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The steep increase in costs of labor and supplies has forced homeowners to search for ways for subsidizing costs of repairs and renovations. Tax credits offered by federal government are possibly the best ways of subsidizing those costs. For instance, the year 2010 saw the government offering tax credit of as much as $1,500 to people repairing the roofs of their abodes. However, for enjoying such tax credits one must be aware of the qualification required to get the tax credit, restrictions and payouts, which keep on changing every year. So, before going for a roof repair, perform a thorough research on the current tax rules of the country.

Have a discussion with the contractor regarding the kinds of changes you want to incorporate in your roof. Majority of the contractors are aware of the tax breaks offered currently to the homeowners for a roof repair. They will also inform you about the eligibility criteria for enjoying these tax benefits. If you find that your contractor is not aware of the tax rules relating to a roof renovation, fix an appointment with a tax adviser.

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Tags: Tax, Tax Break

Life can be accompanied by a large amount of debt. Individuals begin to gather debt once they take out educational loans. Although individuals may find jobs right after their studies, their incomes usually go towards their already existing student loans. As time goes on, people go into further debt in order to make housing and vehicle payments. A person then has to go into further debt in order to pay off already existing ones and this cycle continues until an individual is drained of funds and ready for retirement.

People should realize that there are ways to do credit repair on one’s financial records. This type of plan can be executed by an independent individual or by a company that specializes in the amending of credit. These two methods are effective and defective in their own ways and a person must understand these discrepancies before deciding upon an eventual method.

If an individual chooses to repair his or her credit without the assistance of a company then there are several steps that must take place. The first step that a person must take is the contacting of a credit bureau. A person has to be aware of his or her financial history in order to develop eventual solutions. Read more…

It’s perhaps an appropriate time to bring out the Urban Institute/Tax Policy Center’s analysis of the Romney 59-point tax plan.  They have produced a table  (T12-0004) showing  “Mitt Romney’s Tax Plan Baseline: Current Policy Distribution of Federal Tax Change by Cash Income Percentile, 2015.”  The table looks at individual and corporate income, payroll (Medicare and Social Security) and estate taxes to determine the change in the total federal taxes for the various quintiles under Romney.

Who would have federal tax increases under Romney? Not the rich who have captured more and more of the income over the last decades.  Treating corporate shareholders as the payers of the corporate income tax, the table shows that the top one percent would get an average federal tax cut of $86,535 under Romney’s plan, while the top one-tenth of one percent would get an average tax cut of $432,940.   But guess what, the bottom two quintiles–made up of the poorest Americans who are struggling to make ends meet and who can be pushed off kilter by a single illness or other unexpected expenditure–will be the ONLY ones in the distribution who will pay more federal taxes under Romney’s plan than under the current policy baseline.  About 18% in that lowest quintile will pay almost a thousand more in taxes.  About 13% in the lowest quintile will pay about $125 less in taxes.  Similarly, in the second lowest quintile, about 18% will pay almost a thousand more; however, at least for this quintile about a third will pay almost $500 less, so that the overall increase averaged across these groups is less.

This is an unacceptable result.  The New York Times recently reported on various studies on inequality and a survey that shows that more and more people, across the spectrum of ideologies, ages, gender and other lines, now consider the conflict between rich and non-rich as important.  Survey Finds Rising Perception of Class Tension, New York Times, Jan. 11, 2012. 

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Tags: Plan, Tax Plan

I’m so excited to be joining the What’s My Score team as a guest blogger. Starting this week you’ll see occasional posts from me on a topic that really matters to me—financial education. I’m passionate about helping to make sure everyone has the money management skills they need. I’ve worked in the field of financial education for over 10 years—focused particularly on financial literacy for women and young people, so I’ve seen how money problems can impact a person’s confidence and prevent them from living their most productive and independent lives. Hopefully my posts will give you a few ideas about my own financial choices and tips I’ve learned for using credit wisely and living well on a budget along the way.

You may have seen some of my writing before in LifeTuner and Forbes.com, or read the The Teen Girl’s Gotta-Have-It Guide to Money, which I worked on as well. If you haven’t, feel free to check them out—and look for What’s My Score posts from Variny Paladino in the weeks to come!

Tags: Blogger, Guest Blogger

The following is a guest post by New Jersey attorney Emily Kreifels of Console & Hollawell P.C. in Marlton, New Jersey

I’m always saddened when a client who has been seriously injured faces financial issues in addition to health issues. Unfortunately, health and money problems frequently go hand in hand. In addition to dealing with mounting medical bills you may not be able to work. If you don’t work you don’t get paid, or you get paid a small portion of your previous earnings through disability insurance. In situations like these, your debt may grow until it far outweighs your assets. You may no longer be able to keep up with your bills. When financial problems become severe, you may need to file bankruptcy.

If you’ve filed a personal injury lawsuit but also need to file bankruptcy, you may wonder how this will impact your case. You may be under the erroneous impression that filing bankruptcy means that you lose every cent and possession you own. What you might not know is that there are certain “exemptions,” or property you are allowed to keep.

Depending upon your situation, you may be able to protect your lawsuit, or at least a portion of it. Depending u

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