Equifax

Finance Blog

Stay financially savvy with the Equifax Advisor.

Sign up for our FREE Monthly Email Newsletter

 

Thank you for signing up for the FREE Equifax monthly newsletter

In addition to keeping in the financial know, you may be interested in checking your credit score and report.

Understand your credit. Help protect your identity.

Equifax Complete™ Premier Plan

  • Know What May Influence Your Credit Score and Be Alerted of Changes
    Credit score monitoring with custom alerts
    Important Disclosure: The Equifax credit score and 3-Bureau credit scores are based on an Equifax credit score model and are not the same scores used by 3rd parties to assess your creditworthiness.¹
  • Help Protect Your Identity
    Automatic fraud alerts encourages lenders to take extra steps to verify your identity²
  • Lock Your Credit
    The ability to lock and unlock your Equifax Credit Report³
Save 75% your first 30 days with the purchase of Equifax Complete™ Premier

$4.95 for the first 30 days, then $19.95 per month thereafter. You may cancel at any time; however, we do not provide partial month refunds.4

¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.

³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.

4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.

Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.

5 Tax Lessons Learned from Filing Your 2010 Tax Return

Written by Eva Rosenberg on April 20, 2011 in Tax  |   No comments

5 Tax Lessons Learned from Filing Your 2010 Tax Return By Eva Rosenberg, EA One of my editors wanted to clarify something. Andrea was surprised to learn that the IRS pays interest on refunds. After all, isn’t that the whole point of reducing your withholding—not…

5 Tax Lessons Learned from Filing Your 2010 Tax Return
By Eva Rosenberg, EA

One of my editors wanted to clarify something. Andrea was surprised to learn that the IRS pays interest on refunds. After all, isn’t that the whole point of reducing your withholding—not to give the IRS an interest-free loan all year?

Andrea is right. When that money is deducted from your paycheck to generate those great big refunds, the IRS doesn’t pay you a dime extra for using your money all year. That leads us to…

Lesson # 1: If you file your tax return a year or two late, the IRS pays a better rate of return than your bank or your investments.
The IRS pays between 3 and 6 percent on 2008 and 2009 tax refunds. I never thought about filing late as a deliberate strategy for increasing a rate of return. But after trying to find an IRA that pays more than .35 percent, you start to wonder about the Bank of IRS. Be careful. You must file within three years of the due date of the original tax return, or you will lose the entire refund.

Lesson #2: Perfection means procrastination.
If getting one bit of data is taking too long, or you are facing too many obstacles to getting it, just make a reasonable, informed estimate of the numbers. File the tax return. Move on with your life. If the accurate information surfaces and it’s significantly different, you can amend the original tax return. If you chase after that “perfect” return, you may find yourself missing the filing deadline. People do. Really.

Lesson #3: You must read the instructions.
I hear from people who made mistakes when entering information on a tax form, or into tax software. Later, they learned about the error, and then found the specific information or instruction was right there on the form. Anytime you use a form you’ve never used before, you should be reading the instructions.

Lesson #4: It’s OK to file your extension early.
Why rush at the last minute? Several people have told me they tried to find a free way to file their extensions late at night. They finally gave up and went to a site where they had to pay a fee to file their extension. Or the system they wanted to use was down, or overloaded, and they didn’t know what to do. You won’t have that problem if you file your extension a week or two early.

Lesson #5: Don’t forget to split up your refund.
IRS Form 8888lets you split a refund between three accounts. You can still do this if you’re on an extension. There may be several reasons to split up a refund before you get it:

  1. You want to put some of your refund into a savings account so you don’t spend it.
  2. You are in the middle of a divorce and want to receive your share of your refund without having to fight your ex to sign it over to you.
  3. You want to use the refund to fund an IRA, Roth IRA, or SEP-IRA. Of course, the IRA account must be established before you deposit the refund. Remember to give advance notice to the IRA trustee or administrator, telling them to which year you want to apply the contribution—2010 or 2011.

What lessons did you learn this year?

Eva Rosenberg, EA is the publisher of TaxMama.com, where your tax questions are answered. Eva is the author of several books and ebooks, including Small Business Taxes Made Easy. Eva teaches a tax pro course at IRSExams.com.


Read More:

Itemized Deduction, AMT, and Other Tax Nightmares
Do I Get a Deduction for My Gifts? Or Do I Get Punished for Being Generous?
Estate Tax Tips: A Choice for 2010
Free Tax Services: Do You Qualify?
6 Things You Can Do All Year Long to Save Money on Your Tax Bill

No comments yet


Leave a Comment


Name :


Commenting guidelines

We welcome your interest and participation on this forum, but be aware that comments will be published at Equifax's sole discretion. Please don't use this blog to submit questions or concerns about your Equifax credit report or raise customer service issues. Instead, you should contact Equifax directly for all such matters and any attempts to do so in this forum will be promptly re-directed.

Some other factors to consider when commenting:
  1. Registration and privacy. While no registration is required to visit our forum, participants wishing to post a message must register by creating an account. All personal information provided by forum members incident to registration is governed by our Terms of Use and Privacy Policy.
  2. All comments are anonymous. We'll delete your name, e-mail address, and any other identifying information, including details about your investments.
  3. We can't post or respond to every comment - As much as we'd like to, we can't post every comment, nor can we guarantee that we will respond to each individual message. All questions or comments about your Equifax credit report or similar customer service issues should be handled by contacting Equifax directly.
  4. Don't offer specific legal, tax or financial advice. All of the materials on this Site are for information, education, and noncommercial purposes only and this forum is not intended as a means of expressing views or ideas regarding any specific legal, tax, or investment advice. While offering general rules of thumb is both permitted and encouraged, recommending specific ideas or strategies regarding investments, taxes, and related matters is prohibited.
  5. Credit Repair. This blog is not intended as a venue for the discussion or exchange of ideas regarding credit repair or other strategies intended to assist visitors and community members improve or otherwise modify their credit histories, ratings or scores.
  6. Stay on topic. Your comment should be concise and pertain to the specific post in question.
  7. Be respectful of the community. The use of profanity, offensive language, spam, and personal attacks will not be tolerated and egregious or repeat offenders will be banned from future participation. We encourage disagreement and healthy debate, but please refrain from personal attacks on our WordPresss and contributors.
  8. Finally: Participation in this forum may be terminated by Equifax immediately and without notice for failure to comply with any guidelines or Terms of Use. As such, you should familiarize yourself with all pertinent requirements prior to submitting any response through the blog or otherwise. All opinions expressed in this forum are solely those of the individual submitting the comment, and don't necessarily represent the views of Equifax or its management.

Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.


Tax Archive