Clearing Up The Confusion About The Economic Stimulus Plan Refund Checks
February 10, 2008 by Erik Folgate
Filed under Economy, Taxes
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CNN really needs to verify the information that people spew forth when the quote someone in an article before publishing it, even if it is just an online article.CNN posted this article on Friday about the potential passing of the economic stimulus plan that would put tax money back into the hands of the Americans. This quote was originally posted in the article:
Watch Out For Desperate Collection Agencies Sending You 1099-C Forms on Old Debt
February 8, 2008 by Erik Folgate
Filed under Credit and Debt, Taxes
Thanks to Consumerist, and this article they wrote about this new collection agency scam, and what you should do about it.
Basically, there are desperate collection agencies buying up zombie debts at pennies on the dollar, then tacking on an insame amount of late charges, interest and other fees, then “forgiving” the debt as a tax write off, and sending you a 1099-C tax form. This tax form requires you to pay taxes on the “forgiven” debt.
There are a couple of questions to address here:
A Calculator To Estimate Your Refund From The Proposed Economic Stimulus Plan
January 28, 2008 by Erik Folgate
Filed under Consumer News, Economy, Taxes
Updated February 16th: I have updated the economic stimulus calculator to reflect a more accurate amount that you will receive based on the actual signed bill that was passed into law this week by President Bush. Email me with any questions about it by clicking on the “submissions” button above.
There has been quite a bit of buzz surrounding the proposed 2008 Economic Stimulus Plan propose by Congress last week. It has not been signed into law, but Bush is scheduled to sign it once it has been finalized. Any bill that puts more money into your pockets is going to generate a lot of interest. Read more about my thoughts on the package, and the only real ways to stimulate the economy with the money you get back.
It’s Not Too Late To Contribute To Your IRA for 2007
January 28, 2008 by Erik Folgate
Filed under Investing, Taxes
If you’re scrambling for last-minute ways to cut your tax bill for 2007, you are in luck. Apparently, the IRS understands thos of us who are procrastinators, so they will allow you contribute up until April 15th, 2008 towards your IRA for it to count towards your 2007 contributions. this article via Yahoo Finiance from CNN Money, outlines the details.
Here are the fast facts:
- Make Your contributions before April 15th, 2008, but make sure that you clearly state to your brokerage firm, financial advisor, or bank that you want the contributions to count towards your 2007 contributions.
All You Need to Know About Your W-2 and What To Do If You Don’t Receive It
January 24, 2008 by Erik Folgate
Filed under Taxes
Here are some great tips about your W-2 from JK Lasser. Your W-2 is the most important tax document that you’ll receive, so don’t lose it! And make sure you’re looking out for it in the mail this week and the next.
Mailboxes and tight waistbands are usually the last reminders of holiday excess. But what’s coming in the mail isn’t all bad news. Arriving with the holiday bills are the Forms 1099 and W-2 that are critical to preparing your tax return and claiming your refund.
WHO? Employers are required by law to furnish a Form W-2, “Wages and Tax Statementâ€Â.
Expenses That You Can and Cannot Deduct for Investors
January 11, 2008 by Erik Folgate
Filed under Investing, Taxes
I signed up for tax tips from J.K. Lasser, and they sent me these tips on expenses that can and cannot be deducted for investors. See how many of these you already knew about and which ones you never knew you could deduct on your taxes:
Expenses You Can Deduct
Don’t Jump For Joy About Getting A Large Tax Return
January 10, 2008 by Erik Folgate
Filed under Taxes
Are you hoping for a large tax return this year? Are you planning a cruise to the Caribbean around your tax return this year? Do you come skipping through the front door when your tax return arrives in the mail? Well, stop being so happy about the free one-year loan you have given to Uncle Sam! That’s basically what you have done when you get a tax refund. The crazy thing is that when I tell people this, they say, “I don’t care, it’s nice to get money back at the beginning of the year that I forgot about”. That’s an extremely lazy thought process. Instead of using your federal tax contributions as a 0% percent savings account, why not just open up an online money market account earning 4.5% and not funding the government’s piggy bank.
H&R Block Lures College Students To File With Them For “Pizza Cash”
January 8, 2008 by Erik Folgate
Filed under Consumer News, Taxes
Consumerist.com wrote a little blurb about H&R Block offering $10 in “pizza cash” if you file your tax return with them. Hey, H&R Block, which one of your old, stuffy executives thought of this great idea? I know that most movies portray college kids as idiots, but didn’t you do any research on this? Today’s college students are well-informed, so I am pretty sure that they will figure out that they can file their income tax return for free on the IRS.gov site, instead of paying $60 to file it through you in return for $10 in pizza cash.
Presidential Candidate Rudy Giuliani and Your Money
October 2, 2007 by Erik Folgate
Filed under Consumer News, Economic Policy, Economy, Politics, Taxes
If you haven’t heard, we’re going to have another president for the first time in 8 years, come November, 2008. Chances are that you have heard, because the candidates have started out EXTREMELY early with their campaigns. It’s nauseating, but don’t let it deter you from casting an educated vote. With the idea of a friend, I am going to take a look at the top presidential candidates and show you how they will impact your financial life if you elect them as your next president. If you’ve never voted before, or you stopped voting after you kept getting the president you didn’t want, please consider making an effort to vote this coming 2008 election. Don’t believe the conspiracy theorists. Your vote really does count, and it’s a patriotic thing to do.
Dave Ramsey Talks About Socialism and Eminant Domain In America
September 5, 2007 by Erik Folgate
Filed under Consumer News, Giving, Insurance, Taxes
This is not a political blog, but the issues that Ramsey talks about on this video are definitely political issues. My challenge is for you to research the presidential candidates before you vote in a year. Make sure that you choose a candidate that not only agrees with your foreign policy and selsocial views, but also your financial views. The idea of socialism, at its core, does not work and it only benefits the less hard working individuals in society. The idea of working hard to make something for yourself is why this country’s economy has thrived over the past 200 plus years. That’s not to say that the mentally ill and physically disabled should be left to fend for themselves, but there are plenty of other socialized systems in place that drain the congressional budget every year.
