Tag Archives: taxes

Weekly Round Up: Tax Season *Expanded*

Many know the fundamentals to building a solid financial foundation are “spend less than you earn” and “save! save! save!” (I am sure there are a few more you could add :)).

It is with these fundamentals mixed with some killer content written by personal finance bloggers that can help to build a solid win-win financial future. Content anywhere from how to invest in the stock market to cutting our daily expenses.

Today we will look into some of the blog posts written by some keen personal finance writers discussing all sorts of great subjects; taxes, investing, negotiating, outsourcing… The list goes on.

Big Tax Refund or No Tax Refund. What’s your thought? Do you know someone actually put down a sizable down payment on their house (like 30%)? Can you duke it out reduce your bill? What about investing in CDs? What about quickly paying down the mortgage? Lots of great stuff to read. Please, do enjoy! πŸ˜€

Great Posts to Read

Since Financial Samurai has me thinking about using Certificates of Deposits as a route for investing, Personal Finance Student has a great article listing the The Advantages and Disadvantages of CDs. Nicely done.

Rainy Day Saver’s post, Do You Have to Give Up Convenience in Order to Save Money?, looks at making cut backs with convenient services or goods for a better financial future.

Stay at Home Mom CFO looks at how Getting a BIG Tax Refund was Keeping us in Debt. Interesting article. I have to say that I am starting to think I don’t want a refund check going forward. I think that money might sit better in my 401K.

Young and Thrifty is out to serve the rights for Canadians. See her pull out the big guns against Rogers in, Step-by-step Guide on How to Save Money on Your Cell Phone Contract.

My Money Minute wants to know, Tax Refunds: Does Size Matter? In a not so ideal world, big tax refunds are not such a horrible thing after all.

151 Days Off looks at, How to Pay Your Mortgage off in Record Time. I enjoyed the closing statement, “Every time you go out and think about buying an item, multiply the item price to that number. If you are tempted to buy a $100 dress, think that you can either waste $100 or put that money into your mortgage and save $395 in interest! If this doesn’t put you off from spending, I don’t know what else could.”

Chasing Prosperity has a lyrical fun post looking at, Thriftygal’s Top Ten Money Tunes (Feb. 8th post). Gotta say, I love Donna Summer’s “I work hard for the money”.

How to Peacefully Split Bills in Your Relationship by Foreigner’s Finance spoke my tune as my husband and I decided separate the bank accounts.

Little House in the Valley, great post with, Should everyone buy a house?! I like your stance, “No one should buy a home unless they are financially prepared to do so, no matter how low interest rates are or how inexpensive homes may seem.” I agree with having a sizable down payment when buying a home (that will be sometime before I can do that, too!)

The Amateur Financier wants to know your thoughts about Taxing Financial Transactions: Good Idea or Not? As a passive investor he likes this plan. Do you agree?

Which Way are You Outsourcing? by Engineer Your Finances, is a great article! Since I want to outsource areas in my life, this will serve as an effective tool to determine if I am UPsourcing or DOWNsourcing. WHICH WAY you are outsourcing?

Couple Money has family financial meetings. I think that is a great idea! In Elle’s post called, Cash Flow: Managing and Improving Ours, she writes about Increasing your Income, Optimizing Your Expenses and Which Software Can Help. Great job!

Free From Broke helps you decide to get your credit cards under control in, Pay Off Highest Interest Or Highest Balance Credit Card Γ’β‚¬β€œ Analysis Paralysis

Frugal Zeitgeist did a great piece called, Save Money on Printing. I never new about Eco Font and that it uses about half the ink of conventional fonts. Very cool!

Deliver Away Debt learned that he should be claiming 8 in How to Adjust Tax Withholdings. What’s he going to do with that money Sam was holding interest free for him? Dump it into his snowball!

Monevator wants you to Get out of debt to unleash your inner money maker. I agree, I want my “month’s salary is going wherever I want it to go” and “not on paying for things bought and forgotten about years ago”.

Evolution of Wealth discusses the changes that have come about in the life insurance industry in, Whole Life Insurance is Stackable.

Easy Ways to Improve Your Memory is well written by MBA Briefs. I like that a better memory could greatly improve your income potential. Read on!

Eliminate the Muda offers some advice in Dealing with Debt Collection. As a former debt collector… yup, we like to bug you and try tactics, but as a consumer you still have rights not to be harrassed. Learn them here.

The “Secrets” to Landing Guest Posts is a great piece by Experiments in Passive Income. Especially for all you challengers looking to forge new connections in the blog-o-sphere!

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Taxes (grumble, grumble)

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So DH and I filed our taxes (grumble, grumble). Why the crankiness? Well, because I moved us up to another tax bracket. I should be thankful, right??? I am. But, it also meant that now child tax credits begin to diminish (by a lot!). That big tax return I usually look forward to got gobbled up and spit out 1/2!!!!


Side note: Oh ya, our preparing fee went up, too. Although, I can’t blame our tax man having to raise due to inflation. My husband has been with him for years and still gets a great deal!

Well, least we don’t owe. So now, DH and I need to look at building right offs, wealth. Investment properties… I think opening a business helps (anyone know on this one?).

I am looking for guidance and suggestions on how to go about making my tax situation better next year. Can you advise????

PS – if you are from CA file state before Feb 1st or you’re gonna get an I.O.U.!

Tax Time! Are you papers in order???

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This post is mainly a reminder to myself of all the forms I need to get in order before my hubby and I see the tax man in 2 weeks. Yes, we see him early each year. So, I have to gather what forms I can submit now and scan him the rest at a later date. It’s my hubby’s tax man pre-marriage. So, the date holds since the Roman days (okay, maybe not that long). I told him that we need to make it for the mid of February, that way… we don’t have to waste our time scanning more forms and then seeing him one more time to sign the documents. Such a hassle! πŸ˜‰

Although, this article is about setting up a system to efficiently organizing pertinent papers in real time, it also serves as reference to the forms I need to pull for my appointment. Enjoy this article from About.com.

Ah, taxes. Are your files up to date? Or in disarray like mine?

I thought I would offer some sound advice for organizing your files.

Setting up a tax file can save you a lot of time and trouble when it comes time to file your taxes. Try these ideas for organizing your tax files. Organize your files into the following categories.

Income– Include pay stubs, W-2s, 1099s, interest statements, and dividend statements.

Medical– File receipts for medical expenses, and health insurance out-of-pocket expenses.

Donations-Include receipts for both cash and non-cash donations.

Real Estate– File interest statements from mortgage, tax assesments.

Child Care– This file is for child care payment receipts.

Tax Correspondences-Include any important letters from the IRS or your state revenue service.

Student Loans – File statements of loan interest paid.

Misc. Receipts-Add any receipts that might be needed for deductions.

Payments– Include any records of advance payments.

Old Tax Papers– File by year your old tax returns.

Taking the trouble to set up a tax filing system now will make it easier to file your paperwork through the year.

Like I just realized that I need to obtain a print out of the child care paid back in 08′. That’s like millions of dollars! lol! Enjoy!