3 alternate remedies to pay your income taxes on time

There are several out there who often forget or probably cannot pay up for their income taxes on time. Even though they file their returns on time, things do not materialize naturally or as expected due to financial problems. There are times when people tend to panic especially when they aren’t informed that there are ways that can be undertaken when it comes to paying the income taxes.

When it comes to the penalties levied on late filing of tax return and late payment of taxes, the latter is known to be lesser than the former, and that is the reason why such an emphasis is laid on filing the taxes first before it is too late. When you fail to file your tax returns, you are to pay 5% of the balance due per month that often goes up to 25%. On the other hand, the failure to pay the taxes on time has a penalty of 0.5% of the balance per month and goes up to 25% depending on the income.

Read More

8 tips – How can you stop yourself from spending unecessarily ?

This is a trait that the majority of people living in the urban areas have. They are known to be spendthrifts and spend on anything that they set their eyes on. For the present generation, having a budget or probably making plans or everything isn’t easy as they are impatient and do not want to be controlled by anything especially when they earn a lot of money.

While the need to save for the days to come doesn’t strike them, there is this huge loss that they face when they grow old or probably lose their job when they are middle-aged. While multiple things can be followed by people to cut down on costs and unnecessary expenditure, here are a few ways put down for you.

Read More

7 traits of debt-free people that can give you a stress-free life

Given the fast-paced life that we lead as well as ever-changing economic conditions, there are probably just a few out there who are not in debt. Everyone in some way or the other have a debt to pay for, and it could be in any possible form. It could be loans, or probably credit cards and such people are likely to be available in all income levels and cannot be distinguished with their status.

It is just a few good habits that some people own that they are given the name of being debt-free. Not everyone has these good habits from the time of their birth but has garnered all of it in their lifetime. Some have seen their parents be responsible for their finances while the rest have come to this position after years of struggle and focus expenditure. While it has taken a lot of courage to be debt-free at all times, here are the habits of such lucky few that needs to be followed by one and all.

Read More

Top 5 Biggest Mistakes to Avoid When Buying a Car

1. Monthly Payment

The first thing that you should never do when you try and buy a car is to think regarding monthly payment. There are not many people who can walk into a car dealership and write a check and buy a car. People who sell the cars know that as well. They also tend to rely a lot on this particular as far as their sales pitches are concerned. This is perhaps one major reason why in most such cases the argument is based on how much you would be able to pay in a month. At the time of negotiation, the dealer would do anything it can to make the car fit into your monthly budget.

It could adjust the rate of interest on repayment, give you a longer period to pay the loan back, or even restructure the payment in such a way that it fits your budget. To start with, it might not look like a big deal. However, even a year extra on the car loan or a few additional percentage points on the rate of interest on repayment could add plenty of dollars – to the tune of a few thousand, in fact – to the total money you pay for the car.

Read More

8 Investing Styles: Which One Is Right for You?

Are you looking to invest your money in the stock market or any other securities market where you hope to get returns that would help you beat inflation? If the answer is yes, then there are a few things that you need to know. The first such thing is that in investment there is no single approach that would be the right fit universally. Something that works for you may not work for another person and vice versa. There are a few questions that you have to ask yourself in this context before you take any decision in this regard. This will help you find out the right investment approach that would be the best fit for you.

You can also be sure that it is this approach that would help you reach your goals as an investor as well.

Read More

5 Ways To Budget And Invest Like A Wealthy Retiree

There is an old saying that asks you never to peg the needle on your spending meter. There are a few things that you need to ask yourself when you try to buy something that is bigger, flashier, or newer. Why do you want it? Would it make you happier? Would it give you the status that you are looking for? Would you derive a sense of self-worth from it, the like of which you did not have before? You may not know this, but in the long run, you could be happier that you kept your money in the bank and never indulged in any expense that was unnecessary.

You should only spend if you have a genuine need to do so. It is best to be conservative when it comes to spending habits. You should do this even if your salary increases or you inherit wealth or property from somewhere else.

Read More

5 Must-Do Practices to Be a Millionaire at a Young(er) Age

1. Sources of income

The first thing that you need to do in order to become a millionaire at a young age is to develop several sources of income at the same time. You should always look for any and every opportunity to add to your income. Making money is always a hard target to achieve – talking about it is a lot easier. However, if you can find some additional ways in which to grow your money it would only be helpful for you in the end. It would help your net worth grow that much quicker. An author named Thomas Corley recently studied some self-made millionaires for 5 years.

Read More

12 Wealth Building Secrets You Need To Know !

Following are a few secrets that you should know if you wish to build wealth down the line:

1. Setting goals

One of the first things that you should do if you are serious about building wealth is to set goals. People who are wealthy did not get there by expecting to be so. They made plans and then worked to set those plans in motion to achieve their financial goals. As far as what they want is concerned they have a proper vision and, suffice to say; they always take all the steps that are necessary to get there.

Read More

Find out Where the Social Security and Medicare Taxes Go !

Being employed in America, you must be aware of the Social Security and Medicare taxes that are deducted from your paycheck every month. This is something that you would also notice when you receive your salary slips and look at the breakups that the company help you with. These are known to be termed as Federal Insurance Contribution Act Tax (FICA) where a certain sum of money is collected from the employee as well as the employer in equal parts.

Read More

6 tips to save you from trouble when you do not pay taxes

Tax filing is a duty that every citizen should abide by, and failure to do so is known to attract heavy fines and penalties. While filing your tax returns is something that is mandatory, there are times when you are to pay taxes, and you do not have sufficient funds for it. Would you not file for the taxes then?

Even though you do not have the money to pay for your taxes, you should never refrain from filing the returns. The worst case would be paying a certain amount of money as fine, but that would keep you safe from trouble and label you as a good citizen. Non-payment of taxes, as well as the inability to file tax returns, can often have a bad impression on the credit score while making it difficult for you to acquire loans and insurance policies in the days to come. While there are things that can save you from trouble, here are a few put down for you to know of.

Read More