In the rush of filing taxes, it can be easy to overlook deductions that could help you save money. Tax deductions are expenses you can subtract from your taxable income. Knowing which expenses can be claimed as deductions is the key to limiting the hard-earned money you owe the government. From student loan interest payments to health expenses, here are some of the most overlooked tax deductions you should know: How do deductions work? Tax deductions lower the amount of tax you owe. A standard tax deduction—a single deduction of a fixed amount—is determined by your filing status: single, married, head of household, or filing jointly. You can claim the standard deduction without providing additional documentation or expense receipts. In contrast, itemized deductions are specific expenses you can deduct from your taxable income, such as clinical expenses, charitable contributions, and mortgage interest. Most overlooked tax deductions Job hunting expenses If you are looking for a new job in your existing field, you may be able to deduct expenses such as those incurred in resume preparation, traveling for interviews, and career counseling services. Charitable contributions Many know that cash donations to charity can be claimed as deductions but often overlook non-cash contributions like clothing or household items.

The goal of a side hustle is to earn extra money to support one’s lifestyle. With the current economic scenario, people are constantly looking for sources of income besides salaries. It provides greater financial security and the freedom to pursue one’s interests while maintaining job security. The most important aspect of a side hustle is that it is exciting enough to keep one interested. Here are some of the most creative side-hustle ideas for 2023. Best side hustle ideas for 2023 Online surveys Filling online surveys is one of the simplest and most popular side hustles to get started with. Although it might not be the highest-paying job available online, it can be a great place to start learning about time management and balancing two careers, which may eventually lead to finding something more significant. For each survey, people can earn between $1 and $20. Writing blogs Starting a blog can be a fantastic option for people with a creative side who want a voice and a creative outlet. Most blogs generate a little money at first, but as their readership and reach grow, they generate more and more money. Bloggers can earn roughly tens of thousands of dollars per month.

Retirement is one of the happier times of life, a period that should be marked with extreme satisfaction, unending peace, and deep joy from the years of hard work, perseverance, and your numerous experiences. However, sound financial standing is at the heart of achieving this peace of mind, and it requires strong foresight, commitment, and vigilance to maximize return on investments. Several vehicles are potent enough to deliver long-term value and success at the time of retirement. Some of the best retirement investment vehicles vary in terms of the underlying concept and rely heavily on the general characteristics of the investor. Mutual funds One of the easier investment vehicles to get your head around, mutual funds are of multiple types and each fund has an objective of its own. These funds are usually invested in stocks or bonds, and the overall profit is distributed among the many participating investors. These are registered with the Securities Exchange Commission and regulated under the Investment Company Act of 1940. Mutual funds that make for some of the best retirement investments are Vanguard Target Retirement 2035 Fund (ticker: VTTHX) for investors expecting to retire in 2035, Northern Global Tactical Asset Allocation Fund (BBALX) that has additional asset classes like infrastructure and real estate, and Baird Aggregate Bond Fund (BAGIX) that focuses on investment discipline and risk control.

Taking a small business loan is one of the popular ways to benefit from guaranteed business loans. This type of debt is issued mostly by banks, and other lending partners are backed and vouched for by the Small Business Administration (SBA). It is a federal agency that supports lenders willing to grant these loans at low-interest rates and flexible payment terms. While they are the most popular form of finance backed by the SBA, these loans are incredibly tough to secure. Here are some things that you should know about the process before applying for a guaranteed business loan with the administration. Loan amount guaranteed If the lender issues a loan amount of $150,000 or less, the SBA will guarantee 85% of that amount. If the requested amount is more than $150,000, the federal agency will guarantee up to 75% of that amount. Either way, you have an established government entity that is willing to back your loan and pay for a substantial share, with the maximum cap limit set at five million dollars. The federal guarantee is applicable for loans under sec 7(a) and 504 programs of the Small Business Administration. Using the loan amount The amount can be used as working capital, or for any expansion, or even purchase of equipment for the business.

Commercial real estate comes with big benefits and a big fat income, especially if you’re looking at it as a form of investment. And some of the most beneficial pieces of commercial real estate include the triple net (NNN) properties that can be leased. So, if you’re looking to invest or purchase NNN properties, here are a few tips that’ll help you make the right purchase decision. What is a NNN lease? It a lease agreement in which tenants of a certain property take complete responsibility of all the operating expenses on top of the rent that they are paying the landlord. For any commercial property, the operating expenses can be divided into three parts: tax, insurance, and maintenance. If a tenant takes on only one of these expenses, it is considered a single net lease. If they take on two of the operational expenses, it is then a double net lease. If they take on three, it’s a triple net lease. Generally, NNN leases are taken up by office buildings, industrial areas, malls, restaurants, and even pharmacies. NNN properties are quite beneficial from an ownership viewpoint as they can protect the owner from incurring unexpected expenses and make for some steady and passive income.

A reverse mortgage helps you convert your home equity into funds that may be the need of the hour. It is quite similar to a traditional line of credit that you can avail from banks and financial institutions. As it is with any mortgage, the title of the property remains in your name and you get to enjoy certain additional benefits with a reverse mortgage. The Department of Housing and Urban Development (HUD) commonly offers a Home Equity Conversion Mortgage (HECM) for eligible applicants. Not everyone can apply for this exclusive line of credit as reverse mortgage eligibility is reserved only for seniors over a certain age. Reverse mortgage eligibility criteria Here are the basic requirements to qualify for a reverse mortgage: The first requirement is that as a homeowner, you must be over the age of 62 to apply for the line of credit. If your spouse is under the age of 62 but meets certain special criteria mentioned, they can apply for a reverse mortgage subject to the approval terms and conditions. The home title should be in your name, which should also be your permanent address for a major part of the calendar year. A reverse mortgage cannot be taken on multi-unit buildings or property that is considered commercial in the eyes of the law.

It is common for people to borrow and pay for their education, housing, or supplement other pressing financial requirements. However, the high-interest rate and repayment schedule often make it difficult for borrowers to manage their debt. To help pay off outstanding amounts, debt settlement companies help reduce and consolidate loans for better financial management. Have a look at the top 10 debt settlement companies and their key features. National Debt Relief National Debt Relief offers the best short programs for a larger (minimum $20,000) debt payoff. It ranks highly among the top 10 debt settlement companies and is accredited by the AFCC (American Fair Credit Council). The company charges a standard 15% to 25% fee for reducing your debt by almost 50%. Accredited Debt Relief If you are struggling to pay off multiple creditors, American Debt Relief can help you with your outstanding debts with its unique 12 and 48-month programs. The minimum amount you can settle is $7,500 and at present, the company has active operations in only 32 states. Freedom Debt Relief Freedom Debt Relief is one of the top AFCC accredited choices for variable programs that cater to a large customer base. On average, you may incur a 22% charge for settling debts as low as $7500.

Today, we can safely say that robo advisors, automated investing services, have established their place in the investment management landscape. Over the years, these services have evolved into offering clients human financial advisors, among other solutions. With so many interesting automated companies around, it can be difficult to figure out which one is the best for you. Here are a few important points you must consider to narrow down your options. Check the fees Many robo advisors usually charge a percentage of your invested assets as an annual management fee. For most, this fee ranges from 0.25% to 0.50%. If the annual fee is 0.5%, you will be charged $50 if your account balance is $10,000. That being said, some services charge no fees at all, or some can charge as much as 1%, depending on what they’re offering. If you’re just getting started and are planning to invest only a little, a zero-fee or minimal fee robo advisor can be a great choice. Know what the service is offering Fees shouldn’t be the main factor while choosing the best automated investing service. You must have a look at what these robo advisors are offering apart from essential services. Some robo advisors’ services can significantly boost the returns on your investments, making up for any fee that you’ll be paying annually.