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Amelia Josephson

Mortgage, Home Buying and Credit Card Expert

Amelia Josephson is a writer passionate about covering financial literacy topics. Her areas of expertise include retirement and home buying. Amelia's work has appeared across the web, including on AOL, CBS News and The Simple Dollar. She holds degrees from Columbia and Oxford. Originally from Alaska, Amelia now calls Brooklyn home.

Posts by Amelia Josephson:

by Amelia Josephson Jan 12, 2022

Given the complicated nature of income taxes and the popularity of convenient but not foolproof DIY tax filing software, it’s understandable that you may make a mistake on your taxes at some point. When this happens, you’ll need to file an amended tax return by filling out Form 1040-X. This may be needed if you’ve made mistakes ranging from under-reporting your income to missing out on tax credits and deductions. For help with fixing tax return issues or any other major financial consideration, think about finding a financial advisor to help you. Read more

by Amelia Josephson Mar 02, 2022

A tax loophole is a tax law provision or a shortcoming of legislation that allows individuals and companies to lower tax liability. Loopholes are legal and allow income or assets to be moved with the purpose of avoiding taxes. This is different than lesser known tax deductions or strategies that are intentionally available for taxpayers to save money. Let’s break down how loopholes work, common examples and how they differ from intended tax-saving strategies. A financial advisor can help you optimize a tax strategy to lower your tax liability and reach your investment and retirement goals. Find a financial advisor today. Read more

by Amelia Josephson Mar 01, 2018

If your income is particularly low one year, you may not need to file federal income taxes at all. You can save yourself the time and hassle of filling out your tax returns. The income threshold for determining whether you need to file taxes varies based on several factors, such as whether someone claims you as their dependent, whether the income you received is earned or unearned and whether you are blind.  Read more

by Amelia Josephson Oct 01, 2022

These days, the government works to lift folks out of poverty by means of subsidized housing, grants, tax deductions, tax credits and hundreds of programs targeting different needs. Some economists… Read more

by Amelia Josephson Jul 05, 2018

Special consumption taxes on alcohol, tobacco products and sugary drinks all fall under the heading of a “sin tax.” We’re guessing that relatively few Americans think of drinking, smoking and… Read more

by Amelia Josephson Oct 01, 2022

Portland, Oregon is more than just microbreweries and food trucks. The City of Roses boasts a lively arts and cultural scene. Employment options in Portland include established companies like Boeing,… Read more

by Amelia Josephson Jan 11, 2022

The first thing you should know about the different types of 1099 forms is that if you’re a worker, you don’t need to fill them out yourself. Instead, the entity who is administering your investment… Read more

by Amelia Josephson Oct 01, 2022

If you can’t find a house you want to buy you may be tempted to build your home yourself. In that case, you’ll need to choose between a stick-built house and a prefab home. Stick-built means your… Read more

by Amelia Josephson Jan 28, 2016

Failure to keep up with your tax liabilities can lead to what’s called a tax levy. With a tax levy, the IRS confiscates assets of yours such as the money in your savings account or a portion of your… Read more

by Amelia Josephson Aug 05, 2022

The term “tax liability” describes the amount of money owed to the Internal Revenue Service (IRS) at the end of each tax year. Many Americans make reducing their tax liability a goal by chasing… Read more

by Amelia Josephson Jan 10, 2022

If you’ve ever looked at your earnings statement from a job, you have likely noticed some tax withholding. As part of your overall payroll taxes, the federal government requires employers to collect… Read more

by Amelia Josephson Jan 20, 2022

Knowing what you can deduct when you’re doing your taxes each year is important if you want to reduce your tax liability. Some common deductions, like the mortgage interest tax deduction, are well… Read more

by Amelia Josephson Dec 11, 2019

A tax shelter is a place to put your money where it will be safe from the long arm of the Tax Man. Many people think of tax shelters negatively, but they are completely legal and legitimate ways to… Read more

by Amelia Josephson May 09, 2019

From the mansions of Beverly Hills to the hipster bars of Silver Lake, Los Angeles charms visitors to its palm tree-lined streets. But if you’re pondering becoming a resident, you’ll want to get a… Read more

by Amelia Josephson Jan 12, 2022

Paying a federal income tax now seems so routine that it’s hard to imagine a time when income taxes were controversial. The federal income tax as we know it is actually only a little over one hundred… Read more

by Amelia Josephson Apr 25, 2022

The mortgage interest deduction means that mortgage interest paid on the first $1 million of mortgage debt can be deducted from your taxes through 2025. If you bought your home after December 15,… Read more

by Amelia Josephson Oct 01, 2022

According to the U.S. Department of the Treasury, payroll taxes made up approximately 31% of federal tax revenue in fiscal year 2021. That’s $1.25 trillion out of $4.05 trillion. These taxes come… Read more

by Amelia Josephson Jan 28, 2016

A sales tax is a form of consumption tax that is collected by merchants who sell goods. The merchants then pass those taxes on to the government. Most states impose a sales tax, expressed as a… Read more

by Amelia Josephson Jan 05, 2022

Schools, roads, parks, hospitals, and other public works and services rely on you and your neighbors, businesses, organizations, and estates to pay taxes that will help fund their budgets.… Read more

by Amelia Josephson Jan 21, 2022

In the showdown of IRA vs. 401(k), which wins? That depends on your retirement savings needs. Just because you have access to a 401(k) through work doesn’t mean you should necessarily max it out.… Read more

by Amelia Josephson Dec 04, 2017

When we think of a loan we tend to think of a single lump sum received in one go. Interest on that loan begins immediately. Personal lines of credit are loans, but they work a little differently.… Read more

by Amelia Josephson Dec 28, 2016

When debt feels unmanageable, credit counseling can help you regain control. Credit counseling comes in different stripes, though. Some are non-profit credit counselors while others charge fees that… Read more

by Amelia Josephson Mar 17, 2017

Debt can keep you up at night worrying but it can also be the means to the home you always dreamed of or the education you need to get the job you want. In other words, not all debt is created equal.… Read more

by Amelia Josephson Jul 05, 2018

Worried about your credit score? Debt got you down? Technically you don’t have to enlist the service of a debt relief, debt consolidation or debt settlement company. You can go to a non-profit credit… Read more

by Amelia Josephson Oct 01, 2022

What do you do when you personally need money but don’t want to take on debt? One answer is to seek a personal grant. The government offers grants to help Americans pay for certain classes of… Read more