Make Sure Your Return Is Accepted By The IRS

The IRS “Where’s my refund?” tool isn’t used only to monitor refunds. You can use it to check whether your return has been received, or accepted, or whether your check is already in the mail. Sometimes, the status includes a “reference code” which may or may not require action on your part. This is a list of the most common “Where’s my refund?” status codes. Tax filers can start checking on the status of your tax return within a day or two of e-filing your return. (If you chose to file via mail, you’ll have to wait four weeks to check). Due to staffing issues, the IRS continues to report some delays for late filers, so a return may be in “received” status for a long time (in fact, there is still a backlog from 2021). However, the IRS typically works through the current year’s returns before picking up the backlog.

Correct Any Errors With Your Tax Return

Tax software can prevent clerical errors, but the IRS may flag certain issues such as incorrect business deductions or incorrectly claiming a dependent. If the IRS flags an error, you will need to correct the tax return by filing a 1040-X. Many tax software programs allow filers to amend their current year returns either for free or for an additional cost. If you made a filing error, you’ll want to correct it as quickly as possible, so you can collect your refund (or make a payment plan). But don’t rush this step, especially if you think the IRS made an error. A company like Community Tax can help you figure out what went wrong, and they can help you correct the errors.

If Necessary, Figure Out A Tax Payment Plan

The first time you owe the IRS money, you may be caught by surprise. Most people receive small refunds for years, but they may owe the IRS due to a windfall or because they switched to self-employment.

When you owe the IRS money, you need to figure out a payment plan. The IRS payment plans can be a good start, but low-interest loans may be better for you. This article details what to do when you owe back taxes.

Adjust Your Withholding Or Quarterly Tax Payments

Most W-2 employees have taxes withheld from their paychecks. Typically, an employed person who properly fills out their Federal (and State) W-9 form will receive a small refund each year. However, some people end up with huge refunds, and others end up owing their state or Federal government money. To correct this issue, employees will want to resubmit a W-4 form to their HR person. (Most states have an equivalent form). If you received a massive refund, you will want to claim more allowances than you’re currently claiming. If you owed money, you will want to claim fewer allowances. Very high earners sometimes need to have additional money withheld each paycheck to ensure they don’t owe the IRS at the end of the year. Self-employed people (and small business owners) typically have to stay on top of their tax payments through estimated quarterly tax payments. If you owed a large amount of money (relative to your income), you will want to increase the size of your quarterly tax payments next year. This can keep you from owing so much money at the end of the year.

Store A Copy Of Your Tax Return

It’s important to store a copy for a minimum of 3 years in all situations. You need to hold onto the records and the tax return for 7 years if you claim bad debt or worthless securities. If you owed money on your taxes, you need to hold onto the return for two full years after the debt is paid in full. Holding files for three years allows you to file an amended tax return in the future in case you catch an error in your favor. Most of our recommended tax software programs give users access to electronic returns for three to five years. However, software systems can change hands, and users might not be able to access records for weeks or even months. Don’t think this could happen to you? It happened at the start of this year when Cash App Taxes purchased Credit Karma Taxes. Rather than rely on your software company to keep your records, download your return and store it in a cloud location (I prefer Dropbox, but other secure sites are fine). There’s no reason to print a copy of your tax return if you have access to it online.

Use Your Tax Refund Wisely

Some people earn small bonuses throughout their careers. Others receive an inheritance. But a tax refund may be one of the few financial windfalls that most people experience several times in their life. It can be tempting to use the money from a refund to pay for a vacation, or to put a down payment on a pickup. Before you spend the money, consider whether you can (and should) use the windfall to boost your bottom line. A tax refund isn’t a gift from the government. It’s money you worked hard to earn. It makes sense to put the money to work for you, now that it’s back in your pocket.

Credits: The College Investor.

ApeCoin – which trades under the symbol APE – is the utility and governance token of the BAYC ecosystem. Right now, there is no true functionality except membership in the ApeDAO, which oversees the governance of the ApeCoin token.

However, the roadmap shares a future where there will be utility for holders of the token, especially when combined with the underlying NFTs. These include a marketplace, potential games, and more.

The coins are being allocated as follows:

• 62% of the coins are going to the ecosystem – which includes BAYC and MAYC NFT holders, as well as the community treasury
• 16% of the coins to YugaLabs and Charity (these follow a lockup schedule)
• 14% to launch contributors (these follow a lockup schedule)
• 8% to the BAYC Founders (these follow a lockup schedule)

Given the popularity, the price of APE has already spiked since launch:

What Is Bored Ape Yacht Club?

Bored Ape Yacht Club (BAYC) is an NFT project by YugaLabs that features 10,000 uniquely generated “Bored Apes”. There are also several variations on the project – with Mutant Ape Yacht Club (MAYC) being generated by using a Mutant Serum, and Bored Ape Kennel Club (BAKC) – doggo companions to the Apes.

The parent company, YugaLabs, also recently acquired CryptoPunks and Meebits, two other very popular NFT projects.

You can see the Bored Ape Yacht Club collection on OpenSea here.

How To Claim APE As a Holder Of BAYC

If you currently own a Bored Ape or Mutant Ape, you can claim your airdrop for 90 days – until June 15, 2022.

To claim your APE token, you simply go to ApeCoin.com and select “Claim”.

Which NFTs you hold in your wallet will determine how much APE you receive.

It’s important to remember that this is per-wallet. So if you have your Apes in different wallets, you need to connect each one.

And finally – yes, airdrops like this are taxable!

How To Buy APE

If you simply want to buy APE, there are a few ways that you can do it right now. Many exchanges are building support, and you can also purchase APE on DeFi swaps. Here’s the best ways to do it.

Right now, you can buy APE on any of the following exchanges:

• Uphold
• Coinbase
• Gemini
• Binance
• Kraken

You can also buy APE via most DeFi protocols as well.

The Future Potential Of ApeCoin

A lot of the hype for ApeCoin is the future it might hold. For example, YugaLabs, the parent company of Bored Ape Yacht Club, recently acquired CryptoPunks and Meebits – two other huge NFT projects. And when you look at the roadmap of ApeCoin, it’s clear they are trying to build an ecosystem for their brands to both interact and trade – likely using APE as the fundamental token.

Also, the founders have their own allocation of APE locked up for a year – so there is a big incentive for them to grow the value of the token over the next year before they are able to sell or do anything with it.

Finally, many are theorizing that APE will be allowed to be staked – where you can lock up some (or all) of your tokens and earn rewards as a result. This could be a great source of income for HODLers of the BAYC ecosystem.

Final Thoughts

With this in mind, APE is poised to see a lot of conversation over the next few weeks. The question is whether YugaLabs and BAYC will be able to sustain the momentum.

Based on their track record with BAYC, the answer is hopefully a yes, but only time will.

If you’re curious about “Ape-ing in”, now could be the best time.

Credits:  The College Investor.

What Is Grow Credit?

Grow Credit is a “starter” credit card designed to help people with poor or limited credit history quickly gain a foothold in the credit world. To sign up for the credit card, you must have at least one major subscription (such as Netflix, Hulu, Peacock, Mint Mobile, etc.). You are required to pay for that subscription using the Grow Credit card.

Each month, Grow Credit automatically pays off your credit card in full. By doing this, it can report low credit utilization to the credit bureaus.

What Does It Offer?

Grow Credit offers a 0% interest and no-fee Mastercard to all US Residents age 18 and older who have at least one qualifying subscription. The company reports payments to all three major credit bureaus which can help people build or rebuild their credit.

Easy To Qualify

A legal US Resident age 18 or older can qualify for a Grow Credit Mastercard. The only additional qualifications include having a bank account and a subscription to a digital service. The payment for the digital service must be transferred to the new Grow Credit credit card.

Subscriptions Automatically Paid Via Grow

Grow Credit customers must charge their digital subscription to their Grow Credit credit card. Grow Credit automatically pays off the card by drafting the full amount from your bank account each month. This doesn’t change your cash flow at all, but it allows you to build up your credit – because you already had this existing subscription coming out of your bank account. You’re now simply using your Grow card to pay for it.

Difficult To Run Up Credit Card Bills

Grow Credit users don’t have any temptation to run up huge credit card bills, because the Grow Credit credit card is locked down. Users can only use it to pay for one subscription (or the number allowed by the plan), and that subscription is paid off each month. Grow Credit helps people build up their credit without helping them take on debt.

Reports To All Three Credit Bureaus

Grow Credit reports timely payments and credit limits to all three of the major credit bureaus. This ensures that a person’s good credit behaviors are being taken into account by other lenders when a user applies for new credit.

No Interest Or Fees On Loans

Grow Credit doesn’t charge interest or fees on its loans. The company will charge a membership fee for people seeking larger credit limits for premium subscriptions.

Are There Any Fees?

Grow Credit’s core product is free. Users will not pay interest or fees for Grow Credit’s core product. With this product, Grow Credit reports a $204 annual credit limit to the credit bureaus.

However, people who want larger credit limits must pay monthly membership fees.

How Does Grow Credit Compare?

Grow Credit is an excellent credit-building app. With no fees or interest, it may be one of the best options for building credit for free. Credit building loans, such as those offered by Self Lender are likely to help users build credit faster. However, Grow Credit is the only completely free option that is also likely to help users build their credit history at all three credit bureaus.

How Do I Open An Account?

To create an account, you will need to apply through the Grow Credit Website. Users will need to provide an email address, phone number, name, address, and social security number. They also have to connect a specific subscription to the account. Applicants also have to connect a bank account to a credit account. Grow Credit deducts the monthly cost of your subscription from your bank account, so your account is paid off each month.

Is It Safe And Secure?

Grow Credit uses encryption and other bank-level security protocols to keep user information safe. The company only deducts that monthly cost of your subscription from your bank account.

How Do I Contact Grow Credit?

Grow Credit is headquartered in Santa Monica, but the company doesn’t have branch locations for customers. Instead, Grow Credit has an online chat option staffed by real people.

If you prefer to contact the company through more traditional methods, you can email the company at behappy@growcredit.com or call customer service at 1-888-244-5886.

Is It Worth It?

Grow Credit’s free option is an incredible option for people with no credit history or poor credit. It’s a stepping stone option that can help users build credit history at all three credit bureaus. And they can grow credit without paying interest and fees and without the temptation to go deep into credit card debt. While users are unlikely to build credit quickly, regular payments should lead to improved credit over time.

However, Grow Credit’s Grow and Accelerate Membership are not likely worth the cost. These products essentially increase the cost of your monthly subscriptions for the long haul. Rather than paying for these, it’s better to seek out introductory credit cards with small credit limits after a year or so of credit improvements.

If you don’t need help building your credit, there’s no need to open a Grow Credit account. But if you don’t have a good credit score, Grow Credit is likely to be a good product for you.

Credits:  The College Investor.