Money Talk: Options for Building Credit Score
Question: I am selling my car to an old friend with no credit history. (The used car salesman wanted to charge her 6.5 percent 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 report payments, since subscribing to credit bureaus is expensive. The rate your friend was quoted actually isn’t bad given her...
Money Talk: Gift to Son Not a Charitable Donation
Question: Our son bought a house and lost his job two months after the purchase. We have helped him stay afloat. Thankfully he has a new job. We don’t expect to get the money back — he is still trying to get out from under — but we have given him close to $10,000. Can we claim this as a “gift” to him on our income taxes? Answer: The IRS doesn’t view money given to family members as a charitable donation. In other words, there’s no tax...
Tampon Tax: Does Being Female in U.S. Carry Unfair Costs?
New York — Margo Seibert and Natalie Brasington don’t think women should have to pay a “period tax,” and like a growing number of other women, they are publicly questioning whether being female in the U.S. carries unfair costs. The pair are among five New York City women who filed a lawsuit last week arguing that it was unconstitutional for the state to levy sales tax on tampons and sanitary napkins while offering medical product...
5 Tax Breaks You Might Be Missing Out On
This year, don’t get mad at the tax man. Instead, devise a plan to find as many tax deductions as you can. Here are five of the most commonly overlooked tax breaks. The more you know, the less you’ll pay when you file your taxes by April 18. Alimony Breaking up is hard to do, but it can be tough on your pocket book, too — particularly if you’re responsible for making spousal support payments. The good news: Alimony is a tax write-off...
IRS Doubles Number of Taxpayers Whose Data May Have Been Stolen
Washington — The Internal Revenue Service said Friday that criminals attacking its website may have stolen sensitive personal information from more than twice as many taxpayers as initially expected. In total, cyber criminals may have accessed tax data for more than 700,000 taxpayers by hacking the agency’s “Get Transcript” tool, which allows taxpayers to obtain copies of previous tax returns, the IRS said. Criminals tried to use the...
