You might be among those who find the federal tax code difficult to understand since it involves so many rules, exceptions to those rules and continuing changes. However, you might be especially confused by the parts of the code which apply to “capital gains and losses,” which for decades have been treated differently than ordinary income by the Internal Revenue Service (IRS). … [Read more...] about Capital Gains Tax Explained
When To Refinance A Mortgage And How To Do It
Real estate owners may have decided to refinance their mortgages, but first need to have questions answered about when the best time to do it is and how to navigate that complex process of repaying the current mortgage and taking on a new one. Those questions are no surprise since lenders now provide a growing number of choices for refinancing. Here’s some advice on factors to … [Read more...] about When To Refinance A Mortgage And How To Do It
The Difference Between Credit Cards & Debit Cards
In your wallet, you might have both a debit and a credit card and the two have some features in common. Both, for example, allow you to get access to cash, transact business without writing checks and make purchases offline and online. In many cases the physical cards might even look similar, but they are very different tools for your personal finance. This article explains … [Read more...] about The Difference Between Credit Cards & Debit Cards
Independent Contractor Tax Deductions, Obligations & Regulations
Being what the Internal Revenue Service (IRS) classifies as an “independent contractor” means you have different tax obligations and deductions than do employees. This contingent workforce is growing because it gives organizations the flexibility to only use labor when it needs it and also not have to pay the benefits which employees expect to receive. In addition, freelancers … [Read more...] about Independent Contractor Tax Deductions, Obligations & Regulations
Pros & Cons of Reverse Mortgages
The reverse mortgage is one of a number of financial tools the aging can use to gain access to the equity in their homes without selling them. That is, it allows them to remain in their home which, according to such studies conducted by AARP, is what 80 percent of seniors want to do. Here’s an explanation of what a reverse mortgage is, its pros and cons and other options … [Read more...] about Pros & Cons of Reverse Mortgages