AskTheMoneyCoach.com - Free Money Tips & Advice

Who Stole Your Social Security Number or Identity? 4 Steps to Find Out Who Did It

The Money Coach — Wed, 22 Feb 2012 10:30:04 +0000

If you’ve been the victim of identity theft, and someone has stolen your Social Security number or personal data to file taxes, open credit accounts, or make charges you didn’t authorize, you can find out who committed this illegal act. There’s no 100% foolproof way to catch an identity thief. After all, the crook could [...]

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Free Tax Help If You Made Under $50,000 Last Year

The Money Coach — Mon, 20 Feb 2012 10:30:28 +0000

If you made under $50,000 in 2011, you fall under the low to moderate-income category in the eyes of the Internal Revenue Service (IRS) and are eligible for free tax help. The IRS has created a new online tool to help people find volunteer tax preparation assistance services in their local area. The online tool [...]

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My Credit Report Does Not Show My Secured Credit Card Account. What Should I Do?

The Money Coach — Fri, 17 Feb 2012 10:30:18 +0000

Q: I had my first “secured VISA” Credit Card from a Federal Credit Union planning to build my credit, but now when I go to apply for a Non-secure VISA Credit Card the system doesn’t show any records about my credit, the bank says that the credit card that I was using reports the credit [...]

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Are You Making These 5 Mistakes That Can Ruin Your Retirement?

The Money Coach — Mon, 13 Feb 2012 10:30:35 +0000

It’s hard enough to save and plan for retirement. So why make it even more difficult by committing costly mistakes? Here are 5 blunders that can derail your plans to retire in comfort and peace. 1. Following the herd Who cares if everyone on Wall St. is planning on buying Facebook shares or the “hottest” [...]

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5 Tips To Solve Your Biggest Tax Worries

The Money Coach — Thu, 09 Feb 2012 10:30:38 +0000

Tax season is here and if you’re dreading filing your income taxes or dealing with the IRS, you’re not alone. The IRS audited 1.6 million taxpayers in 2011 and the thought of an audit – among other worries – can fill even the calmest person with fear and anxiety. But there’s no need to stress [...]

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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 [...]

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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 [...]

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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 [...]

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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 [...]

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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 [...]

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