Author Archives: Carol Morgan

Avoid the Ghost of Taxes Past by Filing on Time

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There are many benefits to filing taxes on time

There are many benefits to filing taxes on time

While we all want to keep as much of our own money as we can, deferring

taxes is a costly mistake. The cost of deferring payment is explored by Eva Rosenberg on the Equifax Personal Finance Blog in the article, “

Filing Taxes: Pitfalls of Procrastination.” The article is half tax tips and half horror stories of people suffering avoidable penalties when they could have easily prepared and scheduled time with a professional in the nine months of tax return filing season.

There is certainly a danger in the false sense of security you can get from always thinking you can get an extension. As time passes along, it is harder to recover your numbers from the previous year and often things get misplaced and then the extended filing date, usually October 15, sneaks up on you. If you miss that date, the penalties start adding up. One of the examples has a lazy tax filer faced with late-filing penalties as high as 25 percent for not getting around to digging up a single piece of information.

If you are paid on W-2s where the correct amount of withholding is removed, you should still be sure to file. Not only will this make sure you aren’t sent a bill by the

IRS, but by filing you also ensure you get your full refund. This is especially important to keep in mind because the IRS keeps your refund if you allow it to sit unclaimed for three years.

There are other horror stories about being lazy when it comes to taxes and how to avoid them in the full article on the

Equifax Personal Finance Blog. The blog also has tons of useful information when it comes to your money, from taxes to insurance and beyond.

A First Time Guide to Your Credit Report

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Equifax is happy to share with you what everything in your credit report means

Equifax is happy to share with you what everything in your credit report means

If you are new to borrowing or are trying to repair your credit, it is important to know your way around your annual

credit report. Diane Moogalian has some great information about how to decipher your credit report in her Equifax Finance Blog article, “

Building a Strong Credit Report from the Beginning.”

Regardless of which credit agency’s report you are looking over for the first time, the same categories are present in the reports of Equifax, Experian and TransUnion. These categories are identifying information, trade lines, inquiry information and public record information. Continue reading →

Use Fraud Alerts to Protect Yourself from Holiday Credit Heartburn

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fraud alerts and security freezes

fraud alerts and security freezes

After all that holiday spending, have you been diligent about following up and checking your credit cards to make sure you didn’t get any unwanted holiday cheer for fraudsters and identity thieves? There are ways to protect your

credit score from holiday heartburn that you can use to help yourself stay safe. The Equifax Finance Blog explores them in its series, “

Fraud Alert Versus Security Freeze,” and it’s a good idea to know how they both work.

When your credit is damaged by fraudulent activities, it takes time to repair and heal itself through regular borrowing and timely repayments. That being said, fraud alerts and security freezes tell others that you have either been a victim or are proactive about only allowing your credit to be shared with your approval. Security freezes work like a bouncer to keep others from accessing your credit or opening new accounts in your name without your direct approval.

Fraud alerts, on the other hand, work like red flags on your account. Third parties can see your credit as usual, but when they come across these red flags, they have to contact you when they come across activity which may be suspicious. There are three kinds of fraud alerts, and they have varying durations: the initial fraud alert lasts for 90 says, an active duty fraud alert lasts for a year and an extended fraud alert lasts for seven years. When a fraud alert is placed on your account, you also are entitled to a free

credit report.

Be sure to check out the

Equifax Finance Blog for more information about protective measures for your credit, as well as great information on taxes, insurance, retirement planning and real estate.

Tax Credits and Exemptions for New Parents

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father holding babyChildren bring all manner of joy, including tax joy in the form of federal breaks and deductions. New and soon-to-be parents should keep up with these advantages in the tumultuous period of caring for a newborn. That’s where tax expert Eva Rosenberg comes in, giving us a primer on the Equifax Finance Blog, “

Tax Tips: Tax Implications of a New Baby.”

The first and biggest exemption for parents is going to be claiming a dependent, which in 2011 is worth $3,700 per child. This grows if you are a single parent, who also has access to head of household benefits. Head of household, single parent or otherwise, also enjoys lower tax rates overall, so it is certainly a benefit to take advantage of.

In addition, the Child and Dependent Care Credit is worth 20 to 35 percent of the first $3,000 per child paid for childcare while parents are working or studying. Both parents have to be working in order to use. In addition, there are child tax credits, and low-income families (married, filing jointly under $41,132 with one child) may be entitled to additional credits.

States also offer tax credits which will be very helpful for the big lifestyle change of becoming a parent. For more information about taxes in general, as well as all manner of financial tips, tricks and expert advice, check the

Equifax Finance Blog.

Dealing With Injuries On Your Carolina Real Estate

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homeowners insurance

homeowners insurance

Homeowners insurance is something that most people obtain and then forget about. After all, it’s not every day that an emergency occurs and forces you to dig up your policy information. If something does happen on your property, knowing how to handle the situation can save you plenty of stress in the long run.

In a recent article on the Equifax Finance Blog, “

Homeowners Insurance: Someone Gets Hurt On Your Property” Linda Rey offers advice for homeowners on what to do if someone gets hurt on your property.

If an accident does occur, you should first assess the extent of the injuries and determine whether or not to call 911. Depending on your relationship with the injured person, you may want to contact the police so both parties can make statements.

After that, try and take photos of everything – the injury (if possible) and the area where the accident occurred.

People with up-to-date insurance policies should have an attorney on retainer who will defend you if you are sued. If the injured party is merely looking for reimbursement of medical costs, your insurance policy should cover those expenses.

Regardless of the situation, call your insurance agent for guidance. An agent can help you much better if he or she knows about any injuries or potential claims right when they happen.

For more insurance advice, visit the

Equifax Finance Blog often. Let us know if this advice has been helpful.