Tax tips
February 25, 2009
We’re once again in the midst of tax season. Here is some information for people who are filing their own taxes as well as what do with a refund or what to do if you owe Uncle Sam:
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· There are some common mistakes people make when filing their taxes. Make sure:
1) To enter your Social Security number correctly.
2) That your deduction totals are correct.
3) That your withholding and estimated tax payments are on the correct lines.
4) To sign and date your return.
· Those who find themselves with a particularly large refund or shortage may want to adjust the number of allowances claimed for federal income tax withholding.
· Remember that some employers do not deduct local wage taxes. If an employer does not deduct this tax, the employee is responsible for paying this tax to the municipality where he or she lives. Generally this tax is 1 percent, but it may be less in some municipalities.
· People who receive a refund will have to decide what to do with that refund. Advantage CCS recommends using a refund to pay down debts or put the money into savings. Whether the money should be used to pay down debts or go towards savings really depends on each individual’s circumstance. Those who would like advice about how to handle their refund can contact Advantage at (888) 511-2227, and a certified credit counselor will help them go over their budget and determine the most prudent way to use their refund.
Holiday shopping tips
December 3, 2008
I love a good deal as much as the next person. As a matter of fact, I pride myself on being able to find some of the best shopping deals out there. That being said, I don’t go near the stores on the day after Thanksgiving. As a matter of fact, I try to avoid the stores as much as possible during the holidays.
First of all, I get very claustrophobic in crowds. I get easily agitated when I’m trying to shop in a crowded store. Studies have shown that people spend more money when they are shopping in crowded stores and/or are in a hurry.
Tip: During the holidays try to shop during a week day when stores are less likely to be crowded. If you’re stressed you could make impulse purchases that cost you more than any savings on good sales.
Second of all, yes there are some great Black Friday deals, but most retailers offer good sales throughout the holiday season. My sanity is worth more than any amount of money I could potentially save.
Tip: Do lots of price comparisons before you head out to the stores, including price-checking reputable online retailers. Know exactly where you want to go and for what before you head out the door.
I think organization is key in terms of who you and buying gifts for and how much you plan to spend. I have always spent more money during holiday seasons where I didn’t make a plan and set a budget.
Tip: Make a list of every person you intend to buy a gift for and how much you plan to spend on each person. Before you hit the stores write down a few gift ideas for each person, so you have some direction once you get into the store.
Finally, it’s always easier to spend more if you’re using plastic versus cash.
Tip: Once you know how much you plan to spend put that amount of cash into an envelope and use that to do your shopping. Make sure to keep your cash in a secure location and never leave your purse or wallet unattended!
Stay warm and keep heating bills reasonable
December 1, 2008
Now that the cold weather is here, many of us are looking for ways to save money when it comes to our heating bills.
Here are some tips to help you keep your home warmer for less:
· If a playing card fits in the crack of an outside door or window, you need to caulk or weather strip around the door or window to stop air leaks. The same goes for exhaust fans and any other place where wires or pipes pass through walls.
· Use draft guards at the bottom of outside doors, and close radiators in rooms you don’t use.
· Lower your thermostat at night or when no one is home.
· Turn off your water heater or set it to “pilot” when you’ll be away from home for a vacation or other long period of time.
· Make your own storm windows by stretching thick plastic sheets as tightly as you can over the window.
· Remove window air conditioners or cover them tightly on the inside with thick plastic or special air conditioner covers.
· Keep your fireplace damper closed when there’s no fire. But, make sure to reopen the damper before you light a fire!
· Keep your radiators and vents clear of furniture or curtains.
· Set your water heater thermostat to 120 degrees Fahrenheit or below.
· Run your garbage disposal with cold water.
· Cook several dishes in the oven at one time, and prepare double recipes that you can freeze for future use and reheat in the microwave.
· Wash full loads of clothing only. Use warm or cold water for washing, and always use cold water to rinse clothing.
· Clean your lint screen after drying each load of clothes.
Space heaters can also be a good way to lower your gas bills. If you’re going to be using one room, you can lower your thermostat and use the space heater to warm the room you are using.
However, it is very important to use extreme caution with space heaters. Make sure the space heater isn’t placed too close to curtains, furniture or anything else that can catch fire. Also make sure to keep pets and small children away from space heaters.
Make sure any space heaters that are fueled by natural gas are properly ventilated.
There are a variety of space heaters out there. Here’s an article from The Dollar Stretcher that can help you select a space heater that will work best for you.
Remember, if you are having difficulty paying your gas bills, you may qualify for help from LIHEAP (the Low-Income Home Energy Assistance Program). You can apply for LIHEAP assistance online at www.compass.state.pa.us or by calling (866) 857-7095 or for the hearing impaired (800) 451-5886. You can also visit your local county assistance office for an application.
Plan ahead for holiday shopping
November 7, 2008
It’s hard to believe that Thanksgiving is less than three weeks away! And we all know what Thanksgiving ushers in, the official start of the holiday shopping season.
Many people will rush to the stores in the early morning hours on the day after Thanksgiving, commonly known as Black Friday, to try to get good bargains on holiday gifts.
Before you set your alarm for 4 a.m. and prepare to deal with a crush of holiday shoppers, take some time to make a plan for yourself so that you don’t go overboard and end up with a post-holiday debt hangover.
The first thing I would recommend is to avoid shopping on Black Friday. People tend to spend more money when they feel stressed in a store, and if Black Friday shopping isn’t stress, I don’t know what its.
Take into account the following tips:
- Create a budget that includes all costs you will incur such as gifts, wrapping paper, stamps, baking ingredients, and entertaining.
- Make a list of everything you need, and set aside time to shop on a weekday when the stores are less likely to be crowded. You are more likely to overspend when the stores are crowded.
- Avoid last-minute shopping. You are also more likely to overspend when you feel rushed.
- Pay for as much as you can with cash. Put a designated amount of cash in an envelope when shopping, so you know exactly how much money is leaving your hands.
- If you use a credit card, rubber band a piece of paper to your credit card, and immediately write down the date, amount and merchant for each purchase.
- Use low-rate credit cards, and avoid using high-rate department store cards.
Reduce your utility bills
July 31, 2008
In previous posts I’ve talked about cutting back on your bills, including utility bills.
Here are some ways to trim your electric and water bills.
· Install an automatic thermostat. Set it to the desired temperature when people are at home and adjust the temperature to a higher or lower setting, depending on the season, when your house is empty or at night.
· Lower the temperature on your hot water heater to at least 120 degrees. You can also turn your hot water heater off if you’re going to be away for an extended period of time.
· Use cold water to run your garbage disposal and for washing clothes whenever possible.
· If you need a new washing machine, consider one of the newer front-loader models. They use far less water than traditional washing machines. They are also gentler on fabric, so your clothes stay nice longer.
· Line dry your clothes.
· Make sure to clean the lint filter of your dryer after each use. A clogged filter will result in longer drying times.
· During the summer months, keep your house cooler by shutting blinds or drawing the curtains in the morning and afternoon when the sunlight streams into your house. Keeping those rays out will also help to keep your house from heating up.
· During the winter months, use draft guards around the bottoms of doors that may leak cold air.
· When it’s hot outside, prepare cold meals or use your grill. Heating up the oven will only make things hotter inside.
· If you are using an oven, bake double batches. Freeze the extra, so you can reheat it in the microwave at a later date.
· Turn off the tap while you are brushing your teeth or washing dishes by hand.
· Keep unconsumed drinking water left in cups for watering plants.
· Take showers instead of baths.
· Install low-flow shower heads.
What are some of your tips to conserve water and electricity?
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