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May 13, 2008
May 01, 2008
Where's My Rebate Check!?!
The IRS started sending rebates out on Monday April 28.
If you haven't gotten yours yet, or you're just wanting to check to see when you can expect to receive it, the IRS has added a "Where's My Rebate" feature to their website.
This is an interactive feature that allows you to enter your personal information (Social Security number, filing status, and number of exemptions on your 2007 tax return) to find out the status of your rebate.
You can also review the payment schedule and visit the Economic Stimulus Payments Information Center for more information about the rebate check.
Click here to check the status of your rebate now!
March 28, 2008
Slow Down to Save on Gas
With gas prices above $3 a gallon (and more, depending on where you live), you may be wondering what you can do to save on gas.
Some of the best ways to save on gas include:
* Combining shopping trips
* Downsizing to a smaller car
* Carpooling or taking public transportation whenever possible
There are many ways to save on gas, but this one might surprise you...
Did you know that just by slowing down, you can save on gas? According to this article on CNNMoney, in a typical family sedan, every 10 miles per hour you drive over 60 is like the price of gasoline going up about 54 cents a gallon.
Slowing down could be the one tip that saves you the most in gas, especially if you spend a lot of time on the highway. Not to mention all the money you'll save on those speeding tickets ;)
March 19, 2008
IRS Will Start Sending Rebates On May 2
Okay... you know the IRS will start sending out rebate checks in May. But when will you get YOUR check?
The first rebate checks will be mailed out starting on May 2, and will be based on the final two digits of your Social Security number, as well as when you file and whether you elected to receive any refund by direct deposit or snail mail.
The IRS says most people will get their checks by July 11, but if you want to know exactly when to expect your rebate, here are the details:
If you file your 2007 tax return by April 15, and request direct deposit for your refund, then you can expect your rebate according to the following schedule...
SSNs ending in 00-20, deposited by May 2
SSNs ending in 21-85, deposited by May 9
SSNs ending in 76-99, deposited by May 16
Notice that taxpayers who requested direct deposit on their 2007 tax return will receive their rebate by direct deposit as well.
Continue reading "IRS Will Start Sending Rebates On May 2" »
March 16, 2008
Tax Rebate Questions (& Answers)!
Got questions about the tax rebate? I have created a comprehensive guide about the 2007 tax rebate, where I answer all of your tax rebate questions, such as...
- Who qualifies for the tax rebate?
- How much will I get?
- When will I receive my check?
I've also posted articles about how to get the most out of your rebate check, what you need to do to get your check, and other issues, such as what happens if you owe back taxes, and tax rebate scams to watch out for.
This is a free guide... you don't even have to give me your email address!
Check it out here... enjoy!
February 26, 2008
What to Do With Your Tax Refund or Other "Found Money"
Garrett Planning Network Provides Thirteen Smart Ideas
(Lee's Summit, MO) February 24, 2008 - After concluding their tax preparation activities, many people will see that they are entitled to a refund from Uncle Sam. "Whether you refund is large or small, you are wise to determine now what you will do when that check arrives," says Sheryl Garrett, CFP®, author of Personal Finance Workbook For Dummies® (Wiley, November 2007) and founder of the Garrett Planning Network (www.GarrettPlanningNetwork.com). "Don't fritter it away or spend it on a whim."
On a recent teleconference, network members brainstormed thirteen ways taxpayers can put this "found money" to work:
1. Put the entire amount, up to the maximum allowed by law ($4000 for an individual in 2007 unless you are age 50+, then the maximum contribution is $5000; $5000 for an individual in 2008 unless you are age 50+, then the maximum is $6000), into a Roth IRA assuming your income falls below the government thresholds (the phase out for singles in 2007 is $99-$114,000 and in 2008 it's $101-116,000; for married couples in 2007, the phase out is $156-166,000 and in 2008, it's $159-$169,000).
If you are saving for higher education funding needs, withdrawals of regular contributions to a Roth IRA are not subject to tax or penalty and can be made at any time, and you can take a "qualified distribution" (one that is made after a 5 year holding period, beginning on the first day of the first year for which the contributions were made), if one of the following applies: (1) you are a first-time home buyer, (2) you are age 59 1/2 or older (3) the distribution is due to death or disability. If your earned income for 2007 is higher than the phase-out thresholds, put your "found money" into another qualified retirement plan such as a 401(k), 403(b) or 457 plan if your employer offers one.
Consider contributing to a traditional IRA if you have maxed out contributions to your employer-sponsored plan or if a Roth IRA is not an option.
Continue reading "What to Do With Your Tax Refund or Other "Found Money"" »
February 18, 2008
You Have to File Your Taxes Before You Can Get Your Rebate
By now you've most likely heard about the tax rebate that was passed by President Bush last week, with the intention of jump-starting the economy.
But what you may not know is that you have to file your 2007 tax return before you can get your rebate check.
This was not good news to me, because I'm one of those people who waits until October to file (hey, I don't get paid to file my tax return, and paying clients come first!).
It also means my workload this tax season will be quite a bit heavier because all of my usual stragglers will be getting their tax info in on time this year to make sure they get their rebate checks (sigh...).
Okay, back to the rebate... If you haven't heard the details yet, here they are:
The IRS is expecting to start mailing out checks in May.
Continue reading "You Have to File Your Taxes Before You Can Get Your Rebate" »
February 10, 2008
Save Money By Cooking with Crock Pots
I love cooking with my crock pot, so when I saw Cara's (of TheHouseholdHelper.com) article about how cooking with a crock pot can help save money I just had to share...
First introduced in 1971, the Crock-Pot revolutionized the way we cook meals. The word Crock-Pot is actually trademarked by Rival Industries, but is used in every day conversations instead of the term slow cooker. Many recipes for the crock-pot require little preparation. The slow cooker can then safely be left to run unattended, making it a convenient cooking method.
Crock-pot meals can not only save you time in the kitchen, but they can also save you money as well. The reasons are as follows:
1. It keeps you out of the fast food line. If you had not loading up the crock-pot with the ingredients this morning you’d likely be in the drive through line at the local fast food restaurant this afternoon after work, grabbing a meal for your family. The average fast food meal for a family of four rings up over $20.
2. Stretches your dollar. Most crock-pot recipes and meals can truly stretch your food dollar. Because you can put a whole chicken in the crock-pot to cook then cut it up for several meals, you can stretch your budget with the use your leftovers.
3. Cuts your grocery budget. You can save money at the butcher since the slow cooking process is especially useful to tenderize cheaper cuts of meat.
4. Saves on your energy bill. Instead of running a larger appliance like the stove you are running one small energy conservative appliance, the crock-pot, saving on your energy costs.
The convenience of the slow cooker not only saves you time, but will also save you money. Don't you think it's time to take it out of your closet (or wherever you have it packed away collecting dust) and make a Crock-Pot meal today?
About the Author:
Cara Mirabella is a WAHM with one toddler from New Jersey. She owns and manages TheHouseholdHelper.com - a site dedicated to saving your time, money and sanity when managing your household. She has written several articles, reports and e-books including Recipes For Every Occasion: 470 Crock Pot Recipes.
February 06, 2008
What will you do with your rebate check?
By now you've probably heard about the tax rebate plan that is still being hammered out in Congress.
A plan passed by the House
would provide rebates of up to $600 for singles and $1,200 for married
couples, with an additional $300 per child. The tax rebates would begin
phasing out for individuals earning more than $75,000 and married
couples making more than $150,000.
A Senate version would provide up to $500 for individuals and $1,000
for couples, plus $300 per kid. The rebates would start phasing out at
roughly twice the income limits in the House plan. The Senate bill
would extend rebates to seniors living on Social Security and disabled
veterans. The purpose of the tax rebate is to get consumers spending to stimulate the economy. Early polls show that most people will pay down debt or save the money rather than spending it. Here are some suggestions from financial planners on how to use your rebate check:
- Fund your Roth IRA
- Pay down high interest credit card debt
- Open a college savings account for your children
- Take care of home repairs
- Draft wills or take care of other tasks that you've put off because you didn't have the funds to pay the lawyers fees
- Split the rebate between multiple goals - use some to pay off debt, and some to spend
So... how will you spend your rebate check?
February 04, 2008
How to Pay Yourself First
You've heard it a million times... "pay yourself first". And every time you hear it you think "I can barely pay my bills, how can I afford to pay myself first?"
Many people never start paying themselves first, because they are too concerned that they won't have enough to pay the bills if they put any money in savings.
Well, this is one of those things that you just have to do, even if you don't think you can afford to.
So how do you pay yourself first when you are worried that you won't be able to pay the bills? Here's how...
1. Setup a savings account that you have easy access to. This can be a savings account with your current bank, or an online savings account (you will probably earn more interest with an online bank).
2. Transfer 5 or 10 percent of your income every time you get paid to your new savings account.
3. Eventually, you will get used to saving this money and you won't even miss it in your checking account. But until then, if you find that you're short on funds and can't pay your bills, transfer some of that money back from the savings account to your checking account to pay your bills.
This strategy may be hard at first, especially if you find you have to raid your savings every month to cover bills. But eventually, you'll find that you are able to save money without dipping into your savings account each month. When that happens, you will already be in the habit of saving, so it will be no big deal to pay yourself first.
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