Bank finance articles and tips

Credit report errors are quite common. Learn how to fix these errors.

If you feel that your credit report scores are not as good as they should be, the first thing you should do is order a credit report to which you are legally entitled to on an annual basis and review it as soon as you receive it. Any negative findings on your credit report and scores will be accompanied by an explanation so you can be made aware of what you need to do to correct these items that may be negatively affecting your credit....

A US citizen living or working in Canada incurs not only a tax obligation to the Canadian government but is also still liable for US income tax. Every tax preparation business is aware that the IRS imposes collection of income tax on worldwide income of US citizens. But US citizens also report holdings of foreign assets to the IRS.....

Obtaining a copy of your credit report is empowering. It gives you insight into what financial institutions see when they are deciding if you are credit worthy. Knowing your rating and seeing the status of your accounts lets you know if you can improve the way you handle your finances. Taking an honest look at your financial record is the first step in taking control of your finances.

Look for errors or inaccuracies reported by the financial institutions. If an account is reported as delinquent when you have consistently made payments on time, this can have a negative impact on your rating. Contact the financial institution that is reporting the incorrect data. Inform them of the errors. Provide documentation to verify the accuracy of your claims, if necessary. Ask how long it will take from them to update the correct information with the credit bureau. Review the report again at a later date to find out if the corrections were made.

If you own an S Corporation, you must file Form 1120S every year to report income and expenses to the IRS. Part of Form 1120S is a balance sheet. Read on to find out whether you have to complete this report in order for the tax return to be complete.

First, let's review the purpose of a balance sheet - it is a financial report that lists the asset, liability and shareholder's equity accounts. It is found on page 4 of Form 1120S and is known as Schedule L.

Sharing has a whole new meaning for anyone conducting a tax preparer job in California for same-sex couples. The recognition of domestic partnerships - when combined with community property laws - results in equal sharing of all income. Therefore, each individual shares in half the income regardless of who earned it.

A California tax preparer is familiar with how this situation affects state and federal reporting of income. The community property states of Nevada and Washington have created the same circumstances with their domestic partnership laws.

The income tax preparation for state returns must divide the income equally according to the community property laws of the state. But federal income tax returns still report only separately earned income. The individuals in these cases use a filing status of single since that's the only option for domestic partners under IRS rules.