Look For The Make Work Pay Tax Credit In Your Paychecks
April 4, 2009 by Erik Folgate
Filed under Economy, Politics, Taxes
President Obama asked employers to start making adjustments to federal withholdings starting April 1st for the Make Work Pay Tax Credit. This was a stimulus-based tax credit that passed in the recent economic stimulus legislation passed in February. Last year’s stimulus plan sent lump-sum checks to individuals and couples with the hopes of these individuals putting the money back into the economy. This year’s plan will systematically distribute the tax credit in your paychecks.
Who Is Eligible?
Organize Your Savings With The ING Direct Orange Savings Account
April 1, 2009 by Erik Folgate
Filed under Banking, Investing, Spending and Saving, Taxes
Many other bloggers have written about how to set up sub-savings accounts with ING Direct’s Orange savings account, so I won’t go into a huge tutorial about how to do it. Recently, I decided it would be a good idea for us to start categorizing our short-term savings. Lately, we have simply thrown money into the account, and used it for whatever short-term savings goals we had. However, I know there were some times that we used it for things that we didn’t plan on using it for a few months prior. ING Direct has a cool feature in their Orange savings accounts. You can set up as many sub savings accounts as you want. Here’s a quick run-down on how to do it:
Last Minute Tax Tips and Information
March 30, 2009 by Erik Folgate
Filed under Taxes
I just finished my taxes, and we will be receiving a nice refund due to two tax credits. Have you completed your taxes yet? If not, you need to get on it! This is really late for me. I usually have them finished by the end of February, but I was a procrastinator this year. Going through my taxes gave me a ton of information to pass along to you all that could be helpful for you if you have not filed yet. Here are some tips and information for all of your last-minute tax filers.
The Tax Software I Used
Frequently Asked Questions About Investing During A Recession
March 25, 2009 by Erik Folgate
Filed under Investing, Taxes
Here are some questions that I frequently get emails about and questions I hear from friends and family.
Should I cash out my 401(k)?
This depends on your age. If you are in your 20’s, 30’s, or 40’s, there’s no reason to jump ship on your 401(k) or IRA. You have plenty of time to recover from the losses. If you are in your 50’s or early 60’s, you may want to consider going to a very conservative position with your investments such as bond exchange traded funds or mutual funds.
Should I invest in gold right now?
The Stimulus Package Passed: Should You Factor In An Extra $10,000 to Your Debt Snowball?
February 13, 2009 by Erik Folgate
Filed under Economic Policy, Economy, Taxes
According to the House Minority Leader in Congress, the American people will be taking on an average of $10,000 in debt per person due to this stimulus package that just passed.
“With a price tag of more than $1 trillion when you factor in interest, it costs every family almost $10,000 in added debt. This is an act of generational theft that our children and grandchildren will be paying for far into the future.”
5 Steps To Getting Your Tax Refund Faster
January 19, 2009 by Erik Folgate
Filed under Taxes
Yes, tax season is here. Stop avoiding it. Start thinking about it. For many of us, we overestimate our taxes and give the government a free loan, but we like the fact that we get money back that we forgot about. So, if you want to get your refund as quickly as possible, follow these five steps.
Get up, and get started.
Procrastination is an epidemic during tax season. So many people put it off until April and they panic, whine, complain, and have a horrible time getting them done. But, the solution is simple. Start preparing NOW, and file them as quickly as possible.
H&R Block Offering Free Tax Advice For Two Weeks
January 14, 2009 by Erik Folgate
Filed under Taxes
I received an email from a representative of H&R Block letting me know about a promotion they will be running from January 15th through the 31st. They normally charge $19.95 for a tax question, but during that period, they will offer free advice for general tax questions. Remember, H&R Block is a business, and they make money by selling tax services, so don’t be surprised if they try to sell you a premium service while you are there. But, if you have a simple question about something tax related, this is a great promotion to get your answer for free from a group of tax professionals. There are over 500 changes to the completely unnecessary, complicated tax code, so I am sure you will have some questions this year. Here is the who, what, why, where, and when:
Highlights of President-Elect Barack Obama’s Tax Plan
November 6, 2008 by Erik Folgate
Filed under Economic Policy, Politics, Taxes
Congratulations to Barack Obama for winning the office of the most important and powerful person in the world. He wasn’t who I voted for, but it is truly a historic time to be alive to see the first African-American president of the United States. I know that one issue many are concerned about when it comes to Obama is his tax plan. Here is a good snapshot from Kiplinger’s magazine about what he plans to do with taxes.
Tax-Plan Highlights
Income Tax
Maintain current tax rates of 10% to 28% for most Americans. Reinstate top tax rates of 36% and 39.6% on joint income of more than $250,000 ($200,000 for individuals).
Never Co-Sign A Car Loan For Anyone
June 20, 2008 by Erik Folgate
Filed under Consumer News, Credit and Debt, Taxes
Recently, I was listening to the Dave Ramsey Show, and there was one story that struck a chord with me. I love to hear all of the different stories people have to tell. They range anywhere from a mom that stole her son’s identity to success stories about people paying of $60,000 in two years. This particular story was a man who called in to tell about how he helped a friend from church get a loan on a car by co-signing for the loan. He never thought that a really close friend from church would stop paying the payments, so he went ahead and signed on the dotted line. About a year later, he realized that she hadn’t been paying the payment, and the car was repossessed. Now, the bank is going after him for the money still owed on the loan. It’s a common story told on Dave Ramsey, and it’s a life lesson that is usually learned the hard way.
Florida Government Cuts Tax Holiday For Hurricane Supplies
May 29, 2008 by Erik Folgate
Filed under Consumer News, Taxes
Just four years ago, Florida was ravaged with four major hurricanes in the span of 10 weeks. Then, in 2005, two more major hurricanes hit Florida, making it one of the worst consecutive hurricane seasons in U.S. history. Yet, for some reason, Florida’s government has forgotten about those years. June 1st marks the first official day of hurricane season and for Florida residents, it’s not a date they like to mark on their calendar. Florida’s state government decided this week that they would do away with the tax holiday that typically begins on June 1st for hurricane related supplies such as batteries, generators, lanterns, and first aid kits. Given the lull in the economy lately, they felt that this was one of the areas where they could save money by taking away this tax break from Florida’s residents. It will supposedly save the state up to $12 million dollars in tax revenue.
This is just another example of a government penalizing the taxpayers, rather than owning up to the real problem. Yes, there is a slow down in many of the economies around the country. I am sure that Florida has seen better days, because tourism is a big part of this state, and less people have the disposable income to travel down here for vacation. But, the wasteful spending that goes on in the state and federal level is ridiculous. If Florida’s government wanted to save money, they should have taken away all of the ear marks and pork barrel spending that passes through its legislature every year. Cut out some of the fringe benefits of the government officials or cut out some of the civil programs that aren’t in dire need of being completed. Why would you take away $12 million dollars from us, when you could have tightened up your own spending?
