Who Has To Pay the AMT? The IRS provides a fairly simple worksheet in its Instructions for Form 1040 that you can use to determine whether you have to fill out the longer Form 6251 to compute your alternative minimum tax. Most tax software programs compute the AMT for you automatically. If it turns out that you’re subject to the AMT, you might want to review the actual tax form to understand which income sources or deductions are causing your AMT liability....

Although these five were seen as being the countries in immediate danger of a possible default at the peak of the crisis in 2010-2011, the crisis has far-reaching consequences that extend beyond their borders to the world as a whole. In October 2011, the head of the Bank of England, Sir Mervyn King, referred to it as “the most serious financial crisis at least since the 1930s, if not ever....

As a consumer, you should be aware of your rights to avoid being taken advantage of by companies in the credit reporting industry. FCRA Rules for Consumer Reporting Agencies According to the FCRA, consumer reporting agencies are companies that collect credit information about consumers for the purpose of selling it to third parties. The best-known examples of consumer reporting agencies are the three major credit bureaus: Equifax, Experian, and TransUnion....

The clock on a free look period starts once you receive your policy. The period normally lasts at least 10 days but could be as long as 30 days, depending on the state laws where you live. For instance, Texas law requires the free look period to be at least 10 to 20 days. In New York, the period must be 10-30 days. A 30-day period is required in New York for any policy offered by mail....

Because it measures price changes before the goods are sold to a consumer, an increase in the Producer Price Index usually means there will soon be an increase in the Consumer Price Index. This is why it is considered to be a leading economic indicator. To calculate the Producer Price Index in the United States, researchers from the Department of Labor’s Bureau of Labor Statistics (BLS) collect price data from producers....

Even though it’s so closely involved with the nation’s finances, the Treasury doesn’t set fiscal policy. The U.S. Constitution gave that power to Congress. Still, the Treasury has an enormous impact on the nation’s economy—and on you. What the Treasury Department Does In 1789, Congress created the Treasury Department and the other two executive departments of Defense and State. Today, most of the work of the Treasury is done by its 10 bureaus....

Financial institutions that use warehouse lending include private debt funds, mortgage real estate investment trusts, small mortgage bankers, and credit unions. For example, let’s say a first-time homebuyer applies for a mortgage through a mortgage lender. Both parties agree to the loan terms and the loan closes. Instead of relying on its own cash reserves, the bank takes out a warehouse loan to finance the mortgage. The homeowner then receives the funds, and the mortgage lender resells the mortgage loan on a secondary market, using the proceeds to repay the warehouse loan....

Borrowing is one of the most important tools in your financial toolkit. Loans can open doors for you (like owning a house or getting an education, for example), but they can also cause problems. That’s why it’s crucial to understand how loans work from the bottom up. How Loans Work When you need money, you ask a lender to provide funds. To do so, you typically submit a request or “apply” for a loan, and the lender decides whether or not to approve your application....

Gary Waters When you are buying a car and the salesperson (or more likely, random individual) tells you the title is unavailable, this should raise red flags for you. In some cases, the person you are buying the vehicle from may have a perfectly legitimate reason for not having the vehicle title. Maybe their elderly relative was the owner of the car and that relative tragically passed away with their documents out of order....

Only once you know yourself and understand the basics of investing can you pick the perfect investment for you. In a perfect world, the perfect investment would be safe, provide income, and grow. It is the unicorn of investing that everyone is seeking. Unfortunately, it doesn’t exist, but there are investments that will be a benefit to you. What’s Most Important to You? The first step to investing is to determine which of the following results are most important to you at this stage of your life:...

Why? Because the majority of U.S. workers are at-will employees. At-will employment means that you or the employer has the right to end the employment relationship for almost any reason, or no reason, with or without notice. Can You Get Fired for Job Searching? Termination of an employee without cause is legal in practically every state, except Montana. In that state, employment law prevents termination for unspecified reasons after a 12- to 18-month probationary period....

However, the idea of defining a car as totaled (or not) only matters if you have comprehensive coverage. If you only have liability coverage, and you total your vehicle, you’d better have a lot of money saved up, because not one cent of the damage to your own car is going to be covered. This is true whether you get into an accident, a tree falls on top of your car, a hailstorm pummels your car, or your car is stolen....

If this seems odd to you, it’s important to understand two important factors about mortgages: the interest is paid in arrears, and the principal is paid in advance. Let’s take a closer look at what those things mean. Mortgage Interest Is Paid in Arrears Mortgage interest is paid in arrears, which means after it’s accrued, not before. Interest on your mortgage begins accruing at closing and doesn’t stop until the loan is satisfied in full....

Reasons to Open a Bank Account Opening a bank account will make it easier to cash your payroll checks, and it’s not expensive to get started. It can be quick and easy to open a bank account, and, in most cases, you can do it online. Low Fees You can even get a checking account without the checks. For example, Key Bank offers an “hassle-free checkless account” with a minimum deposit of $10 and no monthly fees....

General business credits are reported in a specific order, depending on which credits are used in the tax year. First, any carry forwards from past years are used, earliest firstThen, the general business credit earned during that year is calculatedFinally, any carrybacks to that year from future years If your general business tax credits are larger than your tax liability for the year, then the credits are used in a specific order....

If you’re not using mobile payments yet, you might have questions about where you can use them, how easy they are to use, and how secure they are. This guide breaks down everything you need to know about mobile payments and how they work. What Are Mobile Payments? In a nutshell, a mobile payment is a payment transaction that takes place through your mobile device. You load your debit and credit cards into a mobile payment app on your phone or tablet, for instance....

What Is a Credit Report Used For? A variety of businesses check your credit report to make decisions about you. Banks will check it before approving you for credit cards and loans, including mortgages and auto financing. Potential landlords will review your credit report to decide whether to rent to you. Some employers even check credit reports as part of the job application process. Your credit report is the sole source of information used to calculate your credit score, a three-digit number that lenders often use to determine how likely you are to pay back or default on a loan....

Reasons You May Want to Pay More Than List Price If you’re buying in a seller’s market, you may want to pay more than a home’s listing price. Seller’s markets—also called “hot” markets—have high demand but low supply. As a result, home prices jump, and competition is stiff. You could find yourself up against bidding wars, and a higher offer may be the only way to stand out and secure the home....

Banks and credit unions check a different report to learn about an applicant’s banking history. Learn more about how bank account approvals work, why you might be having trouble, and what to do when you get denied. How Does Opening a Bank Account Work? When you want to open a bank account, you may be surprised to find you can’t just open one—you need to apply. That said, in many cases, you can apply online, so you don’t actually have to go into a physical branch....

Strategic deadlines are designed to help you move closer to your goals every day, week, and month. In this way it keeps you experiencing small wins along the way, rather than simply painting a huge target that is months away which just adds to your stress levels. Even still, for most people, few things cause worry, stress, and panic as much as deadlines. Remember the three-day, sleepless marathon you did in school just to submit a 20-page term paper on time?...