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Payday Loans | A Guide To Responsible Borrowing For New Customers

Posted by on Jun 23, 2016 in Uncategorized | Comments Off on Payday Loans | A Guide To Responsible Borrowing For New Customers

Just when you think you are all right financially, life has a way of dropping unexpected things in your lap that cost money. With studies showing that payday borrowers spend as much as 7.4 billion dollars annually, it is easy to see what many people decide to do when they find themselves needing money between paydays. If you get in a tight spot with no money to bail you out, you may be quick to head to the first payday loan company you can find, which is normal. However, before you commit to a loan, you should take a few minutes to learn how to be a responsible payday loan borrower.  Only borrow what you must have.  When you go to a payday lender for loan approval, they will give you a set amount that you will qualify for, which is based off of your income. If your typical paycheck is pretty large, there is a good chance that you will be offered the highest allowable loan amount. However, you are under no obligation to accept the full offered loan amount, and no matter how enticing it may be to take more than you need, it is always best if you only borrow what you must have. Borrowing more could lead to not being able to pay back the loan in full on your next date of pay.  Pay careful attention to the terms of the loan.  Before accepting a loan from any lender, it is important that you fully understand the terms of the loan. You need to know things like the following: when exactly the loan will be due for repayment how much interest you will be required to payback  what the financing fees are for accepting the loan what you can do if you cannot pay back the loan in a timely manner Ask about other loan products that may be more suitable to your financial situation.  Payday loans may not be the only type of loan offered at a payday loan center. In fact, some of these companies do offer other types of loans. For example, many offer installment loan plans, which you may qualify for with the same standards as you would a traditional loan. Installment loans are different in the fact that the full loaned amount will not all be due at the same time but rather as a series of payments over an extended period of time.  For more information and options, talk with a payday loan company, such as Payday Express,...

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What Tax Forms Should You Be Expecting?

Posted by on May 4, 2016 in Uncategorized | Comments Off on What Tax Forms Should You Be Expecting?

When you get your W-2, you might rush to file your taxes to get your refund. However, if you do, you might later get a letter from the IRS telling you that you need to pay back some of that refund. If this happens, there were probably other tax forms that you should have been waiting for. Here’s what you need to be looking out for to make sure your tax return is complete and actually ready to file.  1099-MISC Did you have income as a freelancer or contractor or from some other side job? That income will probably be reported to the IRS on form 1099-MISC. Income on this form is tricky because it comes with additional self-employment taxes. There’s also no tax withholding on this type of income. So if you forget about your 1099-MISC, you could actually go from receiving a refund to owing money. 1099-INT and 1099-DIV If you earned interest or investment income, you should expect another tax form from your bank or credit union. Yes, this even includes those pennies you earned in your savings account. These forms are easy to miss because some banks are just making them available online without sending you a notice. But if you do miss them, the IRS computers could reject your return and get you hit with penalties for not filing an accurate return. Form 1098 If you’re a homeowner, don’t miss out on deducting the interest on your mortgage. This can knock a huge chunk of change off of your tax bill. Calculating mortgage interest is tricky and might not match your monthly payments if the billing cycles don’t match the tax year. Always make sure you have this form to do it right. Form 1095 Health insurance now has to be reported on your taxes. If you don’t report that you had health insurance, you could face a fine of several hundred dollars per person in your household.    The type of form you will receive depends on whether you received health insurance from your employer, bought it privately, or bought it on the federal marketplace. Carefully follow the instructions including entering payments for each month because you could be entitled to a tax credit if your income after tax deductions is below certain levels.  To learn more about how to make sure your tax return is complete, contact a tax preparation services accountant (such as one from Capital Accounting And Tax Service Inc) in your area...

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Setting Yourself Up For Success: How To Manage New Assets After A Divorce

Posted by on Jan 5, 2016 in Uncategorized | Comments Off on Setting Yourself Up For Success: How To Manage New Assets After A Divorce

While many divorces throw both parties’ finances for a loop, some ex-spouses may find themselves managing new assets and responsible for financial decisions that they never were before. If this includes you, it’s important to follow these 4 guidelines to find success in your new financial picture.  Get Help Don’t be afraid to seek out, ask for and pay for help managing your new finances. And look for the right kind of help. A CPA, for example, can help you adjust your taxes and make a budget. And for long-term planning, look for a Certified Financial Planner. These experts are forward-thinkers and can help you develop an overall strategy for growing your money and setting goals in the future. Even if your new portfolio isn’t huge, this is a good time to become educated and get some guidance while you learn.  Avoid Quick Decisions Divorce is a huge life change, and so it’s often recommended that you avoid making any big decisions or other major changes for the first year or two. This includes making financial decisions. It’s okay to park your money in a safe location at first, even if it’s not earning good interest or otherwise growing. If you’re not used to making big financial decisions alone, it’s a good idea to do research, understand all your options and make future plans before deciding on investments, buying or selling assets. Avoid commitments into which you feel rushed or emotionally charged.  Understand Your Taxes One of the areas that may change significantly when a divorce is finalized is taxes. Besides the ordinary changes in things like filing status, income level and number of dependents, you may also have to report and pay taxes on investments allotted to you in the divorce and report retirement account changes. Work with a qualified CPA to understand how your taxes will change, and do it as early in the process as possible to avoid surprises.  Make a Budget You may not have been responsible for the family budget before, but now you are. So be responsible. And even if your new income picture doesn’t make it seem like you need to budget, you should try to maintain control over your spending anyway. What may seem like a huge amount of money or assets right now may not last as long or come as easily as you expected. Setting limitations and budgets for purchases will help you make good decisions with whatever you have and set you up for success in an uncertain future.  Handling a positive change in assets after your divorce can be a new frontier for many people. But by asking for help and making smart decisions, you can ensure your own future and that of your family for years to come. For more information, visit or a similar...

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Questions First-Time Homebuyers May Have about Mortgages

Posted by on Sep 11, 2015 in Uncategorized | Comments Off on Questions First-Time Homebuyers May Have about Mortgages

Buying a home is one of the most important life goals that many people will have, and this should not be surprising given the numerous advantages that come from home ownership. Unfortunately, most people lack the money to buy property without financing, and the process of applying for a mortgage can be somewhat stressful and complicated. If you are unsure about mortgages, learning these answers to a couple of routinely asked questions will help you to better understand this part of buying a house.  Can You Include Inheritance or a Company Bonus as Part of Your Income? A critical part of your application will be proving your income. The bank will largely base the amount of your loan around your income because this will indicate the amount you can pay back. Not surprisingly, it is important for you to report all of your applicable income to ensure you get the loan amount you need.  However, it should be noted that inheritance or work bonuses may not be included in this part of your application. The bank is primarily interested in income that is likely to continue in the future. If you have a long and established history of being awarded a bonus from your job, the bank may consider the average of all of the bonuses you have received, but you will need to provide a complete history of these bonuses for this to be possible.  What Does It Mean to Refinance Your Mortgage? Refinancing is a commonly used term that first-time home buyers may not fully understand. Over the life of your mortgage, it is likely that the prevailing interest rate will fluctuate. When you refinance, you take advantage of lower interest rates by essentially taking out a new mortgage. This mortgage is used to pay off the one with the higher interest rate, which can drastically reduce the amount you will pay for your home.  However, it should be noted that there are restrictions for how frequently a mortgage can be refinanced. As a result, you will need to carefully review your loan contract to ensure that you fully understand the rules of refinancing your mortgage.  Owning your home can help you start building equity while also enjoying the privacy of your residence. But financing this purchase can be challenging due to the complexity of being approved for these large loans. When you are familiar with the types of income you can include on your application as well as how refinancing can help you pay off your mortgage, you will be better informed when making this life-changing purchase. For more information about home mortgages, contact an establishment like McHenry Savings...

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What To Expect When You Get A Call From Jail

Posted by on Aug 17, 2015 in Uncategorized | Comments Off on What To Expect When You Get A Call From Jail

If your kids are still little, consider yourself lucky that they’re not old enough to get into serious trouble. If they’re older and one of them has broken the law, or if you have other family members or friends who have been arrested, you will probably receive the dreaded phone call asking you for help. Of course, you have a decision to make. You can leave the individual in jail to ponder what he or she has done and to face the consequences, or you can plan to pay the bail and be a hero. Your Part Of The Bail Process – Don’t expect this to be a quick process, as it could take hours. First you have to find a bail bond company. That won’t be a problem as there are usually many of them in the same vicinity as the jail. In addition, they’re open twenty-four hours a day every day of the year, so you can begin the process immediately. Don’t be shocked at the amount of the bail. Instead of paying that amount the bail bondsman will charge you about 10% of the amount that is needed to pay the bill. The money that is paid is not refundable.  You’ll be asked to fill out forms that will include things like your name, contact information, your address, your place of business, and the names, phone numbers and addresses of people who will be character witnesses for you. It is unlikely that you can pay the bail bond with a check, actual money or with a credit card. Instead, you’ll need to bring a money order or a cashier’s check. The Arrested Individual’s Part Of The Bail Process – You’d think that, after paying the bond and filling out extensive paper work, you could just go on to the jail and the arrested person could be released. That’s not the way it works. Usually people are released on bail in groups, and that could happen in the middle of the night or in the early morning hours. Often, the arrested person is given a certain amount of time to report to the bail bond office. However, since you’re already in the vicinity, it’s a good idea to just go ahead and get the process started. The arrested person will also need to fill out forms with much of the same information that you had to give. Usually the same character witnesses that you used cannot be used by the arrested person. Before the arrested person leaves the bail bond company, everything that is required of him or her will be explained in detail. The individual may then leave with the knowledge that, if rules are broken, an arrest can be made and that jail may be the next step. Consider asking the arrested individual to pay you back for every penny you had to give to the bail company. If he or she is your child, think about additional consequences that would reinforce the seriousness of the...

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2 Things To Check On Your Real Estate Appraisal Report

Posted by on Jul 29, 2015 in Uncategorized | Comments Off on 2 Things To Check On Your Real Estate Appraisal Report

Buying a home for the first time can be one of the most exciting times of your life. You get to step out of renting and into home ownership. However, there are a lot of things that you need to consider when it comes to owning a home. Appraisal reports can be quite confusing for many individuals. There are a lot of fine details included on these reports that many people don’t understand. To help you know what to look for in your appraisal report, check to see if the following information is included and accurate. Size of Your Home Make sure the square footage of your home is accurately represented on the report. If the square footage isn’t accurate, it could end up making your appraisal less than others of comparable size in the area. If you aren’t sure whether the amount calculated is accurate, you can always go through and try to determine the square footage of each room and add it all together. While this might take you a little while longer, it can give you the peace of mind you need in knowing that your estimate is accurate. Recent Sales in the Area Another key factor in determining market value is the price of any recent sales in the surrounding area. Houses in your neighborhood are looked at to determine what the going rates are for houses of similar size and stature. Make sure the recent sales are included, especially when they are close in size to your home. You don’t want the larger houses left out and the smaller houses included when your home is 1,500  to 2,000 square feet. If the only comps used are for smaller homes that are older than yours, it could end up reducing the total market value for your home. You don’t want to lose money on the appraisal value, especially when it isn’t justified. Browsing through the age, location and size of the other properties used in determining the estimated value will help put an end to your worries and make sure you got the compensation you deserved. While appraisal reports might seem a little confusing at first, a professional management company, like SettlementOne, can spend some time going through everything with you to make sure you are both on the same page. Accuracy is more important than ever, which is why you need someone you can trust to verify report...

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Three Ways Credit Cards Can Be Part Of A Financially Responsible Future

Posted by on Jul 13, 2015 in Uncategorized | Comments Off on Three Ways Credit Cards Can Be Part Of A Financially Responsible Future

One of the best ways to stretch your dollar is by using a credit card for purchases. When used responsibly, credit cards can be a great way for you to manage your finances and keep your spending under control. Here are three ways that credit cards can help you to effectively manage your money. Credit cards help you manage your spending Use a single credit card to make all your purchases. Check your account on a daily basis to keep track of your spending. Credit cards also help you categorize your purchases, which can help you to see how you are spending your money and help you to better budget your money and keep track of what you are purchasing.  Credit cards help you stretch your dollar One of the best reasons to use a credit card is to get more for each dollar you use. They do this in a few ways. First, credit cards act as a short term loan. If you pay off your balance on a monthly basis, you are getting a 30 day loan at 0% interest. This can help you to manage your cash flow by extending expensive purchases out over a moderate amount of time and giving you the extra space you need to get the money for those purchases. Second, credit cards give you rewards for your spending. This allows you to get something for what you’re spending. It does this by giving you a fixed level of rewards for what you spend on every dollar that can be redeemed in many different ways. One of the best ways to maximize the rewards you get is by looking at the bonus categories and making sure that you use your credit card for all purchases from merchants in those categories.  Credit cards help build your future  As you use your credit card responsibly, you are seen as a better credit risk for lenders. This can make it easier for you to get other loans in the future. As you build your credit history, you’ll improve your credit score and be able to secure better rates on home and car loans in the future. Even just a quarter of a percentage point makes a huge difference over the course of a 30 year mortgage and can save you tens of thousands of dollars. As you responsibly use your credit cards, you’ll be able to be more financially responsible, build your future, and get more for less. For more information, contact a credit card company such as Loft credit...

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Business Tax Preparation: Why You Should Hire An Accountant

Posted by on Jun 19, 2015 in Uncategorized | Comments Off on Business Tax Preparation: Why You Should Hire An Accountant

Do you have a habit about being unorganized when it comes to keeping track of your business finances? Preparing your taxes will be a lot easier if you take on the service of a professional accountant, and it can keep you out of trouble with the Internal Revenue Service (IRS). Find out below why it is ideal to hire an accountant for accurate business tax preparation (such as one from Wiggins, Smit, Burby, Reineke, & Company P.A.), as well as what you will be charge for the assistance. Why is Help from an Accountant Good for Business Tax Preparation? Preparing to file business taxes is something that should be done on an ongoing basis if you want to make sure each calculation is accurate. For instance, you need to make sure that every profit, loss and expense is properly filed as soon as it occurs in your business. Keeping such accurate records can be difficult to do on your own when you are always consumed with other aspects of your business. Hiring an accountant is the most sufficient way to handle your business finances, as he or she is trained to primarily focus on money management. Another great benefit offered by an accountant is keeping track of what you are paying your employees. You don’t want to become so unorganized with your business finances until you end up over or underpaying your employees, as it can lead to major problems. You can end up in a lawsuit or suffer a huge loss in how much your business profits. A few of the things that an accountant can do to help with business tax preparation include: Manage how your business finances are handled Keep track of missing money to prevent theft from employees Underpaying the IRS is one of the biggest mistakes you can make with running your business. You can end up getting fined or possibly end up behind bars. An accountant will keep your head about water and make sure you are well prepared when tax season comes around. What is the Estimated Price Charged by Business Accountants? It is typical for accountants to charge clients an hourly rate of $150 plus. The price will also be based on how often the accountant has to work for you, as you will pay a permanent account more than one that is hired for a temporary job. Other things that will be factored into the overall price include the kind of services being provided and the nature of your business. Speak with an accountant so you can have a peace of mind when it is time to prepare your business...

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3 Reasons To Consider A Fast Cash Loan Today

Posted by on May 29, 2015 in Uncategorized | Comments Off on 3 Reasons To Consider A Fast Cash Loan Today

There aren’t many financial advisors out there who would recommend getting frequent payday loans. These types of loans tend to come with very high interest rates, and high penalties if the loan is not paid back on time. But with that said, that doesn’t mean that fast cash loans are not a viable choice for certain situations. In fact, a payday loan could help you avoid getting into trouble in other scenarios. Here are 3 examples of how a payday loan might be able to help you out during a time of need. Avoid a Penalty on Another Loan If you have multiple credit cards or loans, you are likely aware that many of these agreements come with contracts that state that the monthly installment must be paid on time to avoid penalties. For example, if you have a special loan that has an introductory period with 0 percent interest, this period could be forfeited if you are late making a payment. If you find yourself in a scenario where you don’t have the funds to make a payment on one of these types of loans, a payday loan will allow you to take care of the installment so that you don’t get hit with a higher interest rate. You can then simply pay the payday loan off when you get your next paycheck, and might actually end up saving money in comparison to what would have happened if the penalty on the other loan had kicked in. Emergency Medical Expenses Not every American carries health insurance, and even those that do still end up being shocked when the bill for their share of the payment comes in the mail. If you have some ongoing medical problems that are out of your control, this could put you in a financial bind very quickly. A payday loan would allow you to get the treatment you need without worrying too much about the bill. Getting continued treatment could also help you stay healthy enough to keep going to work, allow you to pay the fast cash loan off quickly.  Vehicle Repairs No one ever plans on getting into an accident. Even if you have insurance, it could be a while before a damaged car can get back on the road. The wait will be even longer of course, if you won’t have the money to pay your deductible until your next paycheck. A payday loan will allow you to get your car into the shop immediately, start the insurance claim process and hopefully allow you to continue getting to and from work on time each day. You can then simply use your next paycheck to pay off the loan instead of the deductible. Payday loans aren’t for everyone, but there are certain scenarios where a fast cash loan does make solid sense. If a payday loan will help you avoid some other negative scenario due to not having immediate funds available, contact a local fast cash company today for...

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Filing Business Taxes: Don’T Make These Mistakes

Posted by on May 5, 2015 in Uncategorized | 0 comments

If you run a small business, you will need to file business taxes every year. In order to avoid paying back taxes or having penalties from the Internal Revenue Service (IRS), make sure you don’t make any of the following mistakes. Failing to Track Your Expenses Filing taxes properly all starts with how you track your income and expenses throughout the year. A lot of your business expenses can be deducted from your taxes, which helps to reduce how much you owe. However, if you estimate them poorly or not at all, you lose those deductions. Not only should you track every cent used for business purposes and detail what it was used for, but make sure to save all your receipts. The IRS might request copies of these receipts to validate your deductions. Not Paying Your Taxes on Time If you are new to filing business taxes, you might not realize how much money to put aside to pay your taxes. It is now the end of the year and you realize you owe thousands of dollars, but don’t have enough money to send to the IRS. Failing to pay your taxes on time could give you a massive penalty, not to mention additional penalties for every month you pay your taxes late. Work closely with an accountant to determine your estimated taxes and pay your taxes quarterly, not annually. Filing the Taxes Without Help Speaking of an accountant, you should really have one when filing business taxes. Even if you used to file your own taxes when you worked as a salary employee, it is an entirely different ballgame with business taxes. They get very complicated whether you own a small retail store or work as a freelance contractor. The accountant helps you throughout the year with tracking your expenses and planning for estimated taxes, then they will help you get everything filed. Combining Business and Personal Accounts When you own your own business, it is tempting to continue using your personal bank account, but this is a big mistake. You need to have a separate checking and savings account for your business. Multiple savings accounts are better because one can be used for tax savings, while the other is used for future business investments. You should never use your personal account for business purposes and vice versa. With a business account, your accountant only needs to worry about that account when filing your business taxes. It simplifies and streamlines the entire process. To learn more about accounting, contact a company like James Gioia & Company...

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