AskTheMoneyCoach.com - Free Money Tips & Advice

If Your 1099-C Form is Incorrect Here’s What to Do

The Money Coach — Wed, 08 Feb 2012 10:30:04 +0000

If you had some of your debts cancelled or forgiven last year, the company that cancelled your debt will issue you a Form 1099-C for the amount of the cancellation. In most cases, the IRS is expecting you to report this amount as part of your gross income. Cancelled debt is considered to be taxable [...]

[[ Continue reading on http://AskTheMoneyCoach.com ]]

What is IRS Form 1099-C and How Should You Use It When Filing Your Taxes?

The Money Coach — Tue, 07 Feb 2012 10:30:42 +0000

If you enter a loan forgiveness program or a creditor cancels your debt after negotiating or modifying your total debts owed, you will receive Form 1099-C, Cancellation of Debt. This form serves as a report to the IRS and unless you meet certain criteria, the cancelled debt will count as taxable income for that tax [...]

[[ Continue reading on http://AskTheMoneyCoach.com ]]

5 Money Saving Strategies to Save You Thousands of Dollars in 2012

The Money Coach — Mon, 06 Feb 2012 10:30:26 +0000

If you spent most of last year barely reaching your financial goals and struggling with your budget, pay attention to your spending and saving habits. You need to start socking away some of your monthly income into a “no touch” savings account, no matter what your income level may be. But that’s easier said than [...]

[[ Continue reading on http://AskTheMoneyCoach.com ]]

How to Know If You’re Eligible for the Earned Income Tax Credit

The Money Coach — Fri, 03 Feb 2012 10:30:20 +0000

One bright spot of tax season is the possibility of getting back a big income tax refund check from the government. As an overall financial strategy, I don’t recommend that people rely on income refunds – because if you’re constantly getting one it means you’ve let the government take out too much taxes during the [...]

[[ Continue reading on http://AskTheMoneyCoach.com ]]

Free Places for IRS Tax Help and Tips For Do-It-Yourself Tax Filers

The Money Coach — Tue, 31 Jan 2012 10:30:01 +0000

If you need help filing your federal income taxes, look no further than the IRS itself. And don’t worry: the IRS isn’t out to get you. On the contrary, in 2012, the IRS has more than 12,000 free tax preparation sites nationwide as part of an ongoing effort by the Internal Revenue Service to team [...]

[[ Continue reading on http://AskTheMoneyCoach.com ]]

Got Kids? Here are 10 Tax Benefits For Parents

The Money Coach — Mon, 30 Jan 2012 10:30:41 +0000

Any parent knows that kids can be awfully expensive. They eat a lot, or sometimes not much at all, picking all over their food and wasting it. They tend to sprout up like weeds, outgrowing clothes, shoes and even hats and gloves before those things get a proper wearing. (By that, I mean there should [...]

[[ Continue reading on http://AskTheMoneyCoach.com ]]

Before Valentine’s Day, Use These 5 Tips for Financial Intimacy In Your Relationship

The Money Coach — Wed, 25 Jan 2012 10:30:18 +0000

Valentine’s Day is right around the corner and as much as the holiday is about romance, finances also play a big role in what happens on Feb. 14th. Guys are often under pressure to come up with the “big” gift – like an expensive engagement ring – or to make some other dramatic show of [...]

[[ Continue reading on http://AskTheMoneyCoach.com ]]

Arkansas Attorney General Sues Operators of 6 Online Payday Lenders

The Money Coach — Wed, 25 Jan 2012 03:23:28 +0000

Arkansas Attorney General Dustin McDaniel filed a consumer protection lawsuit against a Missouri man and two companies that control six payday loan websites offering loans to Arkansas consumers at interest rates that exceeded 600 percent. The lenders known to be controlled by the defendants include: Action Payday, Bottom Dollar Payday, Everest Cash Advance, Paradise Cash [...]

[[ Continue reading on http://AskTheMoneyCoach.com ]]

IDA Programs: Where to Find Matching Funds for Your Financial Goals

The Money Coach — Tue, 24 Jan 2012 10:30:40 +0000

Q: Are there any organizations in the Philadelphia, PA area are participating in the IDA Program? A: For those of you that have never heard of this before, an IDA is: An Individual Development Account (or IDA) that lets low-to-moderate income earners save money for a specific goal – such as a down payment on [...]

[[ Continue reading on http://AskTheMoneyCoach.com ]]

I Can’t Afford To Repay My Student Loans. What Are My Options?

The Money Coach — Mon, 23 Jan 2012 10:30:52 +0000

Q: Hi, I have a pretty unique situation regarding student loan debt. I have about $100K in student loan debt. I did not find a job until about 8 months out of college and the loans were in deferment. The entry level position I obtained was not enough to pay my loans and I [...]

[[ Continue reading on http://AskTheMoneyCoach.com ]]