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.
Saving money on a tight budget or low income can seem impossible. Especially when you do not necessarily make tons of money; but it all comes down to priorities. It can be hard to set yourself up for success when it feels like you are living check by check but organizing yourself and being consistent can improve a lot. Considering the holidays when there are decorations, gift buying, dinner parties, and many more activities which require spending. In this post we’ll discuss a few tips to help put some money on the side even when it seems like there isn’t any. Sacrifice or Investment? Putting money on the side can seem like it is causing you to deprive yourself from your wants. If you are anything like most people, we often catch ourselves thinking “Well I do put in the work. I deserve it.” The question becomes, is it worth it to go to a fast-food place and then catch yourself stressing over living check by check? Start looking at the money you put away as an investment for you in the future. Your savings is exactly that, an investment. You are putting money on the side in case of
Did you ever wonder why some people never seem to be able to keep money around? They get paid on Friday and all the money is gone before Monday? Well, in this post we’re going to talk about 5 habits that might be keeping a person broke. Habit #1- Not knowing your subscriptions Subscriptions can add up quickly. You can have $5 here, $10 dollars there. You should take a moment and review your bank statement or credit card statement to see what monthly subscriptions you have. You also need to determine what you use and do not use. Cancel the ones that are not being used. Keep an eye out for what you are being charged for in your subscriptions. Sometimes subscriptions plans can increase in price without you being aware so if something you were paying 10 bucks a month for now turned into 20 bucks. Habit #2 – Spontaneous Shopping Who does not like shopping for new things; rather it be clothes, electronics, or even shoes? There has to be a limit to what people can buy based on their budget. One way people dig themselves into a deeper hole is by not realizing how much they