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Credit Score Ranges and What They Mean for Your Money Oct 09, 2019

Show notes

Credit scores are the gatekeepers of credit. They determine how much credit you’ll receive and under what terms. Credit scores have also become more influential and are now used for job and apartment applications.

Credit scores are obviously an area that none of us can ignore. But what impact do credit scores have on our money?

Generally, the higher your credit score, the more credit you’ll receive. As we’ll see, there are no hard and fast rules when it comes to how much credit a lender may extend to you.

From the worst scores to the best, there are score ranges that much of the population falls into. What those ranges mean for your money is what this article will dive into.

Read the full article here >>

The Ultimate Guide To Income Sharing Agreements (ISA) Oct 09, 2019

Show notes

Income sharing agreements are relatively new student loan alternatives that look to balance some of the benefits that were traditionally offered with Federal loans, in a new type of private loan.

The rising balances of student loans are a major problem. The problem tends to be especially pronounced among former students who fail to secure high-paying jobs after graduation.

One solution that has been gaining traction is income sharing agreements (ISAs). These are “loan-like” arrangements where students repay a set percentage of their income for a set period of time.

While they sound appealing - an alternative to student loans - they also come with their own set of risks you need to understand.

Are you considering a school with an income sharing agreement? Before you sign up for the program, here’s what you need to know about the agreements.

What Is Dividend Growth Investing And How to Get Started Oct 04, 2019

Show notes

Dividend investing involves investing in stocks that pay dividends. Dividends can be a source of income for investors, they can also indicate solid, growing companies whose stock might constitute a solid investment.

And dividends have been a popular investment strategy for decades - but it can be hard to do the research, know what companies to invest in, or what products might be worthwhile.

Before getting into what dividend investing is and why it's a smart strategy, you need a platform that you can invest on it on. Check out M1 Finance. They are a commission-free platform that allows you to easily build a dividend investing portfolio. Check out our M1 Finance review here.

What Is The Schedule D Oct 04, 2019

Show notes

If you have capital gains or losses (from selling stock, options, or crypto), or you had proceeds from the sale of your home, you're going to be using Schedule D for your taxes. But you may have never heard of it before.

For most people, their tax software or accountant will help with this form. But you may have questions about how it works, where to find it, or even what your tax implication may be.

Let's break down exactly what the Schedule D is, and how you should use it.

Top Mileage Tracking Apps And Why They Matter For Taxes Oct 02, 2019

Show notes

Maximizing your tax deductions is one way to save money at tax time, and if you’re a business owner, a side hustler, or self-employed, the mileage you put on your car could be tax-deductible.

The IRS allows you to claim up to $0.67 per mile you drive for a legitimate business purpose in 2024. That means a person who drives 5,000 miles for business can claim $3,325 in business expenses (and likely save $1,000 or more in taxes).

But to claim the deduction, you need to track your trips. Thankfully, you don’t have to keep a paper log in your car anymore. Today, there are a myriad of apps that will help you track your mileage, categorize it, and help you calculate an appropriate deduction at tax time. Here are a few mileage tracking apps to consider.

What Is The Schedule E Oct 01, 2019

Show notes

Schedule E is part of IRS Form 1040. It is used to report income or loss from rentals, royalties, S corps, partnerships, estates, trusts, and residential interest in REMICs (real estate mortgage investment conduits).

Schedule E is for “supplemental income and loss,” and not earned income. Earned income is income generated from business activities.

Supplemental income is considered passive income, such as collecting rent. Of course, as a landlord, you know that rental income is anything but passive. However, passive is how the IRS sees it.

Tax Transcripts: What They Are and Why You Should Care Sep 24, 2019

Show notes

Do you remember where you filed your tax return? What about your tax return from 3 years ago? The IRS recommends that you keep at least 3 years of tax returns on hand. But what if you can’t find your tax return in your black hole filing cabinet? Tax Transcripts are the answer.

And if you want to check on the status of your tax return early, your tax transcript can also help.

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