Now that the tax year 2009 is over and the new year is here, many Americans are starting to make plans for tax preparation and filing of IRS form. Soon the April 15th deadline will be here and many people – despite their best efforts to get organized in time – will be faced with a deadline they cannot meet. But if you find yourself in that situation, don’t panic. There is a legitimate system for dealing with delayed tax filing, and every year thousands of taxpayers take an automatic extension on filing their taxes – a step that is perfectly legal and okay with the IRS.
You cannot simply skip the deadline without notifying the IRS, however, and if you do that you can expect to pay stiff penalties. You migh
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In a move that will likely be replicated by its competitors, Citibank has begun charging annual fees on some credit card users. The new annual fee, according to a source who has received notice, is $60 and can be credited back if enough money is spent on the card over the course of a year.
This new development is likely a beta-test in which a range of customers will be slapped with a range of fees and terms. Once Citi is able to guage customer reaction, they may initiate these fees on a broader scale or drop the endeavor altogether. Unfortunately, figuring out Citi’s moves is never an easy task.
Charging an annual fee to customers who use their cards infrequently may be a larger trend this year-and one with consequences. Consumers who do not wish to pay annual fees will likely opt to close their accounts which can, in many circumstances, adversely affect their credit scores. Thus, just as the interest rate increases of 2009 took many excellent credit scores down a few notches, the imposition of annual fees may inflict even more damage, as the CARD Act leads banks to take actions that are essentially making America a subprime country.
Generally speaking, the main thing an average consumer needs to know about the value of the dollar is that when the dollar loses value compared to other currencies, American products are cheaper for foreigners to buy. When the dollar gets stronger, on the other hand, those foreign products or imports are cheaper for Americans to buy.
But you do not have to be a big international investment banker to participate in the currency markets. If you are planning a trip to Europe two years from now, for example, and you expect that the dollar is losing ground compared to the value of the Euro, you might want to convert some of your American dollars into Euro now. Stash those Euro notes and if your prediction is right then you might get more buying power while on your vacation two years later. Read more…
It’s been a full week and we are loving our new home. We are still waiting for the new furniture for our living room to arrive, along with some bar stools for the kitchen, but other than those items, we are all settled. (If you ever want to find out just how much stuff you have – move! Whew.)
Obviously, now that we have a house payment, our goals and plans for 2010 have changed. Instead of aggressively funding my retirement account, like I did for the past two years, we now plan to aggressively pay down our mortgage debt. That being said, we still plan to save for retirement, kids’ college funds, and other long-term goals. Here’s the breakdown -
Retirement Savings – 15% of household gross income
Education Savings – $2000 per child, for a total of $6000, per year
Cash Reserves - Increase from current 6 months worth of expenses to a full 12 months worth of expenses
Automobile Replacement Fund – $250 per month
Debt Reduction – Pay mortgage payments early and on time, with a goal of paying off 15 year mortgage in 7 years, or less
As first time home buyers, we will receive the first-time home buyer tax credit. This money, once received, will be immediately deposited into our ING Direct Orange Savings Account. We dipped into our cas
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Having taxed debts is a big headache for everyone, whether its a small amount of significantly big, it’s still tax debt. The good is that IRS allows a tax debt relief program to be availed. Although it doesnt come like rain but at least there is an option. Taxpayers is given options how to finally pay off his/her tax debts.
If you owe back taxes of about $10,000 or less, you can settle this yourself. This amount doesnt really need intervention from a tax expert. Resolving this problem may start with reevaluation of your tax return, some deduction might have been missed out. If so, amend your tax return, it could turn out that amount you owe is minimal or none at all.
Of course if an amount is minimal its expected you settle right away, and get rid of your back taxes fast. You Read more…