6 mistakes to avoid when filing tax returns
finance

6 mistakes to avoid when filing tax returns

As the end of the financial year closes in, many people find themselves scrambling to file income tax returns in time this year. The Internal Revenue Service (IRS) issues strict guidelines for ensuring a smooth and quick tax filing process. The last thing you want is a notification from the IRS citing an issue with the income tax return submission. So, here are six mistakes to avoid when filing your income tax return: Filing returns prematurely You might receive documentation regarding your current financial status, and this information has to be updated with the IRS. Filing prematurely can result in mistakes like omissions that only delay the processing of returns. Choosing the wrong form or filing status The IRS issues several forms for individuals, businesses, commercial establishments, and government entities to file returns. Ensure you choose the correct form and update the filing status on the official website. If there are dependents in the house or you are filing for a joint return, your filing status can vary accordingly. Making calculation errors Adding the wrong amount, excluding critical tax breaks, or even making mathematical errors while computing your income tax return are issues that IRS software can detect. However, miscalculating the return can delay the process.
4 mistakes to avoid when filing for tax refunds
finance

4 mistakes to avoid when filing for tax refunds

The Internal Revenue Service, or IRS, is the governing authority that processes tax returns filed by individuals and businesses and issues refunds. The IRS has issued sizeable refunds worth thousands of dollars in recent years. Individuals can use the money to meet daily expenses and pay pending bills. But to be eligible for prompt refunds, here are some common mistakes you should avoid while filing your tax returns this year. Updating the wrong filing status The IRS lets you file as a single taxpayer, a married taxpayer filing jointly/separately, a qualifying widow/widower, or a sole head of the household. Entering this information correctly is critical while updating the return. Filing under the wrong section can delay processing and refunds. You might even be subject to penalties if there are errors in the calculation. Not reporting all taxable income Salaried employees working for an organization should properly mention any income subject to taxes on Form W-2. Freelancers can report their income using Form 1099. Different kinds of employment and earnings are subject to different tax slabs. The bottom line is that you should never underreport your earned income in the said financial year. If the IRS notes discrepancies, it can order an audit that will lead to subsequent penalties and interest.
4 common mistakes to avoid when applying for home loans
finance

4 common mistakes to avoid when applying for home loans

Buying a house is a big step, no doubt. Since it is a long-term and expensive investment, it requires proper planning and analysis. One should only take out loans after careful research to ensure financial stability. As applying for loans is time-consuming, rushing through paperwork can lead to negative results. One can avoid most such mistakes with better planning and execution. Here are a few common mistakes to avoid when seeking a home loan. Not monitoring credit score Maintaining a healthy credit score before applying for any loan is important. Poor credit or a bad repayment history will lower the score, disqualifying the borrower from beneficial home loan schemes. A credit score of 700 or more can qualify for preferred loan terms and options from the best banks. If the score falls behind 700, take care of any prior settlements or written-offs by paying them back to establish a good record. Making these changes may take time, so always plan before applying for the loan. Overestimating the repayment capacity When estimating their repayment capacity, people frequently ignore their monthly expenses. Financial difficulties may arise from high monthly expenses and a loan with a high EMI. It is advised that EMI payments should not exceed 30-40% of one’s salary.
5 ways to avoid concert ticket scams
finance

5 ways to avoid concert ticket scams

Concert tickets sell out quickly and sometimes within minutes of announcing the event. The more popular an artist is, the harder it becomes to buy tickets, either online or in person. This is when scammers swing into action and launch a barrage of lucrative offers. Some tickets are sold for dirt-cheap prices, some are duplicates, and mostly these are just schemes to swindle people out of their hard-earned cash. Here is how you can avoid getting scammed. Check minute details Scammers sell tickets with a fake barcode or serial number for the registered event. This is hard to spot, but you need to know that these details won’t appear randomly on the ticket. Look for printing mistakes, invalid QR code scanners, and details that stand out. You can easily verify the authenticity using apps you can download to check barcodes. Don’t pay third parties Scammers usually have a third-party payment or merchant banking service to collect the sale proceeds. With third-party portals, there is no way to get your money back once it’s processed. When buying tickets online, make a payment once you confirm that the ticket money is being processed by the authorized online partners registered with the event.
Common mistakes to avoid when buying travel insurance
finance

Common mistakes to avoid when buying travel insurance

Travel insurance is an essential financial cover that protects one from unforeseen circumstances while traveling. From losing luggage to hotel cancellations, there are a few incidents against which insurance can be claimed. But before opting for one, it is important to thoroughly understand the policy document, including what is covered in the insurance and what is not. Here are a few common travel insurance mistakes that travelers can easily avoid. Ignoring credit card perks Several credit card companies offer travel insurance benefits to card holders. If you purchase a ticket using the card, you may be eligible for insurance. Credit card-based travel coverage may include claims against delayed, lost, or damaged baggage; trip cancellation or interruption; medical emergencies; evacuation; travel mishaps; or rental car insurance. With these advantages, frequent travelers might not need to get additional insurance. Not reading the details of the insurance Most travel insurance policies have a “cancel for any reason” provision. However, the requirement for this is often overlooked. The “cancel for any reason” coverage often has to be bought 7 to 21 days after paying the original trip deposit. Additionally, one can only receive compensation if they cancel their trip 48 hours in advance. Depending on one’s level of insurance, the reimbursement amount may vary.
Top 10 overlooked tax deductions
finance

Top 10 overlooked tax deductions

In the rush of filing taxes, it can be easy to overlook deductions that could help you save money. Tax deductions are expenses you can subtract from your taxable income. Knowing which expenses can be claimed as deductions is the key to limiting the hard-earned money you owe the government. From student loan interest payments to health expenses, here are some of the most overlooked tax deductions you should know: How do deductions work? Tax deductions lower the amount of tax you owe. A standard tax deduction—a single deduction of a fixed amount—is determined by your filing status: single, married, head of household, or filing jointly. You can claim the standard deduction without providing additional documentation or expense receipts. In contrast, itemized deductions are specific expenses you can deduct from your taxable income, such as clinical expenses, charitable contributions, and mortgage interest. Most overlooked tax deductions Job hunting expenses If you are looking for a new job in your existing field, you may be able to deduct expenses such as those incurred in resume preparation, traveling for interviews, and career counseling services. Charitable contributions Many know that cash donations to charity can be claimed as deductions but often overlook non-cash contributions like clothing or household items.
Best side hustle ideas to check out in 2023
finance

Best side hustle ideas to check out in 2023

The goal of a side hustle is to earn extra money to support one’s lifestyle. With the current economic scenario, people are constantly looking for sources of income besides salaries. It provides greater financial security and the freedom to pursue one’s interests while maintaining job security. The most important aspect of a side hustle is that it is exciting enough to keep one interested. Here are some of the most creative side-hustle ideas for 2023. Best side hustle ideas for 2023 Online surveys Filling online surveys is one of the simplest and most popular side hustles to get started with. Although it might not be the highest-paying job available online, it can be a great place to start learning about time management and balancing two careers, which may eventually lead to finding something more significant. For each survey, people can earn between $1 and $20. Writing blogs Starting a blog can be a fantastic option for people with a creative side who want a voice and a creative outlet. Most blogs generate a little money at first, but as their readership and reach grow, they generate more and more money. Bloggers can earn roughly tens of thousands of dollars per month.
5 mistakes to avoid when purchasing insurance
finance

5 mistakes to avoid when purchasing insurance

Purchasing insurance can be an excellent financial decision. When you buy insurance, you make small payments called premiums to an insurance company so that you and your loved ones are protected during a financial emergency. However, there are a lot of factors to consider when buying an insurance plan. And more often than not, people make mistakes during the process, which cost them a lot more than they would otherwise pay. Opting for low premiums People often opt for a plan with a lower premium because it is easier on the pocket. However, such plans usually provide a smaller claim amount during an emergency. So, try to find a balance between the premiums you pay and how much money you get during a claim. Not trying other insurance providers Staying with the same insurer might make the documentation process easier when renewing the policy or buying a new one. However, it can cost you more in the long haul. The provider may not always offer the best price for a preferred plan. So, if your situation changes—for example, if you get married, buy a car, or move to a new state—compare different insurance companies before choosing one. Not reading the fine print Every insurance plan comes with terms and conditions.
5 important questions to ask a financial advisor
finance

5 important questions to ask a financial advisor

Financial planning is a complicated endeavor that does not stop with simply opening savings and certificate of deposit accounts. You need an expert who can advise you on the best investment and diversification strategies for building a solid portfolio to secure your financial needs. But before hiring a good advisor, it is essential to understand how the process works and how to proceed from here. These questions can be a starting point. Here are the five questions you must ask a financial advisor: What are your qualifications? Financial planning is a vast topic with several areas of specialization in practice. So, you need to understand whether the advisor provides assistance for financial planning in general or focuses on a specific aspect of portfolio building. Primarily, they practice with a Certified Financial Planner (CFP) qualification approved by federal regulatory authorities and guidelines for safe practices. What is the range of services you offer? Their experience will vary depending on the type of services provided, ranging from planning for retirement to tax mitigation strategies and real estate trust services. Some CFPs work as fiduciaries, ensuring they keep your best interests at heart when planning and strategizing your finances. You must also check to confirm any disclosures on the record of previous misconduct or legal sanctions imposed on their range of services.
3 quick and easy ways to repay loans
finance

3 quick and easy ways to repay loans

While loans offer quick access to money, repaying them can be challenging. For many, debts feel like an unshakeable monkey on their backs. Additionally, if one fails to repay loan installments per the agreed schedule between them and their lender, the interest and penalties keep spiraling upward. To avoid this and other similarly nasty outcomes, repaying loans quickly and early is incredibly necessary. Here are some ways to achieve quick and easy repayment of loans: Making bi-weekly payments Usually, loan installment schedules are geared toward monthly repayments. However, one can speed up this process and simplify it by making the payments bi-weekly. All one needs to do is submit a half-payment of each weekly installment. This approach has multiple benefits. Firstly, as the payments are carried out more frequently, the interest rates do not accrue and grow with time. Additionally, breaking down the installment amounts make them smaller and easier to pay off. Additionally, by making about 26 half-payments annually, one shortens the life of their loan by a few months or even years. For example, using this approach on a 30-year mortgage can reduce its span to about 26 years. Refinancing personal loans Refinancing is the process where people can change the interest rate or terms of their current mortgage.

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Symptoms, causes, and risks of peptic ulcer
health

Symptoms, causes, and risks of peptic ulcer

Peptic ulcer affects about 4.6 million Americans every year. Peptic ulcer results in open sores forming on the upper portion of the small intestine and the inside lining of the stomach. The first one is known as the duodenal ulcer, and the second type is known as a gastric ulcer. Read on to know more about its symptoms, causes, and risks associated with this condition. Symptoms of peptic ulcer If you feel a burning pain in the stomach, then it can be a sign of peptic ulcers, as it is the most common symptom of the disease. The pain can get worse at night or between meals. The acid in your stomach makes it worse. Other than the pain, some other common symptoms of peptic ulcers include feeling bloated or full, intolerance to fatty food, nausea, and heartburn. Apart from these, the other signs may include: Vomiting with the presence of blood Presence of dark blood in the stool Trouble in breathing Feeling faint Nausea Sudden weight loss Change in appetite Taking acid blockers can relieve the pain temporarily. If it keeps coming back, you need to contact your doctor. Causes of peptic ulcer Stomach conditions may have a variety of causes, which is true for peptic ulcers too.
Heart disease – Symptoms, causes, and risk factors
health

Heart disease – Symptoms, causes, and risk factors

Several diseases are included under the umbrella term of heart diseases and are also called cardiovascular diseases. They lead to the blood vessels becoming narrow or getting blocked, which, in turn, can result in a heart attack or stroke or cause pain in the chest. Other heart conditions affect the heart’s muscle, rhythm, or valve. Symptoms The symptoms vary according to the condition diagnosed. The symptoms of common cardiovascular diseases are discussed below. Symptoms of atherosclerotic disease Pain in the chest or feeling a sense of tightness or discomfort in the area Shortness of breath Limbs feeling numb or severely cold if the blood vessels have narrowed in the area, as it affects blood circulation Pain in the jaw, back, upper abdomen, or neck Symptoms of abnormality in the heartbeat or arrhythmia Fluttering sensation in the chest Racing or slow heartbeat Discomfort or pain in the chest Feeling dizzy or fainting Light-headedness Symptoms of heart defects or related conditions Skin color turning blue or pale gray Abdominal swelling or swelling in the area surrounding the eyes Shortness of breath while feedings in case of an infant Symptoms of dilated cardiomyopathy Breathlessness Swelling in the legs, feet, and ankles Feeling a sense of fatigue and dizziness Irregular heartbeat Symptoms related to heart infections Fever Shortness of breath Feeling weak Change in the heart rhythm Persistent cough Skin rashes Causes The causes vary depending on the type of heart disease one is affected with.
Symptoms, causes, and risk factors of immune system disorder
health

Symptoms, causes, and risk factors of immune system disorder

The immune system is referred to as the defense system that protects the body against different kinds of diseases. The stronger the immune system, the higher will be the chances of the body staying away from diseases. Suffering from immunodeficiency or immune system disorder is a cause of concern and must be immediately addressed. Symptoms Cold hands If the blood vessels suffer from inflammation, it gets difficult for the ears, toes, fingers, and nose to stay warm. The affected portion of the skin turns white. Slowly, the color changes into blue when these areas are further exposed to some cold object or atmosphere. When the flow of the blood becomes normal, the skin turns back to red. Medical experts refer to this as the Raynaud’s phenomenon. It is one of the most commonly observed symptoms of immune system disorder. Dry eyes When a person is suffering from an autoimmune disorder, his immune system, instead of protecting his body against diseases, attacks it. Lupus and rheumatoid arthritis are two of the most common examples of this condition. People who suffer from an autoimmune disorder tend to have dry eyes. The person will feel the presence of some grainy object when this happens.
Common joint conditions and their symptoms and risk factors
health

Common joint conditions and their symptoms and risk factors

Joint conditions are commonly associated with increasing age, but they can also be a result of injuries or may develop due to other medical conditions affecting bone and joint health. Arthritis, a commonly diagnosed joint condition, has over 200 types. Depending on the severity of the disease, these conditions can also affect a patient’s quality of life. Read on to know the symptoms, causes, and factors that increase one’s risk of developing joint conditions. Symptoms of joint conditions The following are some of the symptoms that most joint conditions are accompanied by: Joint stiffness Weakness in the joints Inflammation, swelling, and redness of the affected joint Limping due to pain and stiffness Joint getting locked Tearing of the cartilage Commonly-diagnosed joint conditions and their causes Osteoarthritis This form of arthritis involves the wear-and-tear of the joint’s cartilage, which means the risk of developing this disease elevates with age. The cartilage plays the role of a cushion between the bones in order to prevent friction that can cause damage. Damaged cartilage due to this condition results in the bones losing their protection and clashing, causing pain and restricting movement and flexibility. This usually occurs gradually, but it can also develop suddenly in the case of an infection or injury.
All you need to know about menopause
health

All you need to know about menopause

Menopause marks the end of a woman’s menstrual cycles. It is typically diagnosed after a year of no menstrual periods, but it begins much before that. Menopause occurs in your forties and even fifties, but the average age when it occurs in the US is 51. While it is a natural and biological process, the physical symptoms and the hot flashes may cause disruptions in your sleep and even affect your emotional health in general. There are plenty of treatments available. But, to get started, you need to know what the condition looks and feels like. Here are the symptoms, causes, and complications related to menopause. Symptoms of menopause In the time leading up to menopause, you may experience some common symptoms such as irregularity in periods, dryness in the vagina, as well as hot flashes. Some people also experience chills, sleep problems, mood swings, and night sweats. Weight gain and slowed metabolism are two other symptoms that commonly occur with menopause. Menopausal women may even experience dry skin and thinning hair on a regular basis. However, this is not to say that all women experience these symptoms. Different women go through different issues. Depending on your health in general, you may experience varying levels of symptoms.
Mental health conditions – What you should know
health

Mental health conditions – What you should know

Millions of people live with different types of mental illnesses and health problems. These include obsessive-compulsive disorder, social anxiety, and personality disorders. All of these come under the umbrella of mental health. In this article, we will cover the symptoms, causes, and risk factors of some common mental health disorders such as obsessive-compulsive disorder (OCD), post-traumatic stress disorder (PTSD), and clinical depression to help you understand them better. Symptoms The common symptoms of mental health disorders include: Obsessive-compulsive disorder People with OCD may present the following symptoms: Constant fear of contamination and extra emphasis on cleanliness Signs of hoarding and counting belongings continuously Signs of excessive concern toward personal safety Post-traumatic stress disorder Somebody suffering from PTSD may show the following symptoms: Constantly suffering through intrusive memories Negative patterns in mood and mindset Trying to avoid thinking of the traumatic event Feeling changes in emotional and physical reactions Clinical depression The symptoms of clinical depression include: Being moody and experiencing different emotions, such as aggressiveness, anxiousness, and restlessness Adverse effect on sexual life A decline of cognitive abilities Poor sleep patterns If you notice any of these symptoms, we recommend consulting with a mental health doctor immediately. Causes The common causes of any mental health disorder include the following: