax deduction. Read the full story at “5 States Where … [Read more...]

Most mortgage brokers and realtors will tell you that to qualify for a conventional home loan, be prepared to have a 20% down payment.  However, the housing market has changed drastically during the past decade and this is not necessarily the case any longer.  Today, homebuyers may be able to purchase a home and qualify for a home loan with as little as three to five percent down while some may even be able to finance the entire sales price. Read “Smart alternatives to putting 20 percent … [Read more...]

  Did your parents always tell you that the best place to keep your money safe was in the bank?  Did you ever hear, “You can save more money if you always use cash?”  We are not living in our parent’s financial world anymore.  The economy we currently find ourselves living in has changed and so has the advice from financial planners. We need to let go of old money myths and listen to the current financial advice being taught to a new generation of consumers. Read “Don’t Be Fooled … [Read more...]

This time of year, everyone is looking for a way to lower their bill to Uncle Sam and to make their tax refund larger.  The Earned Income Credit is one way of getting back more money - - for some taxpayers, much more money.  However, figuring out if you qualify can be confusing.  The IRS has developed an online program called the Earned Income Tax Credit Assistant, to help taxpayers determine if they qualify.  The credit can be very important for lower income families. For more information … [Read more...]

If you have ever gotten behind on your credit card payments, you probably have already dealt with a collection agency or debtor collector.  Some debt collectors are aggressive and even abusive in their attempts to collect payment from individuals.  To protect consumers from this type of behavior, Congress enacted the Fair Debt Collection Practices Act.  The FDCPA prohibits debt collectors from threatening debtors, using false or misleading information or using unfair collection practices when … [Read more...]

Many couples automatically file joint tax returns each year because they are married; however, this may not be in their best interest.  Most couples just automatically assume that filing a joint return is the best way to handle their taxes each year especially as Congress eased the marriage penalty by adjusting the tax code regarding couples.  However, some couples may be able to save money, and get larger tax refunds, by filing separate tax returns. For more information you should read, … [Read more...]

Did you make a New Year’s Resolution to improve your finances and manage money more wisely in 2014?  If you did, you are not alone.  More than half of adults make some type of financial resolution each year including saving more money, paying off debts and spending less money.  However, as January ends and February continues, most of us lose the strong convictions we had on New Year’s Eve. For help getting back on track read “Don't let February freeze your finances.” Image credit:  … [Read more...]

We know that you did not have your children simply to lower your taxes each year; however, there are tax credits available only to parents under the current tax code.  Although these tax credits will not come near the amount that it actually costs to raise a child, they do help parents lower their tax bill to receive higher tax refunds.  How you choose to use your tax refund is up to you; however, contributing to a college savings plan will also help you lower your tax bill next year … [Read more...]

Many homeowners are currently facing this question and finding it hard to decide how they should proceed.  The housing market is continuing to improve; however, the current seller’s market is still not as bright as the market for current buyers. This leaves homeowners in a bit of a quandary when they find a home they want to purchase but have not been able to sell their current home.  Since very few people are able to afford two homes, they are forced to sell their current home before buying … [Read more...]