It is an exciting time when you start your new business. You have so many things to think of that you may forget one of the most important aspects — taxes. Before you dive into the business world, take a few minutes to consider the tax aspects of your new business.

Your tax obligations are strongly affected by the type of business structure you choose. Typical business structures include sole proprietorships, partnerships, C Corporations, S Corporations, or Limited Liability Corporations (LLCs).

Sole proprietorships, partnerships, and LLCs are reported using personal tax returns because profits are passed through to the owners. Other corporate structures require filing a corporate tax return. Corporate structures generally shield personal accounts from business debt but come with varying levels of tax reporting and compl...

You have just received an inheritance. What do you do now? You could spend it on some extravagance, but you would be better off doing two things first: assessing the tax ramifications and thinking about some investment options.

"Death taxes" are somewhat misunderstood, as people can find the two types of death taxes confusing. Estate taxes apply to the front end of the wealth transfer process, and are subtracted from the overall value of the estate. They only apply to huge estates, and reduce the size of your inheritance upfront; you have no further tax obligation. The Tax Cuts and Jobs Act (TCJA) of 2017 has doubled the estate tax lifetime exemption amounts to $11.2 million for single filers and $22.4 million for married couples filing jointly in tax year 2018.

Inheritance taxes, where they exist, apply to recipients. There are no federal inher...

It's staggering how many ways your identity can be stolen:

• A hacker could break into your accounts (especially if they have weak passwords);
• A thief could see you enter a password at an ATM, gas pump, or on your phone;
• You could lose a credit card… or your whole wallet;
• Your financial and personal data could be taken from public Wi-Fi;
• You may be duped by a phishing email;
• A deceptive text could get you to divulge information (known as SMiShing);
• A hacker could break into a database your info is in, such as the Equifax credit bureau hack that affected nearly 150 million Americans [LINK];
• Your home could be burgled, along with sensitive data;
• You may unknowingly link up to a fake Wi-Fi hotspot;
• Someone may steal your mail containing valuable info;
• You may visit an unsecure website on your phone or computer;
• A skimming device could be...

The last few years have been difficult ones for the IRS with respect to security issues, and the agency is determined to improve security during this year's filing. Electronic filing is particularly vulnerable because of the speed of the process — it is a favorite method among thieves who steal information from taxpayers and file fraudulent tax returns in their name.

As Bankrate.com Senior VP and Chief Financial Analyst Greg McBride points out, "Tax ID fraud is one of those things where somebody can have your Social Security number and they could have been sitting on it for a while, and you would have no idea until they go and file a bogus tax return under your Social Security number. You only find out at the point where your legitimate return gets rejected." Let MoneyTips protect your credit and your identity with a Tax Identity Theft

Our Tax Returns Reveal Our Secrets (2016 Infographic)

Our Tax Returns Reveal Our Secrets (Infographic)

New Survey Shows Poor Credit Habits of Millennials

Americans must love credit cards. As of the end of 2018, Federal Reserve data shows that we have racked up $870 billion in outstanding credit card debt on our nearly 480 million credit cards in circulation. However, generations vary in how they handle credit card debt.

Millennials tend to be the most cautious with credit – perhaps because many of them came of age during the housing crisis and subsequent recession. Data from the 2017 Experian State of Credit Report found that Millennials hold an average of 2.5 credit cards, while older generations hold from 3.0-3.5 cards on average. They also carry a lower average balance of $4,315, compared to $7,750 for Generation X, $7,550 for Baby Boomers, and $4,613 for the Silent Generation.

A new survey suggests that Millennial caution is warranted. The recent TD Bank Consumer Spending Index uncovered several unhealthy Millennial credit habits.

No...

Credit Card Limits Tightening

Why Are Millennials Avoiding Credit Cards?

More Americans Defaulting On Credit Cards

It may seem strange to you even to think of freezing your child's credit. Has your son or daughter gone on a credit binge at your local toy store or candy store? Why would your child even have credit in the first place?

Your child probably doesn't have credit, but he or she does have a Social Security Number (SSN) – which is a tempting target for identity thieves. The Identity Theft Resource Center (ITRC) reports that children are over fifty times more likely than adults are to have their identity stolen.

A child's SSN is a blank slate for thieves to use in creating a false identity. Since you are unlikely even to check for any credit in your child's name, the theft may go unnoticed for years, causing significant and long-lasting damage. This type of identity theft may not be discovered until your child prepares to leave for college or the working world, only to find that he or she can't qualify for financial aid, loans, or any form of credit.

Look for ...

Chances are that if you have student loans, you need every bit of extra cash that you can get. Did you realize that your student loans might be able to generate some cash for you?

Under certain circumstances, you may be able to save on your tax bill by deducting the interest that you pay on your student loan. The total deduction from your taxable income could be as much as $2,500. As a final bonus, you do not have to itemize to claim this deduction.

To be eligible for the deduction, your loan must meet certain qualifications. It must have been made to cover qualified education expenses as defined in IRS Publication 970, including tuition, fees, and most room and board charges. The loan cannot have come from a relative or via a qualified employer plan, and the e...

Equifax... Uber... Target... Under Armour.... The list of data hacks keeps growing and growing, increasing the odds that someone will steal your identity. Last year, this digital epidemic affected 14.4 million Americans. But the more you know, the better you can protect yourself.

We conducted an exclusive MoneyTips Google survey in 2018 to see how much people knew about identity theft and the credit bureaus. Do you know all the answers?

We asked people if they knew which data hack was the largest.

A whopping 9 out of 10 didn't know or chose incorrectly. Reader, care to guess, before we reveal the answer?

Using weighted averages, more than half of us (50.9%) admitted that they had no idea which hack was the worst of the century. More than 1 in 3 (34.4%) guessed the