Tax savings: Home loan top up could be the cheapest loan available for you – The Economic Times
Tax savings: Home loan top up could be the cheapest loan available for you The Economic Times
Tax savings: Home loan top up could be the cheapest loan available for you The Economic Times
If youâre tackling school debt and looking for ways to maximize your tax refund, one avenue to consider is the student loan interest deduction. This benefit allows you to take a tax deduction for the interest you paid on student loans that you took out for yourself, your spouse, or your dependents. The deduction can […]
The post How to Get the Student Loan Interest Deduction appeared first on SoFi.
In this episode of the podcast, the hosts discuss whether CDs are a good option and then talk with a listener about how to manage a financial windfall.
The IRS divides income into taxable and nontaxable categories. In general, income is taxable unless thereâs a law exempting it. As youâd expect, all taxable income must be included on your yearly income tax return. But hereâs the twist: Nontaxable income may also need to be listed on your return, too. Because anything tax-related is […]
The post Examples of Nontaxable Income vs Taxable Income appeared first on SoFi.
Internal Revenue Service (IRS) rules require companies with 401(k) retirement plans to identify highly compensated employees (HCEs). An HCE, according to the IRS, passes either an ownership test or a compensation test. Someone owning more than 5% of the company would qualify as an HCE, as would someone who was compensated more than $135,000 for […]
The post Understanding Highly Compensated Employees (HCEs) appeared first on SoFi.
In theory, thereâs no limit to how many individual retirement accounts (IRAs) one person can have. A retirement saver could potentially maintain more than one traditional IRA, Roth IRA, rollover IRA, or simplified employee pension (SEP) IRA in order to gain certain tax advantages now, and potentially down the road. That said, the rules governing […]
The post Can You Have Multiple IRAs? appeared first on SoFi.
The fight to restore the mortgage insurance tax deduction and make it permanent was revived in Congress, with the introduction of a bipartisan bill in the House of Representatives. However, similar bills in both the House and Senate introduced in the last session failed to gain traction. The move has broad support in the mortgage, … [Read more…]