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Earned Income Tax Credit Overlooked By Many Tax Payers

Sun, 01 Apr 2012 17:18:17 +0100

Tax season is here and is almost over, you have until April 14, 2012 to file your taxes for 2011. So whether you're sitting across the table form a tax expert or do it yourself at home, the earned income tax credit is money you don't want to forget about. An H&R Block expert says "they've had cases where people weren't expecting it and when they saw their refund they burst into tears".

The tax credit is for parents with one or more children who make up to $49,000 a year. That extra refund can bring in from one dollar to fifty seven hundred dollars. It varies depending on the filing status and it also varies depending on the number of dependents that one has. But what if you're already getting a refund? This credit is on top of anything you're already you would already get.

Again the earned income tax refund amount varies upon income and the number of children. There is also a provision for military men and women who are in combat, they have a choice on declaring their combat pay. If it helps you to add the combat pay and get more income earned credit then you may do so, if it doesn't then you don't have to use it.

Every year a new set of people qualify for the earned income tax credit, problem is less that half apply for it. People don't know about the tax code perhaps or they don't know this particular credit so it's good to do your homework before getting your taxes done. Of course there is a form you have to fill out get the credit and if you owe money to the IRS it will come out of your refund. But whether it's $100 or $5,000 it can be a big deal to the people who qualify. Many are struggling now and any kind of a refund addition or extra money is important.

How To Payoff Debt And Save Money At The Same Time

Sun, 12 Feb 2012 18:39:41 +0100

Many Americans need help dealing with debt, many are trying to climb out of debt but it leaves them with no money to pay their bills. This situation leaves many asking the question "is their a way to attack the debt and still have money left over to spend?" The answer really depends on the type of debt that the person has, is it credit card debt, student loan debt, medical debt? The bad news is the interest is compounded over time and if you're not paying enough to reduce the principal the debt may never go away.

The good news is no matter how much debt you have, you may be able to consolidate your debts at a better rate. For instance with credit card debt you could check out your options on Bankrate.com or Creditkarma.com. Just be sure to pay close attention to when you get a low promotional rate when that rate will end. Also you need to cut back on your spending, think about what expenses you can cut. Do you still have a lan line? get rid of it for a few months and talk or text less on your cell phones so you can get a lower cost plan.

Call your utility company and see if there is a third party supplier that may offer a lower rate. If you have cable cancel your subscription for a few months and see what shows are available online. Finally, try Mint.com, it's a great website that will pull together all your financial and credit card account information into one place. It will help you see clearly where all your money is going and help you set and stick to a budget.

Save Money By Doing Home Repairs Yourself

Mon, 07 Nov 2011 01:07:26 +0100

Did you know you can save money by doing home repairs yourself?
If you're willing to do a little research and apply some elbow grease you can save hundreds of dollars a year. Now first of all there are a lot of minor home repairs you can do on your own such as cleaning your gutters yourself. This can be a dirty job but doing it yourself can save you from expensive house calls. So if you're not afraid of heights you can grab a ladder and do your annual gutter cleaning and also save the sludge for a compost pile.

It's also worth getting to know your major appliances, now you may not be able to fix a refrigerator motor but if your fridge looks like it's about to go on the fritz be sure to pull it away from the wall and check the screen in the back. If you have a dog or cat that screen can get clogged with pet hair and other household dust. Cleaning the screen on a regular basis will help you keep your fridge and freezer humming along for years to come.

You can also do a lot of other simple repairs like chalking your bathroom, fixing a leaky faucet, simple wiring, and wall patching. If your a newbie check your local community college or tool library for do it yourself repair courses. And home stores like Lowes and Home Depot offer free classes as well as big home repair bibles.

Finally, consider getting your own pressure washer which you can use to tackle a ton of home cleanup jobs like blasting moss and algae, removing stubborn weeds from cracks, and giving your deck sidewalk and driveway that like new look. So before you call in a pricey handyman or repair person see if you can't find the resources to do those simple home repairs yourself. The more you learn the more you will save.

How To Get Early Bird Travel Deals

Tue, 20 Sep 2011 16:48:26 +0100

There are a couple of great benefits to planning your vacation travel early. First of all you can snag some phenomenal early bird deals on travel packages, secondly you'll have plenty of time to save for the trip making it easier on your budget in the long run. An easy place to start when you think about planning your trip is with a traditional travel agent or a booking website. If you have a general idea of when and where you want to vacation a travel agent can help you find package deals on everything from airfare and hotel to car rentals and special attractions.

AppleVacations.com is a great site to book your travel with, they make planning easy and you don't have to pay for your trip in full until about 45 days before you travel. This gives you plenty of time to either save up or make monthly payments along the way, spreading out the impact on your bank account. Another way to find good deals far in advanced is to look at state tourism websites. Once you know where you wanna go it's easier to find great offers or package deals when you plan ahead. State websites often arrange packages to highlight their top tourist attractions.

You can also use the calendar to determine the best time of year to go, if you can travel through off peak season you can often take advantage of better rates. For example, Ski resorts in Colorado still get snow in March and April and there are some pretty good deals being offered during those months. Wherever your wanna go or wherever you want to travel a little planning in advanced will leave you with great trips and give you plenty of time to save up.

How To Take Advantage Of Low Interest Rates

Tue, 13 Sep 2011 20:07:39 +0100

Interest Rates are already at rock bottom and they are expected to stay that way for years to come. Ben Bernanke, Chairman of the Federal Reserve, came out and said these low interest rates are with us until mid 2013. That means for both borrowers and savers you need a new strategy to get the best out of this opportunity. So how do you take advantage of this and these low interest rates and make them work for you? We have put together some tips for both borrowers and savers on how to do this.

Refinancing - If you can refinance you should defnitely do it now as there is news out of Washington that the HARP program (Home Affordable Refinancing Program) will be reinstated to make refinancing possible for people who have stuck. So keep your eyes and ears open on this topic. You can also refinance other loans aside from Mortgages such as your car loan. Car loans are not as big as mortgages but when we go out and shop for a car we get so excited about the car itself we often forget to negotiate on the financing and that's a really big deal.

So if you got a car loan that's 6 ,7, or 8% and you have a good credit score you could refi that down to 4 or 4.5%. This is a really easy transaction and it costs next to nothing and takes under an hour. For a $20,000 car loan over a 4 year term, taking down the rate from 8% to 4.5% you can save yourself around $1,600.

HELOC - Home equity lines of credit have become attractive because of low interest rates, you want to think about getting one of these as a back pocket emergency cushion. If you have equity in your home, because you need that it's a second mortgage, and if you have a decent credit score you can get a line of credit for about 4.5% which may protect you if you lose your job and you need cash. You can also use the line of credit to consolidate and refinance other debts, just be careful not to double down, don't payoff credit card bills to then again build up the debt by over shopping.

Balance Transfer - It's a really good time to do this, go to LowCards.com to get list of balance transfer offers. The teaser rates are very low and you can take advantage of this. You can also call your credit card company first and ask for a better rate and of you don't get help then try these balance transfers.

Savings - The picture is not as pretty if your a saver because one year CDs are paying under 1% on average, savings accounts are paying way under 1% on average. So you need some strategy and the first strategy to look at is an online bank, the rates aren't that great but they are better. if you go to BankRate.com you will find the best rates for savers. Also keep in mind that if and when rates go up these rates will go up also.

High Yield Checking Accounts - If you're a person who uses a debit card frequently you can earn 2 to 3% on your money, they just require that you make at least one online payment a month and you about 10 debit card transactions and they cap the amount of money you can put into the account, like $10,000 to $25,000.

How To Get A Higher Salary At A New Job

Tue, 06 Sep 2011 17:52:23 +0100

Want a higher salary at your job? well here are some tips to help you get that higher pay for your work. So you're at your new job or applying for a new job and your employer asks what do you think your salary should be? How should you respond to this? Well you should give a salary range, you are asked in an interview or on an application paperwork about what you were making before or currently making, and it's okay to say for example I made $50,000 but I would love to maybe bump that up a bit to $55,000 or $70,000.

The key here is to justify why you deserve what you think you deserve, are you open to overtime and maybe travel, did you make or save your previous employer money and what about documenting the added value you have. In your application paperwork you must be honest about what you used to make or currently making because your employer will verify this information. But in the interview giving a range, focusing on what you bring to the company is definitely okay.

Financial Advice For Baby Boomers

Sat, 03 Sep 2011 20:17:28 +0100

The weak economy is taking a toll on many Americans especially baby boomers, those who are in their 40's, 50's, and 60's. Many are considering tapping into their 401ks and putting off their retirement. A new survey has show that half of baby boomers anticipate balancing their retirement plans with unexpected costs such as taking care of adult children, grand children, and aging relatives. So it's a huge wild card for those entering retirement. But here are some tips to help anyone of any age to get through these tough financial times.

With high unemployment rates and the stock market on a roller coaster there will be many people knocking on your door asking for help, but don't be the enabler. You want to be the source of advice first and money second because
the problem always becomes if you're writing that blank check, always becoming that atm machine, the problem is not going to go away. You want to empower your family and your friends to do the right thing, so rather than giving them money walk with them to the bank and talk about how they can refinance their loan. If it's a friend who needs a new wardrobe for a job ask him/her to shop in your closet rather than giving them the money to go buy a new expensive suit.

Needs are one thing and wants are are another, find out what the long term goals are when lending money to someone. There is also a lot of temptation to tap into your 401k but do not do this especially if your cash strapped. If you tap into your 401k early which you're allowed to you will wipe out half of that with taxes and penalties. So just pretend it doesn't exist and leave it alone. You can hit the 401k in your 60's or even later as people are not retiring early these days. It's always good to plan and review your retirement as you get closer to the time, you also what to let your children and family know what your retirement plans are, how you're saving and that might be an inspiration to them. This is to let them see that you're not a source of cash but that you have been saving and working hard towards your retirement.

For those who are entering the work force it is a good idea to start thinking about saving for a retirement and get into the habit of doing it as the older you get the more financial responsibility you have. It's easier in your twenties to save, it doesn't matter what the percentage is, just save. You should also barter, if you are taking care of adult children or family you should barter with them if they are not providing rent or financial assistance. You can barter for cleaning, cooking, and things like that so everyone kind of wins. In general bartering is a way to get around the high cost of living these days.

The last advice is "plan for the worst, and hope for the best", you want to be optimistic and hope for the best but prepare for worst as things can change within a day. Just save and have your finances in order.

Are You Depending On Social Security And Medicare For Retirement?

Tue, 16 Aug 2011 17:21:23 +0100

It used to be the American Dream was owning a home in the suburbs with a 2 car garage, a backyard, 3 kids, maybe a dog, and don't forget the white picket fence. Well those days at least for now seem to be over and the new American dream is to simply be able to have enough money to retire, survival has become the new goal standard. A recent poll asking American's what their most important financial goal was showed that 47% said their goal is having enough money for retirement.

This is also enforced by politicians saying there is going to be cuts in social security and in medicare which does not look good for many retirees. Many American's are legitimately worried about their retirement and this leaves many having to fend for themselves to try and earn more money and to save more. The American dream is no longer a dream but a reality, the shift from owning a home and making investments to having enough for retirement is drastic.

Adding more fuel to the fire is savings rates are low with almost every bank and 401K's are taking hits as stocks plummet on Wall Street. The ability to save is a big hindrance to the American dream, with inflation and high unemployment. American's are seeking and searching for ways to make money and to save, we at GetFreeCash.org are here to assist.

Save Money By Shopping On Hump Day

Tue, 02 Aug 2011 16:51:22 +0100

Did you know shopping on at a certain time or day of the week can save you money? Timing is very important when you're trying to save money in this economy and you can get deals and bargains on Hump Day also know as Wednesday. Many retailers lower their prices on Wednesdays either because of supply and demand or because it's just an industry trend. Whatever the reason for the lower prices it means saving money for you. Not only retailers participate in this but travel and groceries. We have put together a list of items that you can get bargains and shopping deals on in the middle of the week.

1) Gas - Gas prices are up almost a $1 over last year and Wednesday is the best day to fill er up. GasBuddy.com, which is a free app you can download to check gas prices in your neighborhood, found that gas stations lower their prices by about .05 cents per gallon on Wednesday because they are anticipating the rush on Thursday, Friday and the weekend when there is more drivers on the road. The can then amp up their prices on weekends when it's busy so on Hump Day when it's a little slower lower their prices to get more drivers to fill up.

2) Grocery - If you want to maximize the coupons you clip, Wednesday is the day to do it. MyGroceryDeals.com which aggregates all the circulars across the country on one site so if you're at home and you want to know what the deals are your local grocery store check this site. According MyGroceryDeal.com Wednesday evening is a great time to shop because isles like produce, meat, and bakery usually lower their prices around 8 or 9 o'clock at night before the store closes because they have to restock and get ready for the weekend.

3) Online Shopping - Wednesday according to ShopItToMe.com is when women's sweaters and children's clothing experience their lowest prices, about 40% off. Monday is the best day to shop for dresses, Tuesday is sport coats, Thursday is shoes, and Friday is suits and sports wear.

4) Airline Tickets - Industry experts say Wednesday at 1 a.m. is typically when prices hit their rock bottom levels, Fridays is when airlines usually lower prices and the prices continue to drop until Wednesday. On Wednesday around midnight the airlines will reload their computers to reflect the best prices from Tuesday and they'll reoffer them on Wednesday but only for 24 hours so you want to act fast.

Drive Free On Your Next Road Trip

Mon, 25 Jul 2011 16:33:44 +0100

How would you like to take a cross country road trip for free? yes for free! You don't have to pay an expensive plane, bus, or train fare or even rent a car. Here's how it works, you can drive free by driving for a car delivery company. This is a win win for both owner and driver, the owner gets their car driven at an extremely low rate, saving a considerable amount of money as oppose to what it might cost by putting it on a truck, and the driver gets to make the travel plans that they had in mind. This also beats spending near a $1000 for a car rental, as you only have to pay for gas with the car delivery.

There are of course catches, here are some stipulations:
1) You must be at least 23 years old
2) Have a clean driving record
3) Don't over pack because the car's owner may have the trunk filled
4) Plan your ride back home as this is a one way trip with the car

So it's good to be flexible with time and destination, still it's good to know the option is out there.