Jennifer Stinnett writes about a variety of personal finance topics for SmartAsset. Her expertise includes retirement, taxes and home buying. Jennifer has a degree from Florida State University in English with a focus on Editing, Writing and Media.
A nonqualified deferred compensation (NQDC) plan is an arrangement that an employer and employee agree to where the employer accepts to pay the employee sometime in the future. Executives often utilize NQDC plans to defer income taxes on their earnings. They differ drastically from qualified plans, like 401(k)s. As you explore how NQDC plans work and how they compare to qualified ones, you may also consider finding a financial advisor who could help you create a financial plan for your retirement and tax needs. Read more
The Internal Revenue Service recently released details about its new private debt collection program. The program will transfer taxpayers’ inactive IRS debts to one of four private collection agencies beginning in spring 2017. So what does this mean for anyone who owes taxes? We’ll explain what the private debt collection program is and how it will work going forward. Read more
Did you make a mistake on your income tax return? Don’t sweat it – it happens. Whether you forgot about a tax deduction or credit or you need to include additional sources of income, you can fix those errors by filing an amended tax return. You’ll do this by completing IRS Form 1040X. A financial advisor can also help you avoid mistakes and optimize your tax strategy for your financial goals. Here’s our guide to understanding and filling out the form. Read more
Credit scoring models take multiple factors into account when assessing your credit risk. The FICO® scoring model, for example, looks at your payment history and your credit mix. Another important… Read more
Having your health insurance claim denied can be stressful. But just because your insurer refuses to pay for your treatment or services doesn’t mean you need to rush to take out a loan or tap into… Read more
Each election year, many of us feel uncertain about the new personnel and policy changes that could be in store for our country. If there’s one thing we all can agree on, it’s that the presidential… Read more
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