Archive - September 2012

1
How To Check Your Credit Report
2
How To Be Debt Free Faster
3
Tax Tips For College Expenses
4
Military Tax Benefit: Sale of Primary Residence
5
Should I Save Into My 401(k) Or Pay Off Student Loans?

How To Check Your Credit Report

We are constantly reminded that we need to check our credit report, but we assume it is a low priority to-do item. Errors on your credit report can affect your ability to get a loan or even a job. According to a 2007 CBS article, 80% of consumers have an error on their credit report. The first time I pulled my credit report, it had several of my grandfather’s (who I was named after) accounts and payment history on my report. Do you know what your credit report says about you?

There are 3 credit bureaus that collect information, …

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How To Be Debt Free Faster

The most vulnerable area of your finance is your debt that you owe to your creditors. Until and unless you can get out of it, your chances of having a healthy financial future are slim to none. Clearing off all your debt can not be done over the night even if you enroll debt management plan. You may have already accumulated huge interest and late fine penalties over the time. Therefore, proper planning is required with a bit of patience to achieve financial freedom.

Checking the debt to income ratio is the first step of understanding your financial status. Knowing …

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Tax Tips For College Expenses

Most all college students are back on campus by this point but the benefits that you can receive from various tax credits will not become apparent until you pay your taxes next year. It’s important to know what tax credits you may be eligible for early on, so that you keep good records as you pay these college expenses. Recently the IRS published their Summertime Tax Tip 2012 – 25 which details tips for students and parents paying college expenses. The actual text of this tip is listed below.

Whether you’re a recent high school graduate going to college for …

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Military Tax Benefit: Sale of Primary Residence

I know that in today’s real estate market most of us aren’t too concerned about the taxes on the gain of the sale of a Primary Residence.  But, with that said, the IRS does give military members, some special benefits regarding the sale of a home (I’ll use that term from here on instead of Primary Residence).

Under the Tax Code, any individual may exclude $250,000 (for a married couple it is $500,000) of gain made on the sale of a home.  But, to be eligible, you must have lived in the home for 2 years out of the 5 …

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Should I Save Into My 401(k) Or Pay Off Student Loans?

2/3rds of college students graduate with student loan debt. On average, graduates have about $24,000 in debt, with 10% of graduates having over $45,000 in debt. And those are just the statistics for students with a 4 year degree. Student loan debt is at an all time high, and very well may continue to rise with the increases in college costs. How should workers with student loans decide between paying down their debt while still saving for the future?

Track your spending: If you frequent this blog, you know I am passionate about the benefits of tracking your …

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