Make a Tax Goof? Here’s How to Amend Your Return. It’s very common to make a mistake when filling out tax forms. Fortunately, the IRS makes it easy to file an amended tax return. Here’s what you need to know: Make a Tax Goof? Here is How to Amend Your Return The IRS says that you should amend your federal tax return if you need to correct your filing status, the number of dependents you claimed, or your total income. Deciding to claim additional deductions or tax credits that you left off of your original return also calls for an amendment. In some cases, you may not need to file an amended return. The IRS usually catches and corrects simple math mistakes when processing your return, so realizing you made a simple arithmetic error shouldn’t be a cause for worry. The IRS will also mail a request for any missing information they may need to process your original return. If you need to file an amendment, you’ll need to use Form 1040X and indicate which year’s return you’re amending. Unfortunately, there’s no way to complete this form online, so you’ll have to fill it out in paper form. If you […]
WEEKLY UPDATE – August 29, 2016 We are going to discuss LIBOR Surge May Rule Out September Fed Rate Hike in this article. After rallying for weeks, the major indexes fell last week ahead of key remarks by Federal Reserve officials and turbulence in money markets. For the week, the S&P 500 lost 0.68%, the Dow fell 0.85%, the NASDAQ dropped 0.37%, while the MSCI EAFE gained 0.16%. Even as the Fed has kept interest rates flat, an unexpected surge in short-term interest rates triggered by an industry rule change is potentially doing some of the Fed’s work for it. If you ever tune in to the financial news, you may have heard the term LIBOR (pronounced LIE-bor) mentioned in reference to money markets (what we call the trade of short-term loans between banks and other financial institutions). LIBOR Surge May Rule Out September Fed Rate Hike LIBOR, the London Interbank Offered Rate, is a benchmark used for a vast range of debt, including mortgages and corporate loans. Recently, the three-month LIBOR (the rate charged for lending dollars for three months) has reached multi-year highs (rising more than 30% since this June), tightening credit conditions without any action by the […]
Funding your children’s college education is among the popular financial goals that parents set for themselves. Since this can be a huge investment, it is worth the time to carefully plan so that you can ensure that whatever method is chosen, it will be useful. The best way to prepare for a child’s college education is to start planning early – as soon as the child is born if possible. However, not all parents have the desire or the discipline to begin planning at birth. Whatever method is chosen, the aim should be to set aside enough funds to ensure that your children can attend college when the time arises without having any significant disruptions in your financial life. 4 Ways of Funding Children’s College Education The most common methods of funding children’s college education include savings, scholarships and grants, financial aid and student loans or mortgages. Savings Financial institutions offer many different types of accounts specifically aimed at helping parents save for their children’s college education. Usually, the savings accounts offer unique features which make saving attractive, such as higher rates of return. Some parents opt to use cash value life insurance policies to fund a college education. The […]
Is My Personal House a Good Investment? Is My Personal Home a Good Investment? Real Estate is constantly in the news and often one of those get rich quick schemes. Just take a look around and you’re likely to find a course on how to become a millionaire with real estate. While investment real estate can garner you some income, what about your own personal home. For most people, it is their largest investment. However, is it a good one to make?