Home > Author Archives: Kayla Sloan (page 2)

Author Archives: Kayla Sloan

Kayla is a mid-20s single girl living in the Midwest, USA. She is focused on paying off her consumer and student loans, while simplifying her life and closet. You can join her on her journey at ShoeaholicNoMore or follow her on Twitter.

How to Prepare for a Tax Audit

How to Prepare for a Tax Audit

Fear or panic might be your first response when you receive correspondence from the IRS. I know that’s how I’d react! But don’t let this initial panic and fear cause you to make mistakes. Take a deep breath and calm your racing heart. There are steps you can take to help you prepare for a tax audit. Request More Time You’ll need time to gather documents at the very least, so requesting additional time is not unreasonable. In addition, it can give you the time you need to consult with your tax preparer and a tax lawyer if you need one. Hire a Professional If you hired a tax preparer to complete the documents in question, have them consult with the IRS about the audit. If possible, have them meet with the IRS and deal with the audit on your behalf. Meeting with the IRS on your own is not necessarily a good idea. You could innocently reveal information the IRS representative didn’t ask for. This could cause additional problems for yourself that may not have even existed when the auditor arrived. Gather Records First, it’s important keep your records up to date at all times. If you are ever ...

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How to Spot a Fake Money Making Scheme

How to Spot a Fake Money Making Scheme

Just about everybody has heard of someone who has been targeted by a criminal trying to scam them out of their money. In fact, unless you live under a rock, you’ve probably heard about lots of different ways other people have become the unwitting victims of such money making schemes. But do you know how to spot a fake money making scheme so you don’t become a victim too? Here are some of the ways you can spot a fake money making scheme. Avoid “Free” Offers When you are promised large ticket items, like free vacations, scammers will try to get you to pay the shipping or taxes to get the promised item. They are out to take your money and run, so don’t fall for this tactic. Make sure you ask for their phone number and name and get any offers in writing. This usually results in them hanging up on you if the scammer is contacting you by phone. If it’s over the internet, they will probably suddenly stop sending emails. Cashier’s Checks Many criminals will use a fake check to steal your money. It can appear to be an innocent mistake, such as purchasing an item you are ...

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7 Side Hustles You Can Do On Your Own Schedule

7 Side Hustles You Can Do On Your Own Schedule

When you need extra income, a side hustle you can do on your own schedule could be just what you need to keep your personal budget balanced. Of course, as the label “side hustle” implies, some side jobs require more dedication than others. In other words, if you don’t want to work hard, a side hustle probably isn’t for you. Side hustles require you to work extra hours on top of what you are already working in your regular job. However, the nice thing is that there are side hustles you can do on your own schedule. This will help fit them into your already busy life whenever it works best for you. Here are 7 examples of side hustles you can do on your own schedule. 1 Babysitting If you are good with children or have some of your own anyway, you could provide yourself with extra income and your kids with playmates. It can be hard for people to find childcare when they work in the evening hours or weekends, so if those are your available hours you may not find them hard to fill at all. Of course, you can always say no to babysitting gigs if ...

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Why We Let Others Influence Our Spending

Why We Let Others Influence Our Spending

Peer pressure can be a powerful thing. Just ask any teenager – if you can get them to talk without rolling their eyes at you. But peer pressure, or influence, doesn’t just affect our youth. When you graduate and make your way out into the world you still have to deal with pressure from others, just in different ways. One way others might influence you can be through what you buy and how you spend your money. Have you ever gone shopping with a friend and after you got home you looked at what you bought and thought, “What was I thinking?” That is commonly referred to as buyers regret. But why have regret? More importantly, why let others influence our spending in the first place? Here are few reason we let others influence our spending. We Want to Fit in One of the reasons we may let other people influence what, where and how we spend our money is because we want to fit in. We tend to emulate what other people do and how they act without even realizing it if we have a sense of admiration for them. So, we buy similar things to what they buy ...

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11 Tax Deductions You Might Be Overlooking

11 Tax Deductions You Might Be Overlooking

Tax time is right around the corner whether or not you are prepared for it. We all know a few people who are never prepared for tax time. But even if you feel like you have prepared for tax season, you might not be as ready as you think. The truth is that there are tons of tax deductions you might qualify for. With so many, it can be hard to keep track of all of them. To help you out and make sure you save as much money as possible, here are at 11 tax deductions you might be overlooking. 1. Moving Expenses When you relocate because of your job, you might be able to claim those costs as a deduction when you file your taxes. Of course, you must meet certain qualifications. 2. Student Loan Interest You can deduct the interest you paid for your student loans, or the interest student loans of any dependents. There is a cap of $2,500 and you have to have an adjusted gross income of $80,000 or less to qualify for some of this tax deduction. 3. Membership Dues If you pay membership dues that help you conduct your business, you might be ...

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