Defining Normal Wear and Tear Normal wear and tear is the expected decline in the condition of a property due to normal everyday use. It is deterioration that occurs in the course of living in a property. It is not caused by abuse or neglect. Examples of normal wear and tear might include: A couple of small stains on a carpetA couple of scrapes or dings in a wood floorColor of carpet or hardwood fading due to exposure to sunlightDirty groutLoose door handlesSilver finish on bathroom fixtures beginning to wear away...

The answer depends on how well the card fits your lifestyle—and whether you’re still earning a good return from the cash back, points, or miles offered. If your card charges an annual fee, you may be tempted to close the card before the annual fee is due so you can chase a promotion on another card. But this tactic, known as churning, can be problematic. Many banks have limitations on how many new cardholder bonuses you can get on their cards, and they may even deny your application if you’ve opened more than a few cards—including with other banks—in the past two years....

Initial claims for benefits decreased to 340,000 in the week through Aug. 28, down 14,000 from the previous week’s revised level and slightly lower than what economists expected, according to seasonally adjusted data released Thursday by the Labor Department. Weekly volumes are about 100,000 higher than they were before the pandemic, an elevated level that’s still much smaller than the 750,000-900,000 range seen for much of the last year. There’s been some progress recently in the number of claims, which have fallen in five of the last six weeks....

Last in, first out (LIFO) is one of these inventory valuation methods. It assumes that the last items placed in inventory are the first sold during an accounting year. Inventory Valuation Methods Your business inventory, which includes your stock of products, parts, and materials, is a valuable asset. And costs associated with making, buying, maintaining, and shipping inventory are important business expenses. To value your inventory, you need a way to identify the items within it and assign them a value....

Rental agreements offer more flexibility for landlords and tenants, while lease agreements offer more stability. Learn the key differences between these two types of living arrangements. What’s the Difference Between Rental and Lease Agreements? Lease agreements are for a much longer term than rental agreements. The most common lease term is for one year, but leases can be for any length of time as long as the landlord and tenant agree to the length....

The process isn’t always as easy as it sounds, though. It can be challenging to write a terrific recommendation letter. Also, there are standard things that you would want to mention in your endorsement of the candidate. Get more details on what to include in your letter, formatting tips, and a step-by-step look at a recommendation template with plenty of examples for inspiration. What to Write in a Letter of Recommendation As you prepare to write your letter of recommendation, make sure that you have enough information to work with....

What Does “Duty to Defend” Mean? The term duty to defend refers to the insurer’s obligation to defend you (or provide a defense) for a claim you file under your policy. The insurer may either enlist a member of its legal staff to defend you or hire an attorney at an outside law firm to provide a defense. The ISO liability policy includes two coverages that impose a duty to defend on the insurer....

What Is Volatility? All stocks have some level of volatility. High volatility refers to drastic swings in value, while low volatility refers to smaller swings over time. Stocks with high volatility are especially risky for investors close to retirement age, due to the possibility of quickly losing money, combined with a lack of time to recover any losses. While it’s possible to make money on volatile stocks, and some volatility is OK if the overall returns justify it, most investors would be better off searching for stocks with relatively low volatility and a track record of steady, positive returns....

Managing money while attending college is necessary to keep post-graduation debt down. Follow these realistic budgeting tips for students, and use personal finance software to set up and stick to a college budget. Why You Need a Budget in College A budget gives you conscious control over spending, which leads to learning financial management skills required for success in the real world after graduation. Students often feel peer pressure to spend without thought, and having a budget to refer to helps with determining whether there is enough money to pay for restaurant meals, drinks out with friends, nonessential clothing, and other expenses....

The first step is to set up your “office.” Gather all of your bills, a calculator, a pencil, and your checkbook. I would also recommend that you grab an old binder that you can use to keep track of your financial data and a shoebox for storing paid bills. Now you’re ready to begin: Go through all of your bills, and pay anything that is due within the next week....

Consumers submitted more mortgage-related complaints this March than in any month since April 2018, according to the CFPB, the government agency that enforces consumer financial laws. In fact, the number of complaints mentioning forbearance and related terms has reached its highest monthly average since March and April of last year, the CFPB said. When the pandemic hit, the government as well as private lenders created forbearance programs that allowed homeowners to skip their mortgage payments if they were experiencing financial hardship....

“Consumers across income, age, education, geographic region, political affiliation, stockholding and homeownership status all posted large declines,” said Joanne Hsu, the survey’s director, in a commentary released with the index on Friday. The survey of at least 500 U.S. households showed that inflation is still a “paramount” concern, as consumers not only expect prices to remain high over the year ahead, but also to continue ticking higher over the long-term....

With that said, this list of no-load fund families was not created with a scientific method, such as a point system for certain quantitative aspects, but rather a qualitative, knowledge-based perspective that comes from years of experience. For full disclosure, I’ve used mutual funds from all of the following fund families, either for personal use or for recommendations to clients, or both. Vanguard Group, Inc: The Low-Cost Index Master You can’t get any more simple, low-cost, and diverse than Vanguard....

The laws that govern how people own real estate may vary by the state where they reside. Some states restrict the way parties may hold a title. Learn more about the most common forms of property titles and how they differ. If you’re thinking about how to word your title, talk with a lawyer to find out how your state laws and tax status will help decide which title type is the best for you to take....

Hours of paid personal time off from work often accrue over the calendar year, although most companies will allow employees to use paid personal days before they are accrued. Other companies, however, keep paid personal days simple—every employee receives the same number of paid personal days each year. As you can see from the examples, paid personal time off is just that—personal—and is used at the employee’s discretion for needs that are personal in their life....

President Biden hopes to stop the pandemic through increased mask wearing, testing, and vaccines, and he has proposed several initiatives to stabilize the economy and limit second-tier effects. During his first few days in office, Biden implemented some components of the comprehensive plan with executive orders and presidential memoranda. Increased spending, outlined in the $1.9 trillion American Rescue Plan, was approved by Congress on March 11, 2021. Here’s a look at Biden’s plan to combat the COVID-19 pandemic....

George Bush’s Philosophy and Victory George W. Bush campaigned for president in 2000, promising “compassionate conservatism” and a return to morality following his predecessor’s impeachment, Bill Clinton. The pledge gave him a double-digit polling lead over Vice President Al Gore. But by the time of the election, the polls showed the two candidates neck-and-neck. Gore won the popular vote by 543,895 votes, but Bush won the electoral votes 271 to 266....

There are three other types of profit margins that are helpful when evaluating a business. The gross profit margin, net profit margin, and operating profit margin. The net profit margin tells you the profit that can be gained from total sales, the operating profit margin shows the earnings from operating activities, and the gross profit margin is the profit remaining after accounting for the costs of services or goods sold....

Here’s everything you need to know to prepare that piece of correspondence, from what to include to how to send it, along with an example of a summer internship cover letter that you can use for inspiration while writing your own. What to Include in Your Cover Letter Work Experience and Skills In your cover letter, you should include your previous employment (internships and work) experience and two or three examples of the relevant skills you gained....

If you’re required to file a Schedule K-1 with the IRS, it’s important to understand what it is, when it’s due, how it works, and how to include it with your personal tax return. What Is a Schedule K-1? A Schedule K-1 form is used to report individual partner or shareholder share of income for a partnership or S corporation. S corporations, partnerships, and LLCs are considered pass-through business types because the business’s income passes through to the owners on their personal tax returns....