credit

Good Debt vs. Bad Debt – Taking Charge of Your Finances

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You may have heard the terms good debt and bad debt before, but it is not as simple as labeling credit card debt as bad, and a home loan as good because a home loan can in fact be considered bad debt too. It is important to understand the differences between and the definitions of [...]

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2012 Earned Income (EITC) and Child Tax Credit – Qualification and Income Limits

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[2012 update] The IRS has officially released 2012 tax details and here are the changes to the Earned Income and Child Tax Credits: – The 2012 Child Tax Credit (CTC) will remain at $3,000, thanks to provisions in the bush-era tax cuts extension. This extension will ensure an ongoing tax cut to 10.5 million lower [...]

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Claiming the Small Business Health Care Tax Credit plus Employer Fines, 2010 Tax Credits and Employee Subsidies

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[Update Dec 2010] The IRS has released final guidance for small employers eligible to claim the new small business health care tax credit for the 2010 tax year.  The IRS have also provide a one-page form and instructions  for small employers to use for claiming the credit for the 2010 tax year. New Form 8941, [...]

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2012 Unemployment Benefits Insurance Extension to 2013

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[Updated March - 2012 Unemployment Benefits Approved by Congress] Congress has passed legislation, signed by the President, that extends unemployment benefits into 2013. This is part of legislation that extended the payroll tax credit and doctor medicare reimbursements through December 2012. However the unemployment benefits extension has been changed to a tiered structure based on [...]

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Claiming The $8,000 First-Time Homebuyer Tax Credit Extension Approved and Expanded with $6,500 For Existing Home Owners

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[April 2011] See an update to this post here and claiming it in your 2010-2011 tax returns ____________ [Update July 2010] Approved! First-time home buyers now have until Sept. 30 2010 to close on their home purchases and qualify for the $8,000/$6500 tax credit under a new extension bill passed by Congress and signed into [...]

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10 Fast and Easy Ways to Get, Save and Make Money Quickly

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Nowadays every extra dollar counts more than ever. Despite decent income from working a regular job, once taxes and other fixed expenses are accounted for, it is getting harder and harder to make ends meet. Since there are only twenty four hours in day, physically working more (provided you can even get a job) is [...]

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$8,000 First Time and $6,500 Existing Home Buyer Tax Credit Expiry. 2011 Extensions Available For Certain Groups

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[Updated September 2011] While President Obama has not proposed a new 2012 homebuyer tax credit in his latest economic stimulus (The American Jobs Act), he has included a great new provision for existing homeowners. Basically home owners who meet certain criteria (still to be defined) can refinance to the ultra-low rates available in today’s market. [...]

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Should I Refinance My Mortgage and Do I Qualify

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With interest rates on 30 year fixed-rate mortgage loans falling below 4%, the lowest level since the 1950s, many borrowers are keen to refinance their home loans and other mortgages. By any long-term measure, current rates are a great deal and could result in tens of thousands of dollars in savings over the life of [...]

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10 Things to Know About Your Credit Score

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Here are 10 good to know facts around one’s credit score, what affects it and how to deal with bad credit. 1. Credit scores really impact the purchase of a home Credit scores are driven by the record of paying bills and other debts reported to a credit bureau. Statistical studies have consistently shown that [...]

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