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But it can make more sense to file separately in a few cases, such as when you have excessive medical expenses. For married couples, choosing to file taxes jointly or separately can have a significant impact on the amount of income tax owed. Still, there are special circumstances where it makes sense to file separately. If you got married on or before December 31, you're considered married for the entire year for tax purposes. Filing separately would allow both spouses to begin deducting qualified medical expenses after they exceed 7.5% of their own AGI.

Quick tip: Even if you aren't required to file a tax return, you'll need to if you want to get a refund of overpaid taxes or claim refundable credits such as the earned income tax credit (EITC) or child tax credit (CTC). Requirements to file if you're a dependentPeople who are claimed as an adult or child dependent have to file a tax return in some situations. Also, if you qualify for any of the following tax credits, you should file to get your refund:Earned income tax creditChild tax credit or additional child tax creditChild and dependent care creditAmerican opportunity tax credit (partially refundable)Credit for federal tax on fuelsPremium tax creditHealth coverage tax creditRecovery rebate credit (aka economic impact payments)Credits for sick and family leaveNotes: The IRS begins issuing refunds for the child tax credit and the earned income tax credit in mid-February. Millions of Americans don't owe taxes on their income and aren't required to file a tax return because they don't earn enough money. And some taxes are certain for everyone, regardless of income, including sales taxes, excise taxes, and property taxes.

2021 and 2022 federal income tax brackets by filing statusBelow are the federal income tax brackets for single filers, heads of household, and married people who file either jointly and separately for 2021 and 2022. Your marginal tax rate is the highest tax rate your taxable income falls into. For one thing, it's because you can only determine your effective tax rate by going through the machinations of figuring out your marginal tax rate and the resulting total tax liability. Once you know your marginal tax bracket, you know how much tax you'll pay on each dollar of income. You can then calculate your effective tax rate based on your total tax liability for the year.

But failing to file a tax return can result in additional costs in the form of penalties, and interest. But how do you even know if you need to file a tax return? First, determine whether you need to file taxesFirst things first: Do you even need to file a tax return? A Tax Policy Center analysis finds about 40% of US households will pay no federal income tax for 2022. Taxable income $ 0 Effective tax rate 0 % Estimated federal taxes $ 0 Federal taxes withheld $ 0What happens if I don't file taxes?

Long-term capital gains are usually taxed at 0%, 15%, or 20%, but can get as high as 25% or 28%. Long-term capital gains rates range from 0% to 20% for 2021 and 2022, except in special circumstances. The capital gains tax rates apply to your net capital gains. Since both assets were held long-term, you can net them against each other: $3,000 gain - $2,000 loss = $1,000 net gain taxed at long-term capital gains rates. You can complete a short questionnaire on the IRS website to figure out how to pay your capital gains tax.

Buy now, pay later programs allow you to purchase items without paying for them all at once. What is buy now, pay later? Buy now, pay later (BNPL) allows you to buy items without paying for them all at once. If you can afford the item you want to buy and plan for how to pay for it, BNPL can be a great option. What are alternatives to buy now, pay later?

A community development financial institution (CDFI) serves disadvantaged communities. A community development financial institution, or CDFI, can be a credit union, bank, or non-profit organization that helps underserved communities. One Detroit Credit Union — One Detroit Credit Union is a Black-owned credit union in Michigan that offers rewards for its checking account if you set up direct deposits. — One Detroit Credit Union is a Black-owned credit union in that offers rewards for its checking account if you set up direct deposits. St. Louis Community Credit Union — St. Louis Community Credit Union is a Black-owned credit union in Missouri with low or no monthly service fees on accounts.

Pros Check mark icon A check mark. Can exchange more than 100 crypto assets Check mark icon A check mark. Variety of educational resources and tutorials on cryptocurrencies Check mark icon A check mark. Buy, sell, or store more than 170 cryptocurrencies like bitcoin and dogecoin Check mark icon A check mark. While the standard Coinbase account includes crypto trading, Coinbase Earn, Coinbase Card, wallet services (Kraken doesn't offer a wallet), and more, Coinbase Pro caters to more advanced traders.

Or, you can use 21,000 Hyatt points for the Hyatt Ziva Riviera Cancun, Hyatt Ziva Puerto Vallarta, or Hyatt Zilara Riveria Maya. For paid stays, you can also redeem Hyatt points for room upgrades to Regency Club or Grand Club level for 3,000 Hyatt points, standard suites for 6,000 Hyatt points, or premium suites for 9,000 Hyatt points. Standard room Points + Cash redemptions will run you:2,500 Hyatt points plus cash at Category 1 properties4,000 Hyatt points plus cash at Category 2 properties6,000 Hyatt points plus cash at Category 3 properties7,500 Hyatt points plus cash at Category 4 properties10,000 Hyatt points plus cash at Category 5 properties12,500 Hyatt points plus cash at Category 6 properties15,000 Hyatt points plus cash at Category 7 properties20,000 Hyatt points plus cash at Category 8 propertiesFor standard suite Points + Cash redemptions, this becomes:4,000 Hyatt points plus cash at Category 1 properties6,500 Hyatt points plus cash at Category 2 properties10,000 Hyatt points plus cash at Category 3 properties12,000 Hyatt points plus cash at Category 4 properties16,000 Hyatt points plus cash at Category 5 properties20,000 Hyatt points plus cash at Category 6 properties24,000 Hyatt points plus cash at Category 7 properties30,500 Hyatt points plus cash at Category 8 propertiesPoints + Cash redemptions for premium suites are as follows:5,000 Hyatt points plus cash at Category 1 properties8,000 Hyatt points plus cash at Category 2 properties12,000 Hyatt points plus cash at Category 3 properties15,000 Hyatt points plus cash at Category 4 properties20,000 Hyatt points plus cash at Category 5 properties25,000 Hyatt points plus cash at Category 6 properties30,000 Hyatt points plus cash at Category 7 properties40,000 Hyatt points plus cash at Category 8 propertiesFor those booking wellness stays at Miraval Resorts, rates for standard rooms at single occupancy are 22,500 Hyatt points plus cash, and go up to 32,500 Hyatt points plus cash for double occupancy. Other ways to redeem Hyatt pointsRedeem Hyatt points for dining, spa, and travel experiencesYou can also redeem Hyatt points for in-room movies, transportation, parking, and in-room dining and spa experiences at participating Hyatt hotels and resorts. Share Hyatt points with a friendIf you're feeling generous, you can share your Hyatt points, free award nights, or room upgrades with other World of Hyatt members.

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The federal tax deadline, when tax returns and payments are due, will move to May 17. The extension automatically applies to individual federal tax returns and payments for 2020 normally due on April 15. "Under titanic stress and strain, American taxpayers and tax preparers must have more time to file tax returns." The IRS moved the tax deadline back in 2020Last year the IRS moved the tax deadline from April 15 to July 15 to give taxpayers and preparers more time to file and pay during widespread coronavirus shutdowns. After winter storms knocked out power in several states in February, the IRS extended the federal tax deadline for residents and business in Texas, Louisiana, and Oklahoma to June 15.

Without a good credit score, buying a home or borrowing money is more difficult, holding Black Americans back from building wealth. To understand the impact that credit scores have on the racial wealth gap, it is important to understand the history of the credit system. On a 30-year, $200,000 mortgage with a FICO credit score between 700 and 759, one could expect to receive a 2.56% interest rate. But a person with a credit score between 660 and 679 could end up paying an additional $14,914 — 677 is the average credit score for African Americans compared to white Americans at 734. Indeed, the credit gap is just another symptom of systemic racism, and finding ways to achieve parity in employment and wages would go a long way to closing the credit gap.

Gig workers must pay federal income taxes, and a 15.3% self-employment tax on earnings above $400. Like any other self-employed person, gig workers can lower the income tax they owe by claiming relevant expenses. That means if you earned money from Uber, Lyft, Postmates, Instacart, Etsy, or a similar company, you may be on the hook for federal income taxes. You'll have to pay income taxes on your net earnings (your gross income minus any related expenses). The deadline to pay any individual income tax you owe for the 2022 tax year is April 18, 2023.

Building good credit with a credit card requires spending less than your credit limit allows and promptly paying off the bill each month. If you've never had a credit card or taken out a loan before, consider becoming an authorized user on a friend or family member's credit card or applying for a secured credit card. Your credit card payment activity and credit utilization will be reported to the credit bureaus, which will each create a credit report in your name. Try a secured credit cardYou may try a secured credit card to start building credit on your own. Apply for a credit card with good rewardsOnce you've established your credit score, you're probably ready to apply for your own credit card.

I started by asking a financial advisor for help, then opening a SEP IRA and funding it little by little. Every time someone brought up the idea of a retirement account, I rolled my eyes and tuned them out. I asked for helpWhen I decided to start saving seriously for retirement, I didn't know what to do first. I considered all my retirement account optionsI was always so intimidated by how many retirement account options there were. This allowed me to build up year one of my SEP IRA and play a bit of catch-up.

If you have a lot of equity built up in your home, it may be possible to leverage it to buy your first investment property. Here's a look at my plan to tap into my home equity to buy my first investment property. Calculating home equityHome equity loans and home equity lines of credit are loans that use the equity in your home as collateral. Home equity installment loans are sometimes just called home equity loans or may be referred to as a second mortgage. If that all works as planned, I will end up making money every month from our investment property going forward.

Our experts choose the best products and services to help make smart decisions with your money (here's how). In some cases, we receive a commission from our partners; however, our opinions are our own. I used to spend $800 to $1,000 a month on food for my family of four in Los Angeles, California. But now that I'm more thoughtful about how I plan and buy groceries, I've cut my grocery spending in half. Here are a few tricks I've used to reduce my grocery budget and save money on food every month.

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Understand how your credit score affects interest ratesGenerally, a credit score is the most important factor in deciding what interest rate a lender will offer you. Get your most recent credit scoreIt's one thing to suspect you have bad credit, and another to know exactly how bad it is. Consider a credit unionCredit unions are a great option for those looking to get a loan with bad credit. Your credit report spells out everything being counted in your credit — every loan, every credit card, every debt. Try and boost your credit scoreYour credit score is calculated, approximately, with the following five factors:payment history (35%)current debt balances (30%)length of credit history (15%)new credit (10%)credit mix (10%)Some of those factors are difficult to change, like the length of your credit history.

Apply now A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.8 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. Note that credit card lenders may use many different variations of credit score models when considering your application. Apply now A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.6 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. Apply now A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.6 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. But even if I'm wrong, couples therapy will be one of the last things to be cut from our budget.

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). According to ValuePenguin, the average American household has $5,700 in credit card debt. 3 credit card traps that can lead to overspendingNot knowing when money leaves your hands"When we pay with credit cards, we don't exactly find the moment of payment," says Ariely. Overvaluing credit card rewards"Credit card rewards are a way for credit card companies to shift our loyalty — loyalty from the merchant to them," says Ariely. Engineer your own rewards program"There's something exciting about credit card rewards, but it's a product with a goal, which is to get us to overspend," Ariely says.

We also wanted to give ourselves more wiggle room in our budget by lowering our monthly mortgage payment in case either of us lost our income. We were able to refinance to a new 3.4% 30-year loan to save $150 a month and more than $30,000 over the life of the loan. Why we decided to refinance nowWe bought our house in April 2017, using a 30-year mortgage at 4.4%. We decided to refinance not only to take advantage of lower mortgage refinance rates, but also as a precaution. A lower monthly mortgage payment gives us some flexibility and more cash flow if we find ourselves with less money coming in.

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The National Bureau of Economic Research found that when it comes to approving a loan application, online lenders are 40% less likely to discriminate than mortgage lenders who meet with applicants face-to-face. However, online lenders still tend to discriminate based on neighborhoods and shopping behavior, which affects interest rates. AdvertisementUnlike in-person lenders, the research showed online fintech lenders don't discriminate when it comes to approving a loan application. Fintech lenders still discriminate less frequently than non-fintech lenders, though. In this case, you will likely have to meet someone in person, even if you're using an online lender.

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I'm a mom of two black children, and I know the importance of teaching them good financial habits to build wealth and close the racial wealth gap. My parents modeled good financial habits for me, and I'm passing along three lessons to my kids: avoid debt, use a budget, and save and invest. The three most important things I'm teaching my children are to avoid debt, use a budget, and save and invest. Save and investLastly, I saw my parents save and invest. While I do want my kids to have wealth, it's not just about a sum of money.

When the COVID-19 crisis landed in the United States, the Federal Reserve slashed interest rates to record lows. As mortgage rates quickly followed, the time was ripe for a mortgage refinance. Coronavirus and mortgage interest ratesIn an effort to keep our economy humming along in the right direction, the Federal Reserve sets a target interest rate for interbank overnight loans. Mortgage, credit card, savings account, and other consumer interest rates tend to follow. Your credit score, income, and other debt are all part of the formula used to determine your mortgage interest rate.

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