When Bruce McClary was a housing counselor, his clients regularly showed up for appointments with grocery bags full of unopened bills. “It wasn’t unusual. They couldn’t pay the bills, so they didn’t open them,” says McClary, who now works in public relations for the National Foundation for Credit Counseling. Ignoring bills seems to work — […]
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Tuesday’s need-to-know money news
Today’s top story: Home-related tax deductions you shouldn’t overlook. Also in the news: What to do if you’re behind on your health insurance premiums, the benefits to itemizing your taxes, and secrets to getting the best deal on a new car. 4 Home-Related Tax Deductions You Shouldn’t Overlook Every deduction helps. Behind on Health Insurance […]
Monday’s need-to-know money news
Today’s top story: The 10 keys to proper estate planning. Also in the news: What types of insurance everyone should consider, why you need to review your car insurance policy, and how to choose the right budgeting software. 10 Keys to Proper Estate Planning Protecting yourself and your family. 3 types of insurance everyone should […]
Q&A: Helping a friend build credit
Dear Liz: I am selling my car to an old friend with no credit history. (The used car salesman wanted to charge her 6.5% interest.) Is there a way that I can report her timely payments to the credit reporting services to help her build her credit? Answer: It’s not really practical for individuals to […]
Q&A: The hazards of debt settlement
Dear Liz: My wife and I owe about $46,000 in credit card debt. We are considering a debt consolidation plan in which our debt would be reduced to about $27,000. According to what I’ve read and what’s included in the paperwork, any reduction in our debt may be reported to the IRS as income. I’m […]
Q&A: Gift tax returns
Dear Liz: You recently answered a question about gift taxes and mentioned gift tax returns. Who is supposed to report the gift, the one giving or the one receiving the money? It seems like the one receiving the gift should, but in the answer it seemed the one giving the gift was subject to taxes. […]