Archive for April, 2009
Just another Tax Blog Post
Posted April 8, 2009 by Bernz
Well I decided to post another tax topic this week being the last week to file income taxes for most filers. Besides tax is probably the biggest unavoidable expense everyone needs to pay every year.
Here are some really basic tips which may be beneficial to you, although some of these maybe a little too late to avail of the deductions you are entitled to.
1. File Electronically – doing this will minimize errors and help you get a refund in two weeks. The tax- preparer are most likely filing e-files but you can do this yourself. The IRS has already partnered with preparers in order to provide free tax preparation and e-filing on the internet.
2. Child Tax Credit – parents can save a certain amount in taxes by having dependents. However, it is important to note that there are technical definitions about what constitutes as a “child”. In addition, if you are hiring someone to watch over a child under the age of 13, you can quality for child tax credit as well. (more…)
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Tags: income tax, income tax software, irs
Posted in Financial Education, Misc, Tax Reduction | No Comments »
Managing Our Credit Cards – Are we Disciplined?
Posted April 7, 2009 by Bernz
I will never apply for another credit card again….. Really?
Well, yesterday afternoon I broke this rule. I have never open up a new credit card in almost 4 years. My wife and I only uses American Express card whenever we go shopping and pay this card in full every month. We like AMEX the fact that this is the only credit card that Cosco accepts and we do shop there almost every week.
As I said we decided on opening up a new credit card yesterday. A store credit card in fact! We were buying some stuffs for the Kids and the store was offering a whopping 40% additional discount if we open and actually use their store credit card, and the offer was good for yesterday’s purchases only. I was not very thrilled about this but the wife thinks it was well worth it.
This incident prompted me to write about how we can best manage our credit cards. Hope you find these tips helpful as we’ve use these ourselves in managing our credit cards when we use to have about 10 of them ourselves combined. (more…)
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Tags: credit cards, managing credit cards
Posted in Credit Card Management, Debt, Financial Education, Saving Money | No Comments »
Borrowing from your 401k Plan – Is it always the wrong thing to do?
Posted April 7, 2009 by Bernz
When times are tight, sometimes we need to dip into our savings to make ends meet. If the money you are bringing in from your paycheck is not enough to pay your bills or the interest you pay on credit cards or other debts gets too high you will have to get the money from somewhere. Or even personal reasons such as health and family issues.
Over the last few years, many people have used all of the equity in their homes by taking out home equity loans and now because of falling home prices they often owe more than their homes are worth. This has led consumers to look for other sources of cash to pay their growing debt and one of these sources is borrowing from their 401(k) plan.
I remember about 9 years ago when I had to borrow money from my 401K plan and use that money for down payment of a home. The original term of the loan was 15 years though I was able to repay that loan in a little less than 5 years time. It really was not a bad decision after all as my home have already doubled in value since. It was a decision that I had to make at that time for family reason.
More information on 401K plan and why you do not have to do what I’ve done………….. (more…)
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Tags: 401k, 401k plan, IRA, Retirement Planning, thrift savings plan
Posted in 401k, IRA, Retirement Planning | No Comments »
It’s Tax Time Once Again – Tax Mistakes You Need to Avoid
Posted April 6, 2009 by Bernz
Using tax preparation software has a lot of benefits. It allows many people to submit accurate tax returns. However, it is important to remember that even one error in your computer can cost you a lot of money.
To give the right information to the IRS promptly, it is important to avoid the common pitfalls.
Here are some mistakes people commit every year during the tax filing season:
• Direct Deposit Pitfalls –Although it can help you save money on refunds, the chance of committing mistakes is also great. Giving the wrong routing number of account number can let you lose your refund completely. Make sure that you file every donation you have given for the past year. Follow the donation tax rules completely. Take note that the amount is only deductible if the organization has a tax-exempt standing with the IRS. (more…)
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Tags: income tax, irs, tax filing, tax software
Posted in Tax Reduction | No Comments »
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