Month: April 2021

Categories
Financial Tax Services

What is the Internal Revenue Service (IRS)?

internal revenue service

Founded in 1862 by President Abraham Lincoln, the Internal Revenue Service is in charge of enforcing tax laws as well as the collection of taxes. Under the authority of the United States Department of the Treasury, the IRS’s main purpose is the taxation of all American companies and businesses. Taxpayers can file either electronically or they can mail in their taxes. No matter how you prefer to file your taxes, the department handling your paperwork is the IRS.

What Does the IRS Do?

The overall purpose of the IRS is to enforce and uphold tax laws enacted by congress. Additional duties include:

  • Overseeing certain types of retirement plans
  • Collecting the tax returns filed by businesses and individuals
  • Issuing refunds to those that overpaid taxes
  • Conducting criminal investigations
  • Ensuring you pay whatever taxes are due

The busiest department of the IRS is likely the enforcement side of the organization. According to the Tax Policy Center, the IRS spent almost 40% of its budget on enforcement. Of that funding, 83% of it was for investigations and tax audits.

In addition to collecting taxes, they also ensure that those Americans that qualify for other tax credits, such as the Earned Income Credit, receive them. There are even educational tax credits that can help with your children’s future college education.

Owner and Leadership

The IRS has no owner but is considered the tax administrator that works for the Secretary of the Treasury. The IRS technically has no owner, they are under the direction of the Treasury. They are under the leadership of the IRS Commissioner who is appointed by the President of the United States every five years.

If you have seen the logo for the IRS, either on the website or maybe a piece of mail, you have probably recognized a few familiar elements. The logo for the IRS contains several elements that are found in other pieces of American government signage and seals.

The first and most obvious part of the logo is the eagle. This is the bald eagle, the national bird, and it is also found on many other government buildings, seals, and logos. In the logo for the IRS, it simply represents the USA.

The next component seen is the olive branch. This is another component that is present in a lot of US imagery. The olive branch represents mediation and the offering of peace. The olive branch is accompanied by the scales, another truly American image. The scales represent fair measure and justice.

History of the Internal Revenue Service

The roots of the Internal Revenue Service reach all the way back to the Civil War. It was created by President Lincoln and Congress. They were initially created to collect the original income tax to pay for the plethora of war expenses. That income tax was quickly repealed a decade later, not to be seen again until 1913, when it was included in a Constitutional amendment.

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Financial Savings

20 Ways to Take Control of Your Finances

take control of your finances

Many people struggle with their personal finances and money. Luckily there are many tips and tricks to help you get more in control of your finances. 

Evaluate How Much Money You Have

Before making changes to your finances, you need to evaluate exactly how much money and debt you have. This will give you a baseline of what to expect with your finances, where you need to improve, and where you can go with your finances.  

Track Purchases

When starting to evaluate your finances, you want to see where your money is going. When you do this you’ll be able to make changes about what you spend your money on. This is also something to continue doing once you have set a budget.  

Set a Budget

Once you have evaluated your current finances and seen where your money is going, you can set a budget. There’s a lot of software and apps you can use to set and track your budget. Having a weekly or monthly plan laid out will help you stick with your plan.

Review the Budget

Every budget will need to be reviewed, you can set this either weekly or monthly. Your financial needs may change and having a review can help you set those changes.

Make Financial Goals

Having a financial goal can give you something to work towards with your budget. It will be easier to stick to a budget when you’re saving for a house or business. 

Automatic Money Transfers

Having your money transfer automatically every paycheck will help you know how much money you have. It will also be harder to miss that money if it was never in your account to start.

Talk to Others

Talking with people that you admire money-wise will help you find ways to save and spend money you may not have known about previously.

Test Saving Methods

Some budgeting ideas will work better than others. Trying new ways will help ensure that you’re using a financial plan that works best for your situation.

Save Money

Saving money every month is the best way to know that you have enough money. This saved money can be towards a specific goal or a general savings fund. 

Minimize Debt

Debt can break many people’s budgets. Don’t let that happen to you by minimizing how much debt you get into. 

Make a Plan to Get Out of Debt

When you’re in debt, make a plan to get out of debt quickly. The more debt you have, the more interest you will have to pay.

Have an Emergency Fund

Don’t let a financial setback take you too far back. With an emergency fund, you can be prepared for many financial mishaps. 

Invest

Investing money can be a great way to build more financial equity. It can be used for retirement or other long-term goals.

Earn More Money

While saying “just make more money” is often easier said than done, you can get a side job or start a small business that can help you make more money.

Live Within Means

Many people can fall into the trap of trying to keep up with the neighbors. Staying within your financial means will help you stay out of debt and on track with your financial goals.

Shop Smarter

Shop with coupons or with deals to get the most of your purchases.

Direct Deposit

Direct deposit will ensure that your money gets in the back as quickly as possible so you don’t have to worry about it.

AutoPay

AutoPay ensures that you don’t fall behind on bills and incur late payment fees.

Read About Finances

Reading about finances will help you develop new financial and money-saving strategies.

Hire a Financial Planner

A professional financial planner can help you develop financial goals and ways to meet those goals.

Categories
Family Legal Senior Social Security Disability

How to Prove Your Disability To The SSA

social security disability

When seeking to qualify for either SSDI or SSI, you will be required to prove your disability. Even when the claim seems like it would be obvious and straightforward. You must remember that only about 30% of all claims initially presented to the SSA are denied. This is one reason why Social Security claims can be so frustrating if you are pursuing it by yourself. Which is why many people opt to work with an experienced Social Security disability lawyer.

Disability As Defined By The Social Security Administration

The Social Security Administration has a very clear definition of a disability. If you are only partially or temporarily disabled, you will not be able to claim SSDI or SSI benefits. So, you must show that:

  1. You cannot do the work you did previously, due to the disability
  2. You are unable to do change occupations or do other work due to the disability
  3. The disability will last longer than a year or is anticipated to result in death

If you are able to meet these criteria, you will not be able to engage in any substantial gainful activity. This qualification can be revoked if you earn too much income in a month.

Collect And Organize Your Medical Records

Common claim denials result from the failure of the applicant to provide sufficient medical documentation as evidence of the disability. Spending some time developing your medical documentation can help you prove your disability during the first review period.

The Social Security Administration will need to see records of your disability going back to when it was first discovered. This is known as your disability onset date. This can be difficult to determine for some conditions, so leverage family and friends if needed.

Your doctors can be a priceless resource. Your medical care team should be able to provide you with the records or documentation you need. If necessary, they may also be able to furnish a mental health assessment to be presented to the SSA. Make sure you adhere to your doctor’s directives for treatment as well. If you don’t, the SSA may deny your claim for lack of consistent treatment.

Make Sure You Meet The Requirements

Any disability can be challenging to prove. This can be especially true for those seeking benefits for mental illnesses or conditions. Some will be significant or severe enough that the Social Security Administration will simply grant the benefits. The conditions that qualify someone for SSDI or SSI benefits are detailed in the Blue Book. The Blue Book contains all of the criteria for qualification based on medical diagnosis.

Some conditions may be severe enough that the SSA will only need limited medical documentation. For example, arthritis, asthma, and heart disease. Some conditions will require more rigorous proof, such as mental disorders. Mental disorder claimants will need to meet various criteria that are designed for their particular mental disorder category, such as anxiety or psychosis.

Categories
Credit Financial

Credit Cards for People With Bad Credit

credit cards for bad credit

Life can throw everyone an unexpected challenge from time to time. Sometimes those challenges lead to bad credit scores. So, does that mean that everyone with a score under 650 should resign themselves to forever paying cash for everything? Of course not.

Getting a credit card, using it responsibly, and establishing a solid payment history is one of the fastest ways to rebuild your credit. Rebuilding your creditworthiness is crucial because your credit score is used for far more than credit card approvals. Not working on your credit score can make it more difficult to rent an apartment, buy a house, and can even affect the types of jobs you are eligible for.

What Kinds of Cards Are Available for Bad Credit

While the specific score you have can impact what options you have, there are cards available for nearly every credit score.

Secured Cards

These cards are a temporary tool that helps you rebuild your credit. They don’t offer you any “perks,” but they are intentionally easy to get. Approval is not entirely guaranteed, and you do need to have verifiable income. Just be honest about your credit history, and the odds will be highly in your favor.

Why are they so easy to get? Because you have to put down a deposit before you can use it. This deposit protects the credit card company if something causes you to stop making your payments. Some companies ask for larger deposits than others, which can be intimidating. Many will let you split up your deposit over a month or two, making it is easier to afford.

Unsecured Cards

More traditional credit cards are “unsecured,” which just means that no deposit is necessary for the credit line. These unsecured cards are slightly harder to get approval for because there is more risk involved for the credit card company.

These unsecured credit cards often have much higher than typical interest rates (as much as 25% or higher). High interest doesn’t have to be a problem, though, so long as you pay the entire balance each month.

They also have one other major disadvantage. Most of these do charge some sort of annual fee. Depending on the card, that fee could be considerable, and over time you end up paying as much (or more) than the deposit on a secured card.

When to Consider a Card for Bad Credit

How do you know you need one of these cards? Take a look at your credit report before applying for any new credit. Many companies view any score below 670 as “bad credit.” If your score falls in the “fair” range (above 580), you will have few more options. No matter what your score is, you should be able to find something.

Use your credit report to see precisely what is on it, and take the time to make sure all of the information is accurate. Taking care of anything that shouldn’t be there will help you get the best card possible.

Credit cards for bad credit serve a beneficial role in the economy. Used wisely, they can help anyone fix their credit.

Categories
Dating Health & Home

Simple Ways to Improve Relationships Each Day

improve your relationship

The real pleasures in life are not the grand, expensive gestures: it is in the simple ways you try to keep your spark alive. Often, we spend so much on giving costly gifts that we forget relationships thrive when there is an actual connection, bonding, and companionship between two people.

Even the best relationships can weaken if you do not nurture them daily in some way. Here are some simple things you can do at the end of each day to show the other person what they mean to you.

1.    Celebrate Small Moments

When you’ve spent considerable time with each other, you may stop valuing each small moment. It becomes too easy to overlook niceties such as a good morning or hugging the other before leaving for work or going to bed. These are the most important things of the day so savor each moment.

Do make it a point to greet your partner with a kiss each morning, do remember to hug them each time you spit for the day, and end the day with a warm goodnight hug.

2.    Bring Your Partner a Cup of Coffee

All it takes to melt the other’s heart is a cup of coffee they never asked you for. If you see your partner getting out of bed in the morning, be quick to prepare their favorite cup of java. Has she been working past midnight on an important project? Make her a mug of coffee.

Is he running late for a meeting in the morning? Hand him a cup on the go. Small acts like these serve as great reminders of love.

3.    Ask Your Partner Questions

Never end the day without asking your partner how it was for them. Do not nag but at the same time make them realize you want to be involved in their life. Ask a simple question: how his/her day was, is he/she too tired, did they remember to have lunch? Etc.

4.    Eat Dinner Together

Sharing meals together is the most intimate thing of all, but of course, that is not always possible when both are working professionals. However, try never to have dinner without each other. Even sharing simple meals together daily infuses tons of romance, love, friendship, communication, and bonding in the relationship.

5.    End the Day with an Undivided Attention to Them

No matter how busy you are or how demanding your career is, never let them sleep without giving some time to them first. Put aside your phone for at least the last thirty minutes of your day and devote all your time and attention to your partner.

You could just talk, cuddle or even watch t.v or listen to music together. Encourage each other to unburden if there is anything bottled inside or just devote quality time to one another in the day.

6.    Sleep at the Same Time

If you live together, try to make schedules compatible. Bedtime is the most crucial time for nurturing a relationship, and sleeping together is the best form of connection. Couples who sleep apart will lose out on a lot of essential factors in the long run. The moments of quietness, intimacy, and reconnection after a busy day all make for strong foundations for a relationship.

Categories
Financial Tax Services

What is an Effective Tax Rate?

effective tax rate

The effective tax rate is a roundabout way of saying “average tax rate”. It is the average tax rate you pay across all of the tax brackets that your income spans. Since it is an average, your effective tax rate will be significantly lower than the tax amount of your highest tax bracket. The tax rate of your highest tax bracket is also known as your marginal tax rate.

Your effective tax rate is composed of the average of your various tax rates in each increment of your income, after all the deductions that you are entitled to and claim during filing. There is a fairly simple equation that can be used to help determine your effective tax rate.

Finding Your Effective Tax Rate

Since your effective tax rate is an average comprised of the percentages for all tax brackets that the IRS uses to delineate income levels. This starts with the official tax brackets:

  • 10% – Income up to $9,875 for single, and $19,750 for married filing jointly
  • 12% – Income $9,876-$40,125 for single, and $19,751-$80,250 for married filing jointly
  • 22% – Income $40,126-$85,525 for single, and $80,251-$171,050 for married filing jointly
  • 24% – Income $85,526-$163,300 for single, and $171,051-$326,600 for married filing jointly
  • 32% – Income $163,301-$207,350 for single, and $326,601-$414,700 for married filing jointly
  • 35% – Income $207,351-$518,400 for single, and $414,701-$622,050 for married filing jointly
  • 37% – Income above $518,400 for single, and above $622,050 for married filing jointly

You might think this is starting to get a little complicated, and you’re right. It’s going to get a little worse, but you’ll be ok.

A single earner making $60k won’t pay 22% across the full amount of their earnings. They will pay 10% on the first $9,875, the 12% on the portion up to $40,125, and finally 22% on the last $19,875. That means they pay less overall taxes, and that their effective tax rate will be much less than the 22% that only affects roughly the last third of their income.

The earner in our example would end up paying $8,991 on their $60k yearly salary. This works out to about $988 on the first portion taxed at 10%, $3,630 on the second portion taxed at 12%, and $4,373 on the past portion at 22%. Since $8,991 is 14.985% of 60,000, their effective tax rate would be 14.99%.

As you can see, the numbers and bracketing can get a little complicated, and it can be a bit tedious to go through each income bracket to figure out the tax amounts for each percentage. However, knowing how to calculate your effective tax rate is important information. It can even help you determine if you are leveraging itemized deductions effectively from year to year.

Categories
Beauty Health & Home Wellness

Skincare Questions That Dermatologists Answer

Skincare Dermatologists

People ask skincare questions by the dozen and not surprisingly, considering how confusing the routines can be. Most people cannot be sure what skincare type is good for their skin type, what products help with what issues and so many other queries.

In this article, we will look at the questions people ask most commonly about skincare and which ones dermatologists have answered.

1. Is there a correct order for skincare routine?

The best way to use skincare products is in the order of thickness. For example, if you are a beginner in skincare, then you must start with a simple routine. Begin with a cleanser, moisturizer and sunscreen as you start your day. Then in the night, complete your skincare regime with a cleanser and moisturizer.

If you have a dry skin, then you may include a hydrating serum or face oil. For acne, you can opt for topical acne medication or even retinoid.

2. In skincare, what does AHA mean?

By AHA, we mean the alpha hydroxyl acids. These acids chemically exfoliate and we can derive them from plant sources, like grapes, milk and sugarcane. Many products read these lactic, mandelic or glycolic and each is a reference to the AHA family.

These acids are quite beneficial for your skin because they remove the dead cells and break through the glue-like substance holding the dead skin cells to make way for new ones.

3. What are the best products?

There really is no way to call a product the best, considering how every skin type is different. What may work wonderfully for a particular skin type may not work the same for another. Your oily skin may not respond to a hydrating serum as well as dry skin would.

The only way to find the products that work best for your skin is through trial and error. Start with basic and gentle products and slowly discover what your skin needs.

4. How to cure acne?

This is perhaps the most Googled of all skincare questions because acne is a widespread skin condition. Truthfully, there are dozens of different treatments and products for acne. The best approach is to visit a dermatologist first and come up with a solid plan for your acne treatment.

Also ensure you routine includes washing your face every morning and night and using chemical exfoliants like salicylic acid or glycolic acid  for exfoliation. You must exfoliate regularly with those to whisk all the excess oil away and prevent breakouts.

5. What is the best night time skincare routine?

The best skincare routine includes a good cleanser, a serum and moisturizer and a face treatment once or twice a week. This routine every night will suffice in keeping your skin in optimal condition.

In the end, it is important you talk to professionals about your skincare. Don’t count on the people around you and non-professionals for skincare advice. Whether you want to try a new product or are wondering how to get rid of a pimple on your face, let a dermatologist help you.

Categories
Children Family

Stocking Stuffers: The Best Ones for Teens

stocking stuffers

You may have a number of pocket-friendly stocking stuffers on your list for your toddlers, but do you draw a point-blank when it comes to your teens? No problem!

We have a list of the best stocking stuffers for your teens this year, and each one will delight them for sure.

1.    Lokai Bracelets

By giving your teen a lokai bracelet in their stocking stuffing, you’ll not only be giving a great gift to your kid but also serving one of the many charities, the founder contributes to.

2.    Bluetooth Shower Speaker

Teens and music seem to be inseparable; at times, it feels they are even incapable of getting through a night of sleep without music. So why not make their shower time more fun with water-resistant mini Bluetooth speakers?

They can croon to their favorite beats while scrubbing up, and the flat bottomed speakers sit conveniently on ledges and shelves.

3.    Driving Gloves

We’re sure your teens are enjoying their newfound freedom as drivers. Gift them a pair of leather driving gloves in their stocking stuffers, and the teens will love how the cold weather gear will protect their hands in freezing temperatures.

4.    Three Bit Pack

Teens these days can’t do without memes. It seems their life revolves around them, and undoubtedly yours are no different. Why not gift them GIF collectibles and memes as their stocking stuffers this year>? Each delivers emotion, and the teens will find them fascinating for sure.

5.    Frother

Our teens rely on Starbucks just as much as we do but can console the extra expense with the excuse that we work for it. But what about the younger ones? Give them the next best alternative to Starbuck, such as a frother.

The tool will help them make customized drinks like hot cocoa and coffee yet saving them precious dollars. Besides, the device is thin and highly functional, and it would make a great stocking stuffer and convenient tool for their duffels.

6.    Cable Bite

We know how teens value their data and charging cables more than their life but are just as careless in keeping them safe. The cable bite is a fascinating little thing that wraps around the cords and keeps them from breaking.

You can find this stocking stuffer in various versions, including pig, catshark, and dogs.

7.    Essential Oils-Bath bombs

If you’ve got teen girls especially, they’ll surely love this gift. They will also find these bath bombs a special treat for their showers at home, especially after sharing the less appealing communal showers at college or school.

The bath bombs come in various essential oils, including sweet orange, jasmine, cinnamon, frankincense, lemon, rosemary, chamomile, peppermint, tea tree, grapefruit, rose, and lavender.  

8.    Face Masks

Find the Airism face masks to gift your teens this year. These masks will not only make a great stocking stuffer, but the triple-layered structure also provides optimal performance. It blocks 90% of ultraviolet rays quite effectively with its UPF 40 rating and comes in three sizes for adults, teens, and children.

These AIRism masks also feature heat-releasing, self-deodorizing, anti-microbial, and sweat-absorbing qualities. Your teens will never complain of feeling sweaty with these masks on.

Categories
Children Family

The Best Easter Activities for The Family

easter activities

There’s nothing like the joy of family and more so at Religious festivals. Easter is a time of merriment and playing silly games, even if you’re all adults. Being the second biggest family event of the year, it is only fitting to invest extra efforts to make sure Easter is an enjoyable time for all the family members.

What better way than some exhilarating and crazy family games to start the fun? Here are some great ideas for you:

1.    Eggo Deco

Eggo deco is an utterly silly game but tell us if the adults don’t squeal with delight while playing this one. For eggo deco, you need to place some Easter-themed stickers upside down on a flat plate or tray with the sticky side up.

Then you place an egg on the plate or tray and roll it around, trying to decorate it with the stickers. Mind you; no one can touch the egg in the process. Whoever gets the most stickers on is the winner, and whoever drops the eggs from the plate loses.

2.    Craft Station

Adults can be worse than kids at arts and craft, and here is an excellent way to have everyone howl with laughter. Prepare a craft station, ready with basic supplies for the family gathering. Have everyone make some Easter bunny ears and wear them on. Don’t forget to take tons of pictures of everyone looking ridiculous and delightfully childish with their funny bunny ears on.

3.    Spring Showers

This one is a whole level of crazy fun. You divide the entire family into teams. Then each group appoints a member who will wear a shower cap lathered with whipped or shaving cream on top. The rest of the team members have to throw Cheetos on the shower cap.

Every piece of Cheetos makes one point, and the more Cheetos, a team, manages to stick on the cap, the more scores they earn.

4.    Flower Planting

Easter is the time of rebirth, which is why we symbolize it with eggs. But what better way to celebrate new life and rebirth than with a tree? Turn this into a memorable and fun family activity by making everyone plant daffodils or tulips.

You can even plant indoor flowers and others, but we promise the entire family will love this activity.

5.    Egg Push

You undoubtedly know about the egg walk, but what about the egg push? Take the game a level higher by giving each player an egg. The race includes rolling the egg using their nose only and no other body part, from the starting line to the finish. The one who completes it first wins the race.

6.    Treat Rope

Some adults will play this game with more delight than others. This game includes tying a long rope or piece of string between two trees, or you may also have two members hold the corners of the string.

The strings must hold many treats, such as cookies or donuts or any other sweet treats. Players from two teams have to work their way through the string, each from the opposite side, eating as many treats in between as possible.

The condition is that the players can only use their mouths to reach the treats and eat them without using their hands and letting them fall. The one who eats the most treats wins.

Categories
Health & Home Wellness

Intuitive Eating – Here’s How to Start

intuitive eating

Intuitive eating is all about a non-diet approach towards your food. It focuses on building health-boosting behaviors rather than focusing on the scale.

It considers building a better body image and having a stronger connection with your food. Intuitive eating helps you make guided choices and acknowledge your internal cues. These include how you feel around food, fullness, and satiation after the meals and your cravings.

To help you transition smoothly to intuitive eating as a beginner, here is our short guide:

1.    It is not dieting

Intuiting eating is far from dieting, and you need to get rid of all those dieting jargon that promise quick weight loss. If you cannot rid your system of the belief in the dieting culture for weight loss, you will not discover intuitive eating freely.

2.    Hunger Acknowledgement

When you first feel the hunger pangs, do not ignore your body’s needs. It deserves to have sufficient carbohydrates and energy, and you must feed it adequately. When you underfeed or tend to starve your body, you reach a primal hunger state and end up overeating on impulsive food choices. Stop this!

3.    Social Media Detoxing

Stop allowing social media to glorify the thin and skinny physique of you. Thinness does not mean good health, but the idealized images have made this a perception.

You are better off without any source that promotes body dissatisfaction and a reed-thin figure.

4.    Don’t Apply Moralistic Value on Food

Part of living in a diet culture is how we tend to give it moralistic value. We associate all food items with guiltlessness and thinness or good and evil. When you categorize food as bad, you start depriving yourself of it and trigger biological cravings.

Do you know what the biological cravings result in? Binge eating, and then you go on a diet after that, and the vicious cycle continues. It is best to stop using moralistic terms for describing your food. Instead, try to eat everything in moderate proportions.

5.    Satisfaction factor

It would be best if you prioritized finding satisfaction from your food. When you’re eating, acknowledge the gift of existence and the bounty of nature before you. Be grateful for what you are eating and the abundance of food you enjoy. This will result in a high level of satisfaction and content after each means.

This will also help you discover just the right portion of food that brings this satiation level for you and the environment and setting you love to take your meals in.

6.    Make the Exercises You Love

In intuitive eating, you also need to change the way you work out. Instead of pushing your body for rigorous routines that the trainers insist upon, move the way your body loves. It doesn’t matter if the exercise is high-intensity or low-intensity; work out the way your body loves and finds comfortable.

Final Thoughts

Intuitive eating is all about forgetting the rigid, wrongly glorified dieting principles and forbidding foods to maintain a zero size. It is about eating freely and with gratefulness, in a way that benefits your wellbeing.