The Blog Of TL Wall Accounting

5 Things To Think About Before Declaring Bankruptcy

When you feel like you can’t pay your bills, the pressure is enormous; we’re all been there. Sometimes the pressure is so great that you don’t know what to do or where to start, so you don’t do anything. Trust me, that’s the worst thing you could ever do.

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At some point, when all seems hopeless, maybe you start thinking about bankruptcy. This can be a way of starting over, but bankruptcy of today isn’t like it used to be. You don’t always get everything taken care of; there are still some things you’re liable for, such as student loans and taxes. You also have to deal with that 7-year period of limbo, in some cases 10 years, where your life is pretty much on hold if you want to buy something but need credit to help you out.
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Tax Law Changes 2019

Once again a timely yet not evergreen article as we close out 2019 and the decades of the 2010’s. There aren’t a lot of changes for 2020 but we still have a few things we’d like to get out to the masses.

Steve Buissinne from Pixabay

Let’s start with personal taxes. Standard deduction has increased to $24,400 for joint fining, $12,200 for single, while the personal exemption has been eliminated. Most filers won’t be able to itemize any longer unless you have a qualified business. Child tax credit has doubled to $2000 per child under age 17. There’s also a temporary credit of $500 per dependent in 2019 called the Family Tax Credit.
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Figuring Out Your Credit Card Debt

It’s been a while since we wrote about budgeting and credit cards. It’s time to reinforce the importance of understanding each of these and learning how to use your knowledge to either get control of credit cards or totally eliminate your credit card debt.

Mission24: NUMBERS
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Before you decide to take action on your debt you need to know what it is. Whether it’s doing some kind of debt consolidation or filing bankruptcy, you need to know what your expenses and income is to first find out if you’re in real financial trouble or just need to get a handle on your spending.
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16 Tips To Relieve Finance Stress

Let’s face the fact that the thing we stress over more than anything else relates to money. It’s always about money; do we have enough, too much (okay, I don’t know anyone who stresses over having too much), bills, savings, investing, being robbed, taxes… ugh.

05/2008: 7 cents for a nickel
Frédéric Poirot via Compfight

You know what? Turns out that rich people don’t worry about money. They do think about finances and ways to grow their wealth, but overwhelmingly they think more about lifestyle than the money.
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Dangers Of Creating Joint Accounts

Almost every organization, business and regular people rely on their checking accounts. Most of them end up having someone else have access to those account for one reason or another.

Kai Pilger from Pixabay

For businesses and organizations, the idea is to have more than one person who can sign for things in case of an emergency. Sometimes it’s to have a second person sign before certain dollar amounts can be approved or allowed to be paid.
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