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 […]
Recent Blog Posts
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. […]
Friday’s need-to-know money news
Today’s top story: How to write a retirement plan. Also in the news: The tax advantages of homeownership, tax tips for members of the military, and the billions of dollars in unclimed tax refunds. How to Write a Retirement Plan It’s a lot simpler than you might think. Still Renting? You’re Missing These Tax Advantages […]
Thursday’s need-to-know money news
Today’s top story: The pros and cons of automatic bill payments. Also in the news: When it’s time to sell a mutual fund, what you need before you file your taxes, and when to consider locking your Social Security number. Pros and Cons of Automatic Bill Payments Convenience could come at a price. 5 Reasons […]
Wednesday’s need-to-know money news
Today’s top story: The biggest mistakes you can make while banking online. Also in the news: Making tax time easier, the single best thing you can do for your financial wellbeing, and how debt can wreck your retirement. The 5 Biggest Mistakes You Can Make Banking Online Small mistakes can result in big consequences. Tips […]