How much of my income can I spend on car payments?

Answer Buying a car is the second largest purchase one can make, next to a home. Many personal preferences, and the needs of your lifestyle, factor into the actual selection of the vehicle. However, with ... Read More »

Top Q&A For: How much of my income can I spend on car payments

Do you pay income tax on VA disability payments?

VA disability income is paid by the federal government and is not subject to state of federal income tax. It is paid monthly and the amount is determined based on the severity of the disability as ... Read More »

Can chapter 13 payments increase if your income goes up?

Since Chapter 13 bankruptcy payments are based on disposable income, any additional income could raise those payments. A good rule of thumb is to report it to your trustee if your income increases ... Read More »

Do SSI payments count as income when you file?

You do have to report your Social Security Income (SSI) benefits when filing your taxes. However, unless your total income is above a certain amount---the exact amount depends on your filing status... Read More »

Are Medicare payments a deduction on income tax returns?

According to the IRS, you may deduct Medicare payments as valid medical expenses if the type of Medicare is "B" (Supplemental Medical Insurance) or "D" (Voluntary Prescription Drug Insurance). Reci... Read More »