Tax Preparation Tips

By William Blake

When it comes time to prepare annual income taxes, many people have to sort through piles of disorganized receipts and try to make sense of them. Regardless of whether you will be doing your taxes yourself or you hire someone else to do them, getting things in order ahead of time will make the entire process easier. Consider the following tax preparation tips.

1. Collect your tax documents. By the 15th of January, most people have received their W-2 forms from their employers. By the end of January, you should have all the paperwork you need from sources like banks, employers, investment firms, and mortgage companies. The documents they send to you are all important in the tax preparation process.

If you do not have all applicable tax documents, you might miss out on a tax deduction that you are really entitled to. For that reason, you should file and organize all the documents you need as soon as your receive them.

2. Know your tax ID numbers. Each taxpayer is identified by the IRS by a tax ID number which is usually your social security number. Each dependent on your tax return will need their own social security number recorded on the tax forms. This includes the social security number of the child care provider for your children.

3. Know your filing status. Some people qualify for more than one of the five different tax filing statuses. When it comes time to decide which one you want to file under, it is important to choose the status that will enable you to be awarded the most deductions and refunds.

4. Decide if you are going to itemize. Itemized deductions are not necessary on the tax form unless you will draw a great benefit from doing so. The term scares people but there is no need to worry. Most people can use the standard 1040 tax form and not have to bother with forms for itemization.

5. Know what's new for the year. Tax laws, deductions, and credits are changed or added to each year. The sheer volume of tax laws on record would curl your hair. You could never know them all, but familiarity with the latest changes can make a difference to the amount of refund that you receive.

6. Invest in a good software program. Many of these tax preparation centers use tax software to help you organize your tax return. The difference is that they have had more experience with doing the math than you have. Usually these programs have online support to answer any questions. A line by line description is given at every stage of the process for clarification.

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The Basic Steps for Building a Budget

By William Blake

A great way to start living a frugal life is to plan for it. And when it comes to finances, the most important plan is a budget. Setting up a budget is possible no matter what you income, how you get paid, or what your current financial situation. Developing a budget is the first (and most crucial step) to becoming frugal. Here are some great tips on how to do it:

1. Keep track of your spending. You need to know what your current spending habits are before you can adjust them by means of a budget. Bring a small notepad with you wherever you go and note how much you spend every time you make a purchase. That way you can track your spending.

2. Make a list of all your expenses and include the spending you have in your notebook along with any monthly bills that you might not have written down. Total up the categories that you have and the total spending as well.

3. Write out all of your income and how it arrives (monthly, weekly, bi-weekly). Total up your income.

4. Write out your budget (based on the last month that you recorded). Compare that budget with your income. If you have more going out than coming in, then it's time to make some changes. You can either cut your expenses or you can make more money.

5. Take some time to think about the budget you have planned. You might find some that some changes need to be made. For instance, if you tend to watch a very small amount of TV each week, you might decide that you don't need to pay for cable each month. If your closet seems overly full, plan to shop less.

6. Once you have cut out all possible expenses, look at your budgeted totals for earnings and spending. If you still wind up spending more than you earn, you might consider getting a better or second job. Your budget will not be able to help you save money if you plan to spend more than you earn.

7. Review your budget. Since our lives are in a constant state of flux, your budget will no doubt need to be adjusted from time to time. As your lifestyle gets progressively more frugal, you may notice more expenses that can be cut.

Having a keen understanding of your own spending habits will enable you to live frugally, successfully. Making a budget and sticking to it is an essential first step.

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Dealing With The Debt Collectors

By Darren Cason

Anyone can be anxious when the debt collectors are constantly ringing up and sending threatening letters of demand. But rest assured that there is protection in a number of forms and ways that you can deal with the debt collectors that hassle you.

There is an Act that lays down the guidelines as to what a debt collector can and cannot do when they are trying to collect a debt. It is called the "Fair Debt Collection Practices" Act. This Act states, amongst other aspects, that the debt collectors are not allowed to call before 8 a.m. or after 9 p.m.; they cannot garnish wages in those states where it has been made illegal and they must cease the continual phone calls if you ask them to.

[For the full text, see: http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm#801]

There are several things you can do.

Don't take the call. Use an answering machine to screen calls. For those people who have caller ID or call blocking, you will be able to get rid of the call entirely.

If you do decide to take the call, it is entirely reasonable for you to request that they do not contact you further. If you send the agency a "cease and desist" letter, they are then legally prevented from contacting you. Any legal action can be expensive, so it is wise to try other ways first.

If the debt is in fact yours to pay, if you are able to, you should think about paying it. After all it is your responsibility and should be paid. If you are truly finding it difficult to pay, then perhaps you can negotiate a way of making regular, lower payments until the debt is paid in full.

Make the committment and stick to it and the annoying calls should stop. These debt collectors are real people just doing their job, even if some of them are less than pleasant about it and they will usually not bother you once you have an agreement with them.

Maintain a record of calls that have been made either by you or to you in a diary, together with any arrangements that have been made. Keep a record of when you have asked them to stop calling - this is most important if they have been calling you at your workplace. If it is legal in your state, you may consider taping the phone call, but keep in mind that often means that you have to tell the other person that you are recording them.

There are not many debt collectors that are brave enough (or unwise enough) to say things that may compromise them when they are aware they are being recorded. The record or diary will be helpful if you have negotiated a change in the payment regime.

The majority of debt collectors are able to agree to a lower payment, but because they usually get a commission based on the percentage of their collection, they will push you to pay as close to the whole amount as possible. However, they do understand that if you are able to pay 50% of $500, it is preferable to receiving 100% of nothing at all.

When you make an agreement, the debt collector should also make their own commitment that they will not put any further adverse comments on your credit report or credit rating. Ask them to report any increase on your credit score as well as the payments that you do make as soon as possible so you can adjust the amount owed accordingly.

Be sure that you obtain agreements in writing before you send any substantial amounts of money. A "good faith" payment is fine as it will show that you are sincere in your efforts to clear the debt, but if you send too much at one time, they will be less inclined to adhere to their side of the bargain.

There are three things that you should always retain when you are dealing with debt collection: patience, a realistic outlook and remaining calm when discussing matters financial. If you remember these, you will reduce the stress of the situation.

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Baby Phat Rush Card - Review

By Dan Moskel

The Rush card also known as the baby phat rush card is a prepaid debit card. It was created by Russell Simmons a co founder of the hip-hop record label Def Jam.

The baby phat prepaid card works this way; you make a deposit on your card, then you can use your card to make purchases, then the funds to pay for those purchases are deducted from your card. The card offers 100% guaranteed approval.

There is no credit check or chex systems verification. You can have a card issued to you in black or in pink.

This card offers free direct deposit. To use this you simply fill out a form and turn that into your employer.

Your paychecks are then directly deposited into your rush account/card. You will still get the details from your employer. It will show the amount of your deposit and taxes and hours worked.

If you are in need of cash this card can be used at over 800,000 ATM's world wide. You also have free online account access.

You card can be used to make purchases over the phone and online. In addition your rush card allows you to write physical paper checks.

To use this feature you visit the website and input the person or business that you want to write a check to. This includes name, amount of payment and address.

Then hit send and a paper check will be sent to the individual. The is a good method to use when paying your monthly bills, because you will not have to pay for money orders.

With this service and direct deposit you will also save money by not having to pay for check cashing fees.

However, we do not recommend the rush credit card. This is because they have many fees that other cards do not have.

An example is the convenience fee. This is a fee you are charged every time you use your card.

The convenience fee is $1.00 with a monthly maximum of $10.00. However you will be charged a convenience fee for every purchase you make in a month.

You will have to wait till the end of the month and full calendar month later to have your extra charges refunded to your account.

This can work out to you waiting almost a full two months before you are refunded for your extra charges. This is insane, furthermore who only uses their card ten times in a month?

Furthermore to be charged for every purchase you make seems outrageous. Then to have to wait for a full calendar month to expire before you are issued your refund is unbelievable.

To enroll in bill pay the rush card will charge you $2.00 and then another $1.00 for every check you write from your account. There are other prepaid cards where this service is free.

The rush card says there are no hidden fees with their card. Yet you get charged every time you use your card. The rush card carries the most fees of any prepaid card we have reviewed.

In sum, we do not recommend the rush card to anyone. There are good prepaid credit cards; however this is not one of them.

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?Foreclosure Law: Important Details You Should Know

By Michael Geoffrey

If you're about to sign on a new home, make sure you read the fine print carefully. Especially if you're signing up for a sub prime loan, you really want to read the fine print. You also want to be aware of the foreclosure laws. If you sign for a house, and then find out down the road you can't pay for it, you could end up being foreclosed upon.

According to foreclosure law, you will have a set amount of time to leave your home if you can't afford it. If you ever find yourself in this position, you will be better off if you already know your rights by reading your loan agreement before signing it.

Subprime Mortgage Lending

Nowadays you hear it all over the news. People are being foreclosed on and are losing their houses because they can no longer afford their homes. These people probably got taken in by subprime mortgage lenders. These lenders promise people that they'll help them fulfill the American dream of becoming home owners.

These same lenders often claim that good credit is not important, that anyone can get a low interest rate. The loans that such unscrupulous lenders offer, however, only have a low introductory interest rate. In just a few short years, those interest rates skyrocket, a fact which people would know if they would only take the time to read the fine print of their loan agreements. When interest rates go up quickly and unexpectedly, many individuals find themselves unable to pay their loan and thus are foreclosed on.

Notice To Vacate

Foreclosure law states that a homeowner will have to vacate the premises of their home within a set period of time after they have failed to pay their home loan payments. When payments are not made, the bank or other lending agency with whom you took out your loan will inform you of the date by which you must leave your home if you cannot make your payments. The police will get involved if you refuse to leave by the set date. In many cases people are being forced out of their homes because they did not take the time to read the details of their loan agreements and were not able to afford their payments after the interest rate went up.

You can protect yourself from foreclosure by doing all you can to make sure you will be able to pay back your home loan. That way you will be able to stay in your home without worrying about losing it to foreclosure. The Internet is a useful tool for individuals who would like to learn more about foreclosure. You can read people's personal experiences with foreclosure as well. If you want more information, speak to a lawyer who works with foreclosure law.

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Real estate short sale is an unpleasant experience for an owner

By Rem

The term 'real estate short sale' is being bandied about more and more as of late. Anyone who has read newspapers or watched TV has probably come across some sort of stories about the declining real estate market leading banks to consider real estate short sales as an alternative to foreclosure. Real estate prices have dropped dramatically, and the sell time has risen as well. Detroit is one such example of this. Declining real estate markets are the primary reason for the rise in short sale real estate opportunities.

What is a short sale, you might ask? A real estate short sale is the name given to the process where banks allow properties to be sold for less than the amount owed to them. There are two conditions that must be met before a bank is likely to approve this: Firstly: Market values are such that the property's sale price cannot cover the outstanding mortgage balance(s). A further condition is that the owners of the property must not be able to continue making mortgage payments on the property.

Let's look at an example property that was bought five years ago for the rate of 217,000 dollars with an adjustable rate mortgage. Additionally, the owners took out a second mortgage of 10,000 dollars, which brought their total owed to 227,000 dollars.

Remember that in five years the amount that the mortgages would have been paid off is negligible. In the same amount of time, the market values for similar properties are going for 215,000 dollars, while the adjustable rate has risen from 7 percent to 11 percent. Additionally, we end up with a real estate short sale situation once one of the owners has lost their job.

The bank may decide to save expenses and time delays that a foreclosure would cost by simply allowing a short sale. Banks do this because it allows them to accept a definite amount of money and because it allows them to get the property off their books. If the lenders and owners do not agree on the terms of the sale, complications can result, but in general, that is how the real estate short sale works.

For owners going through a real estate short sale, the experience can be a dreadful one, but there are experiences which can be far worse. Having to go through the experience is awful, but it is a lot better than having a foreclosure on your credit report. On the other side of the coin, it can often represent an excellent buying opportunity for the savvy real estate investor.

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Also have a look at Home Deals Blog and Save On Home BlogAlso have a look at Bargain Homes and Home Discount Blog

Powerful Tips To Significantly Reduce Your Utility Bill

By Jenni Snook

Receiving our gas and electrical bills is certainly not the most pleasant experience. Despite not receiving a pleasant bill, many people quickly assume that there's nothing they can do to help it. Contrary to popular belief, there is a fair bit that families can do to save energy and cut their utility bills down. By simply adopting many of the tips in this article, you will be able to reduce energy consumption as well as your bills.

One of the first things you should do is to simply compare the prices offered by different utility companies. Cheaper alternatives may be found by just looking. Utility companies are in fierce competition with rivals, which can only be a win-win situation for you and saving money.

If, by chance, you currently live in a region where there is only one utility company, or where your utility company is the cheapest option out there, then the next logical step is to find out how to use less energy. This may seem impossible but it isn't. Even by applying very simple energy saving techniques, you can accumulate quite a large amount of savings.

Simply turning off the lights in rooms that are not being used is a great way to start saving energy. It's very common to people to leave lights on even after leaving the room. This will increase your electric bill quite substantially over time. Saving hundreds of dollars a year can be simple as switching off unnecessary lights at home.

One thing to consider for those who lives in an older home is insulation. Insulation does wonders for cutting down the amount of heat that leaves your home. Insulation can allow your family to save a significant amount of money. If, by chance, you possess a boiler in the household, it would be a good idea to insulate that as well. This helps keep your water warmer, especially during the winter months. This process of insulation assures you savings both on the quantity of water and the heat used to heat it. There is an added benefit of insulation in that it means that your boiler's wear and tear will be reduced meaning that that it will last longer.

There are those people who do not consider reducing their energy bill simply because they are convinced that it is out of their control. Nevertheless, it's amazing how much of our energy bills can be cut by simply seeking out alternatives. By cutting down on energy, you are saving money as well as helping the environment.

About the Author:

Jenni Snook is the premier author of http://www.HealthyWealthySoul.com, a website dedicated to giving people recommendations and resources on personal finance planning to attain both financial and spiritual happiness in their lives.

Getting Payday Loans In The UK

By Rashel Dan

Payday loans in the UK are much easier to come by than people think. In fact, it is so simple, that if one has access to the internet, the loans can be applied for and approved all in the comfort of ones home.

A lot of companies actually offer this service to people who need money as quickly as possible. Although it may seem like a non-traditional way of getting financial help, it is one that many people have found to be quite helpful.

The Need

It's a fact of life. There are sometime when you really need payday loans in the UK to pay off bills that came in too early, or utilities that you need to pay off because you forgot all about them. A payday loan is the solution for problems like these, and as long as you have a stable job with a steady income, chances are that you are eligible to get a payday loan.

What Is It?

A payday loan is basically a short-term loan that is given to you by a loaning institution such as the bank. You can then use this money to pay off whatever it is that you need to. But you have to pay back the loan in about two weeks and it's easy if you have a steady paycheck because that can automatically pay it off for you with the right arrangements.

Why Use One?

One advantage of payday loans in the UK is that you get the money as soon as possible. The transaction is quick and the processing can be confidential.

Second, the amount that you need can be deposited into your account the second that it is approved. The approval is actually instant once a lending institution sees just how qualified you are. Online, the process is even quicker and more convenient because you don't need to line up to apply and you can take your time filling out all the forms and fulfilling all the requirements.

In an age where money almost runs everything, payday loans are fast becoming the best solution to financial dilemmas. Everything from products to services carries some kind of bill that you need to pay at regular intervals. This is where payday loans can become very useful especially when you are a little short on cash when you need it most. Try a payday loan in the UK today and see what all the fuss is about.

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