Unlike other types of loans, cash advances don’t have interest or fees, and they don’t require a credit check. That makes them a great alternative to expensive predatory payday loans. Many also offer other helpful features.

There are some limitations that most cash advance apps share.

• You will have to sign up before you need an advance. Cash advances are only available to members. Many apps charge a monthly fee.
• You must link the app to a checking account where you receive your salary.
• Most cash advance apps use a third-party service called Plaid to connect to your bank account. If your bank or credit union is not Plaid-compatible, finding a cash advance app you can use may be difficult.
• Cash advance apps can get you into the habit of spending money before you’ve earned it.

Within those limitations, cash advance apps can provide a useful service.

Here are the top-five best cash advance apps with annual percentage rates (APR) and fair repayment terms.

Best Cash Advance Apps

1. EarnIn – Besto for large advances
2. Empower – Best for self employed borrowers
3. Dave – Best for overdraft protection
4. Albert – Best for low-cost banking
5. Cleo – Best for budgeting

1. BEST FOR LARGE ADVANCES

EarnIn

EarnIn offers $100 per day or $750 per pay period (i.e., month) in cash advances against the money you have already earned. There’s a fee for instant funds transfer, and the app will ask for a voluntary tip for each advance.

• Get up to $750 in payroll advance.
• No credit check is required.
• Fast in-app onboarding.
• Same-day transfer to your bank account.

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2. BEST FOR SELF EMPLOYED BORROWERS

Empower

Empower offers easy access to cash from its sleek app. To create an account, you must provide only two documents: a valid ID and current proof of address. Once you’ve linked a checking account, you can instantly verify your availability for an advance without providing other employment records.

• Up to $250 in instant cash advance.
• No employment verifications are required.
• Free debit card with cashback.
• Extra in-app budgeting tools.

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3. BEST FOR OVERDRAFT PROTECTION

Dave

Dave protects you against costly account overdraft fees by monitoring your spending and alerting you whenever you’re about to hit a negative balance (because of upcoming bills). To help you out, Dave spots you cash until the next paycheck arrives.

• Up to $500 in instant cash advance.
• Automatic budgeting features.
• Payback in installments is available.
• No late or minimum balance fees.

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4. BEST FOR LOW-COST BANKING

Albert

Albert meshes essential banking services with payday advances. You get a free debit card, an FDIC-insured savings account, and an affordable investing app with an AI financial management assistant (for a separate membership fee).

• Get up to $250 in instant cash.
• Get your full paycheck up to 2 days early.
• Up to 0.10% annual bonuses on all savings.
• Micro-investments in stocks from $1.

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5. BEST FOR BUDGETING

Cleo

Cleo is a personality-packed financial app combining cash borrowing with other money-management features such as a credit building product and AI-driven budgeting tools. With Cleo, you can spot money and learn how to manage your cash flow better.

• Up to $100 in an instant, no-fee advance.
• Two-minute sign-up process.
• No proof of employment is needed.
• Free ACH transfers to a linked bank account.

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EarnIn

EarnIn is a single-purpose cash advance app. It lends you money against your future paycheck at no cost. EarnIn doesn’t require a credit check.

The app is primarily designed for full-time salaried employees. To qualify for an advance, you must be of legal age, legally reside in the US, and provide employment information. Also, you must link a checking account (savings or prepaid accounts are not accepted).

As part of onboarding, you’ll have to prove your wage by uploading employer-issued timesheets, adding a valid, employer-provided work email, or adding a complete work address and keeping your GPS on for the app to verify your work hours (aka the time you spend at the designated address).

EarnIn then takes 2-3 business days to verify the provided information. Once verified, you’ll get instant access to your free cash advance. You can add a custom tip amount (optional) to support the company.

Source: EarnIn.

You can withdraw cash to a linked debit card or a bank account. ACH withdrawals are free but take 1-3 days to process. For instant fund transfer, you can pay an extra $0.99-$3.99.

When your next paycheck is deposited to your linked bank account, EarnIn will debit your cash advance, instant processing fee, and tip amount (if any).

Empower

Empower positions its cash advance app as an alternative to traditional personal loans (which require good credit) and predatory payday loans. The company has issued over $500 million in advances.

With Empower Cash Advance, you can get up to $250 with no interest, no late fees, and no credit checks. Unlike EarnIn, Empower charges an $8/month subscription fee to borrow money and access banking features.

For that price, you also get a no-fee debit card, offering up to 10% cashback. If qualified, you can access your paycheck two days earlier or receive a free instant advance payout. Otherwise, same-day advance delivery to a linked bank account costs $1-$8.

To open an Empower account, you must provide a valid ID document and proof of address no older than 60 days. It can be a pay stub, a utility bill, an official bank statement, or a lease agreement. If you’d like to open an Empower bank account and get a debit card, you must provide your Social Security number. Then you’ll need to connect a checking account where you receive regular direct deposits.

Empower doesn’t verify your employment history like other popular cash advance apps. If you’re self-employed or do gig work, you’re still qualified to get a cash advance.

Once your account is activated, go to the Cash Advance section on your Accounts tab and click “Check eligibility” to check if you qualify for an advance. The app will automatically tell you how much money you can borrow. The results are instant. To increase your advance limit, repay the sum on your next payday and carry a positive balance in the connected bank account.

The app will only advance the amount you are approved for. You can’t borrow less.

To increase your advance limit, repay the sum on your next payday and maintain a positive balance in the connected bank account.

Empower also has a new lending product called Empower Thrive, a line of credit that is reported to the credit bureaus and can help you build credit.

Promising a higher credit line (up to $1,000), Empower Thrive can be a more affordable alternative to high-interest personal loans. But it comes with more strings attached, including a 35.99% APR if you miss a payment. Also, you’d be subject to a credit check.

Dave

With Dave, you can receive up to $500 at once, which is more than most cash advance apps offer. You can get access to your paycheck up to two days early if you’re a salaried employee. The average approved advance new users get is $120.

You can transfer the money to an external account for free. Transfer time takes 1-3 business days. You can also transfer your money instantly to a Dave payment account for free or get an instant payout to a connected debit card or bank account for a fee ($2.99-$13.99).

While Dave doesn’t do any credit checks, it analyzes your transaction history in connected bank accounts to determine income and spending habits. To get a higher payout, you should demonstrate good financial management.

Your bank account should also have at least three monthly recurring deposits totaling $1,000+. Dave will check for any recent negative balances on your account in the last 60 days. You don’t have to provide proof of employment to access a cash advance.

Dave also offers more flexibility in loan settlement than other cash advance apps. By default, your repayment date is set to the next payday. If your account balance is still low, Dave will collect partial settlements until the full sum is paid. No late fees or interest rates apply.

To use Dave’s cash advance feature, you’ll have to pay a $1 monthly membership fee, one of the lowest fees of any fee-bearing cash advance app. You’ll also get access to budgeting tools, at-risk of overdraft fee notifications, and survey-taking side gigs.

Albert

Albert is not a bank, but it offers most of the features traditional financial institutions do, and for a lower cost. Albert has several products rolled into one. You can receive a direct deposit and spend the funds using a free debit card. Separately, you can (and should) link up other bank accounts to benefit from Albert’s money-saving features. The app will help you monitor upcoming bills and suggest actionable ways to lower them (either by negotiating or switching to another provider).

You can also open a free savings account powered by a smart saving algorithm. It monitors your spending and income to predict your monthly account balance fluctuations. Then it automatically transfers small savings amounts to your rainy day fund. Users get a 0.10% bonus (or 10 cents for every $100) in their savings account over a year.

Albert Instant is the cash advance feature available to all Albert users (free or premium). A premium Genius tier costs $8/month minimum. You must activate a 30-day free trial to apply for a cash advance. You can cancel your subscription without losing access to advances (but some other banking and investment features won’t be available).

Albert offers cash advances of up to $250 at a time to all eligible users. To qualify, you must connect a checking bank account where your income is regularly deposited. The connected account(s) must not carry a negative balance over the past two months (i.e., have no history of overdraft fees), and it must have transactions indicating consistent income from the same employer. That makes Albert a less attractive option for self-employed professionals.

Also, you may not qualify for an advance if your paychecks arrive late or have been withdrawn from your account in less than 24 hours.

On the positive side, qualified candidates can get a cash advance of $250 three times within one pay period, if they’ve successfully repaid the previous one.

Cleo

Cleo lets you borrow money without providing many documents. First-time borrowers usually qualify for a $20–$70 cash advance. You can get as much as $200 after a successful repayment.

This cash advance app functions as a conversational chatbot. An in-built AI assistant monitors your transactions, then proactively suggests when and how to trim your spending to meet your saving goals.

To qualify for an advance, you must be a Cleo Plus user. The monthly membership fee is $5, but for that price, you also get access to other financial products like a useful budgeting app and a free credit-building tool.

To register a Cleo Plus account, you must provide a copy of your ID and proof of address. Once these are verified, you’ll get access to all account features: budgeting dashboards, spending tracker, cashback, and cash advances. To get the most out of Cleo, you’ll need to link one or more existing bank accounts.

Cleo doesn’t ask for any employment history records or W2 forms. But to get a higher cash advance, you’ll have to actively use their product. That means connecting bank accounts, providing details about your income, and setting up at least one budget.

In other words, the app nudges you to exercise more financial diligence and build good money habits, which is a great advantage.

The Best Cash Advance Apps Compared

Should You Use an Advance App?

Cash advance apps can be useful. If a cash advance app keeps you from having to rely on a predatory payday loan or title loan, it’s done its job, and you’ve come out ahead.

Cash advances also carry risks. When you take a cash advance, the app pays itself back from your next paycheck. That leaves you with less money for your next pay period and makes it more likely that you’ll take on another loan.

Relying on a cash advance once in a while when things go wrong is not a problem. If you’re becoming dependent on cash advances and using them every month, something is wrong with your money management, and you need to do something about it.

Cash advances are not a substitute for good money management. Effective budgeting, living within your means, and building an emergency fund is still necessary.

Most cash advance apps come with other tools that are designed to help you budget and manage money. You’re paying for those tools, so you should use them!

The post 5 Best Cash Advance Apps In 2024 to Get Fast Access to Cash appeared first on FinMasters.

Many people seek professional tax assistance, but using tax prep software is a good alternative, especially if you’re filing a relatively simple return.

Can You File Your Taxes On Your Own?

Yes. You can self-prepare your tax returns and submit them online through the IRS e-file system.

Both options are popular. According to the IRS filing season statistics database, about 45% of submitted tax declarations in 2022 were self-prepared, and 55% were done by tax professionals.

The real question is: Should you do your own taxes?

You can safely prepare your tax return using free tax software if you have one main income stream (a salaried job), few debts, and investment assets. But more complex tax situations like self-employment, rental property ownership, or multiple investment income streams warrant paying for premium tools and advice.

Modern tax software programs offer access to both DIY and managed tax prep options.

Best Tax Software of 2024

Selecting tax software can be as time-consuming as doing the returns. To save you the effort, we analyzed a dozen popular online tax filing ups and rounded up the 6 best tax software companies.

BEST FOR SMALL BUSINESS OWNERS

TaxAct

TaxAct is a national tax software provider that first launched an app for professional tax preparers. They later released a consumer version for filing federal and state returns electronically. The online tax software guides you through all applicable tax forms with a convenient questionnaire to prepare your tax returns.

Pricing: Free version available. Then, from $19.55.

• $100K filing accuracy guarantee
• Convenient business expenses filings
• Submit multiple tax returns for the same year from one account

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BEST FREE TAX SOFTWARE

Cash App Taxes

Cash App Taxes is a free tax-prep feature available in Cash App’s digital wallet. Great for DIY tax filing, Cash App determines which tax forms you need to fill in and pulls together the necessary data. Though there’s some manual typing to do, you can get done with your federal and state taxes in very little time. Then you can track your tax refund online.

Pricing: Free.

• All major IRS forms and schedules supported
• Fast, convenient tax prep in under 15 minutes
• Free filing of business or freelance income

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BEST FOR PROFESSIONAL TAX ASSISTANCE

TurboTax

TurboTax is the biggest name in the tax software space, and for good reasons. Impeccable user experience, on-demand tax advice, and guided tax filing experience have earned TurboTax a 4.6 rating from 200K+ reviews. It may not be the cheapest tax software, but it is one of the most comprehensive ones. 

Pricing: Free plan available. Then, from $39.

• DIY or done-for-you federal and state tax filings
• All tax forms, deductions, and tax credits supported
• Money back if you get a bigger state refund from another provider

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BEST VALUE FOR MONEY

Jackson Hewitt

Jackson Hewitt operates over 6,000 tax prep services locations around the country (including 3,000 in Walmart stores). In 2022, it debuted a $25 flat-free online tax filing service for federal and unlimited state tax returns. The service covers all common tax situations and helps you whizz through both forms with automatic calculations.

Pricing: $25 flat fee.

• Multiple ways to submit tax documents online or in-person
• Advance loans for early access to tax refunds
• Extra tax services at a reasonable price

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BEST FOR STATE TAX FILINGS

eFile

eFile is a Florida-based tax software provider offering a preparation platform for self-filing. The app helps you collect all the necessary tax documents, run a preliminary tax bill estimate using one of the 15+ calculators, and then sit down to do your return. You get started for free and pay only when you e-file the final return.

Pricing: Free plan available. Then, from $25.

• All state income tax returns for only $32
• No sneaky upgrades to higher tiers
• Top self-service tools and resources

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BEST PERSONALIZED SUPPORT

H&R Block

H&R Block offers a long list of financial and tax prep services. The company operates a network of 8,900+ retail tax offices across the country and offers online DIY or managed tax preparation and filing services. H&R Block is one of the world’s largest and oldest tax preparation companies and has been in business since 1955.

Pricing: Free plan available. Then, from $19.95.

• Upfront, transparent pricing plans
• Virtual tax prep + desktop tax software
• Extra banking and lending services

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TaxAct

TaxAct is a highly regarded national tax preparation software launched in 2000. Since then, the company has accurately processed over 90 million tax returns (federal and state). In 2022, TaxAct was purchased by Cinven, a global private equity firm, for $720 million because of its high Net Promoter Scores (a measure of customer experience) and customer retention rates.

On the free plan, you can report W-2 income, unemployment income, and retirement income. Plus, claim child tax credits, earned income credits, and your stimulus credit. 
For other tax situations, opt for one of the three premium plans: Deluxe, Premier, or Self-Employed.

Plans are based on the number of supported IRS forms. Deluxe allows more deductions for dependents, student loan interest, mortgage, HSA contributions, and more. Premier includes support of investment income filings, rental income, royalties, and foreign income filings.

Self-employment income filings are available on the highest tier, but the plan is well worth the money. That’s because you can also access a deductions maximizer tool, year-round support, and real-time tax alerts.

If you also need help with business taxes, TaxAct has affordable plans for Partnerships, S-Corps, C-Corps, Estates & Trusts, and Nonprofits. Both can be bundled with personal tax return prep to save on fees.

TaxAct plans are cheaper than other tax software providers like TurboTax and eFile. State filing fees, however, are steeper. If you have tax returns due in several states, look into other tax software companies.

Cash App Taxes

Cash App Taxes software was originally launched as Credit Karma Tax but rebranded to ‘Cash App Taxes’ in 2020 post-acquisition. The main selling point is simplicity: Users can view their transactional wallet history and export the data for tax purposes in one click to prepare a federal filing, then a state tax return.

To get started, navigate to the “Taxes” tab in the Cash App. Then answer a couple of quick questions and input the missing data. You can report salary, self-employment income, interest, and investments (on Form 1099).

Cash App supports W-2 imports — as uploads or mobile pictures — but the data processing experience can be inconsistent. On the pro side, you can upload the past year’s tax returns created with TurboTax, H&R Block, or TaxAct to pre-populate some forms. On the downside, you can’t import 1099 forms from banks and brokerages.

You can also file business taxes with Cash App if you report as a Sole Trader, Partnership, S-Corp, or C-Corp. However, this tax provider doesn’t support certain business tax credits (e.g., Credit for Small Employer Health Insurance Premiums) and Schedule K-1 filings.

State tax filings are more nuanced. As of January 2023, Cash App only supports e-filings in 17 states. Though they promise to start supporting a total of 40 states and Washington DC by the end of the year. Also, you can only file one state return with Cash App. Multi-state, part-year state and non-resident state filings aren’t supported.

Cash App Taxes has limited customer support. The official live chat hours are 8:00 a.m. to 8:00 p.m., but responses can be delayed. You can also reach the team by email (if you manage to find the proper address). No phone support is available, though. But that’s how things are with most free tax filing services.

Cash App Taxes is a great option for tax self-preparation if you live in the supported state, have reasonably good tax literacy, and have a relatively simple tax situation.

Pricing: free, but you will need to open a Cash App account.

TurboTax by Intui

TurboTax has been around since 1984 and has been owned by Intuit since 1993. This tax software has been through multiple updates, so it has a modern UX feel and compliance with the latest editions of the US tax code.

You have two options with TurboTax:

• DIY tax filing (with a free plan available)
• Done-for-you personal and business tax prep

If you want to prepare taxes yourself, TurboTax helps estimate your adjusted gross income (AGI) via a helpful questionnaire.

You can also auto-upload all financial and tax documents as PDFs or photos. An in-built scanning tool sweeps all the information to ensure 100% accuracy. TurboTax promises to pay for federal or state tax penalties or interests if the app makes a calculation error.

The app also provides tips for tax savings, such as claiming all above-the-line deductions like student loan interest rates, IRA contributions, or alimony payouts. Then, you can submit itemized deductions for various expenses (which must not exceed 7.5% of your AGI) to optimize your tax bill.

If you get stuck at any stage, contextual prompts are available. You can also request help from a tax professional for a separate fee or opt for a full-service tax prep package, starting at $169.

TurboTax Full Service includes access to a certified CPA who’ll work on your filings in real time. You can discuss different tax optimization strategies, go through all your deductions, and tap them for any other tax questions year-round. The above features make TurboTax the best overall tax software for those who can afford it.

For cash-strapped folks, TurboTax offers a free tax filing service for qualified taxpayers. It includes Form 1040, filing only for W-2 income with some deductions (IRS standard deduction, EIC, child tax credit, and student loan interest deduction).

Otherwise, TurboTax will automatically apply the appropriate paid plan for e-filing your taxes.

Pricing	Do It Yourself	TurboTax Live	Full-Service
Basic		$89 (state & federal)	$209 federal $49 per state
Deluxe	$59 federal $39 per state	$129 federal $49 per state	$259 federal $49 per state
Premier	$89 federal $39 per state	$179 federal $49 per state	$369 federal $49 per state
Self-Employed	$119 federal $39 per state	$209 federal $49 per state	$399 federal $49 per state

Jackson Hewitt

Jackson Hewitt has a massive physical footprint of affordable in-person tax services. You can drop your documents at a Walmart with a tax pro and get everything sorted. Reasonable prices and excellent service make JH a solid choice for first-time tax filers.

If you already know the chops, the $25 flat fee online service is a better option, especially when you’re filing in multiple states. The price doesn’t change.

Jackson Hewitt’s online tax service covers all 1040 forms, plus reporting on Schedule A to K-1. The app guides you through all the filling sections using a self-paced interview. You can skip one if it doesn’t apply to your tax situation, which saves time.

When anything is unclear, click an embedded link to get a short explanation or navigate to a pop-up screen with extra details. If you’re still struggling, Jackson Hewitt has an extensive knowledge base. Or you can contact support via phone, email, or live chat. Note: Support only deals with product-related or troubleshooting questions — you shouldn’t expect tax advice.

You can also apply popular tax credits and itemized deductions. Although, you’ll have to input most of the information manually. Jackson Hewitt’s tax software doesn’t support import forms. Be careful with the numbers because there’s no professional backup. You can’t request a tax return review by a professional filer online.

On the pro side, you get other guarantees like 100% calculation accuracy. If there’s any number-crunching error, Jackson Hewitt will compensate for any tax penalties from the IRS. Likewise, the team guarantees a maximum refund. If you prove them otherwise, the company will refund your $25 fee and pay an extra $100.

For additional peace of mind, you can buy a Protection Plus package for $29.95. It includes:

• Audit Assurance — an option to have Jackson Hewitt tax professionals liaison with the IRS or State tax authorities in case you’re flagged for an audit.
• ID Theft Restoration — Jackson Hewitt will work with the credit reporting agencies to remedy an identity theft incident, plus provide six months of credit monitoring services.

Identity theft is expensive, and recovery can take time. Having extra support is a sound idea.

eFile

eFile extends a comprehensive set of DIY tax prep features for a more affordable price than TurboTax and H&R Block. Unlike the two, eFile auto-downgrades you to a lower plan after you’re done declaring taxes. If you don’t use premium features, you’re not paying for them.

If you have a W-2 income below $100K (joint or single) with no dependents and claim limited tax credits, you can qualify for a free federal tax return submission.

Alternatively, the paid tiers are only $25/$35+ $32 for unlimited state tax filings. For comparison, state tax returns cost $44.95 each with TaxAct. eFile operates in 41 states plus Washington DC, meaning you can save a lot if you draw income from multiple places (e.g., have investment properties in several states).

 eFile covers many common tax situations, including:

• Self-employment, freelance, business, farming, or clergy income
• Household employment taxes
• Capital gains and losses
• Unemployment income
• Standard and itemized deductions
• Education credits and deductions
• Business credits and deductions

As part of your plan, you get assigned a Taxpert®: a dedicated support professional, available to answer any queries you have via your personal support page. Most replies arrive within a day or faster.

On the downside, eFile doesn’t offer any extra advisory services or return reviews by qualified tax professionals.

H&R Block

H&R Block, founded by Henry and Richard Bloch, has been in the tax business for almost 60 years. Unlike other legacy companies, H&R Block successfully transitioned into the digital era. Apart from in-person tax assistance, the company offers:

• DIY online tax filing
• Guided online tax preparation
• Managed tax e-filings
• Desktop tax software

Each option has several paid tiers and a Basic (free) plan for online tax filing. The free tax service includes capped W-2, unemployment, interest/dividend income, education and student loan deductions, child tax credit, and earned income tax credits. That’s more features than TaxAct or TurboTax gives away for free.

With a paid plan, you can handle more advanced scenarios like:

• HSA or retirement plan contributions
• Child and dependent care deductions
• Cryptocurrency income reporting
• Rental income declaration
• Freelance and self-employed income reporting
• And more

If you want to work with a tax pro, plans start at $85 for virtual, in-person, or drop-off submissions. You can start with one way and switch to another at no extra cost. In this case, you receive personalized advice, extra guidance, and a qualified sweep by a tax professional with at least 10 years of experience (as H&R Block advertises).

In turn, users with high financial literacy can save money by using a downloadable H&R Block tax app (starting at $19.95). The desktop software supports personal and business tax filings, locally and with the IRS. In this case, however, extra $19.95 state e-filing fees apply.

That said, a virtual tax filing service is more convenient. This way, you can auto-import some of your tax forms, including W-2 and different versions of 1099s. Then e-file your return straight from your account.

On the support side, you can either use self-help resources or the Live Chat feature on-site. Or opt for an add-on Online Assist service (starting at $40) to get unlimited on-demand chat or video screen-casting sessions with a CPA or a tax prep expert. That’s an affordable way to get extra help without leaving your home.

The appointed expert won’t review or e-file complete tax returns. If that’s what you want, look into one of the “File with the Tax Pro” plans starting at $85 + state fees.

Pricing	Do It Yourself	Desktop tax software
Basic	$0 federal $32 per each state	$29.95 license + $39.95 for each state $19.99 e-file fee
Deluxe	$55 federal $32 per each state
Deluxe + State		$54.95 license + $39.95 for more than one state submission $19.99 e-file fee
Premium	$75 federal $32 per each state	$74.95 license + $39.95 for more than one state submission $19.99 e-file fee
Premium & Business		$89.95 license + $39.95 for more than one state submission $19.99 e-file fee
Self-employed	$110 federal $32 per each state

Best Tax Software Comparisons Table

	TaxAct	Cash App	TurboTax	Jackson Hewitt	eFile.com	H&R Block
Federal and state tax returns prep
Multiple state submissions
Joint fillings for married couples
Self-employment income filings
Business tax filing
Foreign-sourced income filings
Investment income filings
Supported OS	Windows macOS Web	Mobile-only	Windows macOS iOS Android Chromebook Web	Web only	Web only	Windows macOS Web
Offline app version
Tax form imports
Tax refund tracker
Tax credits and deductions
Audit support
Tax advisory
Tax extension filing
In-person tax filing assistance
Live online tax filing assistance
Pricing	From $19.95	Free	From $39	$25 flat fee	From $25	From $19.95

What Happens If You Fail to File Taxes?

If you missed the first tax deadline (April 18, 2023), you can request an extension and submit your return until Oct 16, 2023. But don’t drag your feet any further. Taxes aren’t fun, but failure to report your income leads to worse consequences.

Think about tax filing as going to the dentist. The longer you delay your visit, the more painful and expensive the whole ordeal will get. File for your taxes even if you are unable to pay the total amount due right now. The penalties for not filing taxes are worse than those for not paying them.

What Happens if You Don’t Pay Your Taxes?

When you don’t pay your taxes, you will receive a notice from the IRS explaining your bill, accumulated penalties, and interest, along with instructions for resolving the problem. The authorities will help you arrange a payment plan if you can’t pay the balance immediately.

No action on your part will create more problems. The IRS will forcefully collect the outstanding payment via wage garnishment, bank levies, or the seizure of property and vehicles. Tax authorities have ten years to collect unpaid tax payments and will use all available means.

If money is tight, seek professional credit counseling. Many non-profits help cash-strapped individuals set up a tax repayment plan for free.

When Should You Hire a Tax Professional?

A tax return is a ledger. It contains a detailed list of all the money you’ve earned and spent on deductible expenses. Tax software helps consolidate the numbers and streamline the total calculations and takes advantage of the IRS free file program to electronically submit your federal return (and e-file state return when applicable).

Many apps also direct you towards extra deductibles and tax credits up for grabs, but they can never compare to a tax professional’s knowledge, especially regarding business deductions.

Working with a tax professional is better for people with multiple income streams: a traditional job, several side hustles, and many investment assets. A qualified tax pro can suggest various tax tips for legally optimizing your tax bill for this year (and the coming ones).

Finally, if you feel you don’t understand how taxes work, what your tax liabilities are, and when they come up, working with a professional at least once is an excellent way to fill this knowledge gap. By paying for pro advice once, you can avoid costly mistakes in the future, like tax penalties and arrears.

The post 6 Best Tax Software Providers for 2024 appeared first on FinMasters.

Debt management plans come with a monthly fee, but in most cases, the reduction in your monthly debt payment will more than cover the fee.

Many credit counseling agencies also provide housing counseling, student debt counseling, financial education, and other services.

Best Credit Counseling Services

These credit counseling services are non-profit companies and are members of the National Foundation for Credit Counseling (NFCC) or the Financial Counseling Association of America (FCAA), the two major credit counseling associations.

These agencies will not pressure you into enrolling in a debt management plan as a default solution to your money woes. Instead, you’ll get to work with licensed credit counselors who will advise you on the best credit management strategies based on your financial situation.

The shortlisted candidates offer nationwide online or phone support and free initial counseling sessions.

BEST REPUTATION

Cambridge Credit Counseling Corp

Cambridge Credit Counseling Corporation is an FCAA-accredited credit counseling agency with offices in Massachusetts and New York. Established in 1996, this not-for-profit agency helps with unsecured debt management, mortgage issues, and student loans. Learn more

Fees: Capped at $50-$75/mo for debt management plans.

• Credit counseling
• Debt consolidation 
• Debt management plans

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BEST FOR IN-PERSON COUNSELING

Money Management International

Money Management International grew from a family-run debt counseling business in Arizona to a nationwide credit counseling agency with branches in 25 states. It provides in-person and over-the-phone consultations in two languages: English and Spanish. Learn more

Fees: $25/mo on average for debt management plans.

• Homebuyer counseling
• Disaster recovery counseling
• Credit report reviews

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BEST EDUCATIONAL RESOURCES

GreenPath Financial Wellness

GreenPath Financial Wellness has been offering credit counseling services for 60 years. The company is consistently recognized among the top socially responsible employers by the Center for Companies That Care for its inclusive approach to financial education and debt relief advisory. Learn more

Fees: Debt management plans are $28 per month.

• Credit counseling and debt settlement 
• Personalized debt management plans
• 3-minute financial self-assessments 

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BEST CREDIT SCORE MANAGEMENT

DebtWave Credit Counseling

DebtWave excels in credit coaching and credit score management. Work with qualified personal finance advisors to deal with credit card debt and other unsecured loans and optimize your interest rates. Learn more

Fees: Debt management plan fees are capped at $49-$75/month.

• On-demand online counseling
• Financial education resources
• Free budget analysis

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BEST FOR DEBT MANAGEMENT

American Consumer Credit Counseling (ACCC)

American Consumer Credit Counseling promises to slash your monthly debt repayments by 30-50% with advice on debt consolidation and management. ACCC also handles tax and medical debt management, housing, and bankruptcy counseling. Learn more

Fees: Capped at $7/month for debt management plans.

• A detailed review of your income, assets, and expenses
• Personalized debt management strategies
• Medical debt management services

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BEST DIGITAL EXPERIENCE

Apprisen

Apprisen provides online credit counseling services through an interactive portal. You can get a quick debt assessment and personalized financial advice within 48 hours by email. Then you can communicate with your credit counselor by phone or video-conferencing to decide on the best debt relief strategy. Learn more

Fees: Capped at $45/mo for debt management plans.

• Credit health educational sessions
• Student loan counseling
• Financial coaching services

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1. Cambridge Credit Counseling Corp 

Best Reputation

Cambridge Credit Counseling Corporation is a member of the Financial Counseling Association of America (FCAA) and the National Foundation for Credit Counselors (NFCC), the two essential accreditations for reputable credit counseling agencies.

In operation since 1996, Cambridge Credit Counseling focuses on helping clients control high-interest debt. This credit counseling agency has achieved impressive results for its clients, including an average 14% reduction in credit card interest rates and a 25% reduction in monthly credit card bills.

Cambridge Credit Counseling is also approved by the US Department of Housing and Urban Development (HUD), meaning they are qualified to provide mortgage counseling, including reverse mortgage (HECM) advisory and foreclosure intervention services.

Accreditations and memberships:

• Financial Counseling Association of America (FCAA) 
• HUD-Approved Housing Counseling Agency
• Council on Accreditation (COA)

Visit Cambridge Credit Counseling

2. Money Management International (MMI)

Best for In-Person Counseling

Money Management International (MMI) is a highly-reviewed non-profit credit counseling company with a 4.7 rating on Trustpilot (based on 1.7K reviews) and an A+ rating with the Better Business Bureau.

They offer free financial counseling services for budgeting, debt settlement, credit score improvements, and more. You can also access free content (webinars, workshops, and a podcast) about personal finances.

Unlike many credit counseling services on this list, MMI does most of the counseling in person via its extensive network of branches. They have a presence in 25 states (excluding AL, DE, ID, IN, IA, KS, KY, ME, MI, MN, MT, NE, NH, ND, OH, RI, SC, SD, TN, UT, VT, VA, WA, WV, WI, WY) and welcome walk-ins.

You can also contact the agency by phone. Employed credit counselors speak either English or Spanish and are available 24/7.

MMI is also among the few services to offer assistance with recovering after a natural disaster. You can contact them to get help with financial recovery plan development, FEMA aid, and insurance paperwork.

Accreditations and memberships:

• Financial Counseling Association of America (FCAA) member 
• Council on Accreditation (COA)

Visit Money Management International

3. GreenPath Financial Wellness

Best Educational Resources

GreenPath Financial Wellness is a regional credit union service that evolved into a HUD-approved and COA-accredited financial counseling service provider.

The company operates 21 office locations in 16 states and offers many online resources via its website and dedicated online portal (accessible to any user). You can sign up for online classes, download worksheets and guides, tune in for a financial literacy podcast, or use on-site financial calculators to get out of debt faster.

If you need more support, you can sign up for the initial credit counseling session online and have it conducted by phone, video conferencing, or in person. GreenPath employs a roster of qualified credit counselors, including HUD-approved housing agents, to educate and assist with money management.

In 2021, GreenPath helped its clients pay off over 9,5000 debt management plans in full and resolved some 40K+ budget and debt issues.

Accreditations and memberships:

• Financial Counseling Association of America (FCAA) member
• Council on Accreditation (COA)
• HUD-Approved Housing Counseling Agency
• Approved by the U.S. Trustees to provide pre-bankruptcy counseling

Visit GreenPath

4. DebtWave Credit Counseling

Best Credit Score Management

DebtWave is a national credit counseling service operating out of San Diego, California. The company doesn’t have branch locations outside of CA but is available by phone from 6 am to 6 pm every workday for credit counseling. You can also book an in-person appointment via their website.

The average credit counseling session duration is 60 minutes. The session includes an initial budget analysis, a credit score review, your credit utilization ratio assessment, and an explanation of your credit mix, all done for free.

Afterward, you’ll be provided with further options: ongoing advisory on debt management, asset liquidation strategies, enrollment with a debt settlement company, or a debt management program.

DebtWave credit counselors won’t push you towards a debt management plan as a default solution. You’ll get a fair assessment of your financial situation and personalized follow-up steps.

Accreditations and memberships:

• Center for Financial Certification

Visit DebtWave

5. American Consumer Credit Counseling (ACCC)

Best for Debt Management

American Consumer Credit Counseling (ACCC) is a national credit counseling company based in Massachusetts with 20 office branches across 14 states. They have an A+ rating with the Better Business Bureau, indicating a high level of responsiveness to customer complaints.

ACCC specializes in credit counseling and debt management plans. Unlike others, they deal not just with credit card debt and high-interest personal loans but also medical debt, tax arrears, and student loans. Separately, they have credit counselors who are approved by the U.S. Trustees office to provide pre-filing and post-filing bankruptcy counseling.

ACCC also helps with debt consolidation, debt settlement, and debt management program enrollment. Based on BBB customer reviews, ACCC counselors never push you toward a particular option but advise on different strategies and leave the final choice to you.

Accreditations and memberships:

• Financial Counseling Association of America (FCAA) member
• HUD-Approved Housing Counseling Agency
• Council on Accreditation (COA)
• Approved by the U.S. Trustees to provide pre-bankruptcy counseling

Visit American Consumer Credit Counseling

6. Apprisen

Best Digital Experience

Apprisen claims to have helped over a half-million consumers to get out of debt. This credit counseling agency operates out of Ohio and has no branches outside the state.

However, they have one of the best online financial literacy apps, and it’s available to all users. To receive personalized financial advice, you must complete a quick online questionnaire and securely share requested information (your pay stubs, credit reports, etc.).

Apprisen uses a unique system based on IRIS, an automated system that will generate a personalized financial plan in as little as 30 minutes. Then you can schedule a phone or video call with an Apprisen credit counselor to decide the next steps.

Apprisen focuses on improving your financial wellness and helping you learn effective budgeting, saving, and credit management practices. You can have unlimited follow-up phone counseling sessions, peruse provided training materials, or sign up for regular workshops.

Accreditations and memberships:

• Member of the National Foundation for Credit Counseling (NFCC) 
• Council on Accreditation (COA) 

Visit Apprisen

The Best Credit Counseling Companies Compared

	Cambridge Credit Counseling Corporation	Money Management International	GreenPath Financial Wellness	DebtWave	American Consumer Credit Counseling	Apprisen
Type of company	501(c)(3) non-profit agency	501(c)(3) non-profit agency	501(c)(3) non-profit agency	501(c)(3) non-profit agency	501(c)(3) non-profit agency	501(c)(3) non-profit agency
Service area	50 states	50 states	50 states	50 states	50 states	50 states
Physical office(s)	NY and MA	In 25 states	In 16 states	California	In 14 states	Ohio
Phone/video chat support
Online client accounts	For credit counseling and bankruptcy counseling	Only for debt management plan (DMP)	For all customers, a mobile app is available	Not offered at present	Only for debt management plans and bankruptcy counseling	Online services via IRIS financial planning software
Debt consolidation
Debt management plans
Credit card bills management
Personalized financial coaching			*
Housing counseling
Medical debt management		**
Foreclosure intervention
Reverse mortgage counseling
Disaster recovery counseling
Student loan counseling
Bankruptcy counseling
Free financial literacy resources
Monthly fees	Capped at $75	Average $25	$28	Capped at $49	$7	Never exceed $45

*Via partner ClariFi
**Via Dollar For partnering agency

Does Credit Counseling Affect Your Credit Score?

A free credit counseling session will not affect your credit score. If you adopt a debt management plan, you may see a short-term drop in your score. You may be required to close accounts, which can shorten your credit history and reduce your credit mix.

That impact will usually be temporary. Over time, a debt management plan should improve your payment history and your credit score.

A nationwide study of 12,000 US consumers found that people who were working with credit counseling companies could reduce their revolving debt by $3,600 more than consumers without counseling^[1].

Almost 70% of the survey participants said they learned better money management techniques, improved their financial confidence, and learned to consistently tackle their debt.

Some for-profit debt relief companies can push you towards aggressive debt management strategies such as debt settlement. Because debt settlement involves negotiating for less than the total amount owed, it can have a significant negative impact on your credit score.

Many debt settlement companies ask you to temporarily stop making payments, which can damage your credit, send accounts to collection agencies, or even lead to a lawsuit. Non-profit credit counselors will generally steer you away from these methods.

How to Choose the Right Credit Counselor

There are many different types of organizations and companies advertising debt relief services, and it’s easy to get confused. It’s important to get the right ones because some are sketchy, and some are outright scams.

Legitimate credit counseling companies are non-profits. Most are accredited by reputable organizations such as the National Foundation for Credit Counseling (NFCC) or the Financial Counseling Association of America (FCAA).

Once you have your shortlist, reach out to each agency with the following questions:

1. What services do you offer? Find a company that offers budget counseling, savings classes, and credit management advice. Don’t trust organizations that push debt management plans or other services before they spend time analyzing your finances.
2. What is your counseling process? Ask about the average consultation duration and type of advice you can receive. Find out what kind of follow-up support the company offers and which educational materials are free. Avoid organizations that charge for accessing any information.
3. Are you licensed to offer your services in my state? It’s always worth double-checking since consumer credit counseling regulations differ nationwide.
4. What are your fees? Find much the company charges for specific counseling. Ask if you’ll get billed per session or on a flat-rate basis. Be wary of credit counselors who ask you to pay upfront for an initial consulting session.

Check for any complaints or legal action taken against credit counseling companies. You can look up their Better Business Bureau (BBB) reviews or check in with a local consumer protection agency.

How Much Does Credit Counseling Cost?

Non-profit credit counseling agencies offer free financial situation assessment and post-counseling support. You may be asked, however, to pay an onboarding fee and ongoing monthly service fees if you decide to enroll in a debt management plan.

Most not-for-profit agencies cap the max onboarding fee at $75 and monthly payments — at $50. Depending on your state and financial situation, you may also get the monthly fee waived.

In other words, you can get professional credit coaching and financial education resources for free and debt management plans at a low cost.

Almost anyone who’s under financial stress can benefit from a free counseling session. What you do after that is up to you, but credit counseling will help you make an informed decision!

How We Cose the Best Credit Counseling Agencies

We considered a number of factors when making these selections.

• Coverage. We prioritized companies offering services in all 50 states.
• Accreditation. We looked for companies accredited by the National Foundation for Credit Counseling (NFCC) or the Financial Counseling Association of America (FCAA)
• Range of Services. We looked for companies that handled many types of debt and offered substantial education resources.
• Cost. Debt management plans aren’t free, but you shouldn’t have to overpay.
• Reputation. Positive customer reviews are a plus point for any service provider.

Not all of these factors may be equally important to all customers, so be sure to identify and prioritize the ones that matter most to you.

The post 6 Best Credit Counseling Companies (2024) appeared first on FinMasters.

Best Identity Theft Protection Services

We looked at several prominent identity theft protection services, comparing their identity monitoring features, identity theft insurance coverage, and credit protection tools to find the best options. Here’s the list:

1. Aura – Best online security
2. LifeLock by Norton – Best value for money
3. ID Watchdog by Equifax – Best for credit monitoring
4. IdentityForce® – Best for restoring identity
5. ReliaShield – Best for family protection

Compare Identity Theft Protection Services

BEST ONLINE SECURITY

Aura

Summary: Aura is a one-stop-shop identity protection service for the entire family. You get access to real-time fraud alerts about any suspicious financial activity, personal data breaches, address changes, and credit card applications. A family plan includes comprehensive child identity theft protection and parental control tools. Learn more

Price: Starts at $12/mo

• Malware protection and VPN software included 
• Online personal data removal services 
• Comprehensive stolen funds reimbursement

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BEST VALUE FOR MONEY

LifeLock by Norton

Summary: LifeLock by Norton award-winning identity theft protection runs real-time address, court records, financial accounts, credit bureaus, and social security number monitoring. Receive aggregated reports about suspicious financial transactions and dubious personal data usage. Get fast incident resolution with the help of 24/7 identity restoration experts. Learn more

Price: Starts at $8.99/month 

• Dark web monitoring 
• Instant credit lock with TransUnion
• Fictitious identity monitoring

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BEST FOR CREDIT MONITORING

ID Watchdog by Equifax

Summary: ID Watchdog by Equifax offers real-time credit monitoring from three major credit bureaus (Equifax, Experian, TransUnion), including subprime loan monitoring. Track your credit score and financial transactions from one account. ID Watchdog also extends transaction monitoring and insurance coverage to investment accounts (401K/HSA). Learn more

Price: Starts at $14.95/month 

• Advanced credit score monitoring
• Monthly and annual credit reports 
• $1 million identity theft insurance

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BEST FOR RESTORING IDENTITY

IdentityForce®

Summary: IdentityForce monitors, alerts, and recovers stolen IDs and stolen funds. A certified team of identity protection experts is available 24/7 by phone, email, or chat. In case of fraud, they’ll help you complete all the paperwork, liaise with the officials, and facilitate the recovery of the stolen identity document(s). They also issue stolen funds reimbursement. Learn more

Price: Starts at $17.99/month

• White-glove family ID restoration
• Medical ID fraud protection included 
• Social media accounts monitoring

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BEST FOR RESTORING IDENTITY

ReliaShield

Summary: ReliaShield protects you from bank account takeovers, runs regular credit file checks, and notifies you whenever your name or address comes up online (including in court records). The family plan includes children for free with $1 million identity theft insurance automatically extended to them. Learn more

Price: Starts at $7.99/month

• Data breach notifications
• Bank and credit accounts monitoring 
• Neighborhood predator alerts

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The Reviews

Let’s look at those identity theft protection services in more detail.

1. Aura

Aura is a new arm of Identity Guard, another veteran identity theft protection service, with a greater focus on digital security. Each plan includes VPN, antivirus, and password manager software. 

Aura includes automated protection against spam emails, texts, and robocalls. In contrast to other identity protection services, you also benefit from free online data removal services. Aura will scrap personal data from the web to minimize ID theft risks.

Even on the lowest-tier account, you get three-bureau credit monitoring and monthly credit score reports from Experian. Aura sends real-time alerts about suspicious financial activity, such as new bank account openings, credit card applications, and high-volume transactions.

Pricing Plans

Visit Aura

2. LifeLock by Norton 

Norton has transformed their cybersecurity knowledge into a full ID theft protection service.  They’re so confident in their product that LifeLock CEO once posted his SSN number online. He got it stolen 13 times and then saw it rapidly recovered by the company’s specialists.

LifeLock’s best identity theft protection relies on a patented ID monitoring system for tracking users’ names, addresses, dates of birth, and SSNs across all web, financial, and court records. When combined with Norton’s online security tools, LifeLock becomes the best identity protection coverage you can get. 

Pricing Plans

Visit Norton LifeLock

3. ID Watchdog by Equifax

Comprehensive credit report monitoring is the most attractive feature of ID Watchdog. You get monthly credit reports from one bureau on a Standard plan and three bureaus on a Premium. Each package includes free credit score tracking, subprime loan monitoring, and dark web monitoring. Premium users also enjoy high-risk transactions and investment account alerts.

ID Watchdog guarantees 100% identity theft resolution if you get hit by a crime. However, the insurance policy doesn’t cover retroactive incidents. ID Watchdog doesn’t guarantee you’ll get all your money back, but they’ll do their best to help you navigate an identity crime. 

Pricing Plans

Visit ID Watchdog

4. IdentityForce

IdentityForce is an identity theft protection company launched by TransUnion. It boasts an excellent credit monitoring service for one or three credit bureaus (depending on the plan). A higher-tier plan includes monthly credit score reports from Vantage, annual credit reports from 3 bureaus, and a credit score simulator.

IdentityForce constantly evolves its product. Unlike others, they protect against COVID-related scams, tax, and medical fraud. On a family plan, you can also access advanced child ID protection with social media identity monitoring suite and parental control app.

They also have the best ID recovery services and compensation scheme. Get $1 million in ID theft insurance plus $2,000 for each of the following:

• Travel expenses
• Lost wage
• Elderly/childcare 

IdentityForce specialists will thoroughly deal with your ID restoration and even replace stolen funds. 

Pricing Plans

Visit IdentityForce

5. ReliaShield 

ReliaShield is a Tennessee-based ID theft protection service with local support and ID protection specialists available 24/7. The company offers comprehensive credit history monitoring (including non-credit loan monitoring) with credit report reminders. It also covers your bank and investment accounts.

Unlike competitors, court records monitoring and address change monitoring are available on all plans (even the basic one). You also get notified whenever your personal details come up in a data breach.

The biggest boon is ReliaShield’s affordable family plan. You only pay for two adults, and children get protected automatically. Parents also like the neighborhood predator monitoring feature, alerting you to any offenders in the area.

Pricing Plans

Visit ReliaShield

Comparison Table of Best Identity Theft Protection Services

How to Pick the Best Identity Theft Protection Services

If you’re convinced that identity theft protection is necessary, take these steps.

• Check which other online security tools you already own to avoid paying for redundant features (e.g., credit score reporting, VPN, or parental control).
• Pay attention to the number of tracked credit bureaus on each plan and the types of reported credit scores since these differ greatly.
• Always read the fine print to understand what expenses are covered by insurance policies and what type of assistance you’ll get in the worst-case scenario.

Stay safe and sound!

The post 5 Best Identity Theft Protection Services for 2024 appeared first on FinMasters.