If you travel to say 10 states in a year for business, you are actually liable to apportion your income by days of travel, and pay taxes and file returns in all 10 states. Yes, it is true, that is if you go strictly by the tax rule books. Though this may vary from state to state, it’s largely true in most cases. [Read more…]
Oil and Gold Prices Fall as Dollar Strengthens
Both crude oil and gold futures fell as the unexpected news of hike of interest rate in India came through along with the signs of an unlikely help from European Union for the severely debt ridden Greece.
The light, sweet crude oil futures slated for April delivery saw a decline of 2.3% at the New York Mercantile Exchange, valued at a lower rate of $78.83. This is the lowest that the futures have traded since beginning March. Even the May contract for light crude is down 2.2%. [Read more…]
Get a Health Savings Account to Manage Your Medical Expenses
If you are worried about rising medical costs and the skyrocketing premiums on health policies, you should consider opening a health savings account (HSA). These accounts not only offer you a great way of lowering your medical expenses, they also act as a tax free deposit, which you can tap into when you retire. [Read more…]
Yuan May Appreciate in Third Quarter
Leading business news publisher, Forbes reported that Willy Lam, an Adjunct Professor of History at Hong Kong University opined that China is likely to appreciate its currency by 3-5% starting some time July or August, if the global economic situation looks stable. He said that China is likely to continue its policy of keeping the Yuan pegged to the important global currencies and will float Yuan in a narrow band. [Read more…]
How Inflation Affects Your Savings
Inflation is one of the most important factors that you should take into account when you are planning your finances. Without proper measures, inflation can make a huge dent on your savings. That is why it is critical to understand how inflation works and what you can do to protect your finances. [Read more…]
Bernanke Supports Current Decentralized Federal Reserve System of Monitoring Financial Institutions
Federal Reserve Chairman Ben S. Bernanke has supported the current decentralized structure of the central bank with 12 regional banks. He said that a central agency monitoring the activity of the larger financial institutions in the country alone is not sufficient. A decentralized network of oversight and monitoring is important to lend support to the smaller banks spread across the country. [Read more…]
File Your Tax Return Online It’s Faster, Safer and More Convenient
As the deadline of 30th April for the tax filing is approaching, Internal Revenue Service (IRS) has stepped up efforts to spread awareness about tax filing procedures and help. To make the tax filing process easier, faster and safer, the IRS has been continually educating taxpayers and encouraging them to opt for e-filing than the traditional offline way. [Read more…]
No Agreement on Derivatives Trading Restrictions
One of the key aspects of the financial reform bill was to put restrictions on derivative trading by banks. But it has emerged that there are still serious differences among two senators who were entrusted with the job of shaping the rules. [Read more…]
How to Save on Your Food Costs
Economy is bad, and you would be looking to save as much as possible, especially if you have credit card debts or a mortgage. But there is one expense where people often tend to be extravagant – food.
It is estimated that an average American family spends as much as 10% of its income on food. Here are some tips that will help you save money on your food bills, so that you can make higher payments on your debts and get rid of them quickly. [Read more…]
Greece and the Eurozone: What Went Wrong?
There was a lot of enthusiasm when the euro was introduced to the world. The adoption of such a currency was intended to encourage the free flow of goods, services and commerce internally in Europe. It seemed ideal at the time, as having one currency enables easier transactions and facilitates trading of stocks/bonds at a common price all over Europe. But for once country it has all gone horribly wrong – Greece. [Read more…]
Balance Your Portfolio with Treasury Inflation Protected Securities
Usually most investment portfolios have a large percentage of stocks. In times of a financial boom, this worked great but if you planned for retirement in 2009, these same stocks would have led to huge declines in the value of your portfolio.
On the other hand, if you had put all your money in bonds or CDs (certificates of deposit), then you would have to live with dismal returns, especially when you consider the impact that 3% long term inflation will have on your savings. [Read more…]
Walking Away from Your Underwater Mortgage is Not the Solution
A large number of American homeowners now have an ‘underwater’ mortgage, which means that their home is valued lower than the remaining amount due on the mortgage. The problem has resulted from the massive declines in house prices throughout the country, by as much as a third in many places. [Read more…]
Multi Generational Housing on the Rise
With recession hurting consumer spending and housing remaining unaffordable for families across the country, the trend of buying multi generational housing is on the rise. This kind of housing allows people to share the cost of the house with their parents or adult children. [Read more…]
Greenspan Defends His “The Crisis” Policies
Alan Greenspan has come out with a 48-page report, named “The Crisis”, in which he has defended the low interest policies of the Fed when he was at its helm. Greenspan, who was speaking at the Brookings Institution conference in Washington, said that it was not the policies of the Fed but a failure to assess systemic risk and predict the huge financial crisis that caused the economic tsunami of 2008. [Read more…]
Number of Failed Banks Reaches 37 for 2010
Regulators have shut down seven more banks as the effect of bad loans on the financial industry continues. This has taken the total number of collapsed banks to 37 this year. [Read more…]
Credit Card Companies Offering Deals to Distressed Credit Card Holders
The credit card companies can offer bargain deals to distressed credit cardholders whose balance on the card has spiraled out of control and they can not afford to pay back the debt. And in today’s difficult times, these companies are more willing than ever to do whatever they can to settle the debts. [Read more…]
Is Paying for College Education Worth the Trouble
Getting a college degree is an expensive affair and often college graduates have been found regretting their decision after undertaking huge debts to pay for higher education. The problem surfaces more frequently during recessive years when salaries are low and jobs are hard to come by leaving debt ridden college graduates struggling to make loan repayments. [Read more…]
Home Affordable Modification Program & Home Affordable Foreclosure Alternatives
The Obama government has stepped in once again to aid home owners burdened with mortgages that they can not afford. According to recent studies, almost a quarter of all US mortgage holders are overextended on the loan with dues exceeding the actual recoverable value of their home. [Read more…]
Unemployment Rate May Impede Economic Recovery
Even as some analysts hail the end of the global economic slowdown with the stock markets gaining momentum, the 10% unemployment rate, one of the highest in decades is a worrisome issue and certainly does not support the positive outlook. [Read more…]
Accounting Malpractices Continue Even After Reforms
New revelations about the erstwhile Lehman Brothers Holdings Inc, have shown that governmental measures to curb accountancy malpractices have failed as exemplified in this case. [Read more…]
Dodd’s Financial Regulatory Reforms Proposal Fails to Deliver the Punch
The recently proposed financial and bank regulatory reforms by Senate Banking Committee Chairman Chris Dodd has been received with mixed reactions so far. The reforms bill aims to define new regulatory responsibilities and processes for various financial regulatory bodies including the Federal Reserve. [Read more…]
Labor Market Shows Signs of Recovery as Jobless Claims Fall
As predicted by analysts, first time jobless applications declined in the week ending March 13 to 457,000 according to the Labor Department. The decline continues the trend that was established two weeks ago, with the job markets picking up and signs of new hiring emerging in several industries. However, a large number of people are still receiving unemployment benefits, which is a cause for concern. [Read more…]
Interchange Fee The Invisible Credit Card Fee
When you use your credit card or debit card for a transaction, another transaction takes place behind the scenes. The bank whose credit card you are using (the issuing bank) gets paid a certain amount by the bank, which processes the payment on the merchant’s behalf (the merchant or acquiring bank) for every transaction. The fee paid by the merchant bank to the issuing bank is called the interchange fee. [Read more…]
How to Increase Your Net Worth
Keeping track of your finances can help you make sound decisions in financial matters. A fair assessment of your position is critical to achieve savings or repayment goals because it will tell you how much extra funds you can afford to put into these areas. [Read more…]
Will Your Insurance Pay for Damage Caused by a Fallen Tree?
Recently, strong winds wreaked havoc in many states and left a lot of property damaged. In many cases, it was the falling trees that were responsible for most of the damage. Falling trees wrecked cars, power lines and even entire homes. Naturally, most homeowners ran to their insurance agencies. But does your insurance cover such cases? That depends on a number of variables. [Read more…]
Learn How to Settle Your Credit Card Debt
Credit card companies are offering various options to customers to assist those who are unable to repay their debt to at least pay back part of the amount. Through negotiations, the company can reduce your interest rates and also lower your minimum payments. Various other plans are being offered so that you don’t default on your payments. [Read more…]
Employee’s Focus on Job Stability Rather Than Growth
Workers, worldwide, have turned risk averse, thanks to the recession. More and more employees are showing an inclination towards job security rather than career growth according to a biennial survey by Towers Watson Co. [Read more…]
Markets Reach Record High Since Recession
Post recession, the economy is surely and steadily recovering, and the impact can be clearly seen in the soaring stock markets. The US stock market recovery is being constantly backed by the Federal Reserve policies, and the Fed has recently announced that interest rates will continue to be kept low in the near future. [Read more…]
Tax Break for Companies Hiring Unemployed
A new legislation has been passed by the Congress that will offer tax breaks to companies hiring the unemployed. $18 billion has been budgeted for this and other initiatives and it comes from the series of efforts to boost employment in the country. [Read more…]
Prevent Your Personal Finances from Affecting Your Personal Life
Your financial situation should never affect your personal relationships with family and friends. Some family members or friends would earn more than you while some would earn less. Whatever your financial standing is in comparison to other people, it should remain outside the core of your relationships. [Read more…]
Should You Trust a Company Offering to Settle Your Debt?
These days several companies claim that they can reduce the amount of money you owe if you avail their services. These debt settlement agencies are flourishing because of the desperate situation of many borrowers, precipitated by the poor economic conditions. [Read more…]
Keep Your Money Liquid by Using a Savings or Money Market Account
Are you looking for an easy way to build liquid savings? If your answer is yes, you have two really simple solutions – open a savings account or a money market account. [Read more…]
