New tax law changes that may help maximize your refund that help you save for your debt settlement.
Unemployment Deductions
If you lost your job in 2008, ask your tax professional about itemized tax deductions for job search expenses. According to Jackson Hewitt Tax Service, you may be eligible to deduct costs associated with travel, printing resumes, or job placement fees. If you were required to relocate for a new job, you may be able to deduct moving expenses.
Assistance Available For Those Unable To Pay Taxes
If you discover that you will not be able to pay your 2008 taxes, you may have options available. The IRS has compiled a list of questions and answers on their web site that deal with certain scenarios and financial situations. Due to the present state of the economy, some taxpayers may qualify for leniency if they owe back taxes. According to the IRS web site, financially distressed taxpayers may be eligible for suspended collection activity if they have a hardship case. For those unable to make a scheduled payment in an existing installment plan, the IRS may allow the individual to skip a payment.
Disclaimer
This is intended to give a basic overview of tax changes that may be available to you. It is not intended to replace the advice of a qualified tax professional. We recommend that you consult an experienced tax expert that may be able to help you with your individual situation.
Tax Resources
Free File: Free File Alliance companies will participate in the program run by the IRS and the Free File Alliance, a consortium of tax preparation software companies. This program is available to taxpayers that have an adjusted gross income of $56,000 or less. Each company sets its own criteria for who can use the service. Visit www.irs.gov and click on the "Free File" link on the left hand side. You can then read the requirements and search for participating companies.
VITA: The Volunteer Income Tax Assistance Program (VITA) offers free tax help to individuals with low and moderate incomes (usually $42,000 and below). VITA sites are usually located at libraries, schools, and shopping malls. Call the IRS at 1-800-TAX-1040, press option #1 followed by option #5. Ask the customer service representative for a VITA site located within your zip code.
TCE: The Tax Counseling for the Elderly (TCE) Program provides free tax help to people age 60 or older. For more information, you may also call the IRS at 1-800-TAX-1040, press #1 followed by option #5. AARP also offers the Tax-Aide counseling program for elderly individuals with low incomes. To locate the nearest AARP Tax-Aide site, call 1-888-227-7669 or visit the AARP-TaxAide site at www.aarp.org.
Monday, February 23, 2009
Monday, February 16, 2009
Household Expenses - Tips
Daily expenses such as food and utilities may be taking a larger portion of our income each month. Below are some tips on how to save on a few common expenditures. Here are some tips to help you save for your debt settlement.
Energy
Wash Clothes In Cold Water
According to the Alliance to Save Energy, clothing washers and dryers may account for more than six percent of your annual energy bill. The Alliance recommends that consumers do full loads of laundry to avoid wasting water and clean dryer lint after every load to improve air circulation and quicken drying.
View Energy Tips Online
Last fall, the Department of Energy launched the web site www.energysavers.gov to help consumers be more energy efficient and save on energy costs. This site offers easy energy saving tips, financial assistance links, long-term solutions, and a blog covering energy topics. Visitors to the site can also download an energy saving to-do list and other materials.
Take Advantage Of Tax Credits
As part of the Emergency Economic Stabilization Act, energy efficiency tax credits will allow homeowners to lower their monthly home energy bills and their federal income taxes in 2009. Taxpayers have the opportunity to use tax credit up to $500 to make specific energy efficient home improvements to their insulation, exterior windows, furnace, air conditioner units, and much more.
Miscellaneous
Fix It
According to a recent survey from the Part Store, an online retailer that sells replacement parts for household appliances and electronics, 82 percent of consumers are more likely to repair a product rather than replace it in order to save money in this rough economy.
Senate Extends DTV Date
The United States Senate recently approved legislation to shift the nation's digital television transition from February 17, 2009 to June 12, 2009. This decision was made in order to better educate consumers about the transition and give households an opportunity to utilize the converter-box coupon program. Consumers with expired coupons may apply for new replacement coupons at www.dtv2009.gov or call 1-888-DTV-2009 for more information.
New Web Site Helps Keep Consumers Secure Online
The new site: www.JustAskGemalto.com is a place where people can go for advice on topics such as Internet security, online payments, password management, credit card fraud, and identity theft. As the use of digital technology broadens, consumers have a role in safeguarding their identity more than ever. This site is set up in a user-friendly question and answer format. You can find helpful answers to questions such as "What is the safest way to pay online?" or "What are common ways identity theft occurs?"
Energy
Wash Clothes In Cold Water
According to the Alliance to Save Energy, clothing washers and dryers may account for more than six percent of your annual energy bill. The Alliance recommends that consumers do full loads of laundry to avoid wasting water and clean dryer lint after every load to improve air circulation and quicken drying.
View Energy Tips Online
Last fall, the Department of Energy launched the web site www.energysavers.gov to help consumers be more energy efficient and save on energy costs. This site offers easy energy saving tips, financial assistance links, long-term solutions, and a blog covering energy topics. Visitors to the site can also download an energy saving to-do list and other materials.
Take Advantage Of Tax Credits
As part of the Emergency Economic Stabilization Act, energy efficiency tax credits will allow homeowners to lower their monthly home energy bills and their federal income taxes in 2009. Taxpayers have the opportunity to use tax credit up to $500 to make specific energy efficient home improvements to their insulation, exterior windows, furnace, air conditioner units, and much more.
Miscellaneous
Fix It
According to a recent survey from the Part Store, an online retailer that sells replacement parts for household appliances and electronics, 82 percent of consumers are more likely to repair a product rather than replace it in order to save money in this rough economy.
Senate Extends DTV Date
The United States Senate recently approved legislation to shift the nation's digital television transition from February 17, 2009 to June 12, 2009. This decision was made in order to better educate consumers about the transition and give households an opportunity to utilize the converter-box coupon program. Consumers with expired coupons may apply for new replacement coupons at www.dtv2009.gov or call 1-888-DTV-2009 for more information.
New Web Site Helps Keep Consumers Secure Online
The new site: www.JustAskGemalto.com is a place where people can go for advice on topics such as Internet security, online payments, password management, credit card fraud, and identity theft. As the use of digital technology broadens, consumers have a role in safeguarding their identity more than ever. This site is set up in a user-friendly question and answer format. You can find helpful answers to questions such as "What is the safest way to pay online?" or "What are common ways identity theft occurs?"
Monday, February 9, 2009
Consumers Are Still Protected When Purchasing Service Contracts
According to the Service Contract Industry Council (SCIC), consumers can continue to buy and enjoy the benefits of service contracts for their electronic products durring the holiday season and beyond, with the knowledge that the contracts will still be viable and honored even if the retailer closes or files for bankruptcy. Many state legislatures across the nation have adopted or adapted the SCIC's model legislation, which among other provisions puts in place regulations -- including the requirement to buy insurance -- to protect consumers who purchase service contracts from struggling retailers.
Service contracts (sometimes referred to as extended warranties) purchased from major retailers are sold and administered by third-party service contract providers that are independent of retailers. And, according to the SCIC, a national trade association that represents the service contract industry and works to implement consumer protection regulations, these third-party providers will continue taking claims and providing service regardless of the status of the retailer that originally sold the service contract.
At Credit Answers we believe in educating our customers so they can get the credit card debt help they need. If at any point you have a credit card debt question, one of our experienced debt settlement coaches will be happy to help you live better debt free. Call 1-800-297-6417 24 Hours A Day!
Service contracts (sometimes referred to as extended warranties) purchased from major retailers are sold and administered by third-party service contract providers that are independent of retailers. And, according to the SCIC, a national trade association that represents the service contract industry and works to implement consumer protection regulations, these third-party providers will continue taking claims and providing service regardless of the status of the retailer that originally sold the service contract.
At Credit Answers we believe in educating our customers so they can get the credit card debt help they need. If at any point you have a credit card debt question, one of our experienced debt settlement coaches will be happy to help you live better debt free. Call 1-800-297-6417 24 Hours A Day!
Friday, February 6, 2009
Loan Modification Could Help You Save Your House
What Is Loan Modification
Loan modification is restructuring your current loan to re-establish your mortgage and create a monthly mortgage payment that will work within your budget. A loan modification is not a refinance; it is an enhancment to your current mortgage loan to create a payment that you can afford. A successful loan modification will result in saving you thousands over the life of your mortgage.
Why Do A Loan Modification
If you are struggling to make your mortgage payment, already late or getting ready to loose your home. A loan modification can reduce your monthly payments to a managable level. Credit Answers will negotiate mortgage loan modifications with your lenders to help you lower your monthly payments. Credit Answers works with almost all lenders and loan types, including government loans. Call 1-866-230-4567 for a FREE consultation today!
Loan modification is restructuring your current loan to re-establish your mortgage and create a monthly mortgage payment that will work within your budget. A loan modification is not a refinance; it is an enhancment to your current mortgage loan to create a payment that you can afford. A successful loan modification will result in saving you thousands over the life of your mortgage.
Why Do A Loan Modification
If you are struggling to make your mortgage payment, already late or getting ready to loose your home. A loan modification can reduce your monthly payments to a managable level. Credit Answers will negotiate mortgage loan modifications with your lenders to help you lower your monthly payments. Credit Answers works with almost all lenders and loan types, including government loans. Call 1-866-230-4567 for a FREE consultation today!
Monday, February 2, 2009
Tricky Sales Tactics
Consumers need to become aware of the tricky and misleading sales tactics used by stores to tempt you to spend more money. On the road to debt settlement you need to be aware of how you spend your money and make informed decisions about what you really need. Here are some common tricky sales practices incorporated by retailers to entice you to spend more money than you typically would.
Price Points:
According to TheStreet.com, a leading financial media company, consumers spend more money when prices end in "9". This may explain why many stores may charge $19.99 for an item, as opposed to $20. In order to keep track of your spending, it may be wise to carry a calculator while you shop so you can see the minuscule difference.
Stock-Up Sales:
Many stores offer "Buy One, Get One Free" sales. If you do not think you will use "two" of a particular item, read the store requirements. You may be able to purchase one for half of the price. Stores may also promote sales such as "5 for $9.99" or "3 for $7.98". Once again, ask yourself if you need to buy that many items. If not, do the math and figure out how much it is to buy just one.
Mail-In Rebates:
These offers can provide some savings to consumers. However, stores are expecting that most customers will not follow through with the requirements. According to Bankrate.com, at least 50% of consumers do not claim their rebates because they forget to cut off the UPC, lose the rebate form, or they just simply do not want to be bothered by all of the paperwork.
Price Points:
According to TheStreet.com, a leading financial media company, consumers spend more money when prices end in "9". This may explain why many stores may charge $19.99 for an item, as opposed to $20. In order to keep track of your spending, it may be wise to carry a calculator while you shop so you can see the minuscule difference.
Stock-Up Sales:
Many stores offer "Buy One, Get One Free" sales. If you do not think you will use "two" of a particular item, read the store requirements. You may be able to purchase one for half of the price. Stores may also promote sales such as "5 for $9.99" or "3 for $7.98". Once again, ask yourself if you need to buy that many items. If not, do the math and figure out how much it is to buy just one.
Mail-In Rebates:
These offers can provide some savings to consumers. However, stores are expecting that most customers will not follow through with the requirements. According to Bankrate.com, at least 50% of consumers do not claim their rebates because they forget to cut off the UPC, lose the rebate form, or they just simply do not want to be bothered by all of the paperwork.
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