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MoneyTips What do you plan to do with your tax refund? Maybe you have your eye on upgrading your phone, buying a new computer, or splurging on a long overdue vacation. Have you considered using your tax refund to build your credit? Granted, credit building doesn't compare with lying on the beach enjoying the sunshine, but you'll get long-term benefits that go beyond good memories and a tan. Last year's federal tax refunds averaged $2,707, which could go a long way toward establishing new credit or restoring damaged credit. If you don't have any credit at all, your tax refund could help you get a secured credit card. Traditional credit cards require a minimum credit score, but secured credit cards usually don't because they're backed by a cash deposit that determines your credit limit. By making small regular charges and paying them off on time and in full each month, you'll b... from MoneyTips https://ift.tt/348i8k3

MoneyTips To paraphrase the old adage, there are only three absolutes in life: death, taxes, and the rise of scams during tax season. A major tax scam since 2013 involves phone calls by fictional IRS agents that demand immediate payment for alleged tax debts, threatening lawsuits or even jail time to those who refused to comply. The more sophisticated version of this includes spoofing a legitimate IRS phone number to fool caller-ID systems. The callers also have Social Security numbers and enough personal information to convince the taxpayer that the call is legitimate. From October 2013 to March 2020, the Treasury Inspector General's office identified 15,800 confirmed victims, who were swindled out of more than $80 million through this particular scam. Other scammers use a carrot instead of a stick. Another significant scam claimed that consumers had been awarded a government g... from MoneyTips https://ift.tt/2OLRvJl

MoneyTips When your identity is stolen, you have so many potential issues to deal with — changing passwords, closing accounts, dealing with fraudulent charges, and placing fraud alerts with the credit reporting agencies — that you may forget about potential tax fraud. Armed with your personal information, identity thieves can file a fraudulent tax return in your name and receive a refund before you realize your information has been compromised. Sometimes taxpayers are unaware of the breach until they have problems filing their taxes. What do you do if you fall victim to tax-related identity theft ? Start by responding to any IRS notice as instructed. Your first hint that there is an issue could be a notice from the IRS asking you to verify your identity because of a suspicious tax return with your Social Security number. Remember that almost all legitimate IRS contact will be through a letter in the ... from MoneyTips https://ift.tt/2RXQTSS

MoneyTips By Andrea Woroch Money is a top concern for most Americans these days and, with so much uncertainty still ahead, it's important to create financial security for yourself and your family as we enter into this new year. Improving your finances may seem like a daunting process, but getting started is half the battle. Here are five money moves you can tackle now to get the momentum going. 1. Plug budget leaks. Considering that 35% of Americans have less savings now than before the coronavirus took hold of our country, according to a recent survey from Bankrate.com, finding areas in your budget to rebuild savings should be a priority for the new year. Rebuilding an emergency fund may seem impossible now, but you may be surprised ho... from MoneyTips https://ift.tt/3sJkfoh

MoneyTips Some people swipe credit cards haphazardly during the holidays and accrue debt with little thought to the aftermath. It is also common for folks to blow their year-end bonuses on big ticket items before ever receiving them. People get swept up in the emotions of the holidays without considering the financial ramifications. In an effort to help curve these spending habits and assist folks in eliminating debt in 2016, MoneyTips took to Blab.im on December 18th for the latest installment in the MoneyTips Finance Friday discussions. Host Justin Simon was joined by sage financial experts Miranda Marquit and John Schneider of the Debt Free Guys . Watch the full replay below for all of their insights. Miranda Marquit is the financial blogging... from MoneyTips https://ift.tt/3bl4VaY

MoneyTips Some people swipe credit cards haphazardly during the holidays and accrue debt with little thought to the aftermath. It is also common for folks to blow their year-end bonuses on big ticket items before ever receiving them. People get swept up in the emotions of the holidays without considering the financial ramifications. In an effort to help curve these spending habits and assist folks in eliminating debt in 2016, MoneyTips took to Blab.im on December 18th for the latest installment in the MoneyTips Finance Friday discussions. Host Justin Simon was joined by sage financial experts Miranda Marquit and John Schneider of the Debt Free Guys . Watch the full replay below for all of their insights. Miranda Marquit is the financial blogging... from MoneyTips https://ift.tt/3bl4VaY