When can I deduct travel expenses on my federal tax return?
Before the Tax Cuts and Job Act of 2017, many more Americans were able to deduct travel expenses on their federal tax return. But after that act went into effect, employees could not deduct travel expenses for work (or any expenses for work on their federal tax return). However, some taxpayers can deduct travel expenses…
Read MoreWhat Tax Breaks End in 2021?
Parts of the tax code are scheduled to end nearly every year. Some of these provisions are extended, and sometimes they are extended retroactively. Find out which tax code provisions ended Dec. 21, 2021, unless Congress passes legislation to extend them and the president signs the legislation into law. There are indications that legislation may…
Read MoreDo I need to file a tax return if my only income is Social Security?
Social Security Income (SSI) is considered taxable income. But there are a few exceptions that could mean more money in your wallet. Certified Financial Coach and Tax Professional Jerry Zeigler shares his expert knowledge and tips in this quick and simple SSI tax guide. 1) How much of my Social Security income is taxable? For…
Read MoreWhat Are the Best Alternatives to a Traditional Savings Account?
Are you wondering where to put money instead of a savings account? A basic savings account can be a great place to start when you’re new to saving. It’s also an excellent choice if you have a small balance. However, there are alternatives to a savings account if you need a more robust savings plan or want…
Read MoreSecond Stimulus Eligibility: Am I Eligible for the IRS Second Stimulus Check?
Just before 2020 ended and 2021 began, President Trump signed a second pandemic relief bill. This bill included a second round of stimulus checks, or Economic Impact Payments, that will be sent to Americans under certain income thresholds in the coming weeks. Some of these checks have already started filtering in via direct deposit. As…
Read MoreI’m Married and Filed Jointly, Then the IRS Kept My Refund. What Happened?
Sometimes you don’t realize it is going to happen. You are expecting your tax refund and it never arrives. You may ask your tax professional or call the IRS at 1-800-829-1040. Here’s what may have happened: they kept the refund because your spouse owes money. This is often back taxes, both federal and state. But…
Read MoreIf I Can Pay off My Debt, Is it Better for My Credit to Pay it off Slowly or All at Once?
I think I’m going to receive a large tax refund this year that could help me pay off my debts. If I’m able to pay off all of my debt, should I do it all at once or is it better for my credit to pay it off slowly over time? Submitted by an anonymous…
Read MoreAsk an Expert Episode 1: Let’s Talk about Holiday Spending
The holiday season is officially upon us and we know how tempting it may be to shop without a set budget in mind. That’s why we’ve teamed up with SaverLife Certified Financial Planner (CFP) Tania Brown to help bring you our first ever “Ask An Expert” Facebook Live on December 10 at 12pm PT. Tania…
Read MoreWhy do credit sites recommend I get another credit card?
I’ve worked hard to get my credit score into the excellent range using only one credit card. I pay monthly before the due date. Why do credit sites like Credit Karma and Credit Sesame keep suggesting I get another credit card to improve my score even more? What is the impact on a credit score…
Read MoreCan I get a 30 year mortgage at age 65?
Submitted by Darlene D. For many people, homeownership is an essential part of achieving the American Dream. I applaud you for pursuing your home ownership goals. In my professional opinion, it’s never too late to buy a home as long as you can afford the mortgage. With modern health advances, people live much longer. So…
Read More