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Bankruptcy Vs. Charge Off Pocketsense

Offer Details: A charge-off occurs when a debt runs past 180 days late and a creditor writes off the debt as uncollectible. You'll still owe the debt and may be taken to court. A successful bankruptcy case eliminates most unsecured debt and prevents further action from creditors. Both actions hurt your credit.

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How Long Until a Credit Card Cancellation Shows Up on a

Offer Details: Both credit card users and issuers can cancel credit cards. If you want to cancel a card, you should think twice, because having available -- but unused -- credit actually has a positive effect on your credit report. On the other hand, if your account is closed, canceled or charged off due to nonpayment, it has a

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The Legal Way to Fill in the Dollars Line on a Check

Offer Details: The proper way to fill out the dollars line is to write out the dollar amount of the check in words and to use a fraction for the cents. If the amount of the check is $35.76, for example, you would write “Thirty-Five and 76/100” on the dollars line.

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How to Calculate the Difference Between Mortgage Balance

Offer Details: Count the number of days between your last payment and the date when you expect to pay off the mortgage. Do not include the date of your last payment in the count, but do include your payoff date. For example, if your last payment was on May 31 and your payoff date is June 25, your answer is 25 days.

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What Is the Difference Between Residual Amount and Payoff

Offer Details: One of the most important terms in a leasing agreement is the “residual amount” or “residual value.” The residual value is the amount of money that the vehicle is worth at the end of your lease term. The residual value is calculated based on the estimated wholesale value of the car, as projected by the manufacturer, after depreciation has been accounted for and your payments have been

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Are Tax Brackets Based on Gross Income or

Offer Details: To answer the question, you would be better off earning the $70,000 salary after taxes than taking whatever is left after paying tax on $70,000 income. Tips. Your specific tax bracket and your tax responsibilities are based on your adjusted gross income rather than your gross income. This is due to the fact that many individuals have additional

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Why Are There No Federal Taxes Taken Out of My Paycheck

Offer Details: Federal taxes – specifically, federal income tax, Social Security tax and Medicare tax – provide funding for national programs, such as foreign affairs, old-age, survivor’s and disability insurance, and hospital insurance.

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How to Get My 1099 From Unemployment to File Taxes

Offer Details: Go the website of your state's labor department. Navigate to the page that provides information on unemployment claims. This page should explain your state’s time frame to mail 1099-Gs to residents who received unemployment benefits during the tax year in question.

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What Documents Should Be Attached to Your Tax Return If

Offer Details: The Internal Revenue Service requires you to submit most forms and schedules used to prepare paper returns. There are required Form 1040 attachments, but it is not necessary to send all documents used in your preparation. Although the tax information you receive each year and the forms and items you use to calculate your return all appear to be things you should attach, there are a few key

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What Deductions Are Allowed When You Receive a 1099

Offer Details: If an individual is paid $600 or higher in non-employee compensation, they will be issued a 1099-NEC for 2020 income.The IRS has reissued the form 1099-NEC for the 2020 tax season to replace box 7 on the 1099-MISC, which up until recently was standard for reporting non-employee payments.Any income appearing in box 7 of a 1099-MISC prior to 2020 is automatically considered to be self-employment

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Dependent Vs. Amount of Taxes Taken From a Paycheck

Offer Details: Dependent Vs. Amount of Taxes Taken From a Paycheck. The number of dependents you claim on your federal or state income tax withholding form may differ from the amount of taxes deducted from your paycheck. Dependents are also called allowances, and depending on your situation, may represent all – or some – of your

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Is a Charged Off Mortgage Still a Lien

Offer Details: A charge off is essentially the act of a lender admitting that repayment for the mortgage is unlikely. The lender makes an accounting switch, moving the loan from a debts owed account to an account that totals losses. By counting the mortgage as a loss, the lender can receive a tax reduction for it.

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How Does the IRS Confirm That a Tax Return Is Correct

Offer Details: Rounded-off numbers on your tax return can make the computer wave a flag. In all likelihood, an employer did not pay you exactly $18,000 and your side gig didn’t give you exactly $22,000 . It was probably more like $18,290 and $22,990 . The discriminant function system might indicate that these numbers should be checked against various W-2s

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Why Is Gross Income & Not Net Income Used for Child

Offer Details: Why Is Gross Income & Not Net Income Used for Child Support Payments?. Child support is a legally determined amount the non-custodial parent pays to the custodial parent to provide support for their child or children. Child support is determined by a formula that is based on an individual's net income rather

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Are Major Plumbing Repairs Tax Deductible

Offer Details: Plumbing problems can often lead to expensive repairs that extend to replacing walls and drying out basements. While major home repairs are not tax deductible, there are circumstances when you can deduct your plumbing repairs. For example, the IRS allows deductions that are a part of a …

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How to Gift Money to Family Members Tax-Free Pocketsense

Offer Details: During your lifetime, you can gift up to $11.58 million tax-free to those who are the fortunate recipients of your generosity, family or otherwise. Individuals can give up to $11.58 million, as of 2020, and married couples can give double that, or up to $23.16 million.And this amount is above the tax-free $15,000 you can give each person annually. The IRS includes all yearly cash gift amounts

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Do I Pay Debt Sold to a Collection Agency

Offer Details: The risk of a lawsuit is a factor you must consider when deciding whether to pay off a collection account. Although collection agencies threaten lawsuits much more frequently than they file them, each debt collector conducts business differently.

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Tax Treatment of Patent Expenses Pocketsense

Offer Details: No one makes money during the patent process, and it's a gamble as to whether the new patent will ever pay off. But without new patents and subsequent new products, business and industry would grind to a halt. That’s why the IRS is generous in the latitude it grants for tax treatment of patent expenses. For tax year 2017, the IRS allows

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Can Appliances for a Rental House be Deducted

Offer Details: Most expenses related to renting a home, including appliances, are tax deductible. Appliance purchases capitalized and depreciated, while appliance repairs are expensed. Section 179 of the tax code allows landlords to immediately expense up to $1 million of new or used appliances in 2018 .

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How Low Can You Negotiate for a Used Car When Paying Cash

Offer Details: Being too open about your plans to pay in cash lets the dealer know that he won't make money off the back end, meaning she may be incentivized to take a harder line on the sticker price. As a result, the best way to negotiate a used car price with a dealer often involves not …

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Refinancing Vs. Extra Payments Pocketsense

Offer Details: Both refinancing and extra loan payments save you interest and let you pay off your mortgage years ahead of schedule. If you plan to stay in your house for a while and lenders are offering low interest rates, refinancing to a shorter-term mortgage with higher payments is a smart choice. But simply sending in extra

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Can Increasing a 401(k) Contribution Decrease Federal

Offer Details: Increasing your 401(k) contribution can decrease your federal tax burden but there are other things to consider too. You can only increase up to that year's 401(k) contribution limits. Also, you must pay tax when you withdraw the money in retirement, which in some situations can mean more total tax.

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Should I Pay an Escrow Shortage in Full

Offer Details: If you have an escrow shortage, you’ll have several options. You may be able to pay it in full or break it into payments. Some options are better than others, depending on your own budget and circumstances. You may also want to pay close attention to prepare for shortfalls next year.

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Should I File My Taxes As a Dependent or as Independent

Offer Details: Should I File My Taxes As a Dependent or as Independent?. A taxpayer is independent if he or she is not claimed as a dependent on another person’s tax return. If you are independent, you may claim yourself as your own dependent when filing your tax return. If someone else can claim you as a dependent, however, you may

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How to Report a Sale of Real Estate Property to the IRS

Offer Details: If you sell real estate, you have to report the gain or loss on the sale to the IRS. You must report the gain on Form 8949 and also on Schedule D of your Form 1040. Gains from the sale of real estate property are capital gains and are subject to gains tax rules for long- and short-term gains.

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How to Remove a Co-Buyer's Name From a Car Loan Pocketsense

Offer Details: With either option, you also still need to visit the DMV to get the co-buyer's name off the title and registration. Understand Co-Borrower vs. Co-Signer. A co-signer and co-borrower are slightly different. A co-signer simply "lends" you her credit score and promises to pay back the car loan should you default on it. The co-signer doesn't have

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Tax Deductions for Building Fences Pocketsense

Offer Details: There are different rules regarding tax deductions for building fences. Residential fences cannot be deducted unless they are built for a rental property and can be subject to depreciation. An agricultural fence is the only other type of business fence that can be deducted.

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How to Keep a Deceased Relative's Auto With a Loan

Offer Details: To transfer the loan to your name you'll have to refinance it, which can require good credit, proof of income or a cosigner. You don't have to take out a loan, though. You can choose to pay off the car note in full and become the owner free and clear of any outstanding debt.

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IRS Guidelines on Equipment Rental Tax Deduction Pocketsense

Offer Details: The IRS allows you to deduct equipment you rent for business purposes from your taxes. You can report the rentals with other business expenses on your tax return. Make sure to save your receipts and claim the deduction in the right year. Personal rental expenses usually are not deductible.

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Are Supplemental Accident Insurance Payouts Taxable

Offer Details: Accident insurance coverage generally covers death or injuries caused by accidents on or off the job. There are a variety of coverage options available. Some employers offer the accidental coverage as a voluntary supplemental plan.

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Repossession or Charge-Off, What Is Worse

Offer Details: If you pay off your debt to the collection agency, the account status on your credit report updates to “paid collection,” whereas if you settle for a reduced amount, the status changes to “settled for less than full balance.” If your lending company takes you to court and you negotiate for a smaller amount of your debt, the civil

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How to Deduct Refinance Closing Costs on Rental Properties

Offer Details: Obtain or download a copy of IRS Form 4562. This form helps you calculate the amount of capital expenses you may claim in the current year for depreciation -- or the gradual decline in the expected value of the property as it nears the end of its useful life -- and amortization, which is the process of spreading your capital expenditures over the life of the property.

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How to Deduct Mileage for the Personal Vehicle of an LLC

Offer Details: How to Deduct Mileage for the Personal Vehicle of an LLC Member. LLC members are eligible to claim many deductions that are associated with their participation in an LLC. Personal use of a vehicle is not a deductible expense. However, use of a personal vehicle for a business purpose with respect to the LLC is a

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How to Purchase a Truck for a Farm for Tax Purposes

Offer Details: How to Purchase a Truck for a Farm for Tax Purposes. Running a farm requires the proper equipment, which generally includes a truck. Buying a truck for your farm includes researching your options to ensure you make the best choice. The Internal Revenue Service (IRS) allows you to deduct the cost of machinery required

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Tax Advantages of Owning Cattle Pocketsense

Offer Details: The IRS allows cattle farmers and ranchers to take various deductions and tax breaks for owning cattle, as well as depreciation for breeding and milking stock. These tax breaks can provide valuable savings during tax season.

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The Difference Between a Charge-Off & Default Pocketsense

Offer Details: Credit card companies charge off, or write off, your account if you fail to respond to requests for missed payments. Time limits vary among creditors and range from 60 to 120 days. Creditors often turn over your account to collection agencies, and they can be more aggressive about receiving payment, often using mail notices and repeated phone

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Can I Deduct a Training Class From My Taxes

Offer Details: You don’t have to take formal training classes. You can write off the expense for self-training as well. This includes professional print publications, online subscriptions to professional sites, dues and fees for professional organizations that offer updates and tips for improving your work, and club meetings where you discuss the latest developments in your profession.

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How Long Can You Stay After Three-Day Notice to Pay Rent

Offer Details: When a tenant doesn't respond to a UD notice and the court grants a default judgment in favor of the landlord or property manager, the tenant must leave within five days or be escorted off the premises by the sheriff.

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Auto Mechanic Tax Deductions Pocketsense

Offer Details: Auto mechanics have the ability to write off certain expenses critical for their work when figuring out their taxable income. Mechanics who work for an employer list these costs as unreimbursed employee expenses on Form 2106.Self-employed auto mechanics list both business revenue and expenses on Schedule C of Form 1040.

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Can Long-Term Capital Loss Offset Short Term Capital Gains

Offer Details: Even the best investors pick a loser now and then. Fortunately, you get to take some of the sting out of capital losses by writing them off on your tax return. The Internal Revenue Service has rules that determine when you can deduct short-term and long-term losses to offset capital gains. Familiarity with these rules

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Is It Safer to Pay by Credit Card or Check

Offer Details: If someone has the discipline to pay off the balance each month, using a credit card to pay for gas, groceries, and other everyday expenses can be a good idea. It can help the credit card customer earn reward points from the credit card company and may help to build their credit rating.

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Can I Claim a New Roof as a Tax Deduction

Offer Details: The cost of a new roof is an expense investment that most property owners hope they can get some relief from at tax time. However, the IRS does not allow full deductions for this type of expense when it is incurred. In fact, depending on how the property is classified, the cost of a new roof may not be deductible as

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Can I Deduct IRA Fees on My Income Tax

Offer Details: If you have an IRA, you may be aware that you can write off some IRA custodial fees, IRA management fees and tax return preparation fees. However, there are requirements that must be met before you are able to go about deducting certain fees. Also, as of 2018, tax prep fees are no longer deductible.

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Can I Claim Lottery Scratch-Offs on My Taxes

Offer Details: It is possible to claim losing lottery scratch-offs on your taxes, but the IRS has specific rules in place to make sure you're paying your fair share. The gambling loss deduction can only be taken to offset gambling winnings and can only be taken if you itemize your federal deductions.

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How Does an Insurance Company Decide on the Value of a

Offer Details: If you’re involved in a car accident and your car is severely damaged, your insurance company might declare it a total loss, in which case, they'll either pay you or replace your car. To determine whether or not your car is actually totaled, the insurance company calculates the cost it …

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Does Unplugging Electrical Devices Save on Electricity

Offer Details: The most intuitive way to combat vampire appliances is to unplug devices that aren't in use. However, it can be tedious to snoop around the house on a daily basis and unplug dozens of devices. To make the process easier, purchase flip switches or power strips to switch off multiple appliances at once.

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What Is the Difference Between Start-Up Expenses & Start

Offer Details: Before your business opens its doors, you will have expenses related to getting it off the ground. You may have expenses for creating a company under which the business will operate. For example, if your long-term plan includes opening more than one store, you might wish to start corporation under which both stores will operate.

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Can Social Security Cut Benefits Without Notice

Offer Details: If you are at risk of having your Social Security benefits cut, you can rest assured that the Administration will notify you in writing of any status changes to your case. Your …

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