Tax Policies Play A Role When Americans Renounce Their Citizenship

The U.S. may be one of the world’s greatest nations, but a growing number of Americans are renouncing their citizenship to live elsewhere permanently. Every quarter, the list of individuals who have given up their citizenship is published by the State Department. The list has grown over tenfold since a relative low of 231 expatriates…
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Medical Debt And Declining Credit Scores

Experts Warn Medical Debt Could Greatly Damage Credit by Shaun Plum, MoneyTips Contributor Medical debt affects the credit of many Americans. In fact, a study done by the Consumer Financial Protection Bureau (CFPB) in 2014 revealed that 52 percent of all credit report debt came from medical expenses. The balance averages out to $579 per…
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Retirement + Investor Optimism = Unrealistic Expectations

How confident do you feel investing in the current climate? What are your main investing goals this year? Check out our infographic below to see how your investing choices and concerns compare with those of the 7,000 investors recently surveyed around the world. Our earlier infographic reveals what financial advisors say are your biggest investment mistakes.  …
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Do I Have To Pay Taxes When I Inherit Money?

You have just received an inheritance. What do you do now? You could spend it on some extravagance, but you would be better off doing two things first: assessing the tax ramifications and thinking about some investment options. “Death taxes” are somewhat misunderstood, as people can find the two types of death taxes confusing. Estate…
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When You Can – And Cannot Deduct Your Pet On Your Taxes

In general, deducting pet expenses on your tax return can get you into hot water with the Internal Revenue Service (IRS). Usually pet expenses will not hold up should the IRS audit you. However, specific cases exist that allow you to take legitimate tax deductions for spending on your pet. Regardless of how you justify…
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