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Adjustments, exemptions, deductions and credits all work differently, yet all have the net effect of reducing your tax bill. You should be familiar with all four so that you can take advantage of all the breaks the IRS is willing to give you.
Limit the amount of mailings and telemarketing calls you receive at home.
Just when you thought you had finally figured out your taxes, you have to start all over again. That's what it may feel like when you get married or divorced, because the IRS has some different rules for taxpayers depending on their marital status.
Each year, the IRS selects a certain number of returns to audit - in 2006, it was slightly under one percent of individual returns.
Unbiased Financial Information Provided by Financial Finesse
Unbiased Financial Information Provided by Financial Finesse
Unbiased Financial Information Provided by Financial Finesse
Unbiased Financial Information Provided by Financial Finesse
Unbiased Financial Information Provided by Financial Finesse
Unbiased Financial Information Provided by Financial Finesse
Remember driver's ed? You logged some hours in the classroom before you hit the road, right? The preparation process behind buying a car should be no different.
If you have children, take part in chauffeuring their soccer team, and are known to feed them snacks and drinks while running errands, you're probably not a good candidate for leasing a car.
Should your next car be new or used? Ask ten friends and you'll likely get an equal number of votes for each option. If you're debating which kind of car to buy, here's some information that might help you make a decision.
After you've owned a car for a while, you realize that the cost of purchasing the vehicle was nothing compared to the cost of maintaining it year after year.
Whether you're shopping for a new or used vehicle, you won't be motoring for long if you're not prepared to cover the substantial expenses that are a normal part of auto ownership.
If you need a car and you can't pay cash for it, an auto loan will get you behind the wheel. Whether you get financing through one of the traditional sources or you find it in a more creative way, the legwork you put into the search will pay off in the long run.
Sid Garvey was recently laid off from his job. After a month out of work, he realizes he's not going to be able to make his next car payment. He wonders how long he has before the lender comes for his car, and what his options are.
There are almost as many ways to buy a car as there are automakers. What are your options and which one is right for you?
If you already order books, make reservations and get directions on the Web. Why not find your next car there? There are no pushy salespeople to deal with, no limit to the models you can choose from, and no bad car dealership coffee.
Negotiating your car purchase doesn't have to be difficult or confrontational. Following a few basic rules will keep you in control of the deal.
Car dealers are experts at convincing buyers they absolutely need a sunroof, spoiler, in-dash CD player and fancy pin stripes. Don't fall for the sales pitch. Know what you need and can afford, and stick to your guns.
Paying for something you may never use might be a hard pill to swallow, but a good auto insurance policy is worth every penny of the premiums you pay. Even if you don't make a claim, your dollar buys ongoing peace of mind.
In recent years, large chains like Econo Lube N' Tune, Midas Muffler and Brake Shops, Goodyear, and Sears Auto Centers have been busted for selling needless repairs.
Since auto ownership takes such a big bite out of your budget, you should carefully consider how four (or more) wheels fit your family's finances.
It's hard to pay attention to the fine print in your auto lease when you're dying to get behind the wheel of that shiny new car. But understanding your lease terms before you leave the lot can help you avoid the unpleasant surprise of a big bill when you drive back onto the lot in a few years.
For whatever reason, you've decided to sell your car. Assuming your goal is getting the most money and experiencing the fewest hassles, the following will help you achieve car-selling success.
If you're like most consumers, you're eager to get a credit card. That's understandable -- they offer convenience, enable you to take advantage of opportunities, and can get you through emergencies.
There are lots of reasons why you might be looking to establish or re-establish credit. Whatever the case, there are a few things you can do to establish credit even if you don't currently have any credit cards or loans.
Once you've decided what you want in a card, choosing the best one is just a matter of comparing offers. You can narrow down your options by answering three questions.
With so many credit card issuers clamoring to get their plastic in your pocket, how do you decide which offer to accept? You might think that the choice boils down to the best rates and lowest fees, but the lender's reputation is just as important as the credit terms.
Americans are up to their necks in debt. Bankruptcy has become so commonplace that in October of 2005, the government made it harder for people to file. You might blame our love of credit cards for the financial predicament we've gotten ourselves into.
Don't know which credit card is right for you? Not sure of the best approach to paying off your debt? Online financial calculators can answer these questions and many more.
Since good credit is such a valuable financial tool, you'll want to protect yours so that it's there for you when you need it someday.
I applied for my first credit card in my late teens. It was a big deal for me since I was pretty sure credit held the power to fulfill my childhood dreams of adventure and freedom... not to mention a fancy new stereo and a super-fast computer.
If you're deep in debt, you may feel like you're all alone. In reality, there are millions of consumers who, despite their best intentions, are in the same boat. Fortunately, there are professional credit counselors who can help you manage your debt and get your finances back on track.
What do you do when you find charges on your credit card that you didn't make? What are your rights when it comes to a charge that you did make but are withholding payment on because goods and services weren't delivered as promised?
Looking to reduce your monthly payments? Want to switch from a variable rate loan to a fixed rate loan? Those are good reasons to refinance your mortgage.
Rent or buy: The question confounds people in every income bracket, age group and geographic location. There's no easy answer, because the benefits of owning or renting are different for every person.
Your home-buying plan starts with your credit report. Mortgage lenders rely heavily upon your FICO score, a numerical "grade" that reflects your credit history, to determine if they'll lend you money and at what interest rate.
Buying a home isn't just a good long-term investment; it's also a great way to trim your annual tax bill. The tax savings you get through ownership can actually help you pay the mortgage.
Not so long ago, if you wanted to buy a $200,000 house you'd need at least $40,000 for the down payment. While 20 percent is still the "gold standard," these days it's not uncommon for homebuyers to put down 5 percent or less.
Buying a home is the largest purchase most of us ever make, and unless you've been lucky enough to inherit a fortune or win the lottery, you'll have to go into debt for it.
You wouldn't hire someone to work in your office without interviewing them and checking their references, yet you might very well consider using a real estate agent you met briefly at an open house or called in response to an ad.
Buying a home can be an emotional experience, with hopeful homeowners being excited, nervous, frustrated, and discouraged at various points in the process.
Don't let the fine print in the purchase offer, or sales contract, keep you out of your dream home. But do make sure you understand exactly what you're agreeing to and use the contract to protect yourself.
Escrow is the arrangement under which all documents and funds for your purchase go to a neutral third party, usually an escrow or title company, which coordinates and completes the paperwork, making sure that all conditions of the sale are met before the transaction is final.
Buying a home is a major investment and owning one is a big responsibility. How you hold title determines what legal and financial rights and responsibilities you have related to the property.
Owning a home can be the best investment you ever make, but any of these eight common mistakes can turn what would otherwise be a wise investment into a financial liability.
The key to managing your home maintenance and improvement projects is understanding the difference between them and planning for both.
Between replacing the family car every few years, remodeling the kitchen, and paying Junior's tuition, even consumers who don't consider themselves big spenders can end up with some hefty bills on a regular basis.
Do you know how much your home is worth? There are plenty of reasons why you might want to find out. An appraisal will tell you what you want to know.
Once you decide to sell your home, you want the process to go as quickly and smoothly as possible. So, besides hanging a "For Sale" sign out front, what can you do to improve your chances of getting the sale you want?
Identity theft is a crime that involves someone else using your name, Social Security number and/or other personal information to steal.
The following "do's" and "don'ts" will help to reduce your chances of becoming a victim.
The following information can help you to figure out what to do if it happens to you. Knowing what to do and those to contact can empower you to get your credit straightened out and help you to regain your emotional balance.
The aftermath of identity theft can be as simple as a few calls to the credit bureaus or it can become a complicated nightmare that takes years to end.
Just ten years ago, most of us couldn't conceive of buying items online. The biggest concern was privacy - if we entered our credit card information to make a purchase, we worried that a "hacker" would steal it and go on a spending spree.
Most of us have learned to be leery of the huge number of "deals" that arrive by email every day. But many other scams can find you by US Mail, on your home phone or in a local business storefront.
Credit repair encompasses a number of different services, from legitimate credit counseling and debt repayment programs to less scrupulous offers to clean up your credit report and pay off your debts for pennies on the dollar.
You've heard it at least a million times: If something sounds too good to be true, it usually is.
Ads for a rapidly rising phenomenon called payday loans pop up daily on our televisions and radios, and in newspapers and our email. What is a payday loan?
You know the pitch: "No credit, no problem! Have the merchandise you want delivered today--no waiting!" So what's the catch?
Credit unions and banks may have changed -- many are "visited" only online now -- but to most kids they're still mysterious, and the idea of trusting their pennies to them may seem downright foolish.
It seems twelfth-graders across the country are clueless when it comes to money.
"Pleeeeeze can I borrow $20? I promise I'll pay you back." Your teen is pleading for the loan, his friends are waiting, and the pressure is on. What do you do?
Your kids don't listen to you, right? Well, according to a recent survey, when it comes to money matters, children do listen to parents, but unfortunately moms and dads may not be doing all they can to educate their kids about money.
Some financial experts and child psychologists agree that allowances can be a great way for kids to develop good money management skills that can last a lifetime.
When you were young, you probably thought that investing was something reserved for stuffy old investors. But for today's generation of computer-savvy, media-saturated kids, investing isn't so foreign or intimidating a concept.
Among the first words children usually learn is "mine," or "I want." At about the same time, parents are trying to teach the concept of sharing, a lesson that needs to be reinforced continuously from the time children are very small.
With credit card companies stepping up marketing campaigns targeted at the lucrative teen/young adult population, it's a given that your own children will be offered plastic as soon as they set foot on a college campus, if not sooner.
Whether or not to allow your child to work can be quite a decision. Some parents who think that since they worked in high school and managed just fine, it's a good idea for Junior to get a job too. While others think that their child will get distracted and may not be capable of balancing school and work commitments.
It can be a shock for teens working a summer job to get their first paycheck and realize there's a huge chunk missing. Such is the reality of income taxes, as all adults know.
While a cash-only approach to managing your money might be an ideal to strive for, opportunities and emergencies crop up. So how do you know when borrowing is a good idea and when it isn't?
Most of us know why we want credit, but we might not be sure of which loan would best suit our needs. Here's a reference guide to help you. Once you know which kind of loan to get, you can focus on finding the best rates and terms.
If you're buying your first home, you'll quickly be introduced to a whole world of mortgage lingo. Some basic mortgage education might put you in a better position before you shop around for a loan.
Special loans let you convert the equity in your home into cash to pay for things like a car, your child's college education and home improvements.
If you shop carefully, you could find loan terms so competitive that you have money left over to buy those fancy new license plate frames, too.
The list of potential sources for a personal loan is not quite as long as the list of possible uses for the money, but there are quite a few options, and each one offers its own advantages.
Most businesses need outside funding at one time or another. Even if you don't have wealthy relatives or rich (and generous) friends, you can still get the money you need to keep your business rolling along.
Shopping for a loan is just like shopping for anything else: you'll want to compare features and prices and look for sales. Although the process can be time consuming, the effort may very well save you big bucks over the long run.
Don't be intimidated by the loan application process. While every lender has different policies, forms and documentation requirements, the typical loan application process can be broken down into three basic steps.
An unexpected expense is all it takes for consumers with little or no savings to get into trouble. Borrowers facing an emergency rarely take the time to shop around or understand all the terms of the loan they're offered.
You already had the color of your new car picked out or made on offer on your dream home when you got the call - your loan application has been denied. Besides being potentially heartbreaking, a loan denial can be a financial wake-up call.
You sit down with the bills, pull out your checkbook, and discover there's not enough money to pay everyone. What do you do?
Retirement should be a time when you can relax and enjoy yourself after years of work -- a time for living in plaid golf pants, teaching your pooch a new trick every afternoon, or working on one jigsaw puzzle after another.
It's the question on every worker's mind: How much money do I need to live the retirement lifestyle I dream of?
What do you do when you wake up one day and realize retirement is right around the corner and your nest egg is more of a nest acorn?
Asset allocation - the way you spread your investment dollars among stocks, bonds and cash - is like deciding which eggs to put into which baskets.
A 457 plan is an employer-sponsored retirement plan offered by state and local governments and certain tax-exempt organizations. It is a deferred compensation plan that allows you to contribute to a retirement account and shelter those contributions from current taxation.
The way you divide up your nest egg among the three main asset classes could mean the difference between retiring when and how you want to and having to adjust your plans.
For as long as the stock market's been around, there have been riveting stories of riches and ruination.
For better or worse, retirement savings accounts don't come "one-size-fits-all." On the bright side, different eligibility requirements, tax treatment and contribution limits means the odds are pretty good that at least one account has everything you need and want.
IRA -- those three little initials can play a big role in your retirement savings plan. That's because they protect you from three other little initials: IRS.
Everyone wants options - paper or plastic, regular or decaf, sprinkles or dipped - but some choices are harder than others.
As if you don't already get enough input -- from your mother, boss, significant other - about what you should do and how you should do it, now you have to listen to someone you don't even know tell you how to manage your 401(k) plan?
It's probably safe to say that you want to save as much as possible for your retirement. Fortunately, the IRS wants to help you achieve that goal -- the tax code is designed to encourage you to save and to help your nest egg grow faster.
Millions of employees dream of leaving the working world before their hair turns gray -- while they can still do things like travel, golf and generally kick up their heels.
According to the National Career Development Association, 17 percent of employed adults expect to change jobs voluntarily over the next three years.
Working for a small business or running your own shouldn't leave you out in the cold when it comes to retirement plans. You or your employer can enjoy the entrepreneurial life and still save for retirement with a SEP, SIMPLE, or qualified plan.
Traditional IRA owners and individuals in qualified retirement plans like 401(k)s or 403(b)s are required to take a minimum annual distribution from those accounts beginning at age 70 1/2 and continuing for the rest of their lives.
Now is the time to be sure you have set up your beneficiaries correctly, because you can't make any changes from the grave.
Unbiased Financial Information Provided by Financial Finesse
Unbiased Financial Information Provided by Financial Finesse
Unbiased Financial Information Provided by Financial Finesse
Unbiased Financial Information Provided by Financial Finesse
Unbiased Financial Information Provided by Financial Finesse
Unbiased Financial Information Provided by Financial Finesse
It's probably safe to say that you want to save as much as possible for your retirement. Fortunately, the IRS wants to help you achieve that goal -- the tax code is designed to encourage you to save and to help your nest egg grow faster.
While wading through paper and interpreting the IRS tax code is never the most pleasant way to pass time, filing your tax return doesn't have to be the nightmare it's made out to be.
Until two years ago, it didn't occur to me to prepare my own tax return. It seemed complicated enough to warrant the $500 I spent each year on my CPA.
Whatever the reason, you can't pay what you owe. Don't panic, many people find themselves in this unenviable position and manage to find a solution.
If you're ready to pull your hair out over your taxes, or if you simply don't have the time, know-how or inclination to do them yourself, you'll want to call on a pro. But who do you hire?
Reducing taxes should be a key component of any financial plan. Here are five ways to keep more money in your pockets.
With the passage of the Economic Growth and Tax Relief Reconciliation Act of 2001, Uncle Sam gave American taxpayers the opportunity to cut their tax bill and keep more of what they earn.
The prospect of being audited by the IRS haunts many American taxpayers. The good news is that the average filer has a fairly low probability of being audited.
Your goal is to withhold or pay just enough to meet your tax obligation. You won't get a tax bill, and you can stash away the money that used to go to Uncle Sam in an investment that pays you interest.
In today's world, it's easy to spend too much and save too little.
BECU has partnered with brass|MEDIA to bring you brass|MAGAZINE and brass|SHOW – financial advice, articles, stories and videos written and presented entirely by young adults aged 18 to 24.
Discover tips for saving, investing, and building good credit. This article is designed for young adults in the 18 to 24 year old range to develop practices that will help you become financially fit.
Due to rising costs of higher education, many student loan organizations provide loans that cover the complete cost of college through programs based on monthly payments that fit real-world lifestyles. Learn more about your student loan options.
Discover tips from BECU for first-time car buyers about what to consider before shopping for your new or used car.
Check out some sample articles from brass|MAGAZINE – the magazine produced and written by young adults who understand their peers' interests and money needs.
BECU can help clarify your financing options and connect you with resources that will help you discover a variety of ways to pay for college.
There's tuition. Add to that books, room & board, lab fees, and supplies. Making a plan to finance college education can seem daunting at first. BECU can help clarify your financing options and connect you with resources to get you headed full-speed into your future.
BECU Trust Company offers answers to key questions about wills.
BECU Trust Company offers information about Living Trusts to review before you meet with a BECU Trust Professional to discuss your particular needs.
BECU Trust Company offers some estate planning fundamentals to consider before meeting with a Trust Company Professional about developing your strategy.
BECU Trust Company offers ways to keep emotions out of the decision-making process when you are choosing investments.
BECU Trust Company offers information about Trustees and their appointment, duties, responsibilities and qualifications.
BECU has teamed with local providers to provide professional card processing services for small businesses. Learn how easy it is to get started.
Find out why you should not mix your personal and business accounts and some of the risks you’re taking if you do.
Even before you open for business, it’s imperative that you have a plan in effect for keeping accurate and up-to-date financial records. Find out why it’s important and how to do it in this helpful article for entrepreneurs.
BECU has partnered with Paychex® a leading national provider of payroll, human resources and benefits in providing outsourcing solutions for small businesses. Discover how they can help streamline your payroll functions.
Discover practical tips for starting your own small business and making it last.
Learn what the various types of small business loans are best used for and when they are most appropriate.
Use AutoSMART to research and find the right car, and apply for on-the-spot BECU financing. Offered by Credit Union Direct Lending, AutoSMART is available exclusively to credit union members.
Discover what makes a car or truck green and how it can impact your health, your wallet, and the environment.
Discover how banks and credit unions differ and learn why credit unions are the smart choice.
Discover BALANCE, a comprehensive financial education and counseling service free for all BECU members.
Learn what to do if you feel you’ve been the victim of ID Theft, and about BECU CardProtect Program, Deluxe ID TheftBlock©, the Fair and Accurate Credit Transaction Act (FACT Act), and other resources.
Email fraud is very prevalent and commonly known as “phishing”. Because of the risk of identity theft, it pays to learn how to help protect yourself against email fraud and phishing scams.
Discover the top seven principles that help define why credit unions are known as cooperatives.
It is not possible to entirely prevent identity theft and credit fraud. Nevertheless, by protecting and managing your personal information carefully, you can substantially reduce the likelihood of it happening to you.
Discover practical tips designed to help you get on the right track with spending less and saving more.
Discover what makes a home green and how it can impact your health, your wallet, and the environment.
Discover how to consolidate debt by tapping into your home’s equity with an Equity Advantage account from BECU.
Discover how BECU Online Banking can help you save time and save the environment.
If you have already financed your car at a higher rate than what BECU offers, consider refinancing to save some money.
Do you have a BECU vehicle loan? Find out to apply for a title and discover helpful links to governmental websites for more information on vehicle titles.
Discover tips for using credit wisely, plus definitions of types of plastic and the costs involved in using credit.
Learn about credit and credit cards in these articles from Googolplex: The Credit Union Guide for Student Money Makers.
Learn about smart ways to save more of your money in these articles from Googolplex: The Credit Union Guide for Student Money Makers.
Learn a simple way to start budgeting that will stick with you your whole life and help you determine how your spending will impact your savings.
Learn about smart ways to budget your money in these articles from Googolplex: The Credit Union Guide for Student Money Makers.
Learn about investing in these articles from Googolplex: The Credit Union Guide for Student Money Makers.
Learn how to make wise financial habits fit easily into everyday life—starting as a teenager.
Discover why BECU members are meeting with Financial Advisors at BECU Investment Services to discuss rolling over assets from their 401(k) and other company-sponsored retirement plans into a Rollover IRA.
Discover how BECU members are benefitting from Estate Planning with knowledgeable and trusted Financial Advisors at BECU Investment Services.
BECU members can benefit from Retirement Planning at all stages of life by working with the knowledgeable and trusted Financial Advisors at BECU Investment Services.
Meet one young investor named Paul who started investing with $500 as a senior in high school, and learn how compound interest helps your investments grow.
Learn about the comprehensive array of financial products to help improve your life.
Discover why BECU members are meeting with Financial Advisors at BECU Investment Services to discuss which type of retirement account is right for them.
Discover why BECU members are tapping into the wisdom, advice, and resources available through knowledgeable and trusted Financial Advisors at BECU Investment Services.
Our Financial Advisors* can help you take control of your financial future with confidence. BECU Investment Services include investment and retirement planning, investment management, and funding a college education or long-term care.
It’s never too early to start planning ways to pay for your college education or your child’s education. BECU can help clarify your financing options and connect you with resources to get you started.
Are you vulnerable to potential identity theft? What’s the risk? This webcast will acquaint you with various types of fraud (email, credit card, ATM, mail, check, and computer) plus steps you can take to protect yourself and your identity from criminals intent on stealing your money!
Learn how working with BECU Trust Company can help build your wealth for future generations in this overview of BECU Trust Company's custom services: investment management, life and estate planning, will and trust administration, and fiduciary and agency services.
Make shopping for your home or selling one easier. Explore the process involved and gain insights about real estate transactions. Avoid potential pitfalls and insure your best interests are represented. A real estate professional highlights BECU’s Real Estate Services program.
You are the first line of defense in keeping your credit safe. Learn how you can obtain free credit reports, how to read your credit report and correct information, expand your knowledge of FICO scores, and discover how to prevent fraud and identity theft.
It’s easy to spend too much and save too little. Learn where you’re currently spending your money, how to create realistic goals you can keep, how to maintain your budget once you’ve created it, and ways you can manage your money to stay on track.
Before shopping for your new house or condo, walk through the home buying process to become an informed, empowered borrower. You will learn how to shop for a mortgage loan, the requirements, terms and loan options available to BECU members.
Find the latest news and information about what BECU is up to and how it benefits our members and the community.
Find articles, webcasts, and financial calculators designed to help you become financially fit.
BECU members are switching bank accounts over to BECU and saving hundreds of dollars.
Join the credit union that will save you money. Get benefits banks just can’t match.
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