Did you ever wonder about some of the mistakes made when filing old taxes? I mean, what do people commonly mess up on? Well in this video we talk about two mistakes that are commonly made: Filling All Unfiled Returns Not Reporting All Your Income Making mistakes on your tax return can cost you money. You may miss out on a larger refund than you claimed, wind up owing more taxes (plus interest and penalties) or invite an audit from the Internal Revenue Service (IRS). The best defense against results like these is a good offense: avoiding making errors on your return in the first place! Now, at the end of that video we mention that we have a FREE DOWNLOAD for those who want it. The download? 5 Mistakes People Make When Filing Old Tax Returns. It discusses not only the two mistakes mentioned in this video, but 3 others, one of which could get you audited by the IRS! To grab your FREE copy of the download simply head on over to the courses page OR click on the image above.
Looking for how to save money buying a new car? Not trying to get taken for a ride while getting your new ride? Wanna know the best time to buy a new car so you get massive savings? Great, then keep reading as we’ll answer those questions and share 5 tips on how to save money when buying a new car! TIME THE MODEL YEAR New models are typically delivered to dealers in the Fall, which gives them an incentive to get rid of the prior model years. So, if you want a 2022 model, get it after the 2023 model is released. Dealers typically discount prices at that time to make room on the lot or in the showroom. Another little known trick? Buy a demo or certified pre-owned vehicle. Demo vehicles are typically used only for test drives or as a loaner. Which means that you can luck up on a demo that has low miles AND a discounted price. Further more, many leased cars are returned with low miles and you may find one that is less than 1 year old when you go shopping. KNOW THE BEST TIME TO SAVE What is the absolute BEST
Wondering how to file back tax returns? Filling back taxes can be very nerve wrecking considering that one might not have all documents, or might not have the money to pay any taxes that might be owed. But where do you start? What steps to you actually take? So as to avoid further problems, this post will tell you the exact steps that one needs to take to get all those back tax returns filed ASAP! Gather Documents This is your starting point. This will include looking through piles of paperwork from the previous years. You want to find any W2’s, 1099’s, interest paid, dividends paid, mortgage statements, property taxes, stock sales and more. Remember original documents are always best. This is because it will include things like state taxes withheld that might not be included on an IRS transcript. So if you know who gave you income in a particular year try contacting your current/former employer and requesting an original copy for your paperwork. Now, after looking through all the paperwork you have, begin analyzing what you do have versus what think you’re missing. Now how exactly do you do this? No need to panic, check out the next
Need to open a bank account but confused on what type of “bank” is best for you? Big Bank vs. Online Bank vs. Credit Union – what’s the difference? Learn the pros and cons of each type of lending institution and how to choose the best one based on YOUR wants, needs and goals from the information in this post! Traditional Banks When people hear the term traditional bank, they typically think of one that has a brick and mortar presence. They also tend to think of the big four players in the industry, which are Bank of America, Citigroup, JP Morgan Chase and Wells Fargo. Now while these are the largest players in this category, it’s worth noting that the category is very broad and includes regional banks such as Regions Financial and BB&T as well as smaller local, community and neighborhood banks. The biggest reasons to choose a traditional bank are technology and convenience. The biggest drawbacks to them tend to be an impersonal feeling when it comes to the customer experience, fees being on the higher end when compared to other types of banks and interest rates on deposit accounts being on the low end. Now let
As we discussed in this post, a budget is a spending plan which can help you become more organized. The purpose of this is meeting your expenses, your personal goals and tracking your income. Starting and maintaining a budgeting plan takes a lot of self-control and discipline which can be managed through organizing your money and being consistent. But is there such a thing as an “ideal” budget? Well, we think there is! Creating your ideal budget An ideal budget tries to align your spending to what is normal or considered typical for an American household. For example, does it seem “normal” to spend 75% of your monthly income on housing? We don’t think so either! So an ideal budget will try and align the spending of your income along the following categories: Now after knowing what an ideal budgeting plan looks like, go out and find all your sources of income. This can include your salary, investments (such as savings account, money market account, or mutual fund), passive income (such as rent income), and retirement income. After determining your total income divide it into the previous categories and start looking to see if the numbers seem reasonable and achievable.