So much to know when it comes to credit repair some of our most frequently asked questions.
Some of our most frequently asked questions about our Notary services: Mobile notary, Remote online notary "RON"
What is a Notary Public?
A Notary Public is a state public officer appointed and commissioned by the Governor whose function is to: administer oaths, take acknowledgments of deeds and other instruments, attest to or certify photocopies of certain documents, and perform other duties specified by law. Notaries are authorized by law to perform six basic duties:
Administer oaths or affirmations
Attest to photocopies of certain documents
Verify vehicle identification numbers (VINs)
Certify the contents of safe deposit boxes
How much does it cost to get a document notarized?
A single document can be notarized for $10 and $25 for online remote notarizations, Each additional notary seal will cost $10 but most documents only require one.
If you're a business and need to send documents for customers to sign, Give us a call or email us at Sjc@charlesfinancialgroup.com
What Types of Documents Can Be Notarized?
Legal forms often require notarized signatures. Documents may include:
Custody and guardianship agreements
Power of attorney
Notaries are often employed by banks, investment firms, title companies, and other financial institutes for the purpose of overseeing important document signing processes. Typically, documents signed in these environments include:
Mortgage closing documents
Some types of credit or loan documents
Businesses also need notary services. While not every important document that a business uses needs to be, most can be notarized. These documents can include:
Articles of incorporation
Memorandum of understanding documents
Construction and loan agreements
What are the acceptable forms of ID that I can use on Notarize?
Acceptable forms of ID include the following photo IDs if valid and unexpired. Your state may have other allowable IDs or may exclude use of some items on this list, so always check:
U.S. State Issued Driver’s License
U.S. State Issued Photo ID
U.S. Passport Book
U.S. Passport Card
Certificate of US citizenship
Certificate of Naturalization
Alien Registration Card with Photo
What is credit?
Credit is when you receive money, a good or a service, and you agree to pay for it in the future—usually with added interest.
How do I get my free credit report?
The credit bureaus have to provide you with a free credit report every 12 months–it's the law. You can claim this free credit report from http://www.annualcreditreport.com.
What is a FICO® Score?
Your FICO® Score is a three-digit number determined by the information on your credit report. While FICO® doesn't collect the data themselves, it's their algorithm that determines your score. Considering their score is used in 90% of all lending decisions, it's very helpful to know where you stand.
What score do I need to get a house?
There are many factors that go into being approved for a mortgage, but you'll need at least a score of 620 to be approved for a traditional home loan.
What score do I need to get a car?
The minimum accepted score for a car loan will depend on the amount of money being requested, but some lenders will approve scores as low as 500–assuming you don't mind paying extra money in interest
What score do I need to get a personal loan?
While that depends on the amount you're asking for, you can get a personal loan with a score as low 500–assuming you don't mind paying extra money in interest.
Can bad credit be corrected or deleted?
The law entitles you to an accurate, fair and substantiated credit profile. If something on your credit isn’t right, you can correct or repair it with the credit bureaus and your creditors.
Can my credit be repaired?
Unfortunately, we can’t guarantee anything. But we can promise to help you work to address any unfair or inaccurate negative items hurting your credit profile.
How long does credit repair take?
Honestly, we can’t say. There’s no way to predict in advance how long it will take to repair your credit, as every credit situation is different. That being said, past members have seen an average increase of 40 points in just four months*, and have typically stayed with us for six months.
Can I repair my credit on my own?
Yep. You just need to contact the bureaus and your creditors to address any errors on your credit. That being said, this process is time consuming and confusing. Working with a reputable credit repair company like Charles & Assoc. Financial Group Llc can help you remove these items from your reports quickly and efficiently.
What are removals?
The credit bureaus and your creditors are required by law to remove any negative items on your report that they can’t prove are accurate, fair and substantiated. When these items are deleted from your payment history, we call that a removal.
What can be removed from my credit report?
Anything inaccurate, unfair or unverified can be challenged with the bureaus and your creditors. This includes collections, late payments, charge-offs, liens, bankruptcies, repossessions and more.
What is a negative item?
Anything in your credit history that could lower your score is a negative item. Things like collections, late payments, charge-offs, liens, bankruptcies, repossessions and more. Especially if these negative items came as a result of identity theft, divorce, medical debt, student debt or military leave, you may be able to remove them through credit repair
Do negative items stay on my credit forever?
No, but it might feel like it. Most negative items will fall off of your report after seven years, though it could take as long as 10. If you’d rather not wait that long, credit repair is a great alternative.
Can deleted items come back on my credit?
Yes, your creditors may report an item again, even after it’s been removed or deleted. That’s why it’s important to contact both the credit bureaus and your creditors. This will increase the likelihood that inaccurate or unfair negative items will not reappear on your credit.
When are taxes due?
Each year, you’re required to file your federal income tax return for the previous calendar year by Tax Day. Usually, the filing deadline is on or around April 15, though if the 15th falls on a weekend or holiday the deadline can be bumped to the next business day.
What income do I have to pay taxes on?
According to the IRS, income includes money, property or services. Any income is taxable unless the law specifically exempts it, and all taxable income must be reported on your tax return. Some nontaxable income must be reported, too, even though you won’t pay taxes on it.
Not all taxable income is treated the same. Earned income, like your wages, is taxed differently because you pay Social Security tax, Medicare tax, and state and federal income taxes on it.
Unearned income, like child support or Social Security benefits, isn’t subject to payroll taxes, but you do pay federal and sometimes state income tax on it. And some types of unearned income are taxed at a lower capital gains rate, rather than your normal tax rate.
I started my own business; can I deduct my home office expenses?
Many entrepreneurs are reluctant to write off the business use of their home for fear of being audited. But home office expenses are legitimate tax deductions you shouldn’t miss out on. Keep in mind the space you claim as a home office should be used exclusively and regularly for that purpose. Don’t forget to include the square footage of your home office used for product storage or inventory.
What are qualified education expenses?
College tuition skyrockets every year, but the U.S. government provides incentives with education credits and deductions. For example, the American Opportunity Tax Credit benefits full-time and part-time college students in their first four years of college with a maximum $2,500 credit per student, provided you meet modified adjusted gross income requirements. You may also be eligible for the Lifetime Learning Credit up to $2,000, even if you take one college course.
Who Can I Claim as a Dependent?
Your significant other is probably many things to you—but is he or she also worth a deduction or credit? The question of who you can claim as a dependent has confused taxpayers for years.
The short answer: You can claim a “qualifying child” or “qualifying relative” if they meet specific requirements related to residence, relationship to you, age, financial support provided and income. So, yes, you may be able to claim your significant other or friend as a qualifying relative in some cases. You no longer get a dependent exemption for your dependent, but being able to claim them can also make you eligible for other tax benefits like the Other Dependent Credit (ODC) and the Earned Income Tax Credit (EITC).
You may be able to take the Other Dependent Credit worth $500 if:
You are providing support for a non-child dependent like another family member, boyfriend, girlfriend, domestic partner, or friend. You can also claim this credit for your kids 17 and over since you cannot claim the Child Tax Credit once they turn 17 for 2020.
They are a member of your household the entire year if they are a non-relative (relatives don’t need to live with you).
The relationship between you and the dependent girlfriend/boyfriend does not violate the law, for example, you cannot still be married to someone else. (Also, check regarding your individual state law, as some states do not allow you to claim a boyfriend or girlfriend as a dependent even if your relationship doesn’t violate the law).
You meet all the other criteria for “qualifying relatives” (gross income and support).
What is the Earned Income Tax Credit and How Do I Claim it?
The Earned Income Tax Credit is a tax credit for low to middle income wage earners that has lifted millions of people out of poverty, however many people still miss it. Why do so many people miss it? Many think they don’t make enough to file their taxes so they don’t claim it or their income changed but they are not aware that they can qualify. You have to file to get this valuable tax credit, which may help a family with three children who qualify receive a credit worth up to $6,557 for 2019. Families without children may qualify for a credit up to $529.
Beginning next year, under the American Rescue Plan, the federal Earned Income Tax Credit has been expanded for workers without kids and nearly triples the maximum allowable credit. This bill has also changed eligibility and will be extended for a wider range of filers to include taxpayers over age 65 and between ages 19-25.
With tax reform enacted at the end of 2017 there have been questions around the requirements to have health care coverage. Under tax reform, effective for tax year 2019 the tax penalty for not having health insurance is eliminated. Taxpayers will no longer be required to pay a tax penalty for not having health insurance. Individuals with income over the federal poverty level are still required to have 2018 health care coverage or they may be subject to a tax penalty when they file their 2018 taxes. All of the exemptions (based on income, religious beliefs, and citizenship) are still in place.
Are Unemployment Benefits Taxable?
Typically, unemployment income is taxable and should be included in your income for the year. Some states may also count unemployment benefits as taxable income. When it’s time to file your taxes, you will receive Form 1099-G which will show the amount of unemployment income you received. Form 1099-G will also show any federal taxes you had withheld from your unemployment pay.
However, the American Rescue Plan, signed into law on March 11, 2021, makes the first $10,200 of unemployment income tax-free for households with income less than $150,000. This provision is retroactive to tax year 2020 (the taxes you file in 2021), helping millions of unemployed save on their taxes.
What are the Tax Implications of Withdrawing Money Early from a Retirement Account to Pay Bills or Debt?
Typically, withdrawing money early from a retirement account comes with a 10 percent tax penalty if you withdraw your money before age 59-1/2 in addition to the regular income tax on the amount withdrawn. There can be other consequences, too. The retirement money may also bump you into a higher tax bracket, which can result in the taxation of other income, such as social security, that you may have not been taxed on otherwise.
If you were impacted by Coronavirus, however, and need to take money out of your retirement plan ASAP, keep in mind that the 10 percent early withdrawal penalty may be waived on up to $100K of retirement funds withdrawn.
You are a qualified individual if:
You, your spouse, or dependent are diagnosed with Coronavirus
You experience adverse financial consequences as a result of being quarantined, furloughed, or laid off
You had hours reduced due to Coronavirus
You are unable to work due to your child care closing or reducing hours
I Was Impacted by a Natural Disaster in 2020. What Tax Breaks are Available to Me?
Prior to tax reform, you were able to deduct most losses for uninsured casualty, disaster and theft losses. Under tax reform provisions, deductions for casualty and theft losses have changed for tax years 2018 through 2025. If you suffered a casualty or theft loss as a result of an unusual event like a flood, fire or some other unforeseen event, you can deduct the loss if the casualty is within a federally declared disaster area or the theft occurred as a result of a federally declared disaster.
IRS may provide additional special tax provisions to help recover financially from the impact of a disaster when the federal government declares a certain location to be a major disaster area. Depending on the circumstances, relief may be additional time to file returns and pay taxes.
The Taxpayer Certainty and Disaster Tax Relief Act of 2019 was also signed into law on December 20, 2019, and provides special tax relief for individuals and businesses in Presidentially-declared disaster areas occurring between January 1, 2018, and January 20, 2020. Some of the relief includes special rules for qualified disaster-related personal casualty losses, eased access to retirement funds, special rules for determining Earned Income Tax Credit and Child Tax Credit.