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Archives for January 2013

Top Mobile Banking Apps For Young Professionals

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As the use of mobile technology continues to grow and we move into a world of even greater interconnectivity, more and more of our life’s daily activities are moving online. This is especially true for young professionals and how they manage their finances, including banking online.

From transporting money on stagecoaches to transferring funds online, the banking industry sure has seen its fair share of changes throughout history. That trend has continued in recent years as mobile banking apps have made huge steps forward in functionality, customer adoption and usability. These advances will most certainly continue in 2013.

Moving into 2013, the advancement and adoption of smart phone technology is completely changing the way we manage our money. In fact, the number of mobile banking users is predicted to triple from 2012-16 according to a new report from Aite Group.

Top Mobile Banking Apps

Because of these recent advancements in technology, today’s mobile banking apps not only allow customers to have greater access to manage their accounts but there is also a strong level of security.

So if you have yet to make the move into managing your finances online and on the go, here is a list of the top mobile banking apps for young professionals in 2013.

For the sake of convenience the list is split into two categories: One with top bank apps for accessing your accounts, and the other with the top money management mobile applications to help you stay financially organized.

Top Bank Apps

Because convenience is king and the use of direct banking apps will continue to increase throughout 2013 and beyond, similar mobile applications are taking off as well.

Money management applications have largely taken the place of traditional budgeting best practice used by previous generations. These apps have brought automation and ease to the forefront of managing your finances.

The economic downturn reminded generations, both young and old, that managing finances is both complicated and yet critical. And as younger generations begin building careers, making major purchases and investing in their respective futures, it’s going to become more and more critical to keep a tighter eye on your personal finances.

Top Money Management Apps

Below are the top money management applications that you can use to stay on-top of your funds and budget your finances 24/7.

As mobile application technology continues to grow in both usage and capability, future generations many never know what banking and managing their money was like before these apps. The history of banking is changing like never before – soon apps will not be just an alternative way to bank, 2013 is likely the year they’ll become the way it’s done.

Grant Tilus, a progressive young professional working as an Inbound Marketer for Rasmussen College. He enjoys writing on a variety of different subjects to help individuals improve their own business career outlook and change their lives for the better. You can connect with him on Google+.

Looking for a Boost to Help You Pay Down Debt? Join the Debt Movement!

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One of the hardest things about getting out of debt is the fact that sometimes you feel as though you are all alone. After awhile, you begin to feel discouraged, and you suffer from the lack of support.

If you want to succeed with your debt pay down goals, you need support and help. And if you really want to kickstart your current efforts, a little enthusiasm helps. Jeff Rose, the blogger behind Good Financial Cents, is becoming quite well-known for his financial movements. And right now he is in the midst of the Debt Movement, an effort to get consumers to collectively pay down $10 million of debt in 90 days.

Join The Debt Movement

the-debt-movementYou can join the Debt Movement at any time in the next 90 days, but the earlier you join, the more progress you will make. Jeff has teamed up with ReadyForZero, which can make it easier to order your debts, make a pay down plan, and track your progress. Joining the Debt Movement can connect you with hundreds of others working toward their goals of debt pay down, as well as provide you with the motivation you need to keep it going.

On top of gaining access to education and community resources, as well as helpful and practical tips, the Debt Movement is also offering scholarships. Some of those who participate will receive debt scholarships designed to help them turbo-charge their efforts. However, you can't get access to the scholarships if you don't sign up and participate. And, even if you don't end up with one of the scholarships, you are still likely to make notable progress during the time of the Debt Movement.

Build Wealth, Not Debt

The reality is that debt is a drain on your wealth. When you are paying interest to someone else, you are sending your own money out of your control. You aren't able to direct your financial resources in a way that results in more wealth for you. Debt can place strain your relationships as well as on your pocketbook. Getting out of debt is the first step toward financial freedom.

Think about your finances. Are you over-leveraged? Do you have too much debt? Do you wish that your money could go to improving your life, rather than just paying interest and other obligations? One of the best things you can do is make a plan that allows you to get rid of your debt as quickly as possible. Think about how much you can spare to set aside for debt reduction, and take the plunge.

Joining the Debt Movement can be a great way to boost your efforts. You'll find a supportive community that can help you stay focused on the goal. Plus, you can receive practical tips and strategies for paying down your debt faster so that you pay less in interest overall. Think about joining the Debt Movement and tracking your progress. You will have more of your own money at your disposal, and you will be well on your way to financial freedom.

What To Know About the Taxes Of The Self-Employed

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Being self-employed gives you the opportunity to work for yourself and control your income. But if you’ve always worked as an employee, becoming an independent contractor or business owner changes the way you complete your taxes.

Before, your employer deducted taxes from your paycheck and paid a portion of your Social Security tax. Those days are over, and you’re now responsible for your own tax bill. Although most self-employed people do owe the IRS at the end of the tax year, understanding various tax breaks can help you get a refund.

Reporting Your Taxes

Single and joint tax filers with no dependents or business deductions can file a 1040 EZ form. This is the simplest tax form to complete, in which many filers are able to file their own taxes. As a self-employed person or an independent contractor, you’ll need to report your gains and losses on a 1040 form. Throughout the year, keep accurate records of your earnings as well as deductible business expenses. Two additional tax forms are associated with the 1040 form. You’ll use a Schedule C to report your business income and expenses, and a Schedule SE to determine your Medicare and Social Security tax. Due to the complicated nature of this particular tax form, hire an accountant to handle your income tax preparation.

Biggest Tax Items

You might put off starting your own business due to tax fears. However, there are several deductions and tax breaks to help lower your tax liability.

1. Self-employment tax deduction. This is an extra tax in addition to your income tax. This is how you pay Medicare and Social Security taxes. For some, this extra tax discourages self-employment. However, the IRS views self-employment tax as a business expense, thus allows self-employed people to deduct half of this expense from their income.

2. Home Office. Regardless of whether you rent or own your house, if a room in your house is used exclusively for business purposes, you can take a home office deduction. Provide your income tax preparer with the square footage of this space and he’ll calculate your deduction. With the home office deduction, you’re also eligible to deduct a percentage of your property taxes, utilities, homeowner’s insurance, mortgage and home maintenance expenses.

3. Health insurance premiums. If you’re not eligible for health insurance through your spouse’s employer, you can deduct the total of all premiums paid for health insurance, dental care and long-term care.

4. Meals and entertainment. If you meet a business associate for a meal, or take a client out to lunch, keep accurate receipts. These are common business entertainment expenses and you’re eligible to deduct 50% of these expenses.

5. Interest on loans and credit cards. Did you take out a business loan to start your business? Do you have a business credit card used exclusively for business expenses? Interest incurred on a business loan or business credit card is tax deductible.

Not familiarizing yourself with eligible tax breaks can result in a higher IRS bill. Speak with a tax professional to learn your options. The ability to reduce your tax liability can take the stress out of self-employment.