Free From Broke

What is VITA – Volunteer Income Tax Assistance Program

Many people would like help with their tax returns, but don’t know how they can afford to employ the services of a tax professional. It’s true that some of the major income tax preparation services advertise that they will file your taxes for free, but this isn’t always the same as preparing them; in many [...]

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Marginal Tax Rate VS Effective Tax Rate – What are They and How do They Affect You?

by Glen Craig

Most of us have no idea what either our marginal or effective income tax rates are. They only seem to matter at income tax filing time, usually appearing as supplemental numbers in a computer generated income tax return. One of the reasons we tend not to track these numbers is because they’re calculations, which for [...]

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Oil Prices at Nearly $110 and Links

by Kevin Mulligan

With the stock markets reaching closing highs not seen since 2008, the price of some commodities have come right along. One with the most impact to every consumer in the United States is the price of oil. Oil prices are now trading just shy of $110 per barrel. Of course rising oil trading prices leads [...]

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Obama Proposed Corporate Tax Reform – Cut Tax Rate But Seal Up Loopholes

by Glen Craig

It’s yet another example of something that most lawmakers agree on yet it most likely will not get done. Washington gridlock is alive and well even when there is no disagreement on the core issue. That is the main problem with the corporate tax. Currently, American corporations pay a 35% tax rate, higher than any [...]

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Tax Time: Are You Reporting Your Income? Different Tax Forms to Look For

by Miranda

For many, income reporting at tax time is fairly straightforward. You get a W-2, there’s your income. The IRS gets a copy of the W-2, your state gets a copy, and you keep a copy for yourself. Your income is reported on this form, and you don’t have to worry a great deal about other [...]

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Four Places Not to Use Your Credit Card

by Glen Craig

Americans are in love with credit cards. Many of us have replaced the cash in our wallets with our cards, charging everything from a cup of coffee to large purchases like automobiles. Although credit cards are convenient, they aren’t right for all purchases even if you can get rewards points or cash back. In what [...]

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Should You Buy a Bigger House?

by Melissa

Because home prices and mortgage interest rates currently are so low, if you are in a stable financial position, now might be a good time to enter the home buyers’ market or sell your current house and buy a bigger one. Remember all of the McMansions people built and bought before the housing bubble burst? [...]

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Dow 13,000: To Be Fearful or Greedy? and Links

by Kevin Mulligan

The DOW Jones Index is just a few thousand trades from the 13,000 mark. As of market close on Friday the DOW sat at 12,949.87. That seems almost impossible to believe considering the financial crisis and Great Recession of just a few years ago. The highest the market has ever closed was 14,164.53 back in [...]

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There’s Some Orange in Your Pocket – Capital One Gains Approval to Acquire ING Direct USA

by Glen Craig

This story didn’t make front page headlines in the financial media but behind the scenes, a battle took place with Capital One emerging as the winner. Capital One, well known for their “what’s in your wallet” commercials agreed to purchase ING Direct USA for $9 billion paving the way for Capital One to become the [...]

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How to Deduct Your Moving Expenses

by Glen Craig

According to the U.S. Census bureau, up to 40 million people move from their current residence each year. That represents just over 14% of the population and as everybody knows, moving is expensive, stressful, and back breaking. For those who are moving because of a new job, the IRS softens the blow by allowing a [...]

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