Finance Xpress

If you have good credit, there are so many personal loan options for you! Find out some of our top picks and a few you'll want to avoid.

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Look for Robinhood alternatives. Robinhood is an online brokerage house that steals from the poor (retail investors) and gives to the rich (hedge funds). When Robinhood decided to arbitrarily shut down the trading of 13 names on January 28, 2021, it caused thousands of investors to lose billions of dollars. As a result, you would

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Private wealth management is an excellent service giving you someone to look after your money for a long-term investment.

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Let me say up front that day trading is a waste of time and money. You are much better off investing in long-term trends and dominant companies that are consistently growing their earnings. I first started day trading junior year in college. It was an expensive endeavor since each trade cost $10 at the time

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The first step toward a financially-healthy future is to start tracking expenses. The following apps make it super easy and interesting too.

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Passive and active investing are two ways to make investment returns in the stock market. Since my first job in finance, I’ve always actively invested some of my funds to chase unicorns. The question is: what is the best split between passive and active investing? If you are only a passive investor, you won’t be

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Banks may reward existing customers who refer their friends and convince them to open a new account. These are some of the best.

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There are dozens of identity monitoring services beside LifeLock out there, each with pros and cons. DoughRoller compares the alternatives for you.

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Have you just been rejected by a company you desperately wanted to join? Are you now feeling melancholy because your future isn’t going as planned? Don’t worry! I’ve got a money-making and heart-mending solution for you. In Three White Tenants, One Asian Landlord, I wrote about my experience getting rejected by over 100 tech companies

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What is zero-based budgeting? How does zero-based budgeting work? Are there apps that help with zero-based budgeting? Is zero-based budgeting easy?

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If there’s one thing I love to do, it’s plan for retirement before retirement and during retirement. The more you can plan for retirement, the more retirement success you will likely have. In the old days, I would write everything out on a spreadsheet and update each line item every month. Fortunately, more fintech companies

The post NewRetirement Review: An Excellent Retirement Tool appeared first on Financial Samurai.

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How many life insurance policies can I have? What are the benefits? Is it legal to have more than one life insurance policy?

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Refinancing can be a useful option for some, but is it right for a rental property? Find out what to consider before making the decision.

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Like many of you, I’ve been wondering how Joe Biden, a Democratic President will affect my life. And I’ve come to the conclusion the best time to retire may be under a Democratic President. In general, I’ve tried not to rely on the government for anything. Instead, I’ve been indoctrinated since getting my first job

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Multiple bank accounts allow you to meet various financial objectives and track the progress toward each goal individually. How many should you have?

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Using a digital insurance company makes sense for most people in today’s day and age. It's often a lower cost, and it can help you get a policy much faster.

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I realized the other day that all my tenants are white. I’d never thought about my tenants’ racial makeup until I read an article by Washington Post journalist, Michelle Singletary, entitled, “The Legacy Of Slavery Made My Grandmother Fear Investing.” Michelle writes how discriminatory policies of the past shaped the way her grandmother approached investing.

The post Three White Tenants, One Asian Landlord: A Story About Opportunity appeared first on Financial Samurai.

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Federal Student Loan Forgiveness Programs have been around for 10 years, but tough guidelines can make it a challenge. Find out if it's right for you.

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Life insurance used to be cumbersome to research and purchase, but now it’s easier than ever. Not only is there a wealth of information online about life insurance, you can compare free quotes and apply for life insurance policies in minutes right from your couch. So just how much does life insurance cost today anyway?

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Millennials might not see many Social Security benefits that are around today by the time they retire. Here's what they should consider instead.

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The most widely-known names in personal finance and investing, including lessons from those not so legit, and how to find a financial advisor you can trust.

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How much does it cost to adopt a dog or cat? How much are vet fees? How much does it cost to feed an animal?

The post How Much Do Pets Really Cost? appeared first on The Dough Roller.

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I’ve written about how to become a millionaire by 30. A lot of luck, hard work, strategy, and risk are involved. Most of us will eventually become a 401k millionaire by 60 if we keep contributing the maximum. However, what about becoming a millionaire by 20? It sounds almost impossible given kids must focus on

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With everything that’s happened in the government in early 2019, you might be worried about when you’ll get your tax refund. The IRS is prepared to issue refunds in a timely fashion, despite government shutdowns in January.

So when can you expect to get your tax refund? Well, it depends on when and how you file your taxes. In general, the IRS notes that it issues most refunds within 21 days of receiving your tax filing forms. But if you claim an Earned Income Tax Credit or Additional Child Tax Credit, your refund could take a bit longer to get to you. And remember, this process and the timing are based on when the IRS actually receives your tax forms and how you decide to be paid. If you e-file your taxes and choose to receive your refund as a direct deposit, you’ll get it more quickly than if you file with paper and receive your refund with a paper check.

Refund Schedule for 2019

The IRS used to actually publish a chart each year with the refund schedule, depending on the date that your return was accepted. Due to newer auditing procedures, they no longer do this. However, we can make a pretty good estimate based on past years’ performance. Still, take this information with a grain of salt, and check out the next section to learn how to get the status of your particular refund.

Date Return Accepted	Direct Deposit Sent	Paper Check Mailed
1/28/19 to 2/2/19	2/15/19	2/22/19
2/3/19 to 2/9/19	2/22/19	3/1/19
2/10/19 to 2/16/19	3/1/29	3/8/19
2/17/19 to 2/23/19	3/8/19	3/15/19
2/24/19 to 3/2/19	3/15/19	3/22/19
3/3/19 to 3/9/19	3/22/19	3/29/19
3/10/19 to 3/16/19	3/29/19	4/5/19
3/17/19 to 3/23/19	4/5/19	4/12/19
3/24/19 to 3/30/19	4/12/19	4/19/19
3/31/19 to 4/6/19	419/19	4/26/19
4/7/19 to 4/13/19	4/26/19	5/3/19
4/14/19 to 4/20/19	5/10/19	5/17/19
4/21/19 to 4/27/19	5/10/19	5/17/19
4/28/19 to 5/4/19	5/17/2019	5/24/19

Check Your Refund Status

The table above could help you estimate when you’ll get your refund. But if you’re curious about your actual refund status, you can find that easily online, too. Go to www.irs.gov/refunds and click “Check My Refund Status.” There you’ll enter your Social Security Number or ITIN, filing status, and refund amount shown on your tax return. You’ll need to have the exact refund amount, so be sure you’re looking at your tax return as you sent it in to the IRS. Once you enter this information, you’ll be able to see the status of your actual tax refund so that you can estimate when your money will arrive.

What To Do With That Refund

Save it For a Rainy Day

Do you already have plans for your tax refund when it does arrive? If not, you might consider tackling some of your most important financial goals. You could use it to pay off some lingering high-interest debt, or you could put it towards a savings goal you’ve been working on for a while. Another option is to save it in a high-interest savings account like the CIT Savings Builder account. With 2.10% APY tiered interest rates, your interest doesn’t get much better than this for a savings account. The CIT Savings Builder is an excellent option for storing your emergency fund or another longer-term savings account.

Invest Your Money

Another great option for dealing with that tax return money is to invest it. Putting your money into an investment account can seriously impact your financial future. Just getting started with investing? Check out options like Betterment and Wealthfront that make it easy to see how much and where you should invest. For women, especially, Ellevest is another beneficial option for beginning to invest. learn More about Betterment and Wealthfront. Regardless of when your income tax return arrives, be sure you have a plan to put it to good use so that you don’t blow it in a way that doesn’t further your financial progress for 2019!This process and the timing are based on when the IRS actually receives your tax forms and how you decide to be paid. The dates in this article will give you a better idea of when you can expect to receive your refund.

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When you invest, there’s always going to be a risk. But these low-risk investments can be safer bets in a volitale market.

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To gauge performance, you need to have net worth benchmarks. Otherwise, you have no idea whether you are outperforming or underperforming the masses. Even if your net worth is up 20% one year, it may be not be so great if the S&P 500 is up 40% and you’re still young. At the end of

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Paying huge sums toward your student loan debt but hardly making progress? Refinancing could change all that completely. Find out what to do.

The post How I Refinanced and Trimmed $41,000 Off My Student Loans appeared first on The Dough Roller.

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If ever there was a time to invest in tax preparation software, this is it. We’ll tell you about big changes in the tax code along with everything else you need to know about filing your 2018 tax returns in 2019.

This year you’ll see the biggest changes in the federal income tax code in decades. The tax reform act that was passed in December of 2017 has made substantial changes in the code. For that reason, we can’t afford to assume anything we’ve known about income tax preparation in the past is still relevant. There have been enough changes that we’ll need to double check our work at every phase of the process. That makes a very strong case for using either a professional tax preparer, or for preparing your taxes using a credible tax preparation software plan. Either will enable you to effortlessly stay on top of the dozens of changes that have swamped the tax code. But whether you plan to rely on a paid preparer, or go the do-it-yourself route with tax preparation software, it will still help to know what the major changes are for filing your 2018 taxes. Please be aware that the information in this guide is taken from the IRS Form 1040 Instructions Draft that was released on September 26, 2018. The details of the new tax law are still being worked out, and will probably continue to be refined throughout the tax season. That’s typical with major tax changes, but we still have plenty of information to work with right now. (This is yet another compelling reason to use a good tax preparation software program–they automatically update with the latest changes.) With that information in mind, let’s look at everything you need to know about filing your 2018 taxes.

Let’s Start with the Major Tax Changes for 2018

Income tax rates and tax brackets have changed significantly for 2018. We’ll get into those in a little bit, but here are major changes in other provisions you need to know about. Forms 1040EZ and 1040A have been eliminated. All taxpayers are required to file on Form 1040. Qualified business income deduction. This is brand new for 2018. You may be able to deduct up to 20% of your qualified business income from your qualified trade or business, plus 20% of your qualified real estate investment trust dividends, and qualified publicly traded partnership income. This is an additional deduction for the self-employed, over and above either the standard deduction or itemized deductions. The deduction phases out with incomes between $157,500 and $207,500 for singles, and between $315,000 and $415,000 for married filing jointly. Child tax credit increase. For 2018 the child tax credit is increased to $2,000 (from $1,400 in 2017). The phase-out for the credit begins at a modified adjusted gross income of $200,000, or $400,000 if married filing jointly. There’s one thing in the 2018 tax code that hasn’t changed, at least not yet, and that’s the ACA penalty for not having health insurance coverage. The penalty is due to expire in 2019, but it still applies for 2018. Related: TurboTax Review

Do You Need to File a 2018 Income Tax Return?

This question is more important in 2018 than ever. The dramatic increase in standard deductions has substantially raised the income required for filing a tax return. With that increase, you may find you don’t need to file a return. Below are the tax threshold amounts for 2018. However, read a bit further down for additional situations where you may still need to file, even if your income is below the thresholds.

• Single, under 65 – $12,000
• Single, 65 or older – $13,600
• Married filing jointly, both spouses under 65 – $24,000
• Married filing jointly, one spouse 65 or older – $25,300
• Married filing jointly, both spouses 65 or older – $26,600
• Married filing separately, any age – $12,000
• Head of household, under 65 – $18,000
• Head of household, 65 or older – $19,600
• Qualifying widow(er) with dependent child, under 65 – $24,000
• Qualifying widow(er) with dependent child, 65 or older – $25,300

Even if your income is below these thresholds, you may still need to file a return if any of the situations below apply to you:

• You had at least $400 in self-employment income
• You owe household employment taxes
• Social Security and Medicare taxes are owed on unreported tip income
• You received a distribution from a medical savings account (MSA) or a health savings account (HSA)
• You received an advance payment on the Premium Tax Credit
• Expect to qualify for the earned income tax credit (EIC)
• You’re claiming education credits, and must file to be refunded under the American Opportunity Credit
• You want to claim a refundable Health Coverage Tax Credit
• You adopt a child, and want to claim the Adoption Tax Credit.
• You had wages of $108.28 or more from a church or qualified church-controlled organization that is exempt from employer Social Security and Medicare tax.

If you’re still not sure whether or not you need to file a return, you can use the Do I Need to File a Return tool offered by the IRS. Related: FreeTaxUSA Review

How Do You Know if Your Child May be Subject to the “Kiddie Tax”?

The so-called Kiddie Tax applies only if your child has investment income that exceeds certain thresholds. It only applies to dependents who are either under the age of 19, or are full time students under the age of 24. Earned income limits for your child or children are the same as they are for adults. But if your child has significant investment income, the Kiddie Tax may come into play. That’s true even if his or her earned income doesn’t rise to the level of needing to file. Below are the thresholds for 2018:

• First $1,050 – no tax due (unearned income exemption)
• Above $1,050 – income taxed at the child’s rate

This is a significant change from 2017, when a child’s unearned income would need to be taxed at the parents rate if it exceeded $2,100.

Important 2018/2019 Tax Dates

Below are important dates for filing your 2018 income tax return, as well as additional dates that may be important for filing your 2019 return next year:

• January 15, 2019 – Last federal income tax estimate due for the 2018 tax year
• April 15, 2019 – First quarter federal income tax estimate due for the 2019 tax year
• April 15, 2019 – Deadline for filing 2018 Individual Income Tax returns
• April 15, 2019 – Last day to make a 2018 IRA contribution (Keogh and SEP contributions can be made as late as October 15, 2019, if you file for an extension)
• June 15, 2019 – Second quarter federal income tax estimate due for the 2019 tax year
• September 15, 2019 – Third quarter federal income tax estimate due for the 2019 tax year
• October 15, 2019 – Extended individual income tax return due for 2018
• January 15, 2020 – Fourth quarter federal income tax estimate due for the 2019 tax year

Retirement plan contribution deadlines vary according to the type of plan you participate in. The final contribution due dates for various plans are as follows:

• IRAs – Your contribution must be made by April 15, 2019.
• Keogh and SEP IRAs – Contributions can be made as late as October 15, 2019, as long as you have filed for an extension on your taxes by April 15.
• Employer sponsored 401(k) and 403(b) plans – Contributions were required to be made by December 31, 2018 for 2018.

Related: What happens with you miss the tax deadline?

What Kinds of Income Are Taxable?

The most common forms of taxable income include:

• Wages and salaries
• Income from self-employment
• Tips and gratuities
• Unemployment benefits
• Moving expense reimbursements
• Canceled or forgiven debt
• Alimony (which is also tax deductible if you pay it)
• Income from bartering arrangements
• Gambling winnings
• Pension, annuity and retirement plan income
• Social Security benefits
• Interest and dividends
• Capital gains on the sale of investments or investment securities

Income sources that are NOT taxable include:

• Child support
• Insurance proceeds (in most cases)
• Veterans benefits
• Aid to Families with Dependent Children (AFDC)
• Meals and lodging for the convenience of your employer

Related: H&R Block Review

What You’ll Need to File Your 2018 Income Tax Return

Gathering all the necessary documentation to file your income tax return is probably the most complicated part of the process. But once you have all the documentation you need in one place, it’s just a matter of filling in the blanks–at least if you’re using tax preparation software. Basic information you’ll need to have available includes:

• Complete copies of your 2017 income tax return. You may need these to provide certain information, particularly any carryforward numbers, such as those related to business losses or capital loss carryforwards.
• Social Security numbers for you, your spouse (if you’re married filing jointly or separately), as well as each of your children or other dependents.
• Your ex-spouse’s Social Security number if you receive or pay alimony or child support.
• If you didn’t have health insurance, you’ll need a marketplace exemption certificate (you may be required to pay a penalty for 2018 if you didn’t have coverage for part or all of the year).

Income documentation you’ll need to prepare your return includes:

• W2s from any employment sources
• Income information for your dependent children (W2s, 1099s, etc.)
• 1099-MISC for additional income for which income taxes were not withheld (like contract, gig, or freelance income)
• 1099s reporting Social Security income, interest and dividends; pension, IRA or annuity income; state income tax refund or unemployment insurance; or reporting the sale of stock or other securities
• K-1’s reporting partnership or S-Corporation income
• W-2G reporting gambling winnings (you should also have records proving gambling expenses)
• Documentation of alimony received, including the Social Security number of the payee
• If you’re self-employed, a complete accounting of all your business income and expenses
• Evidence of rental income received, if you own investment property

Documentation You’ll Need for Tax-deductible Expenses

As noted earlier, far fewer people will be able to itemize their deductions under the new tax law. But if you think you still can, you’ll need to gather the following documents:

• 1098 reporting mortgage interest and property taxes paid, educational expenses, and student loan interest paid
• Statements from charities reporting contributions
• 1095-A, 1095-B, or 1095-C, reporting health insurance premiums paid, and to whom
• Various forms 5498 reporting IRA, HSA or ESA payments made during the year
• Home office information (if you plan to take the deduction) – square footage of your office, and of your home

Related: TaxSlayer Review

Additional Expense Documentation You May Need

There are additional expenses that may be tax deductible, however they may not be provided by a third-party reporting source. If that’s the case, you may also need to gather the following documents:

• Expenses for rental property
• Documentation for the purchase of depreciable assets for business or investment activity
• Property taxes paid but not reported on Form 1098 by a lender
• Federal and state estimated tax payments made for the tax year
• Cost basis of investments sold (if the information is not provided by a broker)
• Indirect expenses related to investment activity
• Documentation of alimony paid
• Receipts from the purchase of energy efficient equipment installed in your home
• Charitable contributions made but not reported by the receiving organization
• Mileage driven for business, employment, medical or charitable activities, as well as records of payment for tolls, parking and ad valorem taxes
• Evidence of payment of health insurance, out-of-pocket medical, dental and vision expenses, medical mileage and long-term care insurance
• Childcare expenses paid, if not supplied by the provider (including the provider’s tax id number)
• Wages paid to a domestic care provider, including that provider’s tax ID number
• An itemized list of higher education expenses paid out-of-pocket, with documentation
• Cost of preparation of last year’s income tax returns
• Sales tax paid on major purchases (which may not apply due to the new limit on state and local taxes)

Income Tax Brackets for 2018

The various income tax brackets and rates for 2018 have changed completely since 2017. There are just as many brackets as there used to be, but the dollar amounts and tax rate percentages have changed. The tax rates are now 10%, 12%, 22%, 24%, 32%, 35%, and 37%. This is a complicated topic, and worthy of an entire discussion all its own. You can check out our article 2018 Federal Income Tax Brackets and Standard Deduction (UPDATED) for full details.

2018 Personal Exemptions and Standard Deduction Amounts

The beloved personal exemption, which was $4,050 in 2017, has been eliminated under the new tax law. Technically speaking, it can be argued that the exemption was simply rolled into the standard deduction. But since the standard deduction is a flat amount, the change will be a disadvantage to anyone who has several dependents. Be that as it may, we have to work with the tax code as it currently exists. Standard Deductions Compared to 2017, the standard deduction has been roughly doubled across the board. That’s to ease the pain of the missing personal exemptions. This will be an advantage to anyone who has never been able to itemize deductions in the past. But if you have, you may no longer be able to for 2018 and subsequent years. The higher standard deduction means the number of taxpayers who itemize is expected to fall from 46.5 million in 2017, to just 18 million in 2018. Put another way, only about 12% of taxpayers will be able to itemize their deductions in 2018. For 2018, standard deduction amounts are as follows:

• Married filing jointly and surviving spouses – $24,000
• Heads of household – $18,000
• Married filing separately – $12,000
• Single – $12,000

There’s a piece of really good news for high income taxpayers who itemize their deductions. Until 2017, itemized deductions were phased out for high income taxpayers. But under the new tax law, the phaseout has been eliminated.

Other Changes in Deductions for 2018

The new tax law reduces or eliminates several popular deductions for 2018: The mortgage interest deduction. Under previous tax law, you were permitted to fully deduct interest paid on a home mortgage of up to $1 million. And if you took your mortgage prior to December 15th, 2017, you can continue deducting mortgage interest under those terms. But for any home indebtedness taken after that date, you can take a deduction for mortgage interest paid on indebtedness up to only $750,000. If you’re married filing separately, the interest deduction is limited to indebtedness of no more than $350,000. Deduction for state income, real estate and sales tax is limited. Under the previous tax law, there was no limit on how much you could deduct for state and local income and real estate taxes. However, for 2018, your deduction is limited to $10,000 if you are married filing jointly, or $5,000 if you’re single. That includes all taxes, such as state income tax, sales tax, and real estate taxes on your primary or secondary residence. Other expenses that were deductible through 2017 that have been completely eliminated includes:

• The deduction for job related expenses and other miscellaneous deductions.
• The deduction for qualified tuition and fees.
• Deduction for mortgage insurance premiums.

Medical expense deduction. Taxpayers who itemize their deductions have limits on deductions for medical expenses. For the tax years 2017 through 2018, taxpayers can deduct unreimbursed medical expenses that exceed 7.5% of adjusted gross income. Mileage allowances. The mileage allowances for 2018 are as follows:

• Business mileage – 54.5 cents per mile
• Charitable mileage – 14 cents per mile
• Medical and moving mileage – 18 cents per mile

Related: TaxAct Review

Net Investment Income Tax (NIIT) Thresholds on Higher Incomes

When the Affordable Care Act (ACA) was rolled out in 2010, various funding mechanisms were put in place to help pay for it. One is known as the Net Investment Income Tax, or NIIT. It extends the Medicare tax on investment income, at an annual rate of 3.8%. The tax is imposed on investment income if you earn in excess of certain thresholds. Those thresholds are the same as they were in 2017, and are as follows:

• Married filing jointly – $250,000
• Married filing separately – $125,000
• Single – $200,000
• Head of household – $200,000
• Qualifying widow(er) with dependent child – $250,000

If your adjusted gross income exceeds these thresholds, the tax will be applied to net income from rents, royalties, interest and dividend income, capital gains, and annuities. It will also apply to any passive income from your trade or business. Fortunately, the tax doesn’t apply to all unearned income. For example, it is not assessed on income from Social Security, pensions, or on any gain on sale of your primary residence.

The Alternative Minimum Tax (AMT) for 2018

Not one person in 100 has even a remote concept of how this works. Most accountants couldn’t even calculate it–that’s how complicated it is. But millions may be subject to the AMT, and that’s why you should have at least a high-altitude idea of what it is. Basically, the AMT is designed to prevent taxpayers from escaping their fair share of tax liability through tax breaks. This can include either preferential income, or excessive deductions. It imposes a higher tax rate based on those income and deduction amounts. The AMT applies beginning at the following income thresholds:

• Married filing jointly and surviving spouse – $109,400 (exemption phase-out begins at an income of $1 million)
• Single – $70,300 (exemption phase-out begins at an income of $500,000)
• Married filing separately – $54,700 (exemption phase-out begins at an income of $500,000)

The AMT is one of the most compelling reasons to use tax preparation software, particularly if you’re a high income taxpayer.

The Best Ways to File Your Income Tax Return for 2018

If you’ve found the tax code to be more than a little bit complicated in the past, it’ll be even more so in 2018, due to the many changes. Hopefully, you’re not still preparing your income taxes manually. Even if you have a very simple tax return, it can turn into a nightmare with these changes. The revisions in tax code for 2018 aren’t simply adjustments to brackets and thresholds. Some changes have eliminated or restricted deductions, while others have made fundamental changes in the way returns are filed.

DIY Tax Preparation Software

Tens of millions of people are now preparing their tax returns using tax preparation software. This is an excellent strategy, since the software will fully incorporate all tax changes for 2018. You simply have to fill out the information requested, and the software will handle all the technicalities for you. In addition, you’ll be able to either e-file or print your return, so it will be complete for filing. The software will even direct you where to send your return, as well as prepare a payment coupon if you owe additional tax. It will even calculate the IRS penalty, so you can pay it with your return, and not have to face a disturbing letter from the IRS while you’re trying to relax and enjoy your summer. Tax preparation software has evolved to the point that it can handle many of the most complicated tax returns. This can include those that involve rental real estate, partnership interests, and self-employment. And if you need to make tax estimates, the software will both print IRS forms 1040ES, as well as instructions on where to send your estimated payments. Credit Karma Tax is one of those companies.  They offer free federal AND free state returns and can tackle most of the complex situations you need.  Credit Karma Tax provides an Audit Defense guarantee as well as a Maximum Refund guarantee and vow never to charge you to file your tax returns. Some of the other best tax preparation software available includes TurboTax, H&R Block, TaxSlayer and TaxAct, among others. You can read all about them in our article Comparing The 6 Best Tax Software Programs and choose the one that will work best for you. If cost is your biggest concert, here’s where you can find the cheapest tax software. This can be an excellent starting point, because most tax preparation software plans have free versions. You can investigate those versions, as well as consider any premium services they offer for more complicated returns.

Using a Professional Tax Preparer

If you don’t feel comfortable preparing your own taxes using one of the popular tax preparation software plans, you can always opt to have your return prepared by a tax professional. This may be the preferred way to go if you have an especially complicated tax situation, and even more so if you’re concerned about the risk of an IRS audit. If you hire a professional, you should either go with a CPA, or an enrolled agent. Certified Public Accountant. CPAs are trained tax professionals. Not only do they have access to a wealth of information on the tax code, but they also regularly attend training sessions to keep them current on the latest changes and complications, and use some of the most advanced tax software available. They can handle the most complicated tax situations, and even represent you before the IRS in the event of an audit. The disadvantage to using a CPA is that they are generally the most expensive tax preparation option, and by a wide margin at that. Enrolled agents (EAs). These are professional tax preparers who are licensed to prepare taxes, as well as to represent you before the IRS in an audit. They’re a less expensive way to get your taxes prepared by a third party. And while many are very good at what they do, the standards are not necessarily as high as they are for CPAs.

How to Get Access to a Tax Professional Without Paying the Higher Fee

If you don’t want the expense and complication of working with a professional tax preparer, you can still consider using a tax preparation software. Some services, like TurboTax and H&R Block will provide direct professional tax preparer assistance in the preparation of your return for an additional fee. With TurboTax, that can mean having either a CPA or an enrolled agent remotely accessing your computer to help you prepare your return. In the case of H&R block, you can move the preparation over to a preparer at one of their thousands of offices across the country. And either service can provide audit representation before the IRS for an additional fee. Related: Liberty Tax Review

What If You Need to File an Extension?

You can request an extension, and it will be granted automatically. You can do this by filing IRS Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. It must be filed no later than midnight, April 15, 2019. By filing the form, you’ll get an extension through October 15th, 2019. That will give you a full six months to complete your return. But don’t wait until the last minute if you plan to file by October 15th. There are no more extensions beyond that date. It’s also vitally important to understand the extension applies only to the filing of your tax return. It does not give you an extension to pay any income tax you owe. If you don’t make your full tax payments by April 15th, interest in penalties will be assessed on the unpaid balance.

What if You Can’t Pay Your Taxes by the Due Date?

If you owe more than you can pay by the due date, you do have a couple of payment options. Request more time to pay. The IRS will provide up to 120 days to pay the amount of tax you owe. To do this, you will need to contact the IRS and request additional time to pay. This request must be made and approved prior to the tax filing date. Set up an installment payment plan. If you won’t be able to pay the tax due within 120 days, you can apply for an Installment Agreement with the IRS. This will give you up to 72 months to pay your tax debt. But if the amount due is greater than $25,000, you will need to complete a financial disclosure. Whether you’re permitted more time to pay your tax bill, or you set up an installment agreement, interest and penalties will apply to the unpaid balance. It’s not a perfect arrangement, but at least you can rest assured knowing you won’t go to debtor’s prison because you can’t pay your taxes! Related: What is Tax Evasion?

How Long Will it Take to Get My Refund?

If you file your return electronically, the refund is generally processed within 21 days of the e-file acceptance date. If you file a paper return, it will take between six to eight weeks. You can use the IRS Where’s My Refund tool to track the progress of your refund. However, if you use tax preparation software, the software itself may track your refund, and let you know when to expect its arrival. Related: Tax Refund Schedule

Final Thoughts on Filing Your 2018 Taxes

This is everything you need to know about filing your 2018 taxes–at least subject to any last minute revisions. Unless you’re prepared to pay the high fees of a professional tax preparer, we strongly recommend you choose tax preparation software that looks to be a comfortable fit. There’s been too many changes in the tax law, and a few more that haven’t been quite worked out yet. Good tax preparation software will take care of all the details for you. Know the rules for 2020 tax preparation. This guide will go over everything you need to know about filing your tax returns.

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If you’re focused on paying off your mortgage, good for you. It’s generally always good to pay down debt. However, I’d also like to share with you the biggest downside to paying off your mortgage that may surprise you. It’s been five years since I paid off my rental property mortgage. It was a mortgage

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A checking account is an important tool to managing your finances but if you’re having trouble getting one, these are the tools you’ll need.

I‘ve had a checking account since college, and frankly, it’s hard to imagine living without one. For some people, however, getting approved for a traditional checking account is impossible. And that’s where a second chance checking account can help.

ChexSystems

Fresh start checking accounts, as they are sometimes called, are designed for customers who have been turned down for more traditional checking accounts. While it may surprise you, banks routinely turn down applications for checking and savings accounts. While this can happen for several reasons, it is common for those who have been reported to or are listed in a recognized consumer checking history database such as ChexSystems Inc. (“ChexSystems”). If an account holder overdraws his or her account multiple times, “bounces” checks, commits identity theft or fraud, or stops using an overdrawn account without having covered the negative balance, the account is considered delinquent, and a file on the consumer is opened with ChexSystems. When this happens you may be banned from opening a checking account at any bank that is a member of ChexSystems for approximately 5 years. FIVE YEARS! The ChexSystems network is made up of member financial institutions that report information on mishandled checking and savings accounts to a central location. ChexSystems then shares this information among its members so that they will be better equipped to determine what risk is involved in approving a particular consumer for a checking account. Financial institutions also rely on ChexSystems for credit information on customers. Unfortunately, each member bank’s parameters for reporting a consumer to ChexSystems is different; accordingly, there can be extremely high risk consumers in the database and some who really should not be there. In the United States, approximately 80% of all banks and credit unions participate in the ChexSystems program. Therefore, if a consumer has been reported to this database, it will be extremely difficult to open a new checking account unless the consumer can find a “no credit check bank” or open a second chance checking account. Virtually all second chance checking accounts have limits to the types of transactions that can be performed in such accounts. Such restrictions include the denial of a checkbook or, alternatively, the bank might only allow a consumer to use the debit card associated with his/her second chance checking account for debit transactions.

Second Chance Checking Accounts

The majority of the standard features, however, are included with second chance checking accounts such as ATM withdrawals, an ATM card with a VISA or MasterCard logo, online bill payments, money transfers, and direct deposit.  Often, second chance checking accounts have higher annual or monthly maintenance fees or may require larger opening deposits. Some banks will refund maintenance fees if a consumer eventually establishes a good name at the financial institution. The best way to open a second chance checking account is online through a lender that offers this service.  Banks that do not use ChexSystems allow consumers to apply for second chance checking accounts online and provide instant acceptance. Even banks that do use ChexSystems allow consumers to open second chance checking accounts provided they have a copy of their ChexSystems report as proof of payment from their previous bank. The idea behind a second chance checking account is that it provides a consumer who has no other alternative, a second chance at a bank account. Used properly, if the consumer remains in good standing with the bank and shows discipline, a second chance checking account can be used as a “stepping stone” to reinstating ones good name, and opening a normal checking account in a six to twelve month time frame. As of late, several banks have relaxed the parameters by which they report consumers to ChexSystems, understanding that many consumers do not have sufficient knowledge to use their checking accounts properly, while other banks offer second chance checking accounts to anyone found in the ChexSystems database provided he/she has not committed a fraudulent act.

Banks That Offer Second Chance Accounts

Listed below are banks that currently offer checking accounts to those reported to ChexSystems:

• BBVA Compass
• Urban Trust Bank
• Bank of Texas
• National Bank of Kansas City

Alternatives

There is an alternative to 2nd chance accounts–prepaid credit cards. These cards act like a checking account, many allowing you to pay bills online. And some of the better prepaid cards even offer a high interest savings account. So if you are looking for an alternative, check out our list of free and low cost prepaid cards.

Chime Bank

Consider an online checking and savings account with Chime. They do not run a ChexSystems report and readers of this site will receive a free $5 for signing up. Chime offers a lot of the benefits a standard checking account will offer, including using Chime checkbook to send checks for free! No monthly fees or service charges to worry about … Chime is 100% free outside of ATM fees if you land outside their network.

• Read our Chime Bank review to learn more

If you're looking for a second chance checking account, there are a few interesting things you'll need to know. Not all banks offer second chance checking accounts and you may have to pay to get one.

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Now that I’ve shared my 2020 review and 2021 outlook for stocks and real estate, I’d like to share my personal goals for 2021. Given the circumstances, we made the most of our time in 2020. However, as each month goes by with no pandemic resolution, I’m slowly getting more frustrated about not being able

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Want to break out of the yo-yo debt cycle for good? Our tips will set you on the right path so you can get back control over your finances.

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Use your money to make the world a better place while also building your nest egg with socially responsible investing.

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After a turbulent 2020, I’m positive about 2021’s outlook. We should see significant GDP growth (3-5%), a strong rebound in corporate earnings (20%+), and a massive unleashing of spending (saving rate back down to ~6%). As a result, there’s a high probability we will see new record highs in many major asset classes. What’s concerning

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