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Workers
Urged to Check Eligibility for the Earned Income Tax Credit
- IRS
Nationwide
last year, over 26 million eligible taxpayers received nearly $59 billion
total from the Earned Income Tax Credit. Yet one out of five eligible
taxpayers could still be missing the credit. This filing season, the IRS
once again encourages all eligible taxpayers to claim this benefit.
Those
who made $48,362 or less from wages, self-employment or farm income, should
check to see if they qualify for the Earned Income Tax Credit (EITC).
It is easy to do with the EITC Assistant.
Once
taxpayers know that they do qualify for the EITC, they must file a tax
return and claim the credit to get it. The IRS has several free options
for EITC eligible taxpayers to get help to file a federal tax return and
claim the credit.
While
there are many factors that affect eligibility for the credit and the
amount of EITC that qualified taxpayers may take home, it can be a valuable
tool to lower their taxes or to claim a refund. A couple with three or
more children could get up to $5,666.
More
details goto: http://www.irs.gov/newsroom/article/0,,id=235215,00.html?portlet=6
“If
you want to feel rich, just count the things you have that money can't
buy” -Donald Trump
How
Being Cheap Will Leave You Broke
by
Annie Mueller
All
of us want to save money, right? Even the multi-millionaires want to save
money on taxes, and those of us not in those high-level income brackets
often need to live as frugally as possible in this tight economy. There
are great ideas for saving money, but there are also bad ideas: Things
we can do that seem to save money, but end up costing us in the long-run.
Here are a few budget blunders to make sure you avoid.
1.
Neglecting Basic Maintenance
2.
Doing Your Own Taxes
3.
Diving Into Your Retirement
4.
Not Saving Anything
5.
Skimping on Food
6.
Risking Your Health
7.
Letting Coupons Shop for You
The
Bottom Line detail information goto: http://finance.yahoo.com/banking-budgeting/article/112019/how-being-cheap-will-leave-you-broke?mod=bb-budgeting
How
to control your money
-Consumerism
Commentary
There
are two philosophies related to control that have allowed me to be moderately
successful and happy throughout the past few years. I worry about only
what I can control, and this has allowed me to stay calm in stressful
situations and handle the worst that has been thrown at me. At the same
time, I have come to realize that more of my life is within my control
that I would have thought. Taking control of my money has helped me relax,
and here are some suggestions for making this work for you.
1.
Un-automate your finances.
For most people, automatic services have helped grow bank accounts. Your
employer deposits your paychecks into a checking account automatically.
Your bank pays your credit card bill automatically on the due date. Software
like Mint.com watches our transactions and we rely on alerts from banks
if our savings balance dips too low or our credit card spending soars
too high. It may be time to take an active interest in your finances again.
Review your spending and question your choices if you haven't thought
about your expenses in a while.
2.
Take an inventory. You
can't determine where you're going without knowing where you are. This
is key to being in control of your financial future—understanding
your financial present.
3.
Set financial targets. Any
MBA can tell you about SMART goals. Chances are you've heard about those.
I like to focus on major life goals or personal missions, and only setting
shorter-term goals that relate directly to that type of birds-eye view.
To take control of your finances, you'll need some achievable targets
by which you can check your progress throughout the year. This could be
the year you get out of debt or the year your net worth crosses $100,000.
Money isn't a goal itself, but since it does help you achieve other goals
you have for yourself, set targets and track your progress.
4.
Earn interest.
There are two sides to every interest story. If you're not in control
of your money, you pay interest to other people through your loans and
credit cards. Although high-interest savings accounts aren't doing much
for savings right now, earning even 1 percent in your cash is better than
paying 15.99 percent to a credit card company. When you owe money, you
cede some control to another party, so get out of debt as soon as possible.
5.
Rebalance your portfolio.
Most people decide how they want their portfolio to look, with a certain
percentage in stocks and the rest in bonds, for example, when they start
investing. This is how many 401(k) plans work. Over time, different investments
will perform differently, and your personalized mix will change over time.
If it's been a while since you evaluated your portfolio and determined
if the mix still meets your goals and risk profile, it may be time to
rebalance. If your stocks have outperformed, they may have grown from
70% to 80% of your overall investments. If that's the case, sell some
of the investment in stocks and buy more bonds to get back to your initial
design.
6.
Don't
forget the fun.
If you are in the habit of saving, investing, and if you have debt, paying
it down, then you're in a good financial position. When you are in control
of your money, you have the ability to spend money as you see fit. Living
life now is important, too, because you never know when something truly
outside your control will take that opportunity away from you.
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