Tuesday, June 29, 2021

How to Prepare for Your Next Tax Return

Statistics indicate that over 80 million Americans use a professional on a yearly basis to assist them with their tax returns. If you fall under this category, you've come to the right place. 

As the old saying goes 'Proper Preparation Prevents Poor Performance'. As such, the IRS recommends that you prepare for the next tax season as soon as possible.

Prepare Important Documents, Bank Statements, and Tax Forms

The idea of gathering your documents early, for the next tax season may seem minor, but gathering all the documents you need and placing them in a convenient location can help to ensure that you don't forget anything once the season actually approaches. 

Experts suggest that you should create a folder in which you place every document that you'll need for the upcoming tax season.

Make A Charitable Donation

Spring and summer are perfect for doing some thorough cleaning around the house. In the midst of doing this, you'll undeniably find clothing and other items that you no longer use. 

Therefore consider donating some items, because you can deduct them on your upcoming tax return.

Tax Attorneys

Depending on your particular circumstance, you may owe taxes for the upcoming season. For instance, as a private contractor, you have to set aside a portion of your income to pay in taxes at the end of the year. 

If you fall under this category or if you want to ensure that the process remains error-free, consider the possibility of hiring a tax attorney. Tax attorneys can help you to:

  • Reduce your tax burden
  • Establish a savings account for the sole purpose of accumulating money you think you may have to pay.
  • Estimate how much you may owe and develop a budget that enables you to set aside a portion of your income to take care of said obligation.
  • Maximize itemized tax reductions.

Lifetime Learning Credit

If you're in college, there's no reason why you shouldn't take advantage of the Lifetime Learning Credit (LLC). If you're currently in school and claim the Lifetime Learning Credit, you can get a tax return of up to $2000.


If you recently became a parent, you need to gather information on your dependents so that you can include them on your tax return. In order for you to claim a dependent, you need the social security number and name of said person.

Every year, millions of taxpayers wait until the very last minute to file their taxes simply because they failed to organize the necessary paperwork beforehand. 

But, by preparing for the upcoming tax season way in advance you can submit your return as soon as possible which provides you with several benefits such as getting your refund faster as well as extra time to pay taxes in the event that you owe.

Monday, June 28, 2021

4 Steps Seniors Should Consider When They Want to Downsize After Retirement

Downsizing is a great way for you to simplify your life and potentially save yourself some money, but that project is easier said than done. If you have recently retired and are ready to downsize, then you need to come up with a long-term plan that is going to streamline that process.


When it comes to any move, decluttering is always going to be one of the most important steps. Spending a little bit of time cleaning up your home and the rest of your property is going to make each following step that much easier. 

If you own the home and plan on selling it, then you might want to consider getting it professionally cleaned as well. Professional cleaning services are very affordable, and they could save you quite a few hours of work and get a deeper clean than you might be able to get.

Categorizing Your Belongings

Once your home has been cleaned, it is then time to begin the process of categorizing all of your belongings and decluttering. While that task might seem daunting, you can turn each room into its own separate project, going as quickly or as slowly as you need. 

As you go through your possessions, you should break them up by items that should be thrown out, given away, sold, and kept.

Finding the Ideal Living Arrangement

After you have gone through your entire home and all of your possessions, it will be much easier to determine exactly what kind of new living arrangements you are going to need. 

For example, you might be looking for an apartment or condo if you don’t want to deal with a lot of space or yard maintenance. If you expect to have family over regularly, you might want something with a little more space.

Instead of looking for a new home on your own, you should consider working with an experienced real estate agent who understands the local market. 

Explain to them exactly what you’re looking for in terms of location, space, maintenance, and other considerations. As long as you start your search early on, you will have plenty of time to find the perfect living arrangement.

Preserving the Items You Want to Keep

Even if you are able to get rid of a sizable portion of your possessions, you will still probably need to put at least some of your belongings in storage. 

Many people are surprised to hear that quite a few everyday items require climate-controlled storage so that they don’t become damaged. Luckily, those units are often fairly inexpensive if you sign an annual contract.

Older adults who are getting ready to retire and downsize should try to start this process as early on as possible. Downsizing is going to be easier and less stressful if you take the first steps a few years before you plan on retiring and moving to a smaller residence.

Sunday, June 27, 2021

Who to Consult About Your Taxes

Filing taxes is a process that is not always possible to do alone. There are several, major types of professionals to contact about your taxes. 

The type of provider you choose depends on your specific tax needs. Become more familiar with the various tax experts and their duties in helping the taxpaying community.

Tax Accountants

Tax accountants handle the numbers and calculations that must be filled into tax returns. They assist clients in filling out returns correctly and meeting IRS deadlines

They provide their expertise before, during, and after an IRS audit. They keep up to date on current tax laws that can affect anything from penalties to deadlines and tax incentives.

Tax Attorneys

Tax attorneys assist with the legal aspects of paying taxes. They understand the basic overviews of local, state, and federal tax laws that most people find to be too complicated. Many of these rules are written in legal jargon, seem contradictory, and tend to be ever-changing.

Tax Preparers

There are different types of tax preparers that vary based on their uses and benefits to each client. Certified public accountants have passed the CPA exam for meeting high standards in accounting. Enrolled agents focus more on taxes than accounting. 

They are federally recognized tax preparers who provide services for clients who are dealing with the IRS. Non-credentialed tax preparers do not have professional credentials but practice in preparing taxes.

Tax Advisors

Tax advising is a broad field that comprises certified public accountants, attorneys, enrolled agents, and non-credentialed tax preparers. 

There are professional tax consultants who specialize in developing strategies to reduce tax fees and increase savings over time. They go beyond answering basic questions to develop complex, individualized solutions on how to handle one's taxes every year.

Many tax advisors are available online to provide services to their clients at home. Some professionals provide 24/7 help, which is especially helpful for tax procrastinators. 

Online advising is recommended for people who have all types of questions from basic and generic to specific and detailed.

Today, many people are filing their taxes online through software programs. When there are errors in your tax returns or you're facing an audit, finding a professional to work with is recommended. 

Most tax professionals are not generic and have specialties that distinguish them from others. It's the taxpayer's duty to know which expert to consult the most for a tax problem.

Saturday, June 26, 2021

Step by Step Guide to Getting Social Security Disability Benefits

Social Security Disability benefits are designed to help you provide for yourself and your family if you cannot work due to a disability or medical condition. 

It can be hard to get approved for disability benefits. In fact, most people who apply for benefits are denied the first time. However, you can do the following to ensure that you get approved for disability benefits.

Make Sure that You Qualify

Simply having a disability is not enough to qualify for benefits. You must have a condition that interferes with your ability to walk, stand, lift or sit. Cognitive issues can also qualify you for disability.

Your condition also has to last for at least 12 months. If you have a problem that you are likely to recover from within 12 months, then you may not qualify for benefits.

Get Your Medical Records Together

You need to submit proof of disability along with your Social Security disability claims. Your medical records can prove that you are disabled. That is why you need to make sure that you make copies of everything that you submit to the Social Security Disability Administration.

Submit a Copy of Your Work History

Many people are denied Social Security disability benefits because they decide to skip this step. The reason that the Social Security Administration asks to see your work history is that they want to verify that your disability will stop you from doing your job. 

You should make sure that you include when you worked, where you worked, your job title, and your specific job duties.

Hire a Social Security Disability Attorney

Many people wait until they are denied benefits to hiring an attorney. However, it is best for you to hire an attorney before you apply for benefits. 

Your attorney can help you file a claim and make sure that you have all of the information that you need to support the claim. Your chances of getting approved for benefits will be a lot higher if you hire an attorney.

Before you apply for benefits, you will need to make sure that you have a condition that qualifies for it. You will also need to get all of your medical records together and submit a copy of your work history. Furthermore, it is a good idea for you to consult with a Social Security disability attorney.

Friday, June 25, 2021

How to Stay Financially Secure After Losing Your Job

If you have been laid off because of the COVID-19 pandemic or any other reason, coping with the sudden change can be depressing. Rethinking how to foot your bills and replenish your income will require sobriety. 

Despite the anxiety, remember the next steps you take should be strategic and reasonable to help you manage the harsh season. Below are significant financial moves you should make to stay financially secure after losing your job.

Control Your Emotions

The emotional toll of job loss can affect your mental health significantly. If you do not devise ways of renewing your sense of purpose, you may become an emotional wreck sooner than you think. 

The disadvantage of becoming emotionally and mentally drained is that you may make poor financial choices that might affect you in the long term. If you feel overwhelmed, find a bankruptcy attorney and share your issues. 

Do not rush to pull all your IRA or 401(k) money out without seeking advice from an expert. Instead, use the money you saved for emergencies to sustain yourself as you plan on the way forward.

Check Your Eligibility for Various Relief Programs and Unemployment Benefits

Cutting down your expenses after losing your job will help you a lot as you pursue other courses that could earn you some money. Usually, if you can prove that you did not resign or get fired, you may be eligible for unemployment insurance, among other unemployment benefits. 

Also, your employer may decide to give you a severance package as you go home. Should this happen, consider reviewing the contract before signing on the dotted line. If need be, involve a benefits attorney to help you understand any ambiguous information. 

Rushing to sign a legally binding agreement can be risky because you never know; the devil may be hiding in the details.

Protect Your Taxable Assets

You should act swiftly and apply for state unemployment as soon as you lose your job. Although it is taxable income, the state can defend you if your employer claims a reasonable cause. 

Also, if you withdraw your 401(k) funds, ensure you return it or take a rollover within 60 days, or else you may be penalized.

If you have a mortgage you are refinancing, try to negotiate and ask them to reduce your monthly payments. If you don’t own a home yet, talk to your landlord and negotiate fairer terms. They may consider you because finding new tenants can be tricky sometimes.

Thursday, June 24, 2021

Beginner's Guide to Dividend Stock Investing: Achieve Financial Freedom and Live Off of Dividends Forever Review

Pattersenn's easy-to-read writing style made it a pleasure to read. The chapters were short and succinct yet filled with useful information on everything needed to start dividend investing, from discovering what it is to how to invest like a pro. 

He uses many examples of investments that he made and what traps to stay away from. There are also several tactics that he uses to picking dividend stocks. I also delighted in the quotes he intermittently tucked in throughout the book from famous investors. 

Pattersenn discusses the distinction between careless trading and risk-free trading, of which the last does not exist. The author describes how to screen for good stocks, when to buy and when to sell. 

He teaches the difference between long-term financial investing, day trading, and which one is smarter. He additionally gives a checklist of resources to make use of when researching companies. 

Generally, this book is what anyone needs that would like to invest money in dividend producing stocks. This would be a wonderful book for an investing club or an individual that wants to learn about dividend stock investing.

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