If you're working as an employee, your employer is required to send you a W-2 form by the end of January in following the tax year. The W-2 reports the amount of income you made and how much the employer withheld from your paycheck for taxes. This will help you determine whether yo...
Key Takeaways Supplemental wages are extra money paid outside of your regular salary, such as commissions, bonuses, severance payments, prizes, awards, and certain reimbursements. Unless an "Accountable Plan" for employee reimbursements is in place, expense reimbursements are likely supplemental ...
Although the most common use of the VA loan is to purchase a home, the VA mortgage can also be used as a refinance option. There are two ways to use the VA benefit for a refinance. They include the VA streamline refinance, and the VA cash-out refinance. Streamline Refinance– For any...
VA loanNo set limits41% recommendedNo set limits USDA loan29%41%Up to 44% How to lower your debt-to-income ratio If your debt-to-income ratio fora mortgageis not within the recommended range, you can aim to lower it. If money’s tight, you may be best off making a smaller down ...
Is the VA funding fee tax-deductible? Can you negotiate the VA funding fee with the seller? The Bottom Line Most borrowers have to pay a funding fee when they take out a VA loan, adding to the overall cost of the loan. However, the VA funding fee reduces the burden on taxpayers and...
Home office expenses: If a portion of your home is exclusively used for business, you may deduct certain costs — such as maintenance and utilities — for that specific area. Capital gains:If you sell your primary residence for a profit, you may be able to deduct up to $500,000 of that...
Calculate your debt-to-income ratio to determine your eligibility for a mortgage or pay down debt to buy the home of your dreams.
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Various term lengths include numeroustypes of home loans, includingFederal Housing Administration (FHA) loans,U.S. Department of Agriculture (USDA) loans, andU.S. Department of Veterans Affairs (VA) loansavailable for specific populations that may not have the income, credit scores, or down payme...
Government assistance programs are in great demand when there is high unemployment or low wages. Learn what’s available, how to qualify, and where to apply.