Money Management

You may be missing out on credit card rewards. It pays to check which credit card will offer the most rewards before swiping at checkout. Find out more. [[{“value”:”

Many people use rewards credit cards to earn rewards when they spend money with their cards. If you’re using credit cards as a payment method, ensure you take advantage of the opportunity to earn as many rewards as possible. Using a rewards credit card is a good start, but it’s also important to be strategic about which rewards credit card you swipe at the checkout line. I’ll share one way to boost your credit card rewards in 2024.

Pay with a credit card that offers the most rewards

There are many rewards credit card options. Here are a few examples:

Airline credit cardsTravel credit cardsHotel credit cardsGas and grocery credit cardsDining and restaurant credit cards

Your ideal rewards card depends on your typical spending habits and goals. If you don’t travel often, you may not benefit much from a travel rewards credit card. Each credit card earns rewards in different ways. Some reward cardholders more when they spend money on specific purchases. Other cards may simply earn rewards at a flat rate on all purchases.

Pay attention to how each card earns rewards

Whether you have existing rewards credit cards in your wallet or are considering applying for a new card soon, knowing how the card earns rewards is essential. This will allow you to make more informed purchase decisions whenever it’s time to swipe your card. Paying for a purchase with a card offering more rewards is an easy way to boost your potential for credit card rewards.

Let’s imagine you’re meeting friends for dinner at your favorite Italian eatery. You have the following two credit cards in your wallet:

A restaurant rewards credit card that earns 3 points per $1 on eligible restaurant purchases.A cash back credit card that earns 1.5% cash back on all purchases.

For this scenario, you’ll want to use the restaurant credit card for payment to maximize your rewards. This is just one example, but you can benefit by considering the cards in your wallet before making any purchase, whether shopping online, doing your weekly grocery run, or booking a hotel stay. You can get more value from your credit cards by earning more rewards.

I’m going to be more strategic about how I use my cards in 2024

I’ve been using rewards credit cards for nearly a decade. However, I haven’t always put enough effort into maximizing my rewards. In 2024, I’m going to take extra care to boost my credit card rewards. I don’t have many cards, so it shouldn’t take more than an extra moment or two to decide which one to use. Earning more rewards could be a major win for my bank account.

Get more value from your credit cards

Being strategic about which credit cards you swipe for purchases could help you earn more rewards faster. You might also consider reviewing the benefits offered with each card in your wallet. You may be ignoring valuable perks that are available.

In addition to earning rewards, many credit cards include benefits that could improve your life. Don’t let these benefits go unused. You can get more value from your credit cards by maximizing your reward potential and using the benefits provided.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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I moved into a new house, and the relocation saved me endless stress. Learn what home feature can improve your quality of life more than you may realize. [[{“value”:”

I bought a house recently. I like many things about my new property, from the view to the new kitchen I’ll be putting in (since the house is a gut remodel). But while there’s a lot to love about my new place, there’s one feature that has already changed my life.

Before you get a mortgage to buy your own place, learn about one major factor that has a huge impact on your quality of life. My experience might influence you in deciding what to focus on when choosing a home of your own.

There’s nothing more important than this feature when purchasing a property

Moving to my new house has been completely life-changing for one simple reason: My property is now in the perfect location.

My old house was in an area where I had to sit in endless traffic to get anywhere I wanted to go, whether it was a restaurant or a grocery store or a theme park (since I’m in the Orlando, Florida area). In fact, the area where I lived was named as the 10th-worst traffic corridor in the nation. Data showed that the typical Orando commuter who lived in my area would spend almost three full days doing extra driving each year due to 70 wasted hours on this road.

My new house, however, is in a central area. It takes me just 15 to 20 minutes to get to the Disney Springs shopping center and almost every major theme park, and less than five minutes to get to grocery stores and restaurants. Now, because of where I live, I don’t hesitate to go places, nor do I feel stress every time I travel anywhere. Hopping in the car is a pleasant experience, and I’m already going out a lot more than I did before.

Focus on your commute whenever you purchase a property

In my case, I work from home, so the “commute” that matters to me was to entertainment locations. For those who have to drive to work every day, a house in a better location with a shorter commute could be even more life-changing than it was for me.

If you can cut just 10 minutes off your commute to work each day by choosing one house over another, you could save yourself somewhere around 83 hours in drive time every year. That would mean recovering three days a year of your precious limited time on this earth. And you’ll likely also be less stressed if you don’t have to spend that additional time sitting in traffic.

There’s very little else about a house that’s going to make as much difference in your day-to-day life as reclaiming a lot of time by selecting the ideal location. So when you apply with a mortgage lender and go house hunting, maybe don’t focus as much on that luxury bathroom or the fancy kitchen (you can always change those things later if you want and can save up the funds to do so). Instead, first and foremost, be sure that your commute to work and entertainment activities is a good one. You can do this by:

Visiting locations you may want to live and driving from there to work and other important places at different times of the day to see how your commute is.Using Google maps to estimate the drive time from your planned new home to different locations you visit often (you can select a specific time to depart in Google maps and it will estimate the typical traffic and drive time at that time period).Checking for schools in the area — if there are schools nearby, it could mean there are a lot of school buses and a lot of drop-off and pick-up traffic that could impact your commute.

If you take the time to do this and find a house where you have an easy commute at the times you need to drive, it really will change your life.

Our picks for the best credit cards

Our experts vetted the most popular offers to land on the select picks that are worthy of a spot in your wallet. These best-in-class cards pack in rich perks, such as big sign-up bonuses, long 0% intro APR offers, and robust rewards. Get started today with our recommended credit cards.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Christy Bieber has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet. The Motley Fool has a disclosure policy.

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You need certain tax forms to file an accurate return. Find out what to do if some of your key forms are missing. [[{“value”:”

Now that March has arrived, it’s time to get serious about filing your taxes. Being late with your return could have serious consequences if you end up owing the IRS money. And while you won’t be penalized for a late return if you’re due a refund, you’ll be penalizing yourself by delaying that money from hitting your bank account.

But what if you’re missing some key tax forms at this stage of the game? Generally speaking, employers are required to issue W-2 forms summarizing wages by Jan. 31. And that same deadline generally applies to 1099 forms. So if you don’t have all of the tax documents you need in hand at this point, it’s time to take action.

The tax forms you need may be waiting for you

There may be several 1099 forms you need to file your 2023 tax return. If you earned at least $10 in interest in a savings account, you’ll need a 1099 from your bank summarizing that income. And if you sold stocks at a profit or collected dividend income in your brokerage account, you’ll need a 1099 form for that, too.

If these forms never came in the mail, don’t assume they were never issued. It may simply be that you need to log into your accounts and access them there.

The same holds true if you’re missing Form 1098, which is your mortgage interest statement. If you log into your mortgage account, you may find that document sitting there waiting.

Reach out if you need tax help

If you don’t see your missing 1099 forms in your bank, brokerage, or mortgage account, contact the associated institution to follow up sooner rather than later. Similarly, if you’re missing a 1099 from a client you did freelance work for, contact them to request that document ASAP.

Remember, companies are not required to issue 1099 forms if they paid you less than $600 in wages. You still have to report the income to the IRS in that case, but there may not be an official form to go along with it.

If you’re missing a W-2 from your current employer, your best bet is to knock on the door of whoever runs your payroll or accounting department and follow up with them directly. You may also have to chase down a former employer if they failed to issue you a W-2. But since you’re generally required to include a copy of your W-2 along with your actual tax return, that’s an important form to have.

Some forms might take longer to come

In some cases, you might hold investments or be part of a business partnership that requires a K-1 tax form to be issued. These forms, however, generally aren’t due until March 15. So it’s conceivable you may not have yours by early March. However, if that form remains missing by mid-month, definitely follow up.

All told, you need the right tax forms to file an accurate tax return. If you’re missing some of that information, don’t wait to track it down. The longer you delay, the more you risk running up against the April 15 tax-filing deadline without having all of the information you need.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase. The Motley Fool has a disclosure policy.

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Are you missing out on the chance to file your taxes for free? Read on to find out. [[{“value”:”

Filing taxes can be a bit of a hassle. You have to gather paperwork, figure out whether to itemize versus claim the standard deduction, and then, for some people, fork over some money to get your return done. That money could come in the form of purchasing tax software or using the services of a tax professional. But not everyone has to pay to file a tax return.

In 2023, an estimated 100 million Americans were eligible to take advantage of the IRS Free File program, which gives filers access to no-cost tax software. Yet last year, only 3% of those who were eligible to file a free tax return used that option, according to the Free File Alliance. As such, it pays to see if you’re able to file your taxes for free this year.

It’s a matter of income

The IRS Free File program is designed to throw lower and moderate earners a bone.

You can qualify to file your taxes for free if your adjusted gross income was $79,000 or less in 2023. From there, you’ll get access to different software options, some of which offer free state filings as well as federal filings.

The nice thing about these software programs is that they’re designed to help you snag tax breaks you may be entitled to. For example, depending on factors like your income and listed dependents, you may be prompted to claim certain money-saving tax credits.

Should you file your taxes for free?

Even if you’re eligible for the IRS Free File program, there are some situations where it could pay to hire a tax professional rather than go it alone. Let’s say you opened a small business in 2023. Your income may be low enough to qualify to file your taxes for free. But you may be subject to certain reporting requirements you aren’t aware of, which is why it could make sense to use a professional.

Also, if you own a business or are self-employed, there are certain tax deductions you may be eligible to claim. But it’s a good idea to work with a professional to determine which expenses you should and should not be writing off, especially if it’s your first time claiming work-related expenses.

To be clear, the IRS Free File program isn’t limited to filers who claim the standard deduction. You can use the program even if you itemize. Rather, it’s when you’re looking at a complex tax situation that paying for help starts to make sense.

You might, for example, pay someone $300 or $400 for tax help. And that might seem like a lot of money to spend when a free filing option exists.

But if your tax professional scores you an extra $900 back from the IRS that you never would’ve known to claim yourself, then it’s worth the fee. So while it definitely pays to explore the Free File program if you think you’re eligible, you should also be honest about your situation and be willing to spend the money for professional help if it leads to a more accurate return.

Alert: our top-rated cash back card now has 0% intro APR until 2025

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Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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Earning credit card rewards doesn’t need to be a slow and steady grind. Discover a few easy ways to speed up the process. [[{“value”:”

It’s exciting when you start using rewards credit cards. Instead of getting nothing back on your bills, you can earn cash back, points, or miles. Over time, this can add up to hundreds of dollars in your savings account, or enough travel points to pay for your next flight.

People often want to know how they can earn rewards more quickly. Here are a few easy ways to do it.

1. Open a new credit card and earn a sign-up bonus

The fastest way to earn rewards is through sign-up bonuses. These are introductory offers available to new cardholders. Card issuers use them to attract new customers, so they’re one of the most valuable credit card benefits.

Check out the best sign-up bonuses to see current offers and find one you like. Most of them have spending requirements you need to reach to earn the bonus. For example, a card may offer $200 in bonus cash back for spending $1,000 in the first three months. Or a travel card could offer 60,000 bonus points for spending $6,000 in the first six months.

Before you apply for a card with a sign-up bonus, make sure you spend enough on your regular bills to meet the spend requirement. That way, you won’t need to spend more than usual or risk missing out on the bonus.

2. Get a card that earns bonus rewards on your biggest expenses

Many rewards cards earn bonuses in certain spending categories. You can find cards with all kinds of bonus opportunities, from groceries and restaurant spending to streaming services.

Go over your usual bills to see where you spend the most. Then, look for a card that earns bonus rewards in those areas. Here are some of the best credit card options for popular categories:

Gas and grocery credit cardsDining and restaurant credit cardsTravel credit cardsCredit cards for streaming servicesCredit cards for Amazon

3. Use a 2% card for all your non-bonus spending

Most credit cards with bonus categories share one big drawback. They only earn 1% (or 1 point per $1) on purchases outside their bonus categories. If you spend $20,000 a year outside of your card’s bonus categories, that’s $200 back. It’s better than nothing, but it’s less than what you could be earning.

There are also cards that earn a higher flat rate, but don’t offer any bonuses. The highest flat rate you can usually find is 2%. On $20,000 a year in non-bonus spending, that’s an additional $200 back. If you don’t mind having more than one credit card, your best bet is to have a bonus category card and a 2% card.

Use your bonus rewards card whenever a purchase is in any of its bonus categories. For everything else, use your 2% card.

4. Share your referral link with friends and family

Many credit card companies offer referral programs. Here’s how it works:

You get a referral link from your card issuer.You share that link with people you know who are interested in the card.If someone applies through your link and is approved, you’ll receive a referral bonus from your card issuer.

Referral bonus amounts depend on the card. For no annual fee credit cards, referral bonuses of $50 to $100 are common. Bonuses can be much larger for travel credit cards and business credit cards. I’ve seen bonus amounts of 25,000 to 40,000 points (a value of $250 to $400) with some of my cards.

You can find information about your card issuer’s referral program on its website. Or, call your card issuer at the number on the back of your card.

Earning more credit card rewards doesn’t need to be complicated. All the methods above are easy to do and can help you max out your rewards.

Alert: our top-rated cash back card now has 0% intro APR until 2025

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Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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A tax audit can be a hassle. Read on for ways to avoid one this year. [[{“value”:”

The recently signed Inflation Reduction Act included $80 billion in additional IRS funding. And while some of that money is supposed to be used to boost customer service and improve the filer experience, a big chunk of that money is supposed to be earmarked for tax compliance — meaning, making sure people are really paying the IRS what they owe.

Because the IRS has been public about its plans to ramp up audits in light of that funding, many people are worried about their personal audit risk going up. Now, one thing you may take comfort in is that the IRS is largely looking to target high-wealth individuals and businesses that are more likely to be guilty of tax evasion than your average worker bringing home $45,000 a year. But still, the idea of getting audited may be worrisome — especially if it’s something you’ve had to deal with before.

The good news, though, is that a few simple moves on your part could help you avoid an audit this year. Here are some practices that might spare your return from further scrutiny,

1. Don’t guess at your tax breaks

For many people, it makes sense to itemize deductions rather than claim the standard deduction. But if you’re going to claim deductions individually, use exact numbers. Guessing at deductions or rounding up or down could put you at risk of an audit.

Let’s say you’re looking to write off the cost of a laptop you purchased for work purposes last year that cost you $1,012. You might remember running up about a $1,000 credit card tab. But don’t just claim a $1,000 deduction on your taxes. That could raise a red flag, because even though you’re actually claiming less than what you spent, not more, the IRS might look at that nice, round number and assume it’s not accurate.

2. Report all of your income

You might think the IRS won’t know that you earned $1,200 in freelance income last year from a given client. But if that client issues you a 1099 form documenting that income and you opt not to report it, you may be setting yourself up for an audit.

For each 1099 form that’s issued to you, the IRS also gets a copy. So withholding that information isn’t going to serve you well.

Incidentally, you’re also required to report income related to interest earnings in the bank or dividend payments in a taxable brokerage account. Some of the 1099 forms summarizing these types of income may not arrive in the mail. You may need to log into your various accounts to access the forms you need.

3. Hire a tax professional

Working with a tax professional won’t guarantee that your return won’t get audited. But it might help.

A tax professional may spot red flags ahead of the IRS and work with you to adjust your return accordingly. A professional might also remind you to report certain income you may have forgotten about.

Even if you end up getting audited after using a professional, in that case, you’ll usually have the benefit of that person’s support in responding to whatever IRS inquiry arises. So even if you have every intention of being open and honest on your tax return, working with a professional could still be a wise move.

Most of the time, tax audits aren’t all that complicated. Often, you simply receive a letter from the IRS in the mail and respond with documentation or more information. But still, getting audited can be stressful. And there may be a fair amount of back and forth with the IRS before an audit is resolved. So if you’d prefer to avoid an audit in 2024, be accurate, be honest, and seek help.

Alert: our top-rated cash back card now has 0% intro APR until 2025

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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