Comments on: 5 Financial Moves To Make In The Beginning Of The Year http://www.moneycrashers.com/5-financial-moves-to-make-in-the-beginning-of-the-year/ Personal Finance Blog, Your Guide to Financial Fitness Thu, 09 Feb 2012 21:28:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Elizabeth Ihttp://www.moneycrashers.com/5-financial-moves-to-make-in-the-beginning-of-the-year/#comment-8450 Elizabeth I Sun, 24 Jan 2010 04:29:05 +0000 http://www.moneycrashers.com/?p=1820#comment-8450 I would also suggest to review your utility bills, phone plans, cable/direct tv, internet, netflicks, and your grocery store once per year. It is amazing how small costs add up. If you have Netflicks, 3 movies at a time for $16.99 a month, and you only watch 1 movie a month (on average), then that movie cost $17. It would be cheaper to go to the $4.99 cost a month, and just go to the library and rent a movie or actually go out to the movies if you want to see move than 2 movies a month. I would also suggest to review your utility bills, phone plans, cable/direct tv, internet, netflicks, and your grocery store once per year. It is amazing how small costs add up.

If you have Netflicks, 3 movies at a time for $16.99 a month, and you only watch 1 movie a month (on average), then that movie cost $17. It would be cheaper to go to the $4.99 cost a month, and just go to the library and rent a movie or actually go out to the movies if you want to see move than 2 movies a month.

]]> By: Elizabeth Ihttp://www.moneycrashers.com/5-financial-moves-to-make-in-the-beginning-of-the-year/#comment-8449 Elizabeth I Sun, 24 Jan 2010 04:13:30 +0000 http://www.moneycrashers.com/?p=1820#comment-8449 When looking for a CPA, find someone whose tax approach has strategy. Let me elaborate. I worked on a tax return and the client had rental property. If you collect the check each month from the tenant and are "active" with the property, often, tax wise, the real estate investment appears as a loss (even if the rent is covering the mortgage) if you make under $100K joint or $50 individually. This client made under $100K, but had a property company that collected the check, thus, even though the property had a $5K loss, I couldn't deducted that loss off the $100K. I asked the lead accountant why did this client have a property company collecting the check. The lead accountant (partner) said that he didn't know and that "we didn't ask those things". The return was correct. However, the client was not told that there is a better tax strategy out there. If you were the client, wouldn't you want to know? Additionally, some financial planners prepare tax returns. This is beneficial because a good financial planner will take into account the tax consequences for financial decisions. When looking for a CPA, find someone whose tax approach has strategy. Let me elaborate. I worked on a tax return and the client had rental property. If you collect the check each month from the tenant and are “active” with the property, often, tax wise, the real estate investment appears as a loss (even if the rent is covering the mortgage) if you make under $100K joint or $50 individually. This client made under $100K, but had a property company that collected the check, thus, even though the property had a $5K loss, I couldn’t deducted that loss off the $100K.

I asked the lead accountant why did this client have a property company collecting the check. The lead accountant (partner) said that he didn’t know and that “we didn’t ask those things”. The return was correct. However, the client was not told that there is a better tax strategy out there. If you were the client, wouldn’t you want to know?

Additionally, some financial planners prepare tax returns. This is beneficial because a good financial planner will take into account the tax consequences for financial decisions.

]]> By: Seanhttp://www.moneycrashers.com/5-financial-moves-to-make-in-the-beginning-of-the-year/#comment-8324 Sean Wed, 20 Jan 2010 03:36:27 +0000 http://www.moneycrashers.com/?p=1820#comment-8324 Re: Ask For an Interest Rate Reduction On Your Credit Cards I was listening to marketplace money from this past week and during the call in section the "financial expert" said that some credit card companies are using you asking for a rate reduction as an excuse to pull your file and credit report and actually raise your rate or even close your account. So definitely check your credit report first and make sure you think you deserve a better rate before asking. Re: Ask For an Interest Rate Reduction On Your Credit Cards
I was listening to marketplace money from this past week and during the call in section the “financial expert” said that some credit card companies are using you asking for a rate reduction as an excuse to pull your file and credit report and actually raise your rate or even close your account. So definitely check your credit report first and make sure you think you deserve a better rate before asking.

]]> By: Seanhttp://www.moneycrashers.com/5-financial-moves-to-make-in-the-beginning-of-the-year/#comment-8133 Sean Thu, 14 Jan 2010 05:23:55 +0000 http://www.moneycrashers.com/?p=1820#comment-8133 To expand on the check your credit report through annual credit report, I would say to spread this freebie out. There are 3 agencies, so if you only get one of them at a time you can check your report 3 times a year for free. I know there can be discrepancies between the agencies, but by and large they are in sync and this gives you just a bit more free protection. To expand on the check your credit report through annual credit report, I would say to spread this freebie out. There are 3 agencies, so if you only get one of them at a time you can check your report 3 times a year for free. I know there can be discrepancies between the agencies, but by and large they are in sync and this gives you just a bit more free protection.

]]> By: Dale Wyrickhttp://www.moneycrashers.com/5-financial-moves-to-make-in-the-beginning-of-the-year/#comment-8121 Dale Wyrick Thu, 14 Jan 2010 00:52:24 +0000 http://www.moneycrashers.com/?p=1820#comment-8121 I found that with credit card companies it is beneficial to focus on all you have done well in the history of the account. They know this information but the negotiation goes much easier if you also sound well informed. I found that with credit card companies it is beneficial to focus on all you have done well in the history of the account. They know this information but the negotiation goes much easier if you also sound well informed.

]]> By: Winstonhttp://www.moneycrashers.com/5-financial-moves-to-make-in-the-beginning-of-the-year/#comment-8078 Winston Wed, 13 Jan 2010 04:52:37 +0000 http://www.moneycrashers.com/?p=1820#comment-8078 For car insurance, I saved $400 a year just by asking. I told my agent that I have found a company that offered a lower premium than what I was paying (I lied) and was going to cancel my account with them. That's when they told me that Nationwide had recently acquired a small insurance company that would cut couple hundreds to my premium. Yay, go me! For car insurance, I saved $400 a year just by asking. I told my agent that I have found a company that offered a lower premium than what I was paying (I lied) and was going to cancel my account with them. That’s when they told me that Nationwide had recently acquired a small insurance company that would cut couple hundreds to my premium. Yay, go me!

]]> By: anthyhttp://www.moneycrashers.com/5-financial-moves-to-make-in-the-beginning-of-the-year/#comment-7631 anthy Sun, 10 Jan 2010 17:47:13 +0000 http://www.moneycrashers.com/?p=1820#comment-7631 Thank you very much for that tip about AnnualCreditReport.com. I've had family members asking about which site actually gives a free credit report with no strings attached, and until now I've been unsure about what answer to give them. I will be passing this info on for sure. Thank you very much for that tip about AnnualCreditReport.com. I’ve had family members asking about which site actually gives a free credit report with no strings attached, and until now I’ve been unsure about what answer to give them. I will be passing this info on for sure.

]]> By: Lindahttp://www.moneycrashers.com/5-financial-moves-to-make-in-the-beginning-of-the-year/#comment-7620 Linda Sun, 10 Jan 2010 13:19:23 +0000 http://www.moneycrashers.com/?p=1820#comment-7620 I find that a lot of tax programs seem to offer the same results- they'll offer you minimal information until you try to do something more complicated, (like writing off a business expense). Then they just seem to bombard you with information that you have very little hope of getting through. I find that a lot of tax programs seem to offer the same results- they’ll offer you minimal information until you try to do something more complicated, (like writing off a business expense). Then they just seem to bombard you with information that you have very little hope of getting through.

]]> By: Marcia Fossumhttp://www.moneycrashers.com/5-financial-moves-to-make-in-the-beginning-of-the-year/#comment-7472 Marcia Fossum Sat, 09 Jan 2010 00:09:29 +0000 http://www.moneycrashers.com/?p=1820#comment-7472 I "shop" insurance every year for my vehicles and home. Usually on the 2nd year the price will increase so I am ready with a lower-cost provider. I “shop” insurance every year for my vehicles and home. Usually on the 2nd year the price will increase so I am ready with a lower-cost provider.

]]> By: Melissahttp://www.moneycrashers.com/5-financial-moves-to-make-in-the-beginning-of-the-year/#comment-7458 Melissa Fri, 08 Jan 2010 19:55:55 +0000 http://www.moneycrashers.com/?p=1820#comment-7458 Another idea for finding a CPA is to check the tax blog-o-sphere. Some accountants are also bloggers and they will give tips for finding a CPA and how to make the most of your tax appointment. As an added bonus, maybe you'll find someone in your area who is a blogger and is taking new clients! Another idea for finding a CPA is to check the tax blog-o-sphere. Some accountants are also bloggers and they will give tips for finding a CPA and how to make the most of your tax appointment. As an added bonus, maybe you’ll find someone in your area who is a blogger and is taking new clients!

]]> By: Josh Perringtonhttp://www.moneycrashers.com/5-financial-moves-to-make-in-the-beginning-of-the-year/#comment-7416 Josh Perrington Fri, 08 Jan 2010 17:53:33 +0000 http://www.moneycrashers.com/?p=1820#comment-7416 Being in the "financial world" I see A LOT of clients' wins...and mistakes. The #1 issue we see would absolutely be their taxes. Visiting your CPA can not be overstated. If you're complaining about not having enough money, yet receive a $6,000 refund @ tax time...adjust your monthly withholdings. Being in the “financial world” I see A LOT of clients’ wins…and mistakes. The #1 issue we see would absolutely be their taxes. Visiting your CPA can not be overstated. If you’re complaining about not having enough money, yet receive a $6,000 refund @ tax time…adjust your monthly withholdings.

]]> By: Ginahttp://www.moneycrashers.com/5-financial-moves-to-make-in-the-beginning-of-the-year/#comment-7375 Gina Fri, 08 Jan 2010 01:07:31 +0000 http://www.moneycrashers.com/?p=1820#comment-7375 I think that if there is any potential complication with your taxes, better be safe than sorry- consult with a CPA. BUT, make sure you do your homework--cheaper is not always better. I agree with checking endorsed local providers via Dave Ramsey. I think that if there is any potential complication with your taxes, better be safe than sorry- consult with a CPA. BUT, make sure you do your homework–cheaper is not always better. I agree with checking endorsed local providers via Dave Ramsey.

]]> By: David/Yourfinances101http://www.moneycrashers.com/5-financial-moves-to-make-in-the-beginning-of-the-year/#comment-7371 David/Yourfinances101 Fri, 08 Jan 2010 00:28:06 +0000 http://www.moneycrashers.com/?p=1820#comment-7371 I would concur with all of them. I actually pull my credit report three times a year, every 4 months. One time for free from each of the reporting agencies. I would also agree with the tax advisor--as long as its free. Great post I would concur with all of them.

I actually pull my credit report three times a year, every 4 months. One time for free from each of the reporting agencies.

I would also agree with the tax advisor–as long as its free.

Great post

]]> By: Mikehttp://www.moneycrashers.com/5-financial-moves-to-make-in-the-beginning-of-the-year/#comment-7367 Mike Thu, 07 Jan 2010 23:59:05 +0000 http://www.moneycrashers.com/?p=1820#comment-7367 When finding a tax professional, if you don't feel like you can trust/depend on them find a new one. I worked for H&R Block during school and most employees there didn't know much more than the basics, and couldn't help tax planning beyond the basics. I now work for a CPA, and for simple tax returns (no business income or trust income) they are often around the same price as what H&R Block charged. When finding a tax professional, if you don’t feel like you can trust/depend on them find a new one. I worked for H&R Block during school and most employees there didn’t know much more than the basics, and couldn’t help tax planning beyond the basics. I now work for a CPA, and for simple tax returns (no business income or trust income) they are often around the same price as what H&R Block charged.

]]> By: Nancyhttp://www.moneycrashers.com/5-financial-moves-to-make-in-the-beginning-of-the-year/#comment-7359 Nancy Thu, 07 Jan 2010 21:22:56 +0000 http://www.moneycrashers.com/?p=1820#comment-7359 It is a great idea to review insurance this time of year. I think that people sometime get insurance and then go on auto-pilot in later years. They forget to compare rates with those of other companies or check their coverage as replacement costs rise. Thanks for the reminder! It is a great idea to review insurance this time of year. I think that people sometime get insurance and then go on auto-pilot in later years. They forget to compare rates with those of other companies or check their coverage as replacement costs rise. Thanks for the reminder!

]]> By: Ryanhttp://www.moneycrashers.com/5-financial-moves-to-make-in-the-beginning-of-the-year/#comment-7356 Ryan Thu, 07 Jan 2010 20:59:29 +0000 http://www.moneycrashers.com/?p=1820#comment-7356 Pulling your credit report is definitely a good tip. You'd be surprised how many people don't do this because they think that their credit score will be updated if they pull their credit report. We all know that is not the case. Visiting a tax advisor is without a doubt a smart move. Picking the right one is another story. We recently put out a piece that maybe helpful. http://www.bidawiz.com/choosing-the-right-tax-preparer-for-tax-help.aspx Pulling your credit report is definitely a good tip. You’d be surprised how many people don’t do this because they think that their credit score will be updated if they pull their credit report. We all know that is not the case.

Visiting a tax advisor is without a doubt a smart move. Picking the right one is another story. We recently put out a piece that maybe helpful. http://www.bidawiz.com/choosing-the-right-tax-preparer-for-tax-help.aspx

]]> By: Laurahttp://www.moneycrashers.com/5-financial-moves-to-make-in-the-beginning-of-the-year/#comment-7354 Laura Thu, 07 Jan 2010 20:58:45 +0000 http://www.moneycrashers.com/?p=1820#comment-7354 My husband and I use Mint.com to organize our finances and I've begun keeping all our receipts in labeled envelopes. We also have too many credit cards so we will be eliminating one credit card every 6 months until we are down to a decent amount and so this doesn't affect our credit score as negatively as closing all at once. Hopefully this year we will be in much better condition than the last 2 yrs! My husband and I use Mint.com to organize our finances and I’ve begun keeping all our receipts in labeled envelopes. We also have too many credit cards so we will be eliminating one credit card every 6 months until we are down to a decent amount and so this doesn’t affect our credit score as negatively as closing all at once.
Hopefully this year we will be in much better condition than the last 2 yrs!

]]> By: Erik Folgatehttp://www.moneycrashers.com/5-financial-moves-to-make-in-the-beginning-of-the-year/#comment-7331 Erik Folgate Thu, 07 Jan 2010 16:28:01 +0000 http://www.moneycrashers.com/?p=1820#comment-7331 Thanks for the comments! We appreciate hearing your take on our articles! Mayra, yes, Ramit Sethi's "I Will Teach You To Be Rich" book is great for simplifying and organizing your finances. I, too, have an ING Orange Savings account and I have 6 different sub-accounts where I organize savings money into categories. Thanks for the comments! We appreciate hearing your take on our articles! Mayra, yes, Ramit Sethi’s “I Will Teach You To Be Rich” book is great for simplifying and organizing your finances. I, too, have an ING Orange Savings account and I have 6 different sub-accounts where I organize savings money into categories.

]]> By: Susanhttp://www.moneycrashers.com/5-financial-moves-to-make-in-the-beginning-of-the-year/#comment-7324 Susan Thu, 07 Jan 2010 13:42:36 +0000 http://www.moneycrashers.com/?p=1820#comment-7324 I am in the midst of simplifying our finances. It is giving me better peace of mind and I feel more confident that our money is investied to maximize it's earning potential. I am in the midst of simplifying our finances. It is giving me better peace of mind and I feel more confident that our money is investied to maximize it’s earning potential.

]]> By: Daniellehttp://www.moneycrashers.com/5-financial-moves-to-make-in-the-beginning-of-the-year/#comment-7306 Danielle Thu, 07 Jan 2010 05:53:51 +0000 http://www.moneycrashers.com/?p=1820#comment-7306 Working with a tax professional is one of the most important things I do each year. I got through my tax law class, but just barely. My CPA is worth every penny of the investment. My deductions are maximized in ways that I didn't know how to do when I was using Turbo Tax. Particularly business expenses. I think this is an area that people are afraid to fully utilize. Working with a tax professional is one of the most important things I do each year. I got through my tax law class, but just barely. My CPA is worth every penny of the investment. My deductions are maximized in ways that I didn’t know how to do when I was using Turbo Tax. Particularly business expenses. I think this is an area that people are afraid to fully utilize.

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