A 401(k) plan is a workplace retirement savings account. 401(k) accounts get their odd name from the section of the tax code that created and governs them. Workers and employers can both make deposits to the account until they hit annual contribution limits. The federal government provides ...
EXAMPLE: Homeowners insurance is a tangible product that could (and should!) be paid for regardless of the presence of a mortgage. Therefore, it’s NOT a prepaid finance charge. A loan processing fee, on the other hand, is only something you’ll pay if you’re getting a loan and ...
How to decode a VIN Every VIN is 17 digits, which can be broken down into three sections:World Manufacturer Identifier(WMI), vehicle descriptor and vehicle identifier. Let’s take a quick look at each section. World manufacturer identifier (WMI) section: ...
Water damage.If the property’s basement only floods in the spring but the purchase is made in the fall, a home inspection may not catch it. All water-related problems should be included in this section. Other disclosures might include that there has been a death on the premises, known re...
What Is an Accrued Expense? Accrued expenses are expenses a company needs to account for, but for which no invoices have been received and no payments have been made. Here are some common examples of expenses that can be accrued: Interest on loan(s) ...
Form 1099-G is used to report government payments like unemployment compensation and state or local income tax refunds. Learn what details are included on the form, when you should expect to receive it, and how to report this income on your tax return.
What is a 1099-K used for? What do I do with it? If you receive a 1099-K form, it generally includes the gross amount of all the reportable payment transactions from the platform (payment settlement entity) . The platform or app you used will send two copies of your 1099-K informatio...
One way to avoid paying the penalty and income taxes is by taking a loan from your 401(k), which some, but not all, plans allow. Keep in mind, however, that if you take a loan, the repayments will be deducted from your paycheck, which means your take-home pay will go down. Also...
Infinite banking is a finance strategy that has more questions than answers. The gist of infinite banking is getting a loan from your life insurance company that uses your death benefit as collateral. Our guide will tell you everything you need to know about the infinite banking life insurance...
When purchased to provide insurance on an investment, CDSs do not necessarily need to cover the investment for its lifetime. For example, imagine an investor is two years into a 10-year security and thinks that the issuer is in credit trouble. The bond owner may buy a credit default swap ...