This article was written by guest blogger Eva Rosenberg. Your adjusted gross income (AGI), which is your gross income minus deductions such as retirement contributions and other adjustments, is one of the most important numbers in your entire tax return. It’s used to determine limits on many types of deductions, credits, and tax rates, as [...]
Here's a quick list of the tax deductions Congress just extended to the end of the year. 1. Mortgage debt forgiveness. If you did a short sale in 2014, you will not have to pay taxes on the debt the lender writes off in the deal. 2. Deduction for private mortgage insurance. You can continue to [...]
Think it’s expensive to own a car? It’s a lot worse if you’re in Wyoming. Wyoming was recently named the most expensive place to drive a car, according to Bankrate.com. A typical driver in the Cowboy State spends $2,705 a year to operate a vehicle, about $500 more than the national average of $2,223. Meanwhile, [...]
Even if you’ve done a great job saving up money for retirement, you may eventually face healthcare expenses that could quickly drain your savings. Fidelity estimates that a 65-year-old couple needs $220,000 for healthcare expenses in retirement, but the truth is that healthcare costs are tough to quantify because you never know what issues you [...]
Retirement may seem like paradise—endless days of spending time with family, traveling, and, most importantly, not having to be at work eight hours every day. But the ability to retire requires a lot of financial planning. “If you follow good savings habits throughout your career, you will be happier at retirement age,” says Debbie, a [...]
You’ve just spent a good chunk of change on a fancy smartphone, and the salesperson paints you a picture of everything that could happen to your shiny new device. You could drop it on a concrete floor and shatter the screen. You could drop it in the toilet (don’t laugh—a colleague of mine just admitted [...]
If your loan modification is not enough, you might want to sell your home and find a more affordable home. Q: The good news is that we got a loan modification. Unfortunately, the amount is now too high because my husband's income has decreased. My income is just enough to cover our house payment and [...]
