Greatvest Tools

(Big Money Smackdown) Let's get right down to it. So, you want to buy a 55-inch high-definition TV for your new apartment, and it costs $1,854. In this corner, we have paying for the TV with cash. In order to pay with cash, you would have to work extra hours and cut back on other expenses. You may decide to sell some things and to pick up a few odd job. Let's say you can save an average of $200 a month. At this rate, you would be able to buy your TV in about 9 months. And, in the opposing corner, we have charging the TV on your credit card. Say your credit card only requires a $25 minimum payment each month, but it charges 20% interest. If you make only the minimum payment, 20% of the leftover amount will be added to the balance. And, this will happen each month until you've paid everything off.  At this rate, it will take 109 months, or 9 years, to pay for that TV in full. Plus, you'll be spending an additional $1,669 in interest, making the total cost of the TV $3,523...

Will you receive a big tax refund from Uncle Sam? The answer depends on your withholding. Withholding Strategically On your Form W-4, you may make allowances for yourself, your spouse and your dependents. For every allowance you take, less money gets withheld for federal taxes and more money gets added to your paycheck. For those of you who want - or need - the extra cushion each month, this is a smart move. However, it you're more likely to save or invest your tax refund than you are to save or invest a portion of your paycheck, receiving a tax refund may be a great strategy. To ensure you withhold just the right amount, use the IRS Withholding Calculator and submit a new W-4 to your employer if needed. 6 Money-Smart Uses for Your Tax Refund If you are expecting a refund this tax season, consider these six tips for using it wisely: 1. Pay down credit card debt. First, attack the card with the highest interest rate. If you can pay off the card in full, that is even better. 2. Build...

The Internal Revenue Service (IRS) pays out billions in refund to identify thieves, according to a report from the General Accounting Office. Incidence of tax identity theft were drastically reduced in 2016 and 2017 from prior years, but it's important to take action if it appears someone else used your information to file a fake tax return. Identity thieves take legitimate taxpayers' Social Security numbers so they can file false tax returns and cash in on refund checks. They often strike early in the tax season, filing returns before their victims. Often, taxpayers do not find out they are victims of identify theft until they attempt to file their own tax returns online. Other taxpayers are notified of the theft through notices from the IRS. As scary as the statistics are, there are some things you can do to help prevent identity theft as you file your taxes. How to Prevent Taxpayer ID Theft The IRS has pledged to increase prevention efforts, but it is hard to catch or preven...

Changes to the federal income tax law could make you eligible for new tax deductions, which might let you keep more of your money in your own pocket rather than giving it to Uncle Sam. But you'll need to know which tax deductions were eliminated and which deductions changed their limits.  Standard Deductions vs. Itemized Deductions There are two ways to go with your personal income taxes: You can take the standard deduction, which means your gross income (the total amount you made in the calendar year) is reduced by a set amount, or you can itemize deductions. The standard deduction amounts nearly doubled from 2017 to 2018 with the passage of the 2019 Tax Cuts and Jobs Act (TCJA). Standard Deductions for 2017 Tax Year (Taxes Filed in 2018) - Single or Married, Filing Separately: $6,350 - Head of Household $9,350 - Married, Filing Jointly $12,700 Standard Deductions for 2018 Tax Year (Taxes Filed in 2019) - Single or Married, Filing Separately: $12,000 - Head of Household $18,000 - ...

  If you're in significant debt, the prospect of becoming rent-free can be alluring. So alluring, in fact, that you might find yourself caught in any number of scams along the way.  One common way to pay off debt is through consolidation. This involves combining all your debt and taking out a loan that goes toward paying it off each month. Debt Consolidation can help simplify and streamline the debt payoff process, and it might even save you a little bit of money, too.  Still, the debt consolidation industry is rife with scams. Companies might say they offer debt consolidation when, in reality, they're for-profit debt settlement companies looking to take advantage of people.  Warning signs of a debt consolidation scam  When you're searching for a way to consolidate and pay off your debt, you might come across companies online that promote debt consolidation.  But some of these companies aren't offering to help you with debt consolidation. Instead, they're d...

  With so much to track each day, money management seem like just one more laborious chore.  But with the best personal finance apps for iOS and Android to manage your money in 2018, you can monitor all your bank account and credit card transactions, reduce your spending and expenses with budgeting goals, keep your credit score night, and achieve your long-term financial goals.  1. Robinhood   One of the most beloved financial apps, award-winning and secure Robinhood (Android, iOS) lets users invest money in stocks, options, exchange - traded funds, and cryptocurrencies like Bitcoin and Ethereum - commission-free. Once you've created your portfolio, you can view it along with market updates in real time all in one place. You'll also receive investment recommendations along with enough Intel to judge if they're appropriate for you.  2. Acorns   The squirrel squirrel away acorn for a rainy day, and so should you. One of the most popular budgeting apps, the se...

Life is hard enough when you don't have a job - and then you have to deal with taxes, too.  But all is not bad news if you know how to navigate the system. It might require a little extra effort, but you can catch some breaks around tax time if you know where to look.  Taxes On Unemployment   Unfortunately, your unemployment compensation is taxable. You don't have to pay Medicare or Social Security as you would with regular income, but you do have to claim your unemployment payment as income on your tax return. You can choose to have taxes withheld from your payments or set aside a portion of each payment and save up to pay taxes later.  Deduct Job-Hunting   If you plan to stay in the same field and you're actively looking for work, you can deduct reasonable expenses involved in your job search, including:  - Job placement services  - Job fair admissions  - Parking, tolls and mileage to and from interviews  - Resume or career consultations...