10Feb/16

Basic Tax Saving Tips for Americans

Record number of Americans dump U.S. passports

Tax Saving Tips in America. Taxation are monetary charges levied with an organization to support debt and carry out its programs and objectives. U.S. residents are subject to a taxation such as those on goods and services, real estate, and income. Income earners are required to file results to document taxes paid, pay taxes owed and obtain tax concessions.

Interest
A tax deduction is an expense you incurred that the government permits you to subtract from your earnings that is taxable. The interest you’ve got paid throughout the entire year on a home mortgage or another mortgage may be tax-deductible. Since home loan repayments are frequently a big cost, this deduction may total hundreds or tens of thousands of dollars in savings. Holiday home or only one second residence can qualify to get a mortgage interest deduction. Real-estate fees and express house are also deductible from your federal tax.

Charitable Giving
Contributions made to qualifying charities such as spiritual institutions and the Red Cross are tax-deductible. Non-cash donations can also be tax-deductible to the worthiness of the items given. As an example, if you contribute #039 several hundred dollars&; worth of garments to a charity that offers it to the destitute, you’re able to deduct the value of the garments out of your taxes. Charitable giving should be recorded.

Tax-Advantaged Pension Accounts
Another method to avoid paying taxes is always to save using tax-advantaged retirement accounts, like 401(k) plans and personal retirement accounts (IRAs). With 401(k) plans, money can be put before spending taxes. Likewise, contributions made to traditional IRAs in many cases are tax-deductible. A Roth IRA is a particular form of IRA which allows after tax earnings to be contributed and then grow tax-free. Providing funds to these forms of accounts enables workers save more for retirement and in order to avoid taxes.

Worker Expenses
In case your occupation that needs you to spend cash that’s not repaid by your employer, a few of your expenses might be tax-deductible. The IRS lists passport for a business trip, the following as potential tax deductions for workers: dues to professional organizations, supplies and resources used in job search expenses, union fees, your work and work -related instruction.

Sources: Tax Preparation & Filing 

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CNN Money Tax Tips

04Feb/16

How To Recover From Identity Theft

identity theftHaving your identity stolen can make you feel mad and violated. If you have excellent credit on top of that then you probably feel scared. There are certain things you must do as soon as you realize what happened. So, if you’ve experienced this crime you’ll need to know how to recover from identity theft.

The Federal Trade Commission (Consumer Protection Division) is the agency that keeps track of identity theft and its victims. Identity theft is a big business and with our economy in shambles, it’s only going to get bigger. There are many people right now who do not know that their identity has been stolen. So, here are some tips on how to recover from identity theft.

First you must contact the police. You’ll need that police report down the line. In fact, keep it forever. Next, request an extended alert on your credit report from all 3 credit reporting agencies. An extended alert will remain on your report for 7 years compared to an initial alert which lasts 90 days.

It’s been advised to cancel all credit cards that you don’t need. Call each company and request closure of your account. Make sure they document the conversation by sending you a letter stating “account closed by consumer”. Keeping extra credit cards just increases your risk of being a victim.

Also, contact your bank to flag your account. Choose an amount and tell the bank to contact you when an amount higher than that has been withdrawn. If you have access to your account online, check your balance daily. Many people have discovered a discrepancy early which helps the bank to recover the money. Not to worry, you will be reimbursed within 24 hours.

Sign up for a credit monitoring service, so you can keep track of any new accounts that are opened or attempted to be opened by the criminals.  Credit monitoring will also allow you to get regular credit reports so you can see any inquiries that need to be removed or other problems that could end up effecting your credit score.  You can find out which credit monitoring plan is right for you at http://www.stopidentityfraud.org/credit-monitoring-services.  It’s a free resource for consumers who want to better protect themselves from identity theft or victims who need assistance.

Start being more vigilant of your surroundings. Make sure no one can tamper with your mail. Get off of mailing lists with credit card companies. Many people have had their identity stolen by someone talking on a cell phone which also doubles as a camera. It’s a given that most identity theft victims never know how or when they’ve been victimized.

If you have a good or excellent credit score you have more to lose than the average person. Credit will be extended more readily to someone with a great credit history. So that makes you the type of person identity thieves consider a goldmine. So the time to take action is now. Don’t become oblivious to what the world is telling you. Protect your name and your rights.

It’s sad to say, but it is what it is. The latest statistics say that every 2 seconds someone becomes a new victim of identity theft. So whether you’ve been a victim or not, protect yourself before it happens. Learn how to recover after identity theft and put these people out of business.

Well over 200 million personal data records were lost or exposed in the United States in the last two years. Chances are your identity is already compromised.

Quick Facts

  • Identity theft hits 1 in 4 US households
  • Over 79 million identities were lost in the past 12 months
  • Over 3 million social security numbers are illegally traded online
  • Identity theft costs people an estimated $6.4 billion/year
04Feb/16

3 Reasons to Get A Fixed Rate Home Equity Loan

Beautiful-Home-with-Breathtaking-Panorama-and-Green-Features-Villa-by-Najjar-625x500An individual who is bankrupt but has enough equity in the house they own such as their house should never have a problem about obtaining finance. One reason that is sufficient enough to block someone’s way of getting a fixed rate home equity loan with a reasonable interest rate is having a bad credit record.

Meeting the requirements of certain conditions is just one of the basics that can contribute to the fact that this procedure can never be that easy but then being a bankrupt won’t be one of those concerns. These specially created fixed rate home equity loans are exclusively intended for those bankrupt people thus helping them meet the needs and terms to arrange their financial affairs.

Having a standard home loan is better compared to meeting the standards for the credit score normally reserved for the fixed rate home equity loans even though it is much lower, the interest rates are good and the steps necessary to accomplish it is not that difficult.

The equity release is available as a percentage of the leftover equity in the home if the outstanding mortgage were paid of in its entirety although if a secured loan is already part o the equation, this will be taken off as well.

To make things easier, let us say you have taken 50,000 dollar mortgage from a individual with a one hundred thousand dollar home which will then leave you with fifty thousand dollars and from that, a portion for a home equity loan will be available from eighty five percent of that leftover total. The fact that this home loan is secured on a property simply implies that a large sum of money is accessible thus giving the intended bankrupt individuals the chance to be in touch with the good conditions this loan has to offer. The fact that the individual borrowing the money should never have a problem making the payments since he will be given better interest rates and repayment conditions as compared to those bankrupts is presented with this loan.

1st Time Home Buyer Requirements Explanation

Credit checks on secured fixed rate home equity loans are never very thorough as the lender is aware of the collateral in the property so is more at ease with lending it to someone who is bankrupt. As the demands for this form of loan have been reduced, the loan applicant can expect a swift resolution which is not something that would normally happen for a secured loan.

The first of the few remaining steps that you need to take after credit verification has been completed is the thorough analysis of the house’s deeds. The borrower’s means to cope with the repayment conditions is something that is of an issue added with the thought that the individual borrowing should at any rate present the proof that he or she is employed and has some resources to depend on.

There are several options available to you in regards to mortgage financing. Of course they all come with a set of benefits and risks attached, so determining the type of loan that is most compatible with your lifestyle is crucial.

Whether you are considering a fixed-rate mortgage, an adjustable-rate mortgage, or a balloon mortgage, make sure to include all facets of each loan within your overall consideration. For example, depending on what you can afford to invest, the terms that are available with each type of loan vary. If you are leaning toward more of a long term investment, opting to finance a through a fixed rate mortgage would your best. Fixed-rate loans offer terms of ten, fifteen, twenty, or thirty years before the loans has to be paid off or refinanced. One advantage to this type of financing is the interest rate is fixed and this rate decreases over time. It is also the least risky way to finance because the rate of an investor is ‘locked in’ so he/she does not have to worry about fluctuating interest rates in the market at large. Fixed-rate mortgages appeal to households that are going to either be living in the home, renting it out, or just holding on a long term basis.

An adjustment-rate mortgage, on the other hand, gives the option of paying off the loan within one year or within, three, five, seven, or ten years. A buyer benefits because the interest rates on this type of loan are lower than a fixed-rate loan. The risks arise when considering the idea that the market is always changing and in a rising-rate environment, monthly payment amounts may increase in correlation to the fluctuating market when the adjustment is due.

Typically, there is a five percent increase in regards to the loan term and a two percent increase for the annual rate change. ARMs become more popular among younger households with positive income growth potential. They are also more prevalent in a high rate or rising rate environment.

When looking to invest in property on more of a short term basis, financing with a balloon mortgage would be your best bet. As with ARM loans, the monthly payments and interest rates are generally lower because the loan is to be paid in full, be converted into a fixed-rate loan, or refinanced in either five or seven years.

So after all of the factors have been considered, how you go about financing your investment should be much more defined. It is very important that you choose the right type of loan that will accompany your needs and fit in with your lifestyle.

Researching all of the mortgage finance options available to you and knowing all of the essential variables that are involved in the loan will allow a potential investor to make more of a clear and concise decision.

Hope this helps make some sense of the different types of home loans and assists you in making the right home loan choice for your situation.

03Feb/16

3 Tips to Remaining Debt Free After Credit Card Payoff

Credit card debt perhaps the number one problem facing everyone that works for a living. It is so easy to accumulate debt with credit cards that it surprises us when we actually look at our statements every month to check our balance. Though some might have landed up with credit card debt due to some unfortunate event/emergency in their life, most people carry a credit card debt due to their own wrong doings.

Here we are talking about the life after you eliminate your credit card debts and remaining debt free forever. As mentioned before, of all the people that try to become debt free debt not everyone is able to pay off pull this off. There are so many people that will never experience what it is like to be debt free. The credit card addiction will keep them in bondage until they learn to deal with their finances correctly.

There is a group of people that have finally after years of effort made it to a debt free status but was sucked back into to it because of the resurgence of this credit card addiction. These are those people who let themselves loose and go on a spending spree as soon as they pay off credit card debt. Soon, these people again land up with a credit card debt and are again trying to pay off credit card debt.

So, reaching the milestone of paying off credit card debts and other debts is great for the moment but you cannot allow yourself to go backwards again. You have to remember the stress and heartache from having the the accumulated debts hovering over your head and know you do not want that again.

The lessons you learned to defeat credit card debt will have to be used continually after you become debt free. Here are a few additional tips to consider if you are one of the few and proud that has kicked your debts to the side.

Do not spend more than you plan to. Always follow a budget and never spend beyond your budget or plans.
Never go beyond 60 percent of your credit limit. This is a safe barrier to keep yourself protected.
Perhaps the most important rule for anyone using credit cards or those that are debt free is pay the balance off at the end of the month. This is a struggle but in reality you should not buy anything that you cannot pay off given 30 days to do so.
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1 out of every 5 homes will have a burglary, fire or carbon monoxide poisoning over the next 6 years.*
9 out of 10 convicted burglars agreed that they would avoid a house protected by an alarm system.**
Every two minutes, somewhere in America, someone is sexually assaulted.
Violent crime rose by double-digit percentages in cities across the country over the last two years
A Home Security System makes your home 3 times less likely to be burglarized. How long until your family or mine falls into one of these statistics? *US Department of Justice, Criminal Victimization in the US, 1999. **US Department of Justice, 1999.

Well over 200 million personal data records were lost or exposed in the United States in the last two years. Chances are your identity is already compromised.Quick Facts
Identity theft hits 1 in 4 US households
Over 79 million identities were lost in the past 12 months
Over 3 million social security numbers are illegally traded online
Identity theft costs people an estimated $6.4 billion/year