CONSIDERING our close relationship ties, it is most likely that at least once in your life you’d be asked to co-sign for a loan for a family or a friend- whether it’s for a vehicle, a mortgage, credit card, or a student loan.
While it may be tempting to help someone in “dire” need, you have to think twice before signing that loan agreement. Helping a friend or relative by co-signing a loan isn’t always a good idea.
INCOME taxes. For the lower income earner, it is a welcome relief as the government bestows tax credits and benefits. But for the medium to higher income earner, it’s usually dreadful experience as the idea of paying taxes creeps through their pockets and senses. Whether we like it or not, we have to file our annual income tax returns or we face the chance of going to jail or having unclaimed refunds at our fingertips.
MORE and more taxpayers have been receiving it from the IRS….. the audit letter asking to substantiate tax deductible expenses claimed in a prior tax year. In fact, some taxpayers have been or will be receiving it for two to five consecutive years once their credibility with the IRS has been tarnished.
There have been few cases of preparer profiling, meaning the IRS audits all returns prepared by a return preparer who has consistently demonstrated suspicious activities in what the IRS calls “return preparer fraud.” However, in these situations, the taxpayers, not the preparer, are ultimately held responsible for their individual returns.
GOING to college is a good thing as it can open greater opportunities for employment and has the potential to transform someone to higher level of success. There are various ways to finance a college education, one of which, and maybe the most popular means, is by obtaining student loans.
It might seem overwhelming as you get presented with large amounts of money easily available to you when you are entering college. Loans are available through government programs, either subsidized or unsubsidized, and through private organizations.
THE Bush-Era Tax Cuts was set to expire on December 31, 2011 and one of those that would have been greatly impacted is the Child Tax Credit (CTC), one of the most popular tax credits for families and children.
Had the Obama administration not extended the Bush-Era Tax cuts for another year, the CTC would have reverted back to its original amount of a maximum of $500 per child prior to the program implementation ten years ago. But with the extension, families meeting the eligibility requirement can still enjoy the benefit of $1,000 per child for their 2011 tax returns.
