How to Spot Fake U.S. Stimulus Money Scams

The stimulus check is a one-time amount of $600 that is available to every qualified American. Although there are talks of a $2,000 stimulus check to be issued in 2021, it is still unconfirmed. The $600 stimulus check, however, has been confirmed and they will be sent to individuals who qualify and individuals who have submitted necessary information to the IRS. 

To know if you qualify for the stimulus check you can read this article. If you are qualified you can learn more about it on the official IRS website. The official IRS site is the only site linked here is the only site you should be registering any information. There are a lot of stimulus money scams going around and you must be able to avoid them. These scams will often ask for very sensitive information such as your bank account number, your social security number, and more personal information. Here are 9 ways to spot fake stimulus money scams.

  1. Unconfirmed Sources – If the information is not coming from the official IRS site linked above. The IRS has also published an article detailing how to spot these scams. You can find this article here. The IRS will never change their website or have a “secret” or “special” website for certain people. That is one of the ways by which people get scammed.
  1. Promises Quick Results – The IRS will never promise quick results or results within a day. There is an official procedure and it takes time. These scams will often promise faster results than the ones you’ll see on the official IRS website. They are scams and should not be trusted.
  1. Available to People Who Do Not Qualify – We have linked an article above that discusses who qualifies and who doesn’t qualify for the stimulus check. You must read it. If you do not qualify, any emails or text messages claiming there is a special way or a last-minute exception just for you is most likely false. Once again, all important information will always be on the IRS Website.
  1. Asks For Sensitive Information On Unconfirmed Sites – The IRS will never ask you to fill in the information on a third party website. You might need to exercise patience because the application process may be slow due to the sheer number of people trying to apply however, there should be no “alternative” website.
  1. No Text Messages – The IRS will not send you text messages asking you for any information or confirmation.
  1. Official Term – The IRS doesn’t call it the “stimulus check” but rather an “economic impact payment.” Despite this, the IRS will not send you a text. It doesn’t matter which term is adopted.
  1. No Emails – If the IRS needs to reach you they will send a physical letter delivered by the US Postal service. They do not send emails.
  1. The Stimulus Check Is Free And There Are No Refunds – The Stimulus check is free and you are not to refund the US government. It currently sits at $600 for those who earn less than $75,000 for an individual and $150,000 for a couple. There are some exceptions and you can find a detailed explanation here
  1. The Irs Doesn’t Require Tax Returns From Retirees – If you are retired the IRS will not ask for tax forms or information.
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How Old Do You Have to Be to Finance a Car ?

Financing a car can be a tough process if you don’t have the right information at hand. This article will discuss the basics of financing a car including how, where, and how old you have to be.

Now, what does it mean to finance a car? Financing a car or car finance is a term used to refer to the financial steps, products, and avenues a person may use to acquire a car. These avenues include loans, leases, or even monthly payments. We’ll discuss these avenues and outline their advantages and disadvantages. Firstly, to answer the question of how old do you have to be to finance a car. You have to be at least 18. For more information on car shopping for teens click here.

What You Need to Finance A Car

  1. Credit Score – You need a good credit score before a bank will agree to give you a loan. The problem with this is that you cannot get a credit card before the age of 18. You may not have enough time to build your credit to an acceptable score if you’re also trying to buy a car the minute you turn 18. If you’re in this situation you might want to consider lenders.
  1. Lenders – If you have a low credit score you will find a lender willing to work with your score. The problem is you will have a higher interest rate on your loan. If you have a family member with an excellent credit score you may opt for the next option.
  1. Co-signing a loan – If you apply for a bank loan with a family member who has a good credit score then your application may be accepted. The higher their credit score the lower the interest rate will be because the bank will consider this when processing the application.
  1. Special Finance Plans – If you’re a student then there’s a chance that you will get some discounts, auto-loans, or special consideration amongst certain lenders or car dealerships. Of course, this is heavily reliant on your GPA, educational record, and your income, if you have one.
  1. Local Credit Union – Local credit unions are great for people with low credit scores looking for a loan.

Which Financing Option is Best for you?

  1. Car Lease – This is when the car is leased to a person. The person doesn’t own the car and if there has been no prior agreement, the lease payments are not payments to purchase the car. When the lease is up the car will go back to its owner. This is a great short term plan. If you’re planning on moving to another state or country and do not need a car in the long term then this is a great option.
  1. Car Loan – We’ve briefly discussed car loans and where to go them however, we have not discussed the necessity of shopping around. Never accept the first loan you’re offered. Look around at other lenders, unions, and options so you can pick the best loan for you.
  1. Installment Payments – Another way to finance a car is to pay in installments. This might not be possible for everyone because you’ll need to offer a substantial down payment and a credit score that proves you can afford the installments. 
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How to Start a College Fund for Kids

Awwwwwn, kids, such beautiful and lovely creatures. I am not a dad yet; I can’t wait for that time to come. As of right now, I have my beautiful baby brother. He is so stubborn, but I love him so much. He’s a pie. This would help me write this piece. How one can start a college fund for kids? I know the parents in the building would love the presence of this piece. Let’s get started, shall we?

Ways to Start a College Fund for Kids

Know the type of college you want your kids to attend.

Like my baby brother, you have got to already know what your child can do and what they can’t do. You should already know where their hearts would want to be when they are at the age of going to college. Even though when that time comes it wouldn’t be you that would select the college they would go to. Well, all I can say is that you should have a list of colleges your child could apply to. That’s the type of school you should start saving up for.

Know the amount of funds you can accumulate.

Having full knowledge of your income: how much comes in, how much you can spend, and how much goes out. This would help you as you save for your kid’s college. Their college fund is very important. Because when it’s time for them to go to college, it would be way easier for you to pay for all their fees this way after saving properly from your income year after year.

Team up with the parents of your kids’ friends.

You’re not just the only one that’s trying to have a college fund for their kids. The parents of your kids are also saving up money. These funds are necessary, and they would help you plan and adjust the amount of money you would have to save for your child to go to a great school. You can meet the parents of the friends of your kids during their PTA meetings. Then you can get their contact and together, start saving up for your kids to all go to the same college. When your kids grow up, they would be glad they made such great friends and they would all end up going to college together.

You could start up the college fund by saving in gold.

Gold is a natural metal which has great value. It is an epic store of value, so you’re sure that if you save your funds in gold, you’re sure that when it is time for your child to go to college, there would be available funds properly ready for your child to go and stay in school. Kick some ass because funds and money wouldn’t be the problem. Remember, money is a very sensitive issue. With college funds saved in gold, you’re good to go.

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Will U.S. Tax Payers Have to Pay Back the Stimulus Package Benefits from Last Year?

The questions citizens living in the United States have been bothered about all year long. Haven’t you been worried about the pandemic, or am I forgetting something? Oh well, this article is going to try to answer this question for you. The question “Will U.S. Tax Payers Have to Pay Back the Stimulus Package Benefits from Last Year?” can be answered with the following myths that have been flowing and passing around all year long. Let’s check some of them out shall we?

Will U.S. Tax Payers Have to Pay Back the Stimulus Package Benefits from Last Year?

The First Myth

The First Myth states that the first stimulus has checks which are taxed.

What this means is that these checks have a worth of a thousand two hundred dollars for people that are getting funds of about seventy-five thousand dollars and two thousand four hundred dollars for couples that earn up to a hundred and fifty dollars. They also have five hundred dollars for people that are dependent under the age of seventeen. These are layered as refundable tax credits. These are why we have people that do not have tax returns and they do not qualify for these payments. This information was brought to you by the independent tax foundation.

The Second Myth

Would one need to pay back the first check for stimulus during the next season?

Looking and checking if all the details are correct, you would not need to pay for your check at the coming of spring.

You could gain more funds when you get your taxes for 2020 filed. These checks are all based on your 2018 and 2019 money returns. These are all 2020 tax credits. They are paid by the tax foundation. It usually turns out that you might get a large credit which is based on the adjusted gross income you have. You would also get a different one in the coming year. If the taxpayer has an income that would drop in the year 2020 then you wouldn’t be eligible for any remaining rebate credit. If they wouldn’t be able to claim to make use of their 2018 or 2019 return. This information was also brought to you by the Tax Foundation.

So there we have it. You at least have some basic information on what needs or what must be done to pay back the stimulus package benefits from Last Year. The stimulus package benefits are quite important and necessary to the Tax foundation for them to have talked about it so much using such terms too. I mean, it was quite scary writing this piece just now. You need to contact your firm or company to have a full understanding of all the words listed there. Without this, you might have to pay more funds than you accounted for. No one would like that to happen. You should do what’s necessary.

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Tax Season is Around the Corner: Here’s How You Should Prepare

You could own your business, you could just be an employee, you could have hustles on the side, you could be an investor and you have a very high capital gain. You need to know that Tax Season is coming around. You need to prepare yourselves. This article is going to show you ways you can get yourself ready for this tax season.

If you are a payer of tax and you pay the IRS every quarter, you need to make your payment by September 16th.

Every year have their deadlines. If you do not want to attract a penalty from the IRS, you need to pay ninety percent at least of your income taxes. These taxes are paid annually. There’s also a hundred percent of the liability of the tax you pay. These are necessary from the year before for you to get rid of an underpayment penalty on your return of tax.

The threshold you could have is that of a hundred and ten percent. If you have gross income which gets adjusted and the return from that year passes a hundred and fifty thousand dollars.

As an employee, you would have your federal income taxes held from you through all your paychecks. These are also for self-employed individuals. They tend to pay all they owe by each quarter of the year.

These all mean that these people that pay taxes by the quarter need to settle and plan these payments properly in advance.

What Should I Do as the Tax Season Is Coming?

I so do not like owing debts. Tax whether we like it or not is a form of debt because the tax is the way the government gets funds to take care of the nation. It is other words exchanged by the government as government expenditure. This is what is used in the creation of good roads, traffic lights, payments on the salaries of essential workers, and all in between. So you need to pay your tax. Your tax needs to be kept and your books need to be organized in a manner that when the tax season comes. It would be very easy and simple for you, your company, your employees, and all you’re in contact with to pay their fines. It is all so simple. You need to plan everything though. Because if you do not plan, you would run into a lot of problems when the tax collectors should come knocking at your door.

What Happens to Me If I’m Not Prepared When the Tax Collectors Come Knocking?

You can politely with peace and grace ask for an extension. Make these tax collectors feel welcomed and comfortable in your office or where you work or where they need to see you and get your tax. But if you’re rude to them, that would be very sad for you. You should just simply beg them, kindly for more time.

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How to Increase Your Personal Savings

Increasing your personal savings is a process that can only occur over time. Just like starting off your savings, increasing your direct deposit can be scary; however, it is one of the steadier ways to increase your personal savings. If you’ve been struggling with finding different ways to increase your personal savings, we are here to help. Here are six (6) ways you can increase your personal savings with little to minimal effort.

1. Be Realistic

One of the main reasons why plans to save fail is because they are not realistic. Give yourself realistic goals that you can meet. A simple way to make goals more realistic is to split them into smaller goals. To learn how to do this, keep reading.

2. Have Specific Goals

You must have a specific goal in mind. Goals help you stay focused and consistent. A great goal-setting system would be this;

  • Split your main goal into smaller time-specific goals.
  • Give your goals names
  • Place your goals somewhere you can see them regularly.
  • If you can, incorporate weekly saving goals into your system.

If you are unsure on how to go about what a savings goal should be, a great goal is to have an emergency fund. Emergency funds should be at least 6 months worth of spending money. This will include your rent, your car bills, other utilities, and expenses you have regularly. An emergency fund is a necessary back-up plan to have. Once you complete your first emergency fund then you can make two, three, or even four-year emergency funds. This will give you a steady goal to follow while you brainstorm some other goals you might be interested in. Other savings goals include purchasing a home, a car, saving up for a trip, or even starting a retirement plan.

3. Use a Savings App

Savings applications are very beneficial because they can be automated and you can easily check how far or close you are to your savings goals.

4. Budgeting to Save Extra Cash

This might seem like an easy task, but in most cases, it isn’t. When you get serious about increasing your personal savings, certain sacrifices must be made. To figure out how much extra cash you have, you need to make a budget. It can take you a month or two to understand your budget. For that time period, you’ll need to record every single expense you have. The recurring expenses are most likely necessities; the extra expenses are where you will place most of your focus. Figure out the expenses that can be avoided, and then place the extra cash in your personal savings.

5. Have Automated Savings

When you get paid, there should be a fixed amount of money always going into your personal savings account.

6. Invest

Investing is one way to make passive income with your savings. If you have a low-risk tolerance, then opt for mutual funds, but if you have a higher risk tolerance, you can dabble in the larger stock market.

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Online Money Making Business’ Ideas

The internet offers a plethora of opportunities that were unimaginable only a few decades ago. Almost every business has some form of an online presence. This is important for several reasons.

  1. You have a wider range of potential customers
  2. You have the opportunity to develop a brand
  3. A solid online presence is often a way for customers to be assured of your credibility.
  4. Running an online business costs significantly less than running a physical in-person business.

Online businesses are the future, and if you’re wondering what services or business you could have online, here are some online money making business ideas.

  1. Current Business – The best place to start is with the business you already have or the service you already offer. There’s absolutely no need to go looking for online money making business ideas when you already have one. The best part of already having a business is that you have a clientele—the number doesn’t necessarily matter. This gives you more credibility because you have genuine testimonials from people who have patronized you. Polish your current business, and give it an online presence. Start with Instagram and Facebook accounts.
  1. Selling Clothes Online – Selling clothes online is one of the easiest online money making business ideas. If you’re a beginner, start with old (but still in good condition) clothes that you no longer wear. Platforms like Depop, Etsy, eBay, Poshmark, and ThredUp are great sites to sell clothes on. Once you have a bigger budget, you can go to your local thrift store to get more clothes that you can sell.
  1. Ad Management – Adverts are all over the internet; however, they are very poorly managed. Ad management entails understanding how adverts work, how they’re viewed, and where they are viewed. You can teach companies how to optimize their paid adverts on the internet.
  1. Copywriting and SEO Writing – Copywriting and SEO writing are two rapidly growing industries. All companies with content on the internet need copywriters and SEO writers to get their products on the front page. SEO means search engine optimization. Therefore, SEO writing is carefully constructed writing that places highly searched optimized words in articles in a way that won’t trigger Google’s spam filter. This may take a while to learn, but it is an extremely profitable business. There are classes on Masterclass and Coursera that teach SEO writing and copywriting. Sites where you can offer copywriting services are Fiverr and Upwork.
  1. Business Education/Coaching – If you’re a well-seasoned business professional, then this is the business for you. Business education or business coaching is an extremely lucrative industry. If you have the skill and the experience, you can succeed in the industry. All you need to do is pick a niche or a particular business and focus on educating the business owners in that industry. If you’re just starting, you might need to offer your services for free or significantly lower prices; however, once you build up a clientele, the only way is up.

These are five online money making business ideas for you to consider. If you’re interested in online money making business ideas but not the part about having your own business, you can try the following ideas:

  1. Filling out online surveys
  2. Freelancing
  3. Investments
  4. Cashback credit cards
  5. Virtual assistant jobs
  6. Online trading
  7. Publishing ebooks
  8. Starting a website
  9. Tutoring
  10. Start a YouTube channel
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‘Where Does the Unemployment Money Come From?’

Unemployment money or more accurately unemployment benefits/unemployment payment/unemployment insurance/unemployment compensation is routinely scheduled payments given to unemployed people by authorized bodies such as governments.  If you’ve ever wondered where does the unemployment money come from, then this is the article for you.

In the United States of America, unemployment money comes from several places. It comes from a compulsory insurance system that is financed through a partnership between the federal and state governments. The Federal Unemployment Tax Act (FUTA) tax which demands that 6 percent of the first $7,000 of protected workers’ earnings is one of the sources of unemployment benefits. It is also financed by the federal fund, unemployment insurance taxes that differ from state to state, and general payroll taxes.

The first instance of unemployment money can be traced to the National Insurance Act of 1911 in the United Kingdom. It was introduced by H. H. Asquith of the Liberal party government. They introduced it to counter the rapidly growing popularity of the Labour Party among the United Kingdom’s working-class population. When it was first introduced, the opportunity was only available to people who were already earning wages during illness and unemployment. Those who did not already earn wages did not qualify for unemployment benefits. In the UK, the idea of unemployment benefits had mixed reactions. Communists argued that it would divide and prevent the working class from starting revolutions while others agreed that although it had many disadvantages, it was necessary. The unemployment benefits scheme was first funded through the collection of a fixed amount from taxpayers, employers, and their workers. When it was first introduced, the benefits were restricted to more dangerous industries such as shipbuilding. If a worker was unemployed for more than one week, the worker could apply to receive 7 shillings a week for up to fifteen weeks uninterrupted.

In the United States, unemployment benefits are available in all 50 states, the District of Columbia, the United States Virgin Islands, and Puerto Rico. The eligibility requirements and payments vary from state to state. However, eligible workers can get as much as $783 in Massachusetts per week and as low as $235 in Mississippi. To be eligible for unemployment money, you have to meet the requirements of your state. As earlier stated, they vary; however, there are general rules set in place. They are:

  1. If you quit your job voluntarily you may not be eligible for unemployment benefits.
  1. If you were fired from your job due to misconduct, then you may not be eligible for unemployment benefits. Misconduct in this case applies to actions happening inside and outside your place of work.
  1. To be eligible for unemployment benefits you must be temporarily unemployed and your unemployment must not be as a result of your actions.

In the US, there is no waiting period. Some countries have a waiting period of up to seven days; however, the United States doesn’t have one. The rates of participation are very different in states; however, estimates have shown that less than 30% of Americans who are unemployed (who are also still searching for work) receive unemployment benefits. In the 72 countries that offer unemployment money, there is something called a PBD. PBD means potential benefit duration, and it is the maximum amount of time eligible people can consistently receive unemployment benefits. In the United States, the PBD is six months.

We hope this article has answered your question on where the unemployment money comes from and more.

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How to Sell Clothing for Money

In today’s day and age, it is important to have multiple streams of income. The coronavirus pandemic has certainly shown us that things can change very quickly. A lot of people lost their jobs as a result of the pandemic. All around the world, unemployment rates are at a new high. Although countries around the world have started to recover, economy experts estimate that the world will need at least two to three years to return to its pre-pandemic economic status.

Selling products or services online is one of the simplest ways to begin making money. The process itself is easy; however, it can be hard to distinguish yourself from the rest. This is where hard work comes in. If you’ve ever been interested in having multiple streams of income, this article is for you. Have you ever considered selling clothes or wondered how to sell clothing for money? We’ll walk you through the process and provide many free online resources you can utilize for your benefit.

How to Sell Clothing for Money

Step 1 – The first step is to acquire clothes. Now, there are several ways you can go about doing this. The easiest way is to go through your clothes and select the pieces you’ve outgrown or lost interest in. You’ll be surprised how easily you can sell vintage clothing pieces online. If you’re a beginner, we recommend starting off getting clothes from your clothes. This won’t cost you any money. If you have a larger budget or if you’re interested in making this an actual business, visit your local thrift store. Salvation Army, Charity shops, Goodwill, and Savers are all amazing places to get cheap and good quality clothing pieces you can sell for higher prices.

Step 2 – The next step would be to consider customization. There are a lot of people selling clothes online. To succeed, you have to bring something new and fresh to the table. Consider customizing some of the clothes you sell. Perhaps spelling out a customer’s name with studs or sewing flower prints onto a plain tee. These are all ways you can spice up the pieces you want to sell.

Step 3 – Find a platform. This is where hard work and perseverance are needed. It will take a while for your online shop to gain traffic, which is why you need to try out several platforms. Some platforms where you can sell clothing include ThredUp, Poshmark, Depop, Etsy, eBay, and even Instagram. Advertise your shops across all your social media accounts, and use relevant hashtags to gain traffic. If you’re good at sewing, you can offer cheaper versions of really sought after pieces.

Step 4 – If you’re a beginner, stick to only selling to customers who live nearby or in the same state as you. This is because shipping can be overwhelming and confusing; therefore, it is important that you understand it properly before delving into long-distance shipping.

Step 5 – The final and perhaps most important step is to stay consistent and persistent. Keep trying. If you work hard and have quality products, you will inevitably succeed.

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What President Trump’s Payroll Tax Holiday Means to Your 2020 Tax Refund

On the 8th of August 2020, President Trump signed an executive memorandum that directed the Treasury Secretary to commence a payroll tax holiday. The title being used in headlines is quite misleading because it is not a holiday but rather a deferral. The actual title of the memorandum makes this clear. The memorandum is titled “Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster.”  Just like the stimulus check, the payroll tax deferral is a way to ease the economic effects of the global pandemic on the workers. Even though unemployment has dropped to 8.4%, it is nowhere near the 3.5% of February. With that being said let’s get into the details of the payroll tax holiday.

The payroll tax deferral only applies to Americans making less than $104,000 a year, and it deferred four months of taxes (September-December 2020) to January-April 2021. This is just as stressful as it sounds. The tax holiday simply means you’re going to have to pay double the amount from January to April 2021. This means the social security tax percentage will go from 6.2% to 12.4%. The payroll tax holiday is essentially a zero-interest loan (without accounting for inflation).

This memorandum has drawn a lot of criticism because although the President signed it, there are no laws or guidelines that stop employers from continuing to deduct tax from the employees. Employers argue that they would still have to pay said amount even if the employee quits before January 2021. It is also important to note that for most low-wage workers, the tax holiday holds less appeal in the face of the looming payment dates in 2021. Many people would prefer the payroll taxes continue to be removed regularly as opposed to having double the amount removed in the first four months of 2021.

Even though the memorandum directed the Treasury Secretary to explore ways to forgive the taxes of the tax deferral, there have been no bills or legislation to support or discuss this. The memorandum still clearly states that deferred taxes must be paid:

“An Affected Taxpayer must withhold and pay the total Applicable Taxes that the Affected Taxpayer deferred under this notice ratably from wages and compensation paid between January 1, 2021, and April 30, 2021, or interest, penalties, and additions to tax will begin to accrue on May 1, 2021, with respect to any unpaid Applicable Taxes.”

Now you may be wondering what the payroll tax holiday means for your 2020 tax refund. Well, we’re not too sure what’s going to happen. The IRS usually starts accepting tax refund forms by February, and the deferred payroll tax will be paid from January to April.

There is a chance your tax refunds may be lower if you file early. The details aren’t clear yet because the IRS has not released a statement addressing this. We can only assume that tax refunds will be affected by the payroll tax holiday. Perhaps the deferred tax payroll payments will result in a higher 2022 tax refund.

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