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6 mistakes to avoid before taking personal loans

6 mistakes to avoid before taking personal loans

Personal loans allow people to make more significant and long-term investments, whether it’s a vehicle or a home. But with the host of lending options available, getting a loan can seem complicated. Every loan offer is different in terms of interest rates, loan conditions, flexibility, and fees. Since a significant chunk of one’s hard-earned money goes into loan repayments, making a hasty decision can be unwise. Here are some of the most common errors one can avoid while taking loans. Accepting unreasonable repayment terms Any lender requesting an excessive amount of advanced payment or an unreasonably high rate of interest should ideally raise a concern. Interest-free loans usually come with high admin fees, which can result in a significant repayment amount. One can inquire about the percentages of loan-origination fees and actual interest before taking on such an offer. Not checking one’s credit score Approval of one’s loan application and the rate of interest depend mainly on one’s credit score. So it’s advisable to evaluate one’s credit report and get any discrepancies sorted out with previous lenders before applying for a loan. A low score can get one’s application rejected and further bring down the score. Not comparing lending options and overlooking fees One is advised to research and compare one’s lending options thoroughly.

6 mistakes to avoid when using credit cards

6 mistakes to avoid when using credit cards

Credit cards are a great way to earn rewards, enjoy benefits, and build credit, but they can also be dangerous if misused. Poor usage can damage one’s credit scores and lead to penalties and high-interest rates due to the lack of timely payment. In fact, it is common to forget the pitfalls of credit cards when using them. So here are a few credit card mistakes to note to avoid falling into a debt cycle. Credit card mistakes to avoid Paying the minimum amount Paying only the bare minimum amount due each month will help one avoid late fees and other penalties. However, it causes interest to be added to the balance, making it more difficult to pay off later. It can be difficult and time-consuming to pay off the balance with high-interest rates. Thus, individuals are recommended to create a payment plan to aid in the management of funds and the timely payment of bills. Overspending Credit cards are relatively easy to use, which can lead to people easily overspending, especially when purchasing online. It is difficult to understand expenses when purchasing products online. Some good practices to follow include keeping credit card usage under 30% of your budget and only using a credit card for monthly budget expenditures that are easier to pay off before the monthly billing cycle ends.

3 common tax refund mistakes to avoid

3 common tax refund mistakes to avoid

Taxpayers can claim refunds if they have paid more tax during the year than they actually owe the government. One can take several steps to claim returns every year, however, the returns filed should not contain errors. Such mistakes can delay the process and result in taxpayers getting a smaller refund than the one they sought. So, here are a few common tax refund mistakes one should avoid to make the return process smoother: Overlooking tax deductions Deductions make up a large part of tax returns. One can use IRS’s calculator to compute the amount of state and local sales tax they can deduct. For instance, any out-of-pocket contributions or donations, such as donating food to a school, can add to an individual’s tax deductibles annually. Similarly, reinvesting dividends received from mutual funds can also increase one’s tax deductibles for the year. Paying high-interest debts also boosts the refund one can claim. Overlooking these deductions when filing tax returns is one of the most common tax refund mistakes. Making calculation mistakes This is also one of the most common tax refund mistakes people make. Mathematical or calculation errors sneak into the returns when entering numbers on the filing forms. While verifying tax payability, the IRS double-checks that all the amounts specified on the first two pages of the form tally with the actual numbers.

7 mistakes to avoid while filing taxes online

7 mistakes to avoid while filing taxes online

Filing taxes is a complicated process, due to which several individuals make mistakes while filling out their forms. Though making errors is normal, doing so on a tax form can cost a lot of money. People may miss out on a larger refund and even pay higher taxes, interest, and penalties. Some mistakes may also invite Internal Revenue Service (IRS) audits. Here are some errors one should avoid while filing taxes. Delayed submission When one delays the submission of their tax returns, they may have to pay an additional fee. This penalty can rise to 5% of the tax amount due for each month that the tax return paperwork is delayed. The penalty percentage may increase based on how long one takes to file their return. But if an individual does miss the deadline, rather than doing nothing, they can request an extension by filing Form 4868 before the tax-filing deadline to get more time. Entering the wrong Social Security number The IRS uses a social security number to verify information obtained from an employee against details provided by the bank, employer, and other establishments. Therefore, adding inaccurate Social Security numbers by accident may interfere with the filing process and lead to the claim getting rejected.

7 mistakes to steer clear of when filing tax returns

7 mistakes to steer clear of when filing tax returns

It is rightly said that “a penny saved is a penny earned.” Every dollar saved today can contribute to a hassle-free and blissful future, allowing us to seamlessly fulfill our long-term financial goals. A sizable portion of our salaries is typically spent on paying taxes, contributing significantly to government revenue. Although paying taxes is every citizen’s responsibility, avoiding inevitable common mistakes can help taxpayers save money. Some such mistakes to avoid are: Not investing in tax-saving avenues Tax-saving investments can help investors avoid unnecessary taxation to help them work toward their long-term financial objectives. Several tax-saving and tax-free investment options are available today; selecting your tax-free investments should depend on your requirements, income levels, and goals. Municipal bonds, tax-exempt ETFs, and specific index mutual funds are highly tax-saving options. Additionally, some tax-free avenues to consider are 401(k)/403(b) Employer-Sponsored Retirement Plan, U.S. Series I Savings Bond, Health Savings Account (HSA), and 529 Education Fund. Waiting till the end moment to save taxes Many taxpayers commit the mistake of waiting till the end moment to begin considering tax-paying options. Such last-minute decisions often lead to large-scale one-time investments, which can affect one’s current financial needs and dissuade one from reaping the maximum benefits from tax-saving investments.

Top 10 tax deductions to claim in 2023

Top 10 tax deductions to claim in 2023

The IRS offers ways to save money on taxes each year in the form of tax deductions and credits. Tax deduction works by lowering the taxable income and reducing the tax liability. This deduction is subtracted from the income, lowering the taxable income and reducing the final tax bill. It can be claimed in two ways – standard or itemized deductions. While there are many deductions to choose from, here are the ten most popular options. Charitable donations deduction Individuals who donated in cash or kind to 501(c)3 organizations during the tax year may claim a deduction on their federal tax returns. Gambling loss deduction This deduction requires itemized reporting of all winning as taxable income. The losses and expenses covered here are deductible only to the extent of gambling winnings. Student loan interest deduction Those who paid interest for a qualified student loan in 2022 (for themselves or dependents), or are legally required to pay interest, may claim up to $2500 in tax deductions for the financial year. Medical expenses deduction Qualified, unreimbursed medical expenses worth more than 7.5% of the adjusted gross income for the taxable year can be deducted. These must be reported as itemized deductions on IRS Schedule A.

10 commonly overlooked tax deductions

10 commonly overlooked tax deductions

Millions of people in the country struggle to maximize their tax deductions yearly simply because they are unaware of excellent tax-saving opportunities. Tax season can be overwhelming and confusing for many. Every taxpayer wants to do what they can to minimize their liability and save as much money as possible. Still, sometimes it’s difficult to identify all the available potential deductions. Here is a list of potentially helpful tax deductions that are often overlooked. Commonly overlooked tax deductions State sales taxes If you reside in a state that does not impose income taxes, you may deduct the sales tax you paid throughout the year. Reinvested dividends You may have received dividends reinvested in additional shares if you own stocks or mutual funds. These reinvested dividends can increase your tax basis and lower your taxable gains when you sell the shares. Charitable contributions The Internal Revenue Service (IRS) allows taxpayers to deduct charitable contributions made for qualified organizations, including those supporting underprivileged children. To claim a tax deduction for your charitable contribution, you must provide documentation verifying your contribution. Student loan interest paid by parents If parents repay a student loan their child is legally obligated to repay, the IRS considers the money as if it was given to the child who paid the debt.

What you must know about guaranteed business loans

What you must know about guaranteed business loans

If you’re looking for funding your small business with a loan, you’ll most likely come across the term “guaranteed business loans.” People often misunderstand this term as business loans that are guaranteed to be approved. But, this is not what guaranteed business loans means. To clarify the confusion, let’s understand what the term actually means, and discuss the most popular types of guaranteed business loans. What are guaranteed business loans? In simple terms, guaranteed business loans in the world of small business loans refer to loans that are secured or backed by a guarantee. The guarantee can be in the form of collateral, deposit, or an agreement. This essentially means that the lender is guaranteed to receive their money back even if the borrower fails to pay. When we talk about guaranteed business loans, we refer to loans with a personal guarantee or, more commonly, loans guaranteed by the small business administration (SBA). Let’s take a look at both these types. Personally guaranteed business loans As you understand from the term “personal,” when you make a personal guarantee on a business loan, you essentially agree to sell your assets to pay off the loan, if your business is unable to do so.

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Joint conditions – Symptoms, causes, and risks

Joint conditions – Symptoms, causes, and risks

Joint conditions refer to any condition or disease that affects the joints. Arthritis is the most well-known and commonly occurring joint disease, while there are several others that impact the health of individuals across the world. Diseases related to the joints can be both short-lived or they can turn chronic and require surgery and other serious treatment. This condition can be limited to a single joint or it can impact different parts of the body. There are two types in which joint conditions can be classified: inflammatory and non-inflammatory. However, one thing that is common with most joint conditions is that they’re very painful, especially inflammatory diseases. Symptoms of joint conditions There are several symptoms of joint conditions. While most of them will involve pain, some of them might just involve a difference in shape or a bulge around the joint. This will be the earlier stage of any joint condition, and if a person visits a doctor during this stage, treatment can be fairly simple. Let us understand the different symptoms of joint conditions: The area surrounding the joint is swollen or there is prominent redness in the area. If you touch it, and the area is warm, you might want to consult the doctor.

All you need to know about kidney and liver failure

Hepatorenal syndrome is a condition that is identified as a type of kidney failure that occurs in people who have serious damage caused to the liver, commonly due to cirrhosis. When the kidney stops functioning, toxins begin to accumulate in the body which leads to liver failure as well. Therefore, kidney and liver failures are co-dependent in this case. This condition is of two types: 1 and 2. In Type 1 the kidney failure is more rapid, while type 2 patients tend to move gradually toward renal failure and the symptoms are less aggressive. Symptoms The symptoms caused by the hepatorenal syndrome are a cause of medical emergency in most cases. If any of the symptoms associated with the condition occur, the patient must be rushed to a doctor without any delay. The common symptoms associated with the condition include Nausea Increase in body weight Confusion Reduced urination Change in the color of urine, which usually becomes dark-colored Swelling in the abdomen area Jaundice Dementia Vomiting Delirium Causes and risk factors In most cases, the hepatorenal syndrome is a complication associated with liver disease. Almost in all patients, the condition is caused as a result of liver cirrhosis. When a person suffers from cirrhosis of the liver, there are several factors that can cause the hepatorenal syndrome, such as Infections, especially the ones that affect the kidneys Digestive tract disorders such as gastrointestinal bleeding Use of diuretics, the substance used for increased production of urine The primary reason behind the condition is mostly any kind of disease related to the liver.

Menopause – Symptoms, causes, and risks

Menopause is a stage that marks the end of a woman’s menstrual cycles and fertility, and it is diagnosed when a woman doesn’t menstruate for 12 consecutive months. Usually, menopause occurs in women between the ages of 40s and 50s, but in some cases, early onset may cause a woman to reach menopause in her late 30s as well. Menopause can lead to the development of several symptoms and can cause a lot of discomfort, but no medical attention is required in most cases. This article outlines what you need to know about menopause. Symptoms of menopause The time that leads up to menopause is also known as perimenopause, and it can be accompanied by various symptoms, including the following: Irregularities in the menstrual cycle Vaginal dryness Hot flashes and night sweats Cold chills Sleep-related problems Mood swings Increase in body weight Reduced metabolism Hair thinning Skin dryness Reduced breast fullness The symptoms caused by menopause, including the irregularities in the menstrual cycle, can vary from one woman to another. During perimenopause, it is common as well as expected for a woman’s menstrual cycles to be irregular or skipped. Some women do not get their cycles for several months, followed by normal cycles for a few months.

Symptoms, causes, and risk factors of mental health issues

Mental health is a term that is collectively used to understand illnesses that include symptoms that might have an impact on the thinking, mood, and behavior of a person. Mental health problems might make it difficult for people to concentrate on work or maintain a positive work-life balance. There might even be problems pertaining to relationships when a person is dealing with mental health problems. While mental health and stress have a complex but definite relationship, the latter can gravely be worsened by the former. What is the solution? While some people resort to counseling for mental health problems, some might turn to medication. A combination of both can also be a good and effective solution for some. Symptoms of mental health problems The symptoms of mental health illness can vary depending on the individual, the depth of the problem, and how a person is looking to cope with the problem. There can be emotional and behavioral repercussions of mental health illness, and the best way to cure is to identify it early on and support the person suffering from mental health issues as well as possible. Some of the known symptoms of mental health illnesses include: Feeling sad or low Inability to concentrate on the job or even on leisure activities like watching TV or reading the newspaper Extreme feeling of guilt Irrational fears or worries, especially about the future Mood swings Withdrawal from family, friends, and all sorts of social activities Detachment from the real world and a sense of delusion or hallucinations Inability to keep up with daily tasks or powerlessness in handling the stress of simple jobs Difficulty in understanding people and situations Excessive alcohol use Sudden change in eating habits Change in sex drive for the worse Change in temperament and sudden hostile behavior and loss of patience Suicidal thoughts Physical symptoms such as stomach ache, back pain, and headaches Causes of mental health problems Multiple causes can be associated with the occurrence of mental health illnesses.

Oral health issues – Causes and tips to prevent them

Although maintaining oral hygiene is important for overall health, several mouth and teeth diseases can make it difficult to have the pearly whites you desire. This makes it important to be careful about oral hygiene and make regular efforts to maintain oral health. This article discusses the symptoms and causes of mouth and teeth diseases, followed by a few tips to maintain good oral hygiene. Symptoms Several mouth and teeth problems can be caused by oral health issues. Here are some symptoms that you need to keep in mind to help prevent oral diseases: Foul breath Bleeding gums Loosening of teeth Aches in the tooth, jaw, or gum These are the most common symptoms that are often overlooked, but ignoring them can worsen the pain and aggravate mouth and teeth problems. It’s best to consult a dentist at the earliest if any of these symptoms manifest. Causes The causes of mouth and teeth problems may vary from person to person, but let’s look at the most common causes: Smoking Smoking causes several health issues, and mouth and teeth problems are just one among those. It harms the tissues of the gums and the nicotine also stains the teeth. Poor dental history in the family If your family has a poor dental record, you should take extra precautions to maintain oral health as you face a greater risk of developing mouth and teeth problems.