If you love the Italian cuisine served up by Sbarro, the popular Italian restaurant chain that is in many of the malls across the United States, you may not be happy about this story. Sbarro is preparing to file for bankruptcy protection citing slower mall traffic as one of the reasons for lost revenues. This will be the second bankruptcy filing for the piazza giant since 2011. As part of the current restructuring plan, Sbarro plans to close about 155 locations across North America. For … [Read more...]
Can you be debt free in 2014?
February 28, 2014 by
If you made a New Year’s resolution to pay off your debt in 2014, you are probably not alone. Over one-half of all New Year’s resolutions have something to do with finances. You can pay down or even pay off your debt if you are smart about the way you allocate your funds. For example, learning how to prioritize your living expenses and debts reduces the amount of interest you must pay to creditors so that you can be debt free in less time. To learn how to pay off your debt in 2014 read … [Read more...]
Is there anything good about taxes in 2014?
February 27, 2014 by
It seems as if everyone is focused on what is bad about the changes to the tax code for 2014. From the tax penalty under Obamacare to the loss of some major tax credits and deductions, it does not appear that taxpayers have much to be happy about looking forward into 2014. However, some of the new tax changes will make a few taxpayers very happy. For example, if you have a home office you will find that the new rules make it easier to qualify for the home office tax deduction beginning with … [Read more...]
Mortgage interest equals huge tax deduction for some homeowners
February 26, 2014 by
With the tax filing deadline getting closer each day, taxpayers are scrambling to find ways to lower their tax bills and increase their tax refunds. One of the biggest tax breaks for homeowners in America is the mortgage interest deduction. Homeowners can claim this deduction on their main home and even on a second home. Interest from a purchase money mortgage, second mortgage, line of credit and home equity loan may all qualify for the tax deduction. Read the full story at “5 States Where … [Read more...]
Closing on a home without putting 20% down
February 25, 2014 by
Most mortgage brokers and realtors will tell you that to qualify for a conventional home loan, be prepared to have a 20% down payment. However, the housing market has changed drastically during the past decade and this is not necessarily the case any longer. Today, homebuyers may be able to purchase a home and qualify for a home loan with as little as three to five percent down while some may even be able to finance the entire sales price. Read “Smart alternatives to putting 20 percent … [Read more...]
You are not living in your parent’s financial world anymore – – money myths to let go of now
February 24, 2014 by
Did your parents always tell you that the best place to keep your money safe was in the bank? Did you ever hear, “You can save more money if you always use cash?” We are not living in our parent’s financial world anymore. The economy we currently find ourselves living in has changed and so has the advice from financial planners. We need to let go of old money myths and listen to the current financial advice being taught to a new generation of consumers. Read “Don’t Be Fooled … [Read more...]
A tax credit that can get you thousands back? Can it be true?
February 24, 2014 by
This time of year, everyone is looking for a way to lower their bill to Uncle Sam and to make their tax refund larger. The Earned Income Credit is one way of getting back more money - - for some taxpayers, much more money. However, figuring out if you qualify can be confusing. The IRS has developed an online program called the Earned Income Tax Credit Assistant, to help taxpayers determine if they qualify. The credit can be very important for lower income families. For more information … [Read more...]
Help for dealing with debt collection agencies and debt collectors
February 21, 2014 by
If you have ever gotten behind on your credit card payments, you probably have already dealt with a collection agency or debtor collector. Some debt collectors are aggressive and even abusive in their attempts to collect payment from individuals. To protect consumers from this type of behavior, Congress enacted the Fair Debt Collection Practices Act. The FDCPA prohibits debt collectors from threatening debtors, using false or misleading information or using unfair collection practices when … [Read more...]
Couples should re-examine their filing status before filing federal returns
February 20, 2014 by
Many couples automatically file joint tax returns each year because they are married; however, this may not be in their best interest. Most couples just automatically assume that filing a joint return is the best way to handle their taxes each year especially as Congress eased the marriage penalty by adjusting the tax code regarding couples. However, some couples may be able to save money, and get larger tax refunds, by filing separate tax returns. For more information you should read, … [Read more...]
Is February the worst month for personal finances?
February 19, 2014 by
Did you make a New Year’s Resolution to improve your finances and manage money more wisely in 2014? If you did, you are not alone. More than half of adults make some type of financial resolution each year including saving more money, paying off debts and spending less money. However, as January ends and February continues, most of us lose the strong convictions we had on New Year’s Eve. For help getting back on track read “Don't let February freeze your finances.” Image credit: … [Read more...]
