What is a W-4 Form?

A Form W-4 is an IRS form that employees fill out and forward to their employers when initiating a new job. Employers use this information to gather how much tax to withhold from an employee’s paycheck through out annually. It is formerly known as Employee Withholding Certificate.

How to fill out a 2023 W-4 form

Employers use the W-4 to calculate various payroll taxes and remit the taxes to to state , local authorities and IRS on behalf of employees.

First Step Personal Information

Enter your name, address, tax filling status and Social Security number.

Second Step Account for various jobs

If you file jointly and your spouse works and you do more than one jobs follow the instructions to get right witholding

• For the highest paying job W-4 fill out steps 2 through 4 b of the W-4 leave those steps blank on the W-4 for other jobs
• If you and your spouse have a total of 2 jobs and earn same amount at both you can instead opt to check box 2 to indicate this.
• If you do not want to show your employer that you have other sources of income or other job.
• On line 4 c you can tell your employer to withhold an amount of tax from your paycheck

Third Step Claim Dependents

If your total income is less than $200000 or jointly $400000 you can show how many kids and dependent you have and multiply them by credit amount.

Fourth Step Refine your witholdings

If you desire to claims deductions or extra tax witheld other than the standard deduction you can note that.

Fifth Step Sign your W-4

Once completed give the signed form to your employer human resources.

Do I have to update my W-4 every year?

No you do not needed to update W-4 form every year. It is only needed when you start a job with new employer or want to adjust your witholdings at your existing jobs.

Is there a new W-4 for 2023?

The IRS releases update version of W-4 2023 in late 2022. The 2023 W-4 form is similar to 2022 version. It has some changes removing a reference to the IRS withholding calculator updating the deduction worksheet.

If you do not have a high income and you have a dream of your homeownership it is so difficult to fulfill. As the time passes these dreams are out of your hand.Home prices have been increasing 4 times faster than income according to 2023 survey.

However do not be pessimistic there are plenty of options such as mortgages and various loan programs are available to assist homebuyers who earn less than specific income.

Can We Buy a House With Low Income?

Yes it is possible to purchase a home when you earn a very low income. There are two challenges in your mind

• Being able to afford the mortgage payment
• Saving enough money for a down payment

Majority of homebuyers will face these difficulties due to cost of living in a certain area. There are some tactics to buying a home on a low income.Many resources are available to low income earners which are available to high income earners.

Various programes are available to assist lower income people purchase home. You can check your state housing agency and your local public housing agency to assist you to buy a home. Each program has its own criteria to judge low income eligibility criteria.

Best Tips for Buying a House With Low Income

Here is few tips to buying a house with less income

• Pay down debt
• Start saving for a down payment
• Improve your credit score
• Consider budget and fit mortgage

Search into Home Buying Assistance Programs

HUD Good Neighbor Program

EMTs, Teachers, Police Officers and Firefighters are eligible to purchase homes at 50% discount if they agree to lives in the house for three years in revitalizing communities

State housing finance agency

Each state has its programs available to buy house for low incomes. You can relate with your state housing finance agency through National Council of State Housing Agency.Down Payment Assistance and Low Income mortgage programs are available.

HUD Housing Choice Voucher

This Voucher assists low income families afford ongoing cost of homeownership including maintenance, utilties. These vouchers are available in various public housing agencies.

Low-Income Mortgage Options

Various Programs are available to assist homeownership for low incomes people.

USDA Loans

No down payment needed for low income residing in rural areas

FHA Loans

Down payment is as low as 3.5%. It is easy to meet credit criteria.

VA Loans

They have lower interest no down payment and neither private mortgage insurance is required.

Moving to a Lower Cost of Living Area

If you moves to a lower cost of living area than your cost of living will be cheap. You save lot of money.You may be able to afford a home sooner.Think to move into a different suburb or neighborhood.

Consider Buying Townhome or Condo

Consider Buying a Condo or a townhouse instead of a detached home. Across the U.S the median condo and co -op sale price was 15% less than that of single family homes

FAQ

Can you buy a house with no money down?

Mortgages with no money down are not available to the common public. If you reside in rural areas and meet criteria you may qualify for a USDA loan without down payment.VA loans are available for Army members and veterans donot need a down payment.

In past the super method to make a stock trade was to call a broker over the phone and request them to order for you.Now this world has become a global village thanks to internet revolution. You can purchase and sell securities online

Now doing business with online stock broker is easier. However various stockbrokers have different qualities to each other. In this article We recommend some Online Stockbroker

• TD Ameritrade
• tastyworks
• Fidelity
• InteractiveBrokers

TD Ameritrade

TD Ameritrade is one of the superb stockbrokers for mobile users and beginners investors.It offers simple apps to use and good interface and inviting user experience. You can easily access your portfolio and start trading from phone and laptops.

It keeps cost minimum by avoiding commission or other charges when you make trading. In their app free access to online education tools and material that assist you in beginner and advance investing concepts.Minimum deposit fees is nothing.Fee for ETF, None of Stocks mutual funds and 65 cents per contract for options.

It works with various accounts such as Retirement, Standard, education,margin, managed portfolios and trusts.

Pros & Cons

Pros

• No commission
• No minimums
• Free education courses
• Friendly Interface

Cons

• No fractional Share Investing

tastyworks

tastyworks is a stockbrokers built with day traders. tastyworks superb when it comes to options because cost is very minimum. Tastyworks limit the maximum fees for a single trade upto 10 dollar.You can add or skip large positions without having to worry about fees consuming your returns.

Minimum deposit fees is zero dollar.Account types are retirement,trust and standard. No fees required for closing. $1 per options fees to contract to open maximum 10 dollars. None of Stocks or ETFs. 1% for crypto.

Pros & Cons

Pros

• Trade cryptocurrencies
• Low commissions
• Various derviatives available

Cons

• Easy use for advanced investors not beginner

Fidelity

Fidelity controlling more than $10 trillion in investor making its largest financial company in the planet. Fidelity make it easy to trade with your laptop or cellphone. Easy to manage your portfolio.

It is good for new investors.No minimum balance required and no minimum amount to invest in Fidelity mutual funds.You can start buying stocks and ETFs with $1. It has no commissions and low fees.It offers zero expense ratio index mutual funds no fees to paid.

Minimum deposit fee is nothing.No fees for None for stocks ETFs and mutual funds. 65 cents er contract for options. Accounts are standard retirement, margin trading and trusts

Pros & Cons

Pros

• Various accounts
• low costs
• can invest in fractional shares
• no minimum balance requirements

Cons

• Minimal research tools

InteractiveBrokers

Interactive Brokers designed for advance insvestors.It offers various tools. The company is also the top broker for traders to buy and sell on international stock platform. It is active in 33 countries and in 25 different currencies covering 150 different markets.

You can trade stocks, options, future stocks and currencies from a single account. It has maximum commission of 1% per trade. It has minimum deposit fee $0.Account type are retirement,standard. It has fees o to 0.005 cent per share

Pros & Cons

Pros

• Designed for active traders
• Best Research tools
• Access to global markets

Cons

• Good for advanced investors not beginners

How Does an Online Stockbroker Work?

Online stockbrokers work by assisting to buying and sale of investments, options, bond, stock and others.

You can sign up to your online stockbroker account and place order to sell or buy securities and assets for your investment portfolio.

Many Online Stockbroker control their own mutual funds or ETFs making it easy for investors to manage diversified portfolios.

Long Term saving accounts are used to hold the money that you do not need to use any time soon.There are several types of long term saving accounts such as high yield accounts, Certificates of deposit and IRAs. These accounts is used by customer if they have a financial purpose like saving for children marriages.

What is Long Term Savings Account?

Long Term Savings Account are used to hold the money you do not need to expense in near days. You can have a long term saving accounts at a financial institution,credit union or bank. Some may have withdrawal limits or charge monthly fees. Long terms saving accounts are ideal for purposes that are many months or years. It benefits you in form of compounding interest.

Who Needs a Long Term Savings Account?

Having a long term savings account can benefit every one who desire to more money and does not wish to spend in near future. For example if you want to pay your children college fees in future and they are still young it will helpful in future.It also helpful when you are ready to retire. Sometimes they offer tax advantages.

Types of Long Term Saving Accounts

Every Long Term Saving Accounts are different to each other. They are different in interest rates, fees you might pay and any applicable tax.

Education Savings Account

A 529 saving accounts permit you to contribute amount on behalf of a qualified beneficiary such as your self grandchild or your child. Those contributions are tax free withdrawals and grown tax deferred when used for qualified education spending.

A Coverdell Education Savings Account ESA works the same path however the difference is that a Coverdell ESA maximum your yearly contribution at $2000 and no further contributions can be made after the beneficiary 18th birthday.

You must draw all amount from beneficiary accounts at his/her 30th birthday otherwise a tax penalty imposed.

Certificates of Deposit

CDs are time deposit.The money you enter to CDs earns interest over a specific period.Once the CD matures your get your initial deposit along with the interest earned.

First compare CDs rates before choosing one.Some CDs have longer duration as long as 10 years and some have shorter period 30 to 90 days.In most case the longer the CD term the maximum your interest rate and APY are likely to be.

High Yield Saving Accounts

High yield saving accounts give you interest rate and annual percentage yields (APY).High Yield Saving Accounts from banks can also charge less fees allowing you to keep more of the interest you earn.

Employer Sponsored Retirement Accounts

An Employer Sponsored Retirement Accounts is another long term saving accounts with tax benefits.Annual contribution limit is higher than IRAs and contributions are tax deductible.

Individual Retirement Accounts

IRAs are tax benefits method to save for retirement. Traditional IRA taxes are deductible on your contributions each year. Roth IRA you do not get a tax deductions for contributions but withdrawals are 100% tax free.

Money saved in an IRA can be invest in exchange traded funds or mutual funds.

How To Use Long Terms Savings

• Check account fees
• Choose accounts suit your time frame
• Remember rates can change
• Compare Interest Rates
• Remember CD maturity dates

A personal loan can be a healthy financial choice, in case you have plan to tour to Switzerland and credit card debt to consolidate. Personal loan are in installments so you can spread out the cost various years. These loans have lower interest rates than credit cards.

The best personal loans traits are minimal fees, extended loan terms and low annual percentage rates.These personal loans funds available quickly in one or two days.

PenFed Credit Union Best for Credit Union Members

Loan Amount is 600 dollars to 50000 dollars.These loan terms are One to Five Years.APR ranges from 7.74% to 17.99%.

Pros & Cons

Cons

• Five dollar fee to Join credit union
• Limited repayment conditions

Pros

• No origination fees
• High loan money
• Allows co borrowers

Why I Opt it

PenFed Credit Union has a low loan minimus of Just 600 dollar. You can borrow in need and prevent from extra interest rate. PenFed does not
charge application fees. There are no prepayment penalty. Credit Union PenFed membership is open to the public. To join just have to open a
saving account and deposit five dollar. PenFed Credit Union allows borrowers to apply with Co borrowers. Adding a Co Borrower increase your chances of getting a loan with a good APR.

Eligibility Criteria

• For SoFi loan you must be the age of majority in your state
• You must be employed or have an offer of employment
• you must be a U.S. citizen, non permanent resident or permanent resident
• If you does not meet SoFi credit or income criteria it does allow applicants to apply with a coborrower.

Marcus Best for No Fees

Marcus personal loan duration is 36 months to 72 months.APR is 6.99%-24.99%.Loan amount is 3500 dollar to 40000 dollars.

Pros & Cons

Pros

• On time payment reward
• No charges
• Direct Creditor payments

Cons

• Huge loan minimum
• Loan funding take 5 days
• Better to excellent credit required

Why I Opt it

Marcus give you a low fixed interest rate loans to consolidate loans.Marcus does not charges and amount.There are no prepayment penalties and lates fees or application charges. If you make of your payments on time and in full for one year.Marcus permit you to skipa a month and interest not happen during that time.

Eligibility Criteria

• You must have a valid U.S. bank account
• You must be the age of majority in your state
• You must have a valid Social Security number or tax payer identification number

U.S. Bank Best Large Well Established Bank

U.S. Bank personal loan amount is 1000 dollar to 50000 dollar.Loan Terms are One Year to Seven Year.APR range from 8.74% to 21.24%.

Pros & Cons

Cons

• Only available in some states
• Lower loan maximums for non customers
• In person branch visit required

Pros

• No application fees
• Rapid loan disbursement
• Joint applicants permitted

U.S. Bank is good for loan repayment options rapid loan disbursement. If you are U.S. Bank Customer you can get your money with in a few hours.

It has only branches in 26 states. You wont eligible for a loan if you live in another state.

Eligibility Criteria

• You must have a valid social security number
• You must be the age of majority in your state
• You must have a credit score of 660 or higher
• You must live in a state where U.S. Bank Operates.

What is a personal loan?

A personal money borrowed from a bank, a credit union that you repay in equal monthly installments usually over two to seven years. Lenders consider your income, debts and credit profile during the loan approval process.

How To get a personal loan

Check your credit

Your credit score is a key factor in whether you qualify fo a personal loan and the rate you receive.

Pre Qualify with various lenders

Pre qualifying gives you an idea of the rate and terms you can expect.Compare pre qualified offers to find the lowest APR and monthly payments that suit your budget

Apply

The formal application process requires document to verify your income and identity.

How to choose the best personal loan

Credit Check

Most lenders let you check your estimated interest rate by performing credit during pre qualification.This would not affect your credit scores.

Annual Percentage rates

APRs include fees and interest rates.

Pros and Cons of Personal Loans

Pros

• No collateral is needed
• Flexible loan amounts
• Flexible monthly and rates payment
• Lower starting APRs than credit cards

Cons

• Increase the debt
• High APRs can be high
• Fees are possible depending on the lender

Reason to get a personal loan

• Medical Spending
• Major life events
• Unexpected spending
• Home Improvement
• Debt Consolidation

How do personal loans work?

With in a several days you are approved for a personal loan a lender will deposit your loan money into your bank account.

Repayment of your personal loan typically starts 30 days after you get the money.You can pay the fixed monthly money directly.

Private Mortgage Insurance

PMI is a policy that saves your lender in the case that you default on repaying the loan. It covers all or some part of your remaining mortgage balance and it sometime required. Private mortgage insurance has been a part of some home loans since 1957.It guarantees the lender that its loan will be paid so such a policy assist borrowers get approved for a loan otherwise they disqualify for. This insurance is often required if you make a down payment of less than 20 percent.

Pros and Cons of Private Mortgage Insurance

There are both positive and negative effects of Private Mortgage Insurance.

Pros

• Allows you to make a smaller down payment
• May make it easier to qualify for a mortgage

Cons

• May increase your closing costs
• provides no protection for the borrower
• May increase your monthly mortgage payment

How Private Mortgage Insurance Works

In this insurance policy borrower paying premium to cover damages should any kind of disaster occur.The insurance company is liable to paying off your loan if for some reason you find yourself unable to do so.

Mortgage Insurance Protection vs Private Mortgage Insurance

Mortgage Insurance Protection

• Insures the borrower
• Cover some mortgage payments
• Is a voluntary election by the borrower
• May pay in the event of the borrower death, Job loss or disability

Private Mortgage Insurance

• Insures the lender
• Is sometimes requirement of lender
• Insures against total default on loan
• Pays in the event of foreclosure

Do I have to Pay for Mortgage Insurance

Your lender will detail your PMI premiums on your initial loan estimate as well as on your final disclosure form.You can expect to pay your premium either upfront at closing, monthly as a part of your mortgage payment or both.

Private Mortgage Insurance Key Point

• PMI is included in mortgage payments so it can make them higher than they otherwise would have been
• PMI is required When homebuyers make less than a 20% down payment on the loan
• PMI protects lender against potential default by borrowers.
• PMI offers borrowers a better chance of being approved for a mortgage if they do not have a lot of money to put down or their credit is less.

FDIC insurance helps you to protect your money deposit in a bank if your bank fails. However there are some coverage limits.

FDIC Insurance Works

• If your federally insured bank fails Federal Deposit Insurance Corp. Insurance keeps your amount safe
• If a bank is federally insured it will have the FDIC insurance logo on its website
• The FDIC insures upto $250,000 per depositor, per owner ship category and per institution
• FDIC insures deposit accounts and other official items like of cashier checks and money orders.

Sometimes a bank fails, a customer amount is saved as long as bank is federally insured. A bank that federally insured is backed by the Federal Deposit Insurance Corp. Credit unions offer protection and through the National Credit Union Administration. The FDIC insures upto $250000 per depositor per institution. FDIC insurance starts only if a bank fails.

What is the benefit of having FDIC insurance

Having FDIC insurance means your money upto a certain limit is safe if your bank fails.The FDIC was established in 1933 in response to the many bank failures. Its sole purpose is to grow public confidence in the banking system by insuring consumer deposit. In 2020 Ericson State Bank, The First State Bank has failed.Since the creation of FDIC no single penny of insure deposit has been lost.

FDIC is not free. It has some cost. But bank customer do not pay a monthly fee nor from your tax money. The bank pays the premiums.

FDIC insurance: What is covered

The FDIC insurance covers up to $250000 per depositor per institution and per ownership category. FDIC insurance cover the following deposit accounts and other official itmes

• Savings
• Checking
• Certificates of deposit
• Money Market accounts
• Money orders and Cashier Checks
• Negotiable order of withdrawal accounts

FDIC insurance What is not covered

FDIC insurance does not cover following

• Life Insurance Policies
• Municipal Securities
• Content of a safe deposit box housed at a bank
• Investment in bonds ,stocks or mutual funds
• Annuities
• Loss incurred from investments

US bonds, notes and Treasury bills are covered by full faith and credit of the federal government.

FDIC Insurance Limits

Ownership Category

It means who owns the account.

If you desire to Pay Off your debt. There are seven tips that can help

Cut Down Your Spending

Every dollar matters. Cutting down spending such as online ordering lunch or buying an expensive Car. You have to set priority to give up things in order to be debt free.

Stop using your credit cards

Halting your debt from growing huge. Make it easy to control. Stop using your credit card. The lower your credit use it will good for credit score.

Calculate Your Budget

To manage your income and spending can assist you to pay off extra money to pay down your debt.Paying more than the each month can rapid your payoff timetable.

Try to build an emergency fund. It assist you to protect from larger debt.

Search for Extra Income and Cash

Extra earning can easily speed up your payoff debt. Try food delivery Job. Online working is good option. Video Editing , Website Making earn you lot of income in less time.

Search into debt Consolidation

Mixing various debts into one payment with a lower interest rate through debt consolidation can make your debt easy to payoff.The less you have to pay in interest the more money can reduce the debt.

A 0% interest balance transfer credit card or a debt consolidation borrow are two good options for debt consolidation.

There are seven federal income tax brackets for 2022-23. In US tax rate is decide by your tax filling status and income.

There are seven federal income tax rates 37%, 35%, 32% , 24%,22%, 12% and 10%. Your filling status and taxable income status decides which tax brackets and rates apply to you.

The U.S. federal tax rates will not change until 2025 as a result of Job Acts 2017 and Tax Cuts.Income threshold that inform tax brackets are generally adjusted each year to show the rate of inflation.

These adjustment can protect taxpayers from ending up in a higher tax bracket as their cost of living rises. The tax bracket adjustment can also lower taxes for those whose can not compete with inflation.

2022-23 U.S. Federal Income Tax and Tax Brackets Key Point

• In 2022-23 the U.S. federal tax rate range from 10% to 37%
• Tax brackets are adjusted each year to account for inflation.This can help prevent a taxpayer from paying higher taxes as the cost of living rises.
• A marginal tax rate is the highest tax rate a person income is subject to
• The US has a progressive tax system where portion of a person taxable income can fall into different brackets to be taxed at different rates

2023 Tax detail: filing jointly and married

• Taxable income bracket is $0 to $22000, Tax rate is 10% and Taxes owed 10% of taxable income
• Taxable income bracket is $22001 to $89450, Tax rate is 12% and Taxes owed $2200 plus 12% of amount over $22000
• Taxable income bracket is $89450 to $190750, Tax rate is 22% and Taxes owed $10294 plus 22% of amount over $89450
• Taxable income bracket is $190751 to $364200, Tax rate is 24% and Taxes owed $32580 plus 24% of amount over $190750
• Taxable income bracket is $364201 to $462500, Tax rate is 32% and Taxes owed $74208 plus 32% of the amount over $364200
• Taxable income bracket is $462501 to $693750, Tax rate is 35% and Taxes owed $105664 plus 35% of the amount over $462500
• Taxable income bracket is $693751 or more, Tax rate is 37% and Taxes owed $186601.50 + 37% of the amount over $693750

2023 Tax detail:Single Filers

• Taxable income bracket is $0 to $11000, Tax rate is 10% and Taxes owed 10% of taxable income
• Taxable income bracket is $11001 to $44725, Tax rate is 12% and Taxes owed $1100 plus 12% of amount over $11000
• Taxable income bracket is $44726 to $95375, Tax rate is 22% and Taxes owed $5147 plus 22% of amount over $44725
• Taxable income bracket is $95376 to $182100, Tax rate is 24% and Taxes owed $16290 plus 24% of amount over $95375
• Taxable income bracket is $182101 to $231250, Tax rate is 32% and Taxes owed $37104 plus 32% of amount over $182100
• Taxable income bracket is $231251 to $578125, Tax rate is 35% and Taxes owed $52832 plus 35% of amount over $231250
• Taxable income bracket is $578126 or more, Tax rate is 37% and Taxes owed $174238.25 plus 37% of amount over $578125

2023 Tax detail: Head of Household

• Taxable income bracket is $0 to $15700, Tax rate is 10% and Taxes owed 10% of taxable income

A difficult formula determines how your social security benefits are calculated.The following factors go into the formula

• Inflation
• How long you work
• How much you make each year
• At what age you start getting your benefit

Had a glance how these factors affect the benefits you will receive and how the Social Security Administration count its data

How is Social Security Calculated

There is a three step method used to count the amount of Social Security benefits you will receive

First Step

Use your earning history to calculate your Average Indexed Monthly Earnings (AIME).

Second Step

Use your AIME to calculate your primary insurance amount PIA.

Three Step

Use your PIA and adjust it for the age when you will begin receiving benefits.

First Step Calculate Your Monthly Earnings

Your Social Security Benefit calculation starts by looking at how long you worked and how much you made each year. It is used to calculate your AIME.

List Each Year Earnings

Your earning history is shown on your social security statement.

Suitable for Inflation

Social Security uses a method called wage indexing to determine how to adjust your earning history for inflation.Each year Social Security publishes the national average wages for the year.

Your wages are indexed to the average wages for the year you turn 60. For each year you take the average wages of your indexing year divided by average wages for the year you are indexing and multiply your earnings by that number.

Average the Highest 35 years

The Social Security Benefits uses your highest 35 years of earning to calculate your average monthly earnings.If you do not have 35 years of earning a zero will be used in calculation which will lower the average.

Second Step Calculate Your Primary Insurance Amount

Once you calculated your average indexed monthly earnings AIME, you will plug that number into a formula to decide your primary insurance amount or PIA. This formula is based on something called bendpoints.

Social Security Bend Points

The Social Security benefits formula designed to replace a higher proportion of income for low income earners than for high income earners. To do that the formula uses are called bend points which are adjusted for inflation each year.

The result is your primary insurance amount or PIA the amount you will receive if you get benefits at your Full Retirement Age FRA.

Your PIA is rounded to the next lowest dollar and your benefit amount is rounded to the next lowest dollar.

Third Step Adjust Your PIA for the Age you will start Benefits

The final amount of Social Security retirement benefit that you receive is based on the age when you start benefits

Can Your PIA Change After You Reach Age 62?

There are two things that affect your PIA after you reach age 62.

Higher Earnings

Earning in years between 62 and 70 that are higher than that of 35 highest earning years will change your AIME.It is used in PIA formula.

Inflation

Your PIA will be adjusted by the same cost of living adjustments applied to people who are already Social Security Benefits.

In this article I share some interesting facts when you must plan to Buy Airline Tickets for domestic and International Travel. For domestic flights aim for 60 days before. For International flights start looking earlier.

The good time to buy airline tickets

It totally depends on where and when you desire to travel. For domestic flights book 60 days in advance.For International flights start looking before.

Domestic flights (within the continental America)

Airlines ticket price on the high end at the start because there is no sense of market demand.After that Airlines go with the principle of market demand supply function. If demand is high price is high and vice versa.It is better to book three four months in advance.Between 30 and 120 days in advance specially 60 days in advance.

International Flights

It depends on the region.International flights are more costly than domestic flights.If seats are snatched early it has longer effect on price to remain higher side.International flights depend upon seasonal variation. So purchase before that season start. These prices remain frequent and sometimes drastic fluctuations in ticket costs.Here is some list of better times on average.

• Europe 150 days in advance
• Asia 100 days in advance
• South America 120 days in advance
• Africa 200 days in advance
• Middle east 210 days in advance
• Canada 70 days in advance

Appropriate days of the week to book

Best days are tuesday, wednesday and thursday.Both domestic and international flights are cheaper in midweek.Tickets might be least costly.But with lower effect.Prices vary based on which days of the week the return and departure.

Best Season to buy airline tickets

Summer is the most popular season for domestic flight to travel.It is better to book these trips in advance.

• Fall 20 to 90 days in advance
• Summer 20 to 150 days in advance
• Spring 50 to 100 days in advance
• Winter 30 to 120 days in advance

In this article you can read about banks non banks financial institutions with strong ratings. Online banks and banking service providers offer desktop and mobile banking service without physical branches. Because online banks save the cost of maintaining branches.They pass their savings on customers in shape of higher interest rates.

SoFi Review

SoFi’s offers checking and saving accounts traits a high APY, no monthly or overdraft fees and well remote customer service option.

Sofi gained its bank charter in 2022.This account offers no monthly charges, high rates and free overdraft coverage program for customers. SoFi is best for who desire to get huge interest and never mind using remote customer service instead of bank branches.

Advantage

• Early direct deposit
• Large, Free, nationwide ATM network
• No overdraft fees
• No monthly fees
• Competitive rate on savings account

Disadvantage

• Fees for Cash deposits
• No branch access

Axos Bank Review

Axos Bank is an online institution that offers rewards on checking, ATM fee reimbursement and a saving APY.Axos Bank formerly known as Bank of Internet USA. As an online bank it offers a 24/7 phone line, Twitter, secure online messaging and online chat.

Advantage

• Overdraft buffer
• ATM fee rebates
• Competitive rewards checking account
• 24/7 customer service by phone
• Competitive rewards checking point

Disadvantage

• No branch access
• Low rates on CDs and saving accounts

Discover Bank Review

Discover Bank offers superb accounts and a free ATM network.It does not charge monthly fees. Discover bank provide access to a broad ATM network.This bank has only one physical branch.

Advantage

• Huge, free nationwide network
• No monthly charges
• No overdraft charges
• Competitive rates on CDs and saving accounts
• No minimum opening deposits

Disadvantage

• Limited Branch Access

Alliant Credit Union Review

Allian Credit Union provides a good online and mobile banking services.Alliant Credit Union provide broad membership criteria and strong rates.Consumers who desire high saving rates and high yield checking. Large ATM network.

Advantage

• No monthly charges
• No overdraft fees
• Anyone can become a member
• Large free, ATM network
• Competitive rate on share certificates

Disadvantage

• No branch access

Ally Bank Review

Ally Bank is a famous online bank among people seeking strong rates and convenient customer service.It does not charge overdraft fees.Convenient customer service option.

Advantage

• No monthly fees
• No overdraft charge
• Large, free nationwide ATM network
• No minimum opening deposits

Disadvantage

• No branch access
• No cash deposit

USDA Loans are zero down payment mortgages that makes you homeownership for suburban and rural homebuyers. USDA loans are guaranteed by the USDA Rural Development Guaranteed Housing Loan Program a part of the United States Department of Agriculture.

USDA home loan also have less rates than conventional mortgages because the government is taking on risk associated with lending.USDA loans does not require borrowers to pay for traditional private mortgage insurance.

Types of USDA Loans?

There are three USDA home loan Programs

Direct Loans

Issued by USDA, these mortgages are for very low income applicants who are without safe housing or cant access a traditional home loan.Income thresholds differ for every region.These loans offer term of up to 38 years. With subsidies,interest rates is 1%.

The USDA commonly issues direct loans for homes with a market value below the area loan limit.Rural areas have loan limits closer to $330000.

Loan guarantees

The USDA guarantees a mortgage issued by a contesting local tender, permitting borrowers to qualify for low mortgage interest rates without a down payment.Borrowers only have to pay an upfront fee for 1% and yearly fee of 0.35% of loan balance which is amortized across monthly payments.Borrowers donot have to pay for PMI.This costs less than traditional PMI.

Home improvement loans and grants

These loans and grants allow homeowners to repair or upgrade their homes.Grants have a maximum of $10,0000 and Loans are peak at $40,000.Loan terms are for 20 years with a 1% interest rate.If the borrower sell the home within three years they have to repay grant money.Loan and grant package also combine providing upto $50,000 in total assistance.

Qualifying for a USDA guaranteed mortgage

Income threshold to qualify for USDA guaranteed home loan differ by household size and location.The borrower household income can not increase 115% of the median income in the county where their new house is located.

USDA guaranteed home loans can fund only owner occupied primary residences.Borrowers must also

• Be a US Citizen or permanent resident
• Have a proven history of dependable income
• Borrowers without credit history can be evaluated through alternative criteria.Have a credit history that shows a reliable to repay debts and marks of at least 640 to qualify for streamline processing.

The monthly installment on loan must be 29% or less of the borrowers monthly income.Other monthly debt installment cannot exceed 41% of the borrower income.

Qualifying for a Single Family Housing Direct Home Loan

The USDA also directly issues loans to low income borrowers.To qualify for Single Family Housing Direct Home Loan borrowers must:

• Be a US Citizen or eligible noncitizen
• Currently be without safe,sanitary housing
• Meet income limits which are designated by county and metro area.
• Be unable to meet the qualifications necessary to obtain another kind of mortgage

Borrowers who have been prohibited from federal programs would not be eligible for a Single Family Housing Direct Home Loan.This mortgage can not be used to finance a properly that is valued above the area loan limit.

Online banking makes transferring money between bank accounts more easier.You can transfer money from one bank to another digitally using a various methods.Each method has positive and negative impact.

Apps and Online Payment Methods

If you desire to transfer money to somebody else or your bank does not provide the facility bank to bank transfers person -to-person P2P payment provide what you need.To set up your account link your bank account to the app using your checking accounts and routing numbers the same way you link accounts from separate banks.

• Google Pay is one of the app you can transfer ban money or use it to purchase Google products and services
• Paypal is one of the most famous services.It is easiest to use senders and receiver are likely to have active Paypal accounts.It is free to transfer money to family and friends if you fund the payment from your bank account.Businesses may also have to pay Paypal to receive payment from customers. Fund transfers with a debit card, credit card or Paypal credit may result in fees

Bank To Bank Transfer

If you are owner of both bank accounts a basic bank to bank transfer is a better method. You can set up the transfer with the receiving or sending banks and the money reach at the destination after two business day. The timing depends on which bank you use and whether you are transferring money internationally or domestically. Various banks permit you to make free transfer between connected accounts.

Writing Old-Traditioned Checks

Sometimes you have little amount in your bank account or you have no rush to transfer the money.Some time technology is more worse. If you desire to move that little money to your new account.

If you have get checks writing one to yourself is an easiest way.Just enter your name down as the payee and deposit the check into your new account. You can deposit the check with your mobile device.

If you dont have a check request your bank to print one for you.Bank can mailed the check to your home address on file with the bank.

External Transfer Fees

Fees for sending money to external accounts have become less common due to online banking.Many banks offer the service for minimal fee or free if you meet some criteria.

• Chase
• Citi
• Discover Bank
• Wells Fargo
• PNC Bank

How the federal budget is generated

The federal budget is a mechanism used to create the US federal budget. The 1974 Budget Control Act established the process. The Budget Control Act centralized and consolidated this budget authority.The House originate spending bills and the Senate amends them.

9 Steps to the Federal Budget Process

FY 2023 is from Oct 1, 2023 to Sept 30,2024.The budget process for the FY 2023 budget start in the fall of 2020.

Initial Fall

All federal agencies submit their budget request to the Office of Budget and Management.OMB prepares and manage the budget for the president.

November

OMB sends its budget budget review remarks back to the federal institution.

December

Agencies present their final budget requests.OMB then gather the final budget and forwards it to the incoming president.

January

January is the deadline by which a president must shape their budget preferences in the State of the Union Address.The Council of Economic Advisor submits the Economic Report to the President.

First Monday in Feburary

This is final date by which the president must submit his budget to Congress. The President’s budget puts their priorties into dollars for three sectors

• The budget must reflect the impact of changes to the tax code on federal revenue.
• Funding levels for federal agencies
• Changes to mandatory programs already enacted by Congress such as Affordable care Act, The Troubled Asset Relief Program, Medicaid,Social Security, Medicare.

April 15

Congress makes a budget resolution to guide spending. The House and Senate Budget Committees hold hearings with agency officials who clarify why they needs the fund requested.The committees forward their resolutions to a floor vote.

The House and Senate sort out their differences in a conference committee.The ultimate budget resolution must be passed by majority votes in Senate and House.Congress most of times skip this step and default to the prior year’s resolution.

June 10

Congress uses the budget resolution to guide bills.The House and Senate each have 12 Appropriations Subcommittees.Congress Specify funds for each agency in discretionary budget.They hold more hearings then prepare and pass their bills.These go to 12 conference committees to sort out the differences.The ultimate bill go to the floor for a vote before submitting to the president for signature.

Each house of Congress has authorizing committees to address any changes to tax laws or mandatory spending.These go to House and Senate Budget Committee for a vote. A conference committee sort out the differences.

The ultimately bill goes to the floor for a final vote before submitting to the president.The constitution dictates that they must approve or veto within next `10 days.A veto means process restart again.

October 1

This is the deadline by which all bills should be signed into law.Congress has two options if this does not happen. It can pass a continuing resolution to keep federal agencies running at their current levels or it can permit a government shutdown.

A government shutdown means all non essential discretionary programs close and workers are furloughed without pay.This happened in 2019,2018 and 2013.

July 15

The president submits a Mid Session Review of the budget to Congress.

The Performance of the US Treasury

The Treasury Department Financial Management Services executes the budget once its in effect.This is the institution that collects revenue, delinquent debt,make payments and issue reports.

The Main Purpose of the Federal Budget Process

Article 1 Section 7 of the US Constitution gives Congress the power to raise spend and revenue. Elected officials represent the will of the voters or they dont stay in office.Congress must agree on where the tax burden falls and on who receives the benefit of spending.