When you still owe the IRS for past taxes, it’s likely that the agency will be more willing to work with you—such as allowing you to pay your tax in monthly installments. To find out more about how owing the IRS will affect your credit watch this video
If you’re staring down a big tax bill from capital gains, consider selling an asset that’s depreciated in value. Capital losses can offset capital gains, reducing the tax you owe. However, you must match short-term losses with short-term gains first, and the same applies to long-term ...
refinancing could change the amount of time it takes to pay off your loans. You can select shorter terms if you can handle the larger monthly payments, or you can extend your repayment timeline to lower your monthly bill. Picking a longer term may also increase the total interest paid over...
8. Is my mortgage interest tax deductible? You can’t claim mortgage capital repayments as an allowable expense. And although pre-2017 you could deduct mortgage interest and other finance costs such as mortgage arrangement fees from your rental income to reduce your Income Tax bill, instead, yo...
refinancing could change the amount of time it takes to pay off your loans. You can select shorter terms if you can handle the larger monthly payments, or you can extend your repayment timeline to lower your monthly bill. Picking a longer term may also increase the total interest paid over...
An example of this is when a potential lender is reviewing your credit because you’ve applied for something like a low-interest personal loan. It’s important to make sure any hard inquiries on your credit report have been done with your permission. Most hard credit inquiries will stay on...
Being denied for a credit card doesn't hurt your credit score. But the hard inquiry from submitting an application can cause your score to decrease.
Interest on a checking account refers to the earnings paid by a bank to the account holder for maintaining a balance in their checking account. While checking accounts are typically used for everyday transactions like deposits, withdrawals, and bill payments, some banks offer interest-bearing checki...
Lastly, though the promotion of equity was an advantage, tax deductibles can also exacerbate income inequality. There are opportunities for tax deductibles to disproportionately benefit higher-income individuals. For instance, think back to the mortgage interest deduction example. This tax deductible only...
Tax planning: When it comes to taxes, a financial advisor may help you prepare tax returns, maximize tax deductions so you get the most out of the system, schedule tax-loss harvesting security sales, ensure the best use of the capital gains tax rates, or plan to minimize taxes in retireme...