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 […]
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 […]
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 […]
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?
“Back-to-College Tax Tips”If you, your spouse, or a dependent is heading off to college, there are some important tax-saving tips you should know about. Here’s what the IRS says: Back-to-College Tax Tips You can claim only one type of education credit per student on your tax return each year. If you have multiple eligible students, you could claim a different credit for each student. To qualify, education expenses must be for tuition, fees, and “related expenses” for an eligible student. Expenses must be paid for attendance at eligible higher education institutions, including most colleges and universities. Ask the school whether they are an eligible institution or check the school’s accreditation status in the U.S. Department of Education’s Accreditation Database. The American Opportunity Tax Credit: The AOTC is worth up to $2,500 per year, per eligible student. You may claim this credit only for the first four years of higher education. […]
NASDAQ Posts Eighth Week of Gains WEEKLY UPDATE – August 22, 2016 The S&P 500 and Dow ended last week slightly lower, but the NASDAQ posted an eighth straight week of gains for the first time since 2010. For the week, the S&P 500 lost 0.01%, the Dow fell 0.13%, the NASDAQ gained 0.10%,and the MSCI EAFE lost 0.64%. What is the Fed thinking? Minutes from the July Federal Reserve Open Market Committee meeting showed that officials are split about the economic outlook and when to raise interest rates. Hawkish rhetoric from Fed members who favor a rate hike soon could push the central bank into raising rates as early as September. More dovish officials aren’t convinced that tepid inflation will rise to the Fed’s 2.0% objective and favor a wait-and-see approach to raising interest rates. After several months of strong labor market gains, some economists think the economy is close […]