Archives for January 2013

Who said taxes are free?

Yes, it’s that time of year again – tax time. We’ve had some delays on the government’s end. You won’t be able to file early in January (if that was your plan). That’s tough luck if you were hoping to get your refund right away. But, it could have been worse. We may have had to wait until late March.

The delay is caused by last minute tax changes. Forms have to be adjusted before your tax preparer can submit your taxes. The earliest you can file electronically this year is January 30^th. And, you may have to wait until late February or early March if you’re claiming credits related to energy, property or business,

In the meantime, you can get your taxes prepared.

Don’t delay things on your end just because you can’t file. You don’t want to wait until the last minute then realize you can’t find the all important paperwork to back up your tax return.

You may be able to get your taxes prepared for free AND from a reputable source.

There’s help if you’re a senior or have a low to moderate income.

Go to www.IRS.gov to find information on the VITA program (Volunteer Income Tax Assistance), the TCE Program and AARP Tax-Aide.

There you can learn

If you qualify for the program
What to do bring to the meeting
Locations near you

You don’t have to be afraid to use these services. The tax preparers at these programs are certified volunteers who work under a qualified supervisor. The location near me is at the local community college and is supervised by a CPA and Chair of the Accounting Department.

Each location will have different hours, so check before you make the trip. Some will take appointments and some are walk-in only.

If you qualify, you may save yourself a few hundred dollars. You’ll get the work done at no cost to yourself and a trained preparer can catch details that might net you a bigger return.

Credit Report Reminder from Jill Russo Foster: Start 2013 with good financial information

It’s January 2013! Time to start the year off right!

This month use Experian

Hello, it’s Jill again, reminding you to get your finances in order for the New Year by checking your credit report.

Order your credit report from www.AnnualCreditReport.com. This is the ONLY authorized source for the no cost annual credit report that’s yours by law. You have the right to know. Exercise your rights! Learn more.

When ordering online:

Select your state, then click Request Report.
Fill out your information, then click Continue.
When it asks you to select a service, select Experian.

Not comfortable ordering online? There are three ways you can order your report:

Order online at www.AnnualCreditReport.com. By ordering online you can have your report back in minutes!
Mail your postal order by downloading the form at www.AnnualCreditReport.com
Call in your order at 1-877-322-8228

It doesn’t matter how you get your report, the most important thing is that you do! Then…

Review it for accuracy!
Follow the instructions with the report to correct any errors.
And, always remember to keep copies for your records.

Were you hoping to get your credit score instead? Try CreditKarma.com. CreditKarma does not supply a FICO score, but it does provide scores from TransUnion and VantageScore. And, there’s no charge for you. CreditKarma funds their service through website advertising.

May you have a blessed and successful year!

P.S. I’ll give you another reminder in May and September to help you stay up-to-date on your credit throughout the year.

Get things done to start the year right!

There are several things I do in January to make a fresh start for myself and my family.

I take the credit cards out of my wallet and put them in my copy machine. Why do I do this? So, I’ll have up-to-date information on my cards in case my wallet is lost or stolen. If you want to do this, too, make sure to spread your cards out on the paper so you’ll have room to hand-write the contact phone numbers found on the back of the cards. This serves a few purposes:

You won’t have to go online or search past bills for contact numbers in case you need to cancel those cards in a hurry.
You will know exactly which cards you need to call on, and,
You’ll remember to take the credit cards off the copier.

I set new files for 2013. This includes my accordion multi-pocket folder for this years’ tax information. If I am organized at the start of the year, I will be all set for the accountant at year end.

I shred our paystubs when the W-2’s come in. Check to make sure they agree first!

We review last year’s bills. We really like to save money on every day expenses so we can afford the the things we really enjoy. So, we look at how we’ve spent our money in the past year to see if we can make any improvements. In the past, we have deregulated our electric, lowered our cell phone package, and cut out TV channels we don’t watch. We have made choices about what subscriptions to keep and what not to renew, keeping only the most useful magazines and memberships.

January is a month we plan our extra spending. These are the expenses that aren’t in the usual monthly budget, but are essential to our standard of living. If you want to plan your extra spending, here are some examples and tips:

What do you want to do this year for fun? We usually already have a vacation or two in mind.
What big events are taking place for your family or circle of friends? You usually know a year in advance if someone is planning a family reunion or getting married. Be sure to factor in travel costs.
What home projects do you need or want? With this past year’s weather, you may be thinking it’s time for that major improvement to your home.

If you need to spend money to have it, then it’s worth planning ahead. It’s so much easier and less stressful to have the money saved than to try to figure out where can to get the money at the last minute.