Apr
16
File Your Taxes Online For Free
April 16, 2008 | 3 Comments
You may qualify to file your taxes online for free. As long as your income doesn’t exceed the limit you can file your taxes online without a fee or charges of any kind. This is especially useful for people that are only filing their taxes to get the stimulus payment.
If your adjusted gross income was $54,000 or less in 2007, you can file online for free. The IRS calls this program “Free File.” The IRS …
Apr
15
Taxes Not Done? File an Extension
April 15, 2008 | 3 Comments
Your taxes are due every year on April 15th. Do you have your taxes done? There are many reasons you may not have your taxes filed by the deadline. If you’re not finished with your taxes, make sure you file an extension with the IRS.
Why Should You File an Extension?
If your taxes aren’t finished by April 15th (or the end of your fiscal year), you may face a penalty.
I’m …
Feb
17
Death and Taxes
February 17, 2008 | Leave a Comment
… brings glee to those “in the cart*.” Those of that that produce something will have to pay taxes. Those of us who simply exist off the system will get child tax credits and the like, basically welfare embedded in the tax system.
You may think I sound a little bitter, and I will admit this time of year puts me in a bad mood as I Uncle Sam pries through your personal life looking for each last cent. However, as a pragmatist, I understand that taxes, like death, are something that is …
Aug
21
Spending More on Luxuries Than Necessities
August 21, 2008 | Leave a Comment
… will be much higher.
Also note that I do not have cable TV. If I did the scale would swing back towards luxuries.
I may not be a typical consumer but my spending (not my income) is fairly representative of a lower middle class family. Because of my small house my utility bills are fairly reasonable.
So, if your one of those people claiming that you can barely make ends meet, be honest with yourself. How much are you spending on your cell phone, Internet and cable TV? More …
Aug
6
… costs could be as high as thousands of dollars a year (or more).
Fact: Your must pay property taxes on your home each year. Local governments are always trying to raise property taxes.
Fact: Your mortgage company will require you to carry home owner's insurance.
Fact: You'll put a lot of labor into your home or you'll pay someone else to do it.
Fact: If you don't put down 20% of the cost of the house, you'll pay Private Mortgage Insurance (PMI).
Fact: Your house will …
Comment by Jeff: … many people." Back when I did the calculations for …
Aug
4
Track Home Improvment Expenses for Tax Purposes
August 4, 2008 | Leave a Comment
… expenses (and receipts ) from home improvement projects? What are the tax consequences?
Taxes
Generally, there are no tax breaks for most home improvement/remodeling projects (excluding those projects that qualify for some type of tax break based on energy savings) in the year that you make the improvements.
From Jackson Hewitt :
The terms repairs and improvements can be confusing as it applies to the value of your home. A repair or maintenance expense is not tax …
Jul
29
More Reasons to Pay Off Your Mortgage
July 29, 2008 | 4 Comments
… of the family. I'd really like to chance my mind on the mortgage just to be a contrarian. However there is just too much evidence that paying off your mortgage is the best move for most people.
In my last post about debunking the mortgage myth debunkers, I examined some arguments for keeping your mortgage. I received a few good comments.
AJC, whose article on why paying of your mortgage is dumb I
I always like the historical 3.8% argument for the growth of real-estate …
Comment by The Real Reason I Paid Off My Mortgage - Wealthy Reader: … What if My Spouse Owes Money?Angela on IRS Stimulus …
Jul
21
How Long Should I Keep Credit Card Statments?
July 21, 2008 | Leave a Comment
… to these questions, you'll need to hold onto your credit card statements for 7 to 10 years.
However, if you only use your credit for normal expenses than you'll only want to keep your paper statements for a year at the most. Most Americans can safely shred their credit card statements after a year.
Business Expenses
I suggest you use a separate credit card for business expenses. Then save all the statements from that account for at least 7 to 10 years.
Electronic Statements …
Jul
11
What Happens to My Stimulus Check If I Move?
July 11, 2008 | 8 Comments
Expecting your stimulus check but you've moved since you've filed your taxes ? There are a few things you need to do to make sure you get your stimulus payment.
According to rumors on the internet, the post office is not supposed to forward mail from the IRS. However I have yet to find an authoritative source that supports this.
If you've moved since filing your return, you should put in a change of address with the post office ? You can change your …
Comment by Chris: … get the money back. However, you can probably claim …
Jun
25
Should I Pay Off My Mortgage? The Easiest Test Ever
June 25, 2008 | 4 Comments
… mortgage early? It's a difficult question to answer. There are many factors to consider. However, there is one easy way to make the decision. I've created a simple test to answer the question " should I pay off my mortgage early ?".
Why Is It Such A Hard Question?
Vested Interest in the Mortgage Industry
In the old days, this was an easy question. Everyone tried to pay their mortgage early. However, the realty and mortgage industry has grown substantially over the years. …
Comment by Jeff: … is speculative. However, when you have a 30 year fixed …