So, how do you know when it’s time to break up with your bank? The situations below are good reasons to start shopping for a new banking relationship. You’re Paying Fees Bank accounts don’t need to be expensive. Especially when interest rates are low, monthly fees and other charges can drain your account. You rarely get your money’s worth when paying high fees. Monthly fees Free checking still exists, and it’s easy to find....
That said, you should make every effort to find a contact name to use in your letter. You also have other options. Find out more about alternatives and when it’s appropriate to start your letter with this greeting. Options for Starting a Letter “To Whom It May Concern” is an outdated letter greeting. It is still sometimes used, but nowadays, there are other, better options for starting a letter. One simple approach is to not include any salutation....
If you’re in that camp, you may be facing a tough decision that will have an important impact on your retirement. Understand the Benefits of Roth IRA Conversions Roth IRA conversions provide you with the benefits of tax-free, not just tax-deferred, growth. Rather than paying taxes on the withdrawals you take from a traditional IRA in retirement, qualified distributions from a Roth IRA have no tax consequences whatsoever. That’s because you would have paid the taxes upfront....
For example, in both Florida and Tennessee, a motor vehicle can be transferred to the decedent’s heirs at law without opening a probate estate. Aside from this, some states have a streamlined process for “small estates” that takes significantly less time than a full probate administration. In Florida, a small estate is considered to be valued at $75,000 or less. The “small estate” procedure mentioned above also applies to a tenant in common interest as long as the decedent’s fractional share is valued at less than the applicable state’s small estate cut-off amount....
Mortgage brokers put simply, are middlemen who serve as liaisons between borrowers and lenders. They gather all your documentation and paperwork, and they use their lender connections to shop around on your behalf—at a fee, of course. Though the use of mortgage brokers has waned over the last decade, many homebuyers are considering this route once again due to the unique value it can offer—particularly for those who are self-employed, have no W2 income, or are dealing with bad credit....
Late Fees When you can’t pay the minimum on your credit card by the due date, the absolute worst thing you can do is just let the bill continue going unpaid. Skipping your minimum payment for a whole month or more will only make it harder to catch up eventually, and you’ll have to deal with some not-so-pleasant consequences. Your creditor can take certain actions, like charging a late fee or reporting the late payment to the credit bureaus if your payment goes more than 30 days past due....
As a result, you could boast years of driving experience and a crystal-clean record and still get charged more than other drivers—especially if you have lower levels of education, rent your home rather than own it, or hold a blue-collar job. Researchers Find Gap Between Wealthy and Non-Wealthy Drivers’ Rates More than a dozen separate studies reviewed by The Balance have found that low-income drivers, in particular, are charged disproportionately more for car insurance when details about their personal lives are used to rate their insurance risk....
Monopolistic vs. Competitive Funds Workers compensation insurance funds exist in many states but most are competitive enterprises that vie for business with private insurers. Some funds serve multiple purposes. For instance, the State Compensation Insurance Fund (of California) and the New York State Insurance Fund are competitive funds that also administer their state’s assigned risk plan. Unlike a competitive fund, a monopolistic state fund is the sole source of workers compensation insurance in the state....
This guide is for small businesses filing their tax returns on Schedule C with their personal returns (Form 1040). It includes sole proprietors and single-member LLC owners. If your business is a corporation or S corporation, check out the Complete Guide for Corporations and S Corporations, If it is a multiple-owner LLC or a partnership, here is a Guide for Business Taxes for Partnerships. Due Dates Because small businesses file their business tax returns with their personal returns, the due date is the same as the personal income tax return due date: April 15....
But real estate is also an expensive market to break into, especially for investors living in areas with a high cost of living. In San Francisco, for example, where Zillow places the average home price at $1.48 million, the average investor may not stand a chance. That’s where long-distance real estate investing comes in. This endeavor allows individuals to enter the market in more-affordable areas and cities, where they might get a higher return on their investment than in their own area....
From sending out invoices and managing customers, to credit card transactions and complex financial projections, there is an app for every business need. Small and large businesses alike will find these apps save valuable time and when you get everything in sync, your accounting may actually become enjoyable. Each of these apps is available in the iTunes AppStore for iPhone and iPad as well as Android devices via the Google Play Store....
There are a lot of situations in which your job gets harder, but not necessarily worse. And then there are the times when you just flat-out hate your job. Being able to tell the difference is important. Here are warning signs that can indicate that it’s more than a challenging time at work and you really do hate your job, and tips for deciding whether to stay and when to move on....
Democrats promote the Keynesian theory. It says government spending and tax cuts boost economic growth by increasing demand. Most Democrats target these policies toward middle-income families. They offset deficit spending with higher taxes on investments, large businesses, and high-income families. They address income inequality by providing more benefits for low-income households. People without a lot will spend any extra money on food, medicine, and shelter. That drives demand more than saving and investing does....
Part of that concern may be due to people’s current financial situation; more than half of respondents told The Balance that they either don’t have enough money or have just enough money to cover their basic expenses. It’s not guaranteed that the United States will enter a recession, but economists and business leaders have forecasted that a recession could hit the economy by the end of 2022 or the beginning of 2023....
If you’re considering whether to invest in a 529 plan or a Roth IRA to help finance your child’s education or even your own, it’s important to know the differences between a 529 plan and a Roth IRA. What’s the Difference Between a 529 Plan and a Roth IRA? If you’re a parent or guardian seeking to invest money for your child’s education, you may be weighing a 529 plan versus a Roth IRA....
Keeping your financial priorities in mind also helps you shape your budget to match your financial goals. Another tip? After you set up your budget you should analyze your budget to make sure it is will help you reach those goals. Decide Why You Want to Budget Start by deciding why you want to budget. It’s not enough to know that you should budget because it is the financially responsible thing to do....
Starting with your first credit card, everything you do that involves credit becomes part of your credit history. Using credit responsibly is a must if you intend to build and maintain a good credit history. The best way to build good credit is to create the habit of charging only what you can afford. This habit lets future lenders and creditors know you’re a responsible borrower. You’ll find it easier to borrow money and get new credit when you show that you have the discipline to borrow only what you can afford to repay....
The sooner you are aware of the other’s goal, the more time you have to work toward a compromise and a shared ideal. If one spouse is not working outside the home, you may want to consider a spousal IRA, which allows you to put aside funds in a tax-deferred investment account for the benefit of an unemployed spouse. A bit of careful planning in the years before age 62, the earliest at which you can start collecting, can make a difference in his and her guaranteed income for life....
Texas is one of the few states where there is no income tax. The Lone Star State also skips inheritance and estate taxes, but there is a state sales tax, real estate taxes, and other various levies. What Taxes Do You Pay in Texas? Texas is one of only eight states that have no personal income tax. Most of the taxes in Texas are sales taxes, as well as taxes on businesses and specific industries....
What Does Value-Add Mean? To use a physical comparison, value-add is the difference between a product’s selling price and the cost of the materials used to produce it. In this example, the value-add is the combination of labor, machine investment, shipping and distribution, marketing, packaging, and more that add value so that a customer will purchase the raw materials that initially were the only product. Activities and Accomplishments that Add Value Value-add contributions include measurable roles and activities....
