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6 mistakes to avoid when filing tax returns
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6 mistakes to avoid when filing tax returns

As the end of the financial year closes in, many people find themselves scrambling to file income tax returns in time this year. The Internal Revenue Service (IRS) issues strict guidelines for ensuring a smooth and quick tax filing process. The last thing you want is a notification from the IRS citing an issue with the income tax return submission. So, here are six mistakes to avoid when filing your income tax return: Filing returns prematurely You might receive documentation regarding your current financial status, and this information has to be updated with the IRS. Filing prematurely can result in mistakes like omissions that only delay the processing of returns. Choosing the wrong form or filing status The IRS issues several forms for individuals, businesses, commercial establishments, and government entities to file returns. Ensure you choose the correct form and update the filing status on the official website. If there are dependents in the house or you are filing for a joint return, your filing status can vary accordingly. Making calculation errors Adding the wrong amount, excluding critical tax breaks, or even making mathematical errors while computing your income tax return are issues that IRS software can detect. However, miscalculating the return can delay the process.
4 mistakes to avoid when filing for tax refunds
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4 mistakes to avoid when filing for tax refunds

The Internal Revenue Service, or IRS, is the governing authority that processes tax returns filed by individuals and businesses and issues refunds. The IRS has issued sizeable refunds worth thousands of dollars in recent years. Individuals can use the money to meet daily expenses and pay pending bills. But to be eligible for prompt refunds, here are some common mistakes you should avoid while filing your tax returns this year. Updating the wrong filing status The IRS lets you file as a single taxpayer, a married taxpayer filing jointly/separately, a qualifying widow/widower, or a sole head of the household. Entering this information correctly is critical while updating the return. Filing under the wrong section can delay processing and refunds. You might even be subject to penalties if there are errors in the calculation. Not reporting all taxable income Salaried employees working for an organization should properly mention any income subject to taxes on Form W-2. Freelancers can report their income using Form 1099. Different kinds of employment and earnings are subject to different tax slabs. The bottom line is that you should never underreport your earned income in the said financial year. If the IRS notes discrepancies, it can order an audit that will lead to subsequent penalties and interest.
4 common mistakes to avoid when applying for home loans
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4 common mistakes to avoid when applying for home loans

Buying a house is a big step, no doubt. Since it is a long-term and expensive investment, it requires proper planning and analysis. One should only take out loans after careful research to ensure financial stability. As applying for loans is time-consuming, rushing through paperwork can lead to negative results. One can avoid most such mistakes with better planning and execution. Here are a few common mistakes to avoid when seeking a home loan. Not monitoring credit score Maintaining a healthy credit score before applying for any loan is important. Poor credit or a bad repayment history will lower the score, disqualifying the borrower from beneficial home loan schemes. A credit score of 700 or more can qualify for preferred loan terms and options from the best banks. If the score falls behind 700, take care of any prior settlements or written-offs by paying them back to establish a good record. Making these changes may take time, so always plan before applying for the loan. Overestimating the repayment capacity When estimating their repayment capacity, people frequently ignore their monthly expenses. Financial difficulties may arise from high monthly expenses and a loan with a high EMI. It is advised that EMI payments should not exceed 30-40% of one’s salary.
5 ways to avoid concert ticket scams
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5 ways to avoid concert ticket scams

Concert tickets sell out quickly and sometimes within minutes of announcing the event. The more popular an artist is, the harder it becomes to buy tickets, either online or in person. This is when scammers swing into action and launch a barrage of lucrative offers. Some tickets are sold for dirt-cheap prices, some are duplicates, and mostly these are just schemes to swindle people out of their hard-earned cash. Here is how you can avoid getting scammed. Check minute details Scammers sell tickets with a fake barcode or serial number for the registered event. This is hard to spot, but you need to know that these details won’t appear randomly on the ticket. Look for printing mistakes, invalid QR code scanners, and details that stand out. You can easily verify the authenticity using apps you can download to check barcodes. Don’t pay third parties Scammers usually have a third-party payment or merchant banking service to collect the sale proceeds. With third-party portals, there is no way to get your money back once it’s processed. When buying tickets online, make a payment once you confirm that the ticket money is being processed by the authorized online partners registered with the event.
Common mistakes to avoid when buying travel insurance
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Common mistakes to avoid when buying travel insurance

Travel insurance is an essential financial cover that protects one from unforeseen circumstances while traveling. From losing luggage to hotel cancellations, there are a few incidents against which insurance can be claimed. But before opting for one, it is important to thoroughly understand the policy document, including what is covered in the insurance and what is not. Here are a few common travel insurance mistakes that travelers can easily avoid. Ignoring credit card perks Several credit card companies offer travel insurance benefits to card holders. If you purchase a ticket using the card, you may be eligible for insurance. Credit card-based travel coverage may include claims against delayed, lost, or damaged baggage; trip cancellation or interruption; medical emergencies; evacuation; travel mishaps; or rental car insurance. With these advantages, frequent travelers might not need to get additional insurance. Not reading the details of the insurance Most travel insurance policies have a “cancel for any reason” provision. However, the requirement for this is often overlooked. The “cancel for any reason” coverage often has to be bought 7 to 21 days after paying the original trip deposit. Additionally, one can only receive compensation if they cancel their trip 48 hours in advance. Depending on one’s level of insurance, the reimbursement amount may vary.
Top 10 overlooked tax deductions
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Top 10 overlooked tax deductions

In the rush of filing taxes, it can be easy to overlook deductions that could help you save money. Tax deductions are expenses you can subtract from your taxable income. Knowing which expenses can be claimed as deductions is the key to limiting the hard-earned money you owe the government. From student loan interest payments to health expenses, here are some of the most overlooked tax deductions you should know: How do deductions work? Tax deductions lower the amount of tax you owe. A standard tax deduction—a single deduction of a fixed amount—is determined by your filing status: single, married, head of household, or filing jointly. You can claim the standard deduction without providing additional documentation or expense receipts. In contrast, itemized deductions are specific expenses you can deduct from your taxable income, such as clinical expenses, charitable contributions, and mortgage interest. Most overlooked tax deductions Job hunting expenses If you are looking for a new job in your existing field, you may be able to deduct expenses such as those incurred in resume preparation, traveling for interviews, and career counseling services. Charitable contributions Many know that cash donations to charity can be claimed as deductions but often overlook non-cash contributions like clothing or household items.
Best side hustle ideas to check out in 2023
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Best side hustle ideas to check out in 2023

The goal of a side hustle is to earn extra money to support one’s lifestyle. With the current economic scenario, people are constantly looking for sources of income besides salaries. It provides greater financial security and the freedom to pursue one’s interests while maintaining job security. The most important aspect of a side hustle is that it is exciting enough to keep one interested. Here are some of the most creative side-hustle ideas for 2023. Best side hustle ideas for 2023 Online surveys Filling online surveys is one of the simplest and most popular side hustles to get started with. Although it might not be the highest-paying job available online, it can be a great place to start learning about time management and balancing two careers, which may eventually lead to finding something more significant. For each survey, people can earn between $1 and $20. Writing blogs Starting a blog can be a fantastic option for people with a creative side who want a voice and a creative outlet. Most blogs generate a little money at first, but as their readership and reach grow, they generate more and more money. Bloggers can earn roughly tens of thousands of dollars per month.
5 mistakes to avoid when purchasing insurance
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5 mistakes to avoid when purchasing insurance

Purchasing insurance can be an excellent financial decision. When you buy insurance, you make small payments called premiums to an insurance company so that you and your loved ones are protected during a financial emergency. However, there are a lot of factors to consider when buying an insurance plan. And more often than not, people make mistakes during the process, which cost them a lot more than they would otherwise pay. Opting for low premiums People often opt for a plan with a lower premium because it is easier on the pocket. However, such plans usually provide a smaller claim amount during an emergency. So, try to find a balance between the premiums you pay and how much money you get during a claim. Not trying other insurance providers Staying with the same insurer might make the documentation process easier when renewing the policy or buying a new one. However, it can cost you more in the long haul. The provider may not always offer the best price for a preferred plan. So, if your situation changes—for example, if you get married, buy a car, or move to a new state—compare different insurance companies before choosing one. Not reading the fine print Every insurance plan comes with terms and conditions.
5 important questions to ask a financial advisor
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5 important questions to ask a financial advisor

Financial planning is a complicated endeavor that does not stop with simply opening savings and certificate of deposit accounts. You need an expert who can advise you on the best investment and diversification strategies for building a solid portfolio to secure your financial needs. But before hiring a good advisor, it is essential to understand how the process works and how to proceed from here. These questions can be a starting point. Here are the five questions you must ask a financial advisor: What are your qualifications? Financial planning is a vast topic with several areas of specialization in practice. So, you need to understand whether the advisor provides assistance for financial planning in general or focuses on a specific aspect of portfolio building. Primarily, they practice with a Certified Financial Planner (CFP) qualification approved by federal regulatory authorities and guidelines for safe practices. What is the range of services you offer? Their experience will vary depending on the type of services provided, ranging from planning for retirement to tax mitigation strategies and real estate trust services. Some CFPs work as fiduciaries, ensuring they keep your best interests at heart when planning and strategizing your finances. You must also check to confirm any disclosures on the record of previous misconduct or legal sanctions imposed on their range of services.
3 quick and easy ways to repay loans
finance

3 quick and easy ways to repay loans

While loans offer quick access to money, repaying them can be challenging. For many, debts feel like an unshakeable monkey on their backs. Additionally, if one fails to repay loan installments per the agreed schedule between them and their lender, the interest and penalties keep spiraling upward. To avoid this and other similarly nasty outcomes, repaying loans quickly and early is incredibly necessary. Here are some ways to achieve quick and easy repayment of loans: Making bi-weekly payments Usually, loan installment schedules are geared toward monthly repayments. However, one can speed up this process and simplify it by making the payments bi-weekly. All one needs to do is submit a half-payment of each weekly installment. This approach has multiple benefits. Firstly, as the payments are carried out more frequently, the interest rates do not accrue and grow with time. Additionally, breaking down the installment amounts make them smaller and easier to pay off. Additionally, by making about 26 half-payments annually, one shortens the life of their loan by a few months or even years. For example, using this approach on a 30-year mortgage can reduce its span to about 26 years. Refinancing personal loans Refinancing is the process where people can change the interest rate or terms of their current mortgage.

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A look at some of the best free investment advisors
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A look at some of the best free investment advisors

As a beginner investor, investing too much money at the start can be quite difficult and overwhelming. However, if you choose the right brokerage account, you can earn a lot back from it in terms of investment knowledge. So if you are looking for the best cost-free investment advisors to provide you with long-term portfolio management services, then you have come to the right place. Here is our collated list: Interactive Brokers Investment Brokers has an entity known as IBKR Lite, which offers commission-free trading on various commodities. It mainly covers exchange-listed stocks as well as exchange-traded funds (ETFs). It also offers low-priced access to various global markets without any account minimum or inactivity fee. Additionally, it offers the best competitive interest rates, while its client portal, which offers trading and account management services, is highly preferred by users. One of the most notable points is that IBKR Lite has been around for over 40 years, having earned the trust of a vast client base. You Invest by JP Morgan Chase You Invest Trade, offered by JP Morgan Chase, is one of the best low-cost investment advisors. It is complete with a range of commission-free ETFs and stocks that can be traded online.
Reverse mortgage eligibility and its criteria
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Reverse mortgage eligibility and its criteria

As you approach retirement, most of your money has been invested in your home. A reverse mortgage is an excellent way to tap into your home’s equity. If you have paid off a home loan or have only a small amount to be paid, it is a good option to meet various financial goals. Here are the criteria for reverse mortgage eligibility: Personal criteria Age You must be 62 years or older, to apply for a reverse mortgage. Generally, as you grow older the Home Equity Conversion Mortgage (HECM) amount increases. Property The home should be your primary residence, and you need to live there for the entire duration of the reverse mortgage. Rental properties and vacation homes do not qualify for such mortgages. Home equity You should be the owner of your home outright or possess a minimum of 50% home equity. There is a possibility that you may qualify for a reverse mortgage despite having some outstanding balance on your existing home loan. However, the criterion is that you must first pay off the remaining mortgage from the sanctioned amount and meet other liens. The balance funds may be used for any other purpose. Using a reverse mortgage to refinance existing debt is beneficial in reducing your monthly cash outflows.
Top 10 debt settlement companies to consider
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Top 10 debt settlement companies to consider

A lot of people get stuck in debt due to many reasons. The interest rates keep adding up, taking a toll on an individual’s financial stability. In such a case, debt settlement can be quite helpful if you wish to settle a large amount. Here is a list of top 10 debt settlement companies that you can consider to help ease the burden off your shoulders. National Debt Relief National Debt Relief has the most detailed insights on their website that can help you with debt settlement. It talks about the debt qualification, the amount of money you need to pay for enrolments as well as the debt relief services that they offer. The average savings after the fees is around 30%. CreditAssociates This particular company is known for helping clients with the elimination of debt. They undertake this entire process between twenty-four to thirty-six months. They use enhanced software, and the outstanding expertise of their team to help their clients with great debt negotiation services. Pacific Debt Inc This is one of the top 10 debt settlement companies that you can consider. You need to have a minimum of $10,000 in debt to avail their services. They offer an affordable monthly program/plan with payment as well as upfront fees.
6 top business credit card companies
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6 top business credit card companies

The right business credit card can help you save thousands of dollars. Business accounts can earn more rewards like discounts, hotel stays, and cashback offers. You may also use these cards to meet short-term financial requirements. In case you haven’t applied for one yet, you must check out 6 of the top business credit cards that you can apply for to make your life easier. American Express Blue Business® Plus Card This is an ideal business credit card offered by one of the leading credit card companies and does not levy any annual fees. You receive twice the Membership Reward ® points upto $50,000 with no category restrictions, which reduces to 1% thereafter. The cashback earned automatically gets credited in your statement. The regular APR on this card is 13.24% to 19.24% variable. CitiBusiness® AAdvantage® Platinum Select ® MasterCard® This is an excellent option if you undertake frequent business travel with American Airlines. You earn 2 AAdvantage® miles for every $1 spent on eligible American Airlines purchases. Additionally, the card offers 2 AAdvantage® miles for every dollar spent on telecommunications, fuel, car rental, and cable and satellite services. All other purchases earn you one mile for every dollar spent. The annual fee is $99 (waived in the first year) and regular APR varies between 15.99% and 24.99%.
Top 6 NNN properties for sale in the country
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Top 6 NNN properties for sale in the country

NNN properties are known as triple net lease properties and can be categorized as single-tenant properties that are available for lease. In these properties, the maintenance fees, taxes, and insurance have to be paid by the lessee instead of the landlord. These costs have to be borne by the lessee in addition to the rent. Here are some of the top NNN properties for sale: 7-Eleven, Texas There are plenty of 7-Eleven properties that come under the category of NNN properties. This one is our top pick at the moment, as it serves two commodities that are always in demand: gas and foods. The property is on the 3601 West Freeway in Fort Worth, Texas, making it quite a hot spot for sale. The current annual rent for this property is $267,500, while the cap rate is 5.75%. Burger King, Florida Burger King is one of the country’s favorite fast-food chains. The current annual rent for this property is about $140,000, and the cap rate is 5.15%. This property was built quite recently as compared to the other options on our list, and it has the potential of providing good returns quickly, as it is in a strategic location on SW Port St.

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6 high dividend ETF funds you can invest in
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6 high dividend ETF funds you can invest in

Before you search for the best dividend exchange-traded funds (ETFs), it is recommended you understand your needs and overall investment objectives. ETFs are hybrids of mutual funds and stocks. When you invest in the ETF, you purchase shares in the fund, which buys the underlying asset. Here are six of the best high-dividend ETF funds: Vanguard High Dividend Yield (VYM) This ETF adopts the simple method of choosing stocks that have higher dividend yield when compared to other companies. This has resulted in building a diversified portfolio comprising 400 stocks with higher market capitalization. The majority of these stocks belong to the healthcare, consumer, and financial sectors. During the last decade, VYM delivered average annual returns of 12.9%. The expense ratio is the lowest in the industry at 0.06% per annum. Vanguard Dividend Appreciation (VIG) The ETF focuses on investing in companies that have a long history of increasing their dividend payouts over the years. The portfolio includes approximately 180 stocks with low yields. The ETF has earned average returns of 12.6% per year over the last 10 years. The expense ratio is 0.06%, which makes it an excellent option if you do not mind lower dividend returns currently but want to earn more in the future.
Top 5 providers for automated investments
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Top 5 providers for automated investments

Roboadvisors are gaining popularity as these investment programs offer affordable financial advice to a large number of investors. These automated advisors use an algorithm to recommend investment options that best suit your requirements. The best automated investing algorithms offer simple account setup, portfolio management, low fees, strong goal planning, and security. Here are the top five providers of automated investments. Betterment This roboadvisor is the best for delivering top-quality services. You may sync various financial accounts without investing to gain an overall picture of your investment portfolio. You may choose the pre-built Betterment portfolios or customize one to meet your needs. The algorithm gives you the flexibility to add new goals as required while monitoring your progress without any difficulties. The advisor charges between 0.25% and 0.4% management fees with no minimum account requirement. Wealthfront It is one of the largest Robo-advisors and provides goal-based investing enabling you to understand the future effects of your financial decisions. You may choose from a wide range of portfolios that comprise individual stocks to meet your financial goals. Once your portfolio accumulates USD 25,000, Wealthfront allows you to borrow against its value. The service provider also offers margin lending. The management fee for most accounts is 0.25% and you need an account minimum of USD 500.
Top 5 retirement investment funds for your portfolio
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Top 5 retirement investment funds for your portfolio

Most people work for decades so that they can make investments and collect sufficient funds for their retirement years. Having enough savings for the golden years is ideally the most significant goal for you as an investor, but the volatile market may make it difficult to understand which retirement funds are suitable for you. To help you out, here are the best retirement investments that you can include in your portfolio: Vanguard Target Retirement 2035 Fund This retirement fund is created for investors who want to retire early so that they can enjoy the benefits of their investment within 15 years. However, even if you don’t want to retire that early, this fund has various offerings that make it one of the best retirement investments available in the market. As of now, this retirement fund offers a current yield of over 2%, and the expense ratio is 0.14%. Plus, Vanguard is quite a trusted name for keeping your money safe. Northern Global Tactical Asset Allocation Fund This fund offers one of the best diversifications and a lot more protection in case the fund underperforms. So, it invests in mutual funds and exchange-traded funds and aims to provide long-term capital appreciation at an expense ratio of 0.58%.
Top 5 capital providers for your business
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Top 5 capital providers for your business

People who wish to set up their business ventures need additional funding to get going. Many banks and financial institutions help promising businesses with the same and in this article, we would be covering guaranteed business loan providers. You can check the following list out when looking for business loan providers. Wells Fargo Wells Fargo is one of the best financial institutions when it comes to guaranteed business loan providers in the market. It offers various other financial products. It claims to be a leader when it comes to small business loans. The unsecured business loan has varied loan amounts starting from $10,000 and going up to $100,000. The term for this product is between one to five years. Additionally, you can go for other loans offered by Wells Fargo, such as the Equipment Express Loan or the Advancing Term Loan. Capital One Capital One does not only offer good deals on business credit cards, its business loan is worth considering too. If you are looking at a funding source that can help expand your business or get going with the operations, then we highly recommend you to choose the business loan offered by Capital One. Starting at a minimal amount of $10,000 and a maximum term length of 5 years, the repayment term is simple and can be done on a monthly basis.
All you need to know about home insurance policy
finance

All you need to know about home insurance policy

Buying a home comes with a lot of responsibilities. There are a lot of risks that come with owning a home like the risk of theft and property damage. Investing in the right kind of home insurance policy is important so as to be financially prepared for these risks. There are several different companies in the market that offer home insurance policies with different kinds of terms and coverages. Remember the following points before choosing a home insurance policy. Explore your options As mentioned earlier, there is a wide variety of home insurance policies available to homeowners at this time. When selecting one, it is important to consider factors like what potential risks are being covered in the policy. It is also important to consider the company’s record in your area, whether they are reliable as insurance providers, and their response time. Ask about discounts Home insurance policy in 2021 offers additional services and discounts. They may offer discounts on additional safety installment services such as installing an alarm system, smoke alarm, or better locks. There may also be certain offers for old and retired personnel as well as some discounts for policies when taken via your employer’s or organization’s reference.
5 technologies revolutionizing financial services
finance

5 technologies revolutionizing financial services

For any industry to sustain itself in today’s world, implementing digital strategies has become indispensable. This holds particularly true for the financial services industry. The good news is that digital transformation in financial services has already begun, and we’ll likely see more and more innovative technologies underpinning banking and financial institutions in the coming years. Keep reading to learn about the latest digital transformation trends in the financial services industry. Big data and artificial intelligence The combination of big data and artificial intelligence is a revolutionary digital strategy that is shaping the future of banking and financial services. The technology helps institutions process, store, and drive valuable insights from the data they gather from their customers’ activities. Big data and artificial intelligence allow institutions to create a highly personalized experience, helping businesses attract and retain customers. Blockchain Blockchain is a fairly new technology that is becoming increasingly popular in the financial services industry. With blockchain technology, all transactions are permanently stored in the blockchain network, providing the highest level of transparency and security. Nobody can tamper with these transactions, which nearly eliminates the risk of error and fraud. Besides security, the technology is being explored for use in a wide variety of banking and investment applications.