Say Goodbye to Bad Debt Blog

Reduce Your Income

noreply@blogger.com (Unknown) — Sun, 06 Oct 2013 01:56:00 +0000

Tax Tips

Reduce Your Income: Hire Your Kids

If you own your own business, by hiring your children you can save in the following ways:

Salaries paid to children under 18 are not subject to Social Security or unemployment taxes (in most states).
No Federal withholding taxes are required if the child is under age 21 and earns under $5,950 per year.
Even if the child must pay taxes, the child’s rate of tax is normally lower than your own rate.
You should not have to pay worker’s compensation for the child as you would on a non-family member.

Set it up correctly

To ensure your child’s income is not challenged here are some suggestions:

Provide a job that your child can reasonably handle. Ideas include; filling the company vending machine, copying, clean up, mailing, help with advertising, light packaging, light typing and customer service.
Pay your child at least minimum wage and a wage rate that is comparable to what you would pay someone else to do the work.
Make payments periodic (at least once per month).
Include a W-2 at year-end.
Keep the same payroll records as you do for other employees.

Other things to note

Hiring your children to work for you does not apply if your business is a C-Corporation.
This benefit works best if your business is unincorporated (sole-proprietor).
Do not have children conduct dangerous or heavy industrial work as this could come under review by the Department of Labor.
Treat your child like other employees. This includes time-cards and training.

Besides the tax benefits, hiring your children can gain them valuable experience and help them understand what you do every day.

These tax benefits are gone after 2013

noreply@blogger.com (Unknown) — Sun, 06 Oct 2013 01:29:00 +0000

Use Them or Lose Them

These tax benefits are gone after 2013


With the massive tax changes made at the beginning of 2013, it is hard to believe that many tax laws are still set to expire at the end of the year unless Congress acts. As the year winds down, now is a good time to review some of the key expiring tax provisions and take action if you wish to benefit from them.
	Direct charitable contributions from your retirement account. If you are age 70 1/2 or older you can make a direct contribution from your tax-deferred retirement account directly to a qualified charitable organization.
	Benefit: If handled correctly, this pre-tax donation does not have to be reported as income on your tax return.
	Federal tax credit for energy-saving home improvements. This credit for qualified energy-saving home improvements expires in 2013. Benefit: $500 credit (this is a lifetime credit, not annual) for energy saving purchases. The limit is $200 for windows and skylights.
	Optional itemized deduction of sales tax in lieu of state income taxes. In low or no income tax states, you may use a sales tax itemized deduction instead of a state income tax deduction. Benefit: If you made major purchases or live in a state with no/low income taxes your itemized deductions could be much higher.
	Itemized deduction of qualified mortgage insurance premiums. Through 2013 you can continue to deduct your qualified mortgage insurance premiums as an itemized deduction. Benefit: A meaningful increase in your itemized deductions.
	Qualified higher-education tuition and expense deduction. You can offset the tuition and expense of qualified education using the tuition and fees deduction through 2013. Benefit: Up to a $4,000 income deduction. Planning is required as this deduction may not be used in conjunction with many other educational tax benefits.
	Numerous small business tax incentives. Many small business tax credits and accelerated depreciation incentives are also scheduled to expire after 2013. These range from bonus depreciation to the expiration of the research and development credit.If your business anticipates using any credits this year, it is best to review your situation.

This sneaky fraud could be costing you

noreply@blogger.com (Unknown) — Sun, 06 Oct 2013 01:24:00 +0000

The New Cramming

This sneaky fraud could be costing you

The art of adding unapproved, deceptive or misleading services to your phone bill is commonly known as cramming. Historically these charges could be seen within your traditional telephone bill. With the shift from traditional land-lines to cell phones, a new form of cramming is making its presence felt. Here are some suggestions to help keep you from becoming a victim of this practice:

Check your bill. Check your cell-phone bill every month and identify all items on your bill. Call your provider to get an explanation for anything that appears unclear. Look for key words that may be masking the unapproved charges. Words like:

	Minimum charge
	Service fee
	Other fees
	Connection fees
	Or any non-phone related terms like internet or web

Question changes. Your phone bill should be predictable. If you see the bill increase from one month to the next, consider it a warning sign. While the change may not be fraudulent billing, the review could point to a need to change your phone agree mentor phone habits.

Know the culprits. Companies that are commonly adding a monthly charge to cell phones include; gaming companies, sports applications, online entertainment, security services, credit monitoring, wi-fi connection services, and financial services.

Guard your phone number distribution. To access your cell phone bill the thieves need your phone number. If you start receiving a number of unwanted calls, it can be a clue that your billing might be compromised in the future.

The problem of cramming has found a new home on cell phone bills in part because many users no longer see a paper statement and are set up for automatic bill payment. If either of these applies to you, it makes a monthly review of your billing statement that much more important.

If you think you have been a victim of cramming visit the Federal Communications Commission, www.fcc.gov, to learn more and to register a complaint.

Save on Business Checks - Always 50% Less Than Banks!

noreply@blogger.com (Unknown) — Tue, 01 Oct 2013 17:47:00 +0000

The New Premium Tax Credit Claim it now or take it later?

noreply@blogger.com (Unknown) — Tue, 01 Oct 2013 17:29:00 +0000

Category:
What's New

The New Premium Tax Credit

Claim it now or take it later?

Effective October 1^st, there is a new tax credit available; The Premium Tax Credit. If you are eligible for this credit you can decide to take it now based on your estimated income for 2014 or take it later when you file your tax return for 2014. Who does this impact and what should you do?

What is the Credit and who is eligible?

Topline: If you have health insurance available from your employer, this credit is not for you. If, on the other hand, you are self-employed, your employer recently provided you a notice they are moving health insurance coverage to the “exchange or marketplace”, or you currently do not have health insurance then this information is important to understand.

Beginning in October, 2013 there is a new Health Insurance Marketplace established as part of Obamacare. Open enrollment in these health insurance plans runs from October 1, 2013 through March 31, 2014. If you are eligible and enroll in one of these plans through the Insurance Marketplace you may be eligible to have your premium reduced by the new Premium Tax Credit.
To be eligible for the Premium Tax Credit you must;

buy your health insurance through the new Health Insurance Marketplace (state exchanges)
be ineligible for health insurance coverage through an employer or through other government programs
not be claimed as a dependent on someone else’s tax return
if married, file a joint tax return
meet certain income requirements

Take it now or claim it later?

One of the tricky decisions you’ll make if enrolling for health insurance through the Marketplace is deciding to take the Premium Tax Credit to reduce your monthly health insurance premium payments or wait and receive the tax credit when you file your 2014 tax return. Here are some tips:

Predictable income? If your can accurately predict your 2014 income and number of dependents consider applying an estimated credit now to reduce your monthly health insurance cost.
Predictable family situation? If you know the number of dependents you will have in 2014 and your status (married, single, etc.) in addition to your income consider applying the credit during the year. If your family situation changes during the year you can always update your profile in the plan.
Understand the downside. If you misrepresent your income and it impacts your eligibility for the Premium Tax Credit you will have to repay the credit on your tax return. This could become a real financial hardship.
Middle ground? Consider estimating your income, but make it slightly higher than you anticipate. This way your monthly health insurance premium will be a bit higher, but you may also receive a larger refund at the end of the year.

Remember, beginning in 2014 if you do not have health insurance you may be subject to new penalties payable when you file your tax return.

The New Premium Tax Credit

Book your vacation now and save up to 70%!

noreply@blogger.com (Unknown) — Mon, 30 Sep 2013 02:45:00 +0000

Daily Deals

noreply@blogger.com (Unknown) — Mon, 30 Sep 2013 02:32:00 +0000

Great savings on discounts!

noreply@blogger.com (Unknown) — Thu, 26 Sep 2013 14:47:00 +0000

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Understanding Tax Terms: Fair Market Value

noreply@blogger.com (Unknown) — Tue, 17 Sep 2013 01:41:00 +0000

In the thousands of pages of U.S. Tax Code, there is a collection of terms used by the IRS that is unique to federal income taxes. One of the more important to understand is the phrase: Fair Market Value or FMV.

"Fair market value (FMV) is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts."

Source: IRS Publication 561

This is the standard the IRS uses to determine if an item sold or donated by you is valued correctly for income tax purposes.

When is it Used?

FMV is used whenever an item that is bought, sold, exchanged, or donated has tax consequences. The most common examples are:

	Buying or selling your home or other real estate
	Buying or selling personal property
	Buying or selling business property
	Establishing values of other business assets like inventory
	Valuing donations of personal goods and property like automobiles
	Valuing bartered services
	Valuing transfer of business ownership
	Valuing the assets in an estate of a deceased taxpayer

Sound simple? As you can imagine FMV can be open to wide interpretation and disagreements with the IRS that have led to some very high-profile tax cases. For instance, the IRS believes the FMV of the estate of pop icon Michael Jackson is over $900 million while the representatives of the estate think its FMV is $7 million. This difference could lead to additional taxes and penalties of over $700 million!

What you need to know

While you don''t probably own anything close to the value of Michael Jackson''s estate, properly documenting FMV can help you defend against any potential IRS challenges. Here are some suggestions to help you defend your FMV determinations.

	Properly document donations. Charitable donations of non-cash items are a big area that FMV is challenged by the IRS. Ensure your donated items are in good or better condition. Properly document the items donated and keep copies of published valuations from charities like the Salvation Army. Don''t forget to ask for a receipt (confirmation) of your donations.
	Donate capital items like automobiles to the correct places. You may use the FMV of a donated automobile but only if the charity you donate the item to will use it themselves, or will provide it to someone who will use it. Websites like Kelley Blue Book (kbb.com) can help establish the value of your vehicle when you donate it. Otherwise, the FMV of the donated vehicle will be limited to the amount the charity receives when they re-sell it.
	Get an appraisal. If you sell a small business, collection, art, or capital asset make sure you have an independent appraisal of the property prior to selling it. While still open to interpretation by the IRS, this appraisal can be a solid basis for defending any differences between your valuation and the IRS.
	Keep copies of similar item transactions. This is especially important if you barter goods and services. If you have a copy of an advertisement for a similar item to the one you bartered or sold, it can readily support your FMV claim.
	Take photos. The condition of an item is often a key determinate in establishing FMV. It is fair to assume an item has wear and tear when you sell or donate it. Visual documentation can be used to support your claimed amount.
	Keep good records. Keep copies of invoices for major purchases. Retain bills for any improvements. Make sure your sale of property includes a dated bill of sale that clearly states transfer of ownership and amount paid for the item.

With proper planning, establishing the fair market value of an item sold or donated can be done in a reasonably defendable way.

Hospitality Exchanges

noreply@blogger.com (Unknown) — Tue, 03 Sep 2013 20:38:00 +0000

Catching the FREE Travel Wave 401K fee disclosures delayed So you want to see the world but do not have a lot of money? What can you do? One option, that has been used by millions over the past decade, often allows you to stay FREE in virtually any city of your choice. You simply join a hospitality exchange community. What is a Hospitality Exchange? Per Wikipedia, a hospitality exchange or home stay network is "an organization that connects travelers with local residents in the cities they're visiting." In the purest form there is no money exchanged. You simply sign up as a member to a service, create your profile and then either become a host or a guest to others in the network. The more information you provide, the more likely you will be trusted and accepted by others in the network. As a host you might simply provide a place to sleep or you might provide a local experience to a fellow traveler new to your country or city. These networks can get very detailed and involved. As a community they often organize events, provide feedback/rankings on places to go, and provide ratings of fellow members. There are a number of hospitality exchanges that have popped up over the past decade with the largest being CouchSurfing.com with over 4 million members. Here is a list of some of them: Est. Members Organization 4,500,000 CouchSurfing Project 647,000 Hospitality Club 89,525 GlobalFreeLoaders 50,000 Tripping 20,000 BeWelcome 19,172 Servas 10,824 WarmShowers 4,000 Evergreen Bed and Breakfast Club 4,000 Affordable Travel Club 1,350 Pasporta Servo 700 Hospitality Exchange ? Casa Casa ? Belodged Source: Wikipedia.com Why use a Hospitality Exchange? Circle It saves money. If you are traveling extensively you can save a lot of money on hotel rooms by crashing on a spare bed or couch. Circle You get out of the tourist bubble. Instead of hopping from one tourist stop to another, staying with a local can give you a more realistic experience of a city when seen through the eyes of a local resident. Circle You gain connections throughout the world. The social network allows you to connect with people that sound interesting to you. Many of the members in these exchange communities form long-lasting friendships. Circle It makes the world smaller. Perhaps CouchSurfing says it best: "At CouchSurfing, we envision a world where everyone can explore and create meaningful connections with the people and places they encounter. Building meaningful connections across cultures enables us to respond to diversity with curiosity, appreciation and respect. The appreciation of diversity spreads tolerance and creates a global community." Are There Problems? Hospitality exchanges are not for everyone. Circle Safety. You are staying with someone you have never met. While the exchanges try to weed out bad members from their communities, there is always the chance you have a bad encounter. Circle Hippie Factor. In the early phases of this renewed social phenomena, those who used this network tended to be younger travelers. In addition, this travel concept tends to attract more "free spirit" types than the traditional travel crowd. This however, is changing as social networking attracts a broader segment of the population. Circle Hidden Agendas. Sometimes the exchange is more interested in collecting and building their network than in serving as a means of connecting travelers with hosts. Circle Privacy Issues. Your privacy is often the currency of these services. Some services do not allow you to delete your information, images, or emails from their service...ever. If privacy is important to you, read the fine print before you join. Circle It's only for Young People. The average age of people using hospitality exchanges tends to be between 18 - 29 years old. But this is changing as the service matures and additional services are added to the exchange. While hospitality exchanges may not destroy the hotel industry, it certainly appears to be growing in popularity and it could impact how each of us experiences travel in the future.

Taxes are up. What Can You Do?

noreply@blogger.com (Unknown) — Tue, 03 Sep 2013 20:29:00 +0000

Tax rates are up. Itemized deductions and personal exemptions are being phased out. Long-term capital gains and ordinary dividends maximum tax rates are up 5%. What action can you take to reduce the potential tax bite? Here are five ideas. 1 Take full advantage of capital gains tax law. Remember losses on investments can be used to offset any investment gains. The best-case scenario for tax savings is to offset losses with short-term capital gains that could be taxed as high as 39.6%. In addition, you may take up to $3,000 in excess losses against your ordinary income. A dozen tax planning triggers 1 Maximize Tax-deferred Retirement Savings. Numerous retirement plans allow you to defer paying income taxes until funds are withdrawn. Primary examples are 401(k)s, Individual Retirement Accounts (IRAs), and 403(b)s. The pre-tax money you contribute reduces your taxable income this year. Funds are not taxed until you withdraw the contributions, usually during your lower income retirement years. 1 Consider Utilizing Home Equity. Interest on most debt, except home mortgage interest, is no longer tax deductible. But since interest secured by your primary home is deductible, you can often leverage the equity in your home via a home equity loan and deduct the interest expense. This can effectively move non-deductible interest to deductible interest. Some caution should be taken here as non-payment could put your house in jeopardy. Limits apply. 3 Shift income and expense. Remember for most of us, taxes use the cash versus accrual method of reporting. That means your income and deductible expense is based upon when you receive the funds or when you pay them. So pre-paying an obligation due the following month can move that expense into the current tax year. Delaying receipt of a bonus from December to January will lower your income in the current year. 4 Take advantage of tax credits. The bad news? There are thousands of pages in our current tax code. The good news? Included in those thousands of pages are numerous tax credits that can reduce your tax obligation. From Child Credits to Foreign Tax Credits, the options are vast. Understanding them all is almost impossible, but a quick planning session could help identify some tax savings opportunities for you.

Boomerang Kids: Problem or Opportunity

noreply@blogger.com (Unknown) — Sat, 03 Aug 2013 03:55:00 +0000

Problem or opportunity?

Picture yourself returning home from your last graduation party and settling in for a quiet evening with your spouse to begin the "empty nest" phase of your life. The kids are now gone. Or are they? A recent phenomena is hitting America as an unprecedented number of grown kids are returning to the nest. This trend is becoming so well known it has fostered the phrase the "boomerang generation".

What Happened?

With the advent of high unemployment and record levels of college and graduate school debt, adult kids are struggling to make it on their own. There are also discussions about a shift in parents' willingness to help out financially and emotionally more so than in prior generations. In the 1940s 18 year olds were fighting wars in Europe or the Pacific. In the 1960s and 1970s kids were being drafted and many were protesting. Today's world is different, but is it bordering on over-indulging our children.

So what to do if you find yourself in a boomerang situation?

Whether you are a parent or a "boomerang" child, here are suggestions that may turn an uncomfortable situation into a rewarding experience.

	Understand the reason. Understanding why the request to move back home will help you set expectations for each other. Having trouble finding a job is one thing, breaking up with a boyfriend or girlfriend brings quite another. What are your child's motives for moving back? Saving money for a new home? Are they going through a recent divorce? Trying to pay off debt? Getting ready for graduate school? Or perhaps it is simply for emotional stability.
	Understand the potential problems and discuss them. Having a serious discussion before moving back in is important. As a child, you need to make sure being a boomerang hild does not foster a lack of motivation or having you become more passive in a job search. As a parent, you need to be concerned you are not stifling your child's development as a person or as a professional in their desired career.
	Set expectations. Some discussion topics could include: Establishing a timeframe Sharing of household duties Understanding house rules. (curfew, guest policy, groceries etc.) Setting up an agreement; consider putting it in writing Discussing if rent should be charged. How much?
	Define space. The tolerance to accept a messy house when the kids were small is one thing. It's quite different having to pick up after a grown child. Clearly defining each other's space in the house and setting expectations on keeping things like bathrooms clean can help tremendously.
	Be careful with debt. Make sure you do not enable financial behavior that is acceptable as a small child, but enables an adult child to become more passive about developing financial skills necessary to live independently as an adult. Do not sacrifice your own financial future by paying your child's debt. Funding your retirement is usually more important than bailing a child out of their financial predicament. What will they do when you need money in old age because you spent it on them to reduce their debt?

Turn lemons into lemonade.

While there are many inherent problems with the concept of the boomerang generation, there are wonderful opportunities as well. A few examples include:

Reconnecting with each other when both the child and parents are adults.
With a roof over their head, the boomerang adult can use the opportunity to explore and develop marketability as an employee by taking an unpaid internship or volunteering to help others.
Help your child save money for their future goals.
Adults can get help maintaining their home as they age.

Remember many cultures value the benefits of multi-generational living. The wisdom of experience is passed from one generation to the next and the healthy bond established between generations helps those of all ages. If managed properly the boomerang experience could bring its own rewards.

Say Goodbye to Bad Debt

noreply@blogger.com (Unknown) — Tue, 23 Jul 2013 05:28:00 +0000

Say Goodbye to Bad Debt Blog: Back to School: by sharing your story with us! Frequently, people learn from the life experiences of friends, peers, even strangers!

Back to School Tax Saving Opportunity

noreply@blogger.com (Unknown) — Tue, 23 Jul 2013 04:41:00 +0000

Back to School

Tax Saving Opportunity?

September is "back to school" month and for many families, a time of increased spending. Here are some tax ideas to keep in mind as you and your family prepare for another school year:

Many schools ask for donations of school supplies--even cleaning supplies and tissues. Instead of simply sending in the supplies with your child, bring the supplies to the principal and formally "donate" them to the school. Ask the principal to sign a receipt or letter formally accepting the donation.

Donate unwanted school supplies from last year--including backpacks, crayons, and notebooks. You can donate these supplies to your child's school or to a local service organization like the Lions, Rotary, or Kiwanis Club, which often sponsor supply drives. Again, be sure to get a receipt for your donation.

As a reminder for teachers, hang on to your receipts for items you purchase for your classroom. While the $250 tax credit for teachers from 2009 has not yet been renewed, there is still a good chance that it may be renewed and that you will be able to use the receipts for a deduction come tax time!

Time for seasonal clothing donations! While stocking up on new school clothing, go through your child's wardrobe and donate any unwanted or ill-fitting items. Be sure to get a receipt from the charity to which you donate.

Ideas to help make the right decisions

noreply@blogger.com (Unknown) — Tue, 23 Jul 2013 04:41:00 +0000

Which Cell Phone Plan is Best?

Ideas to help make the right decisions

With so many new, cool phones coming out all the time it's easy to get sucked into buying a plan that's not a good fit for you and ends up being a waste of money. How can you become a better cell phone service shopper? Before buying a phone, think realistically about your cell phone habits.

First, review the number of phone minutes you use. Plan to buy at least 10% more minutes than you currently use because going over by even a few minutes can be quite expensive.

Next, look at your phone calls. Do you only make local calls, or do you also make national calls? If you forgo a national plan, you could save up to 25% on your monthly bill. If you travel frequently, make sure you have a national plan so you avoid roaming charges.

Then, consider your data plan needs. Do you want internet access? Want to receive and send emails or text messages? There are many data plan options available, some being much more affordable than others if your level of use is minimal.

Finally, ask friends and family how they like their plans and phone service coverage. Some companies have terrible service in certain areas.

When you have a good idea of what you're looking for in your service plan, go to an online comparison site like www.myrateplan.com orwww.letstalk.com to assist you in finding the plan that best fits your needs.

Outdoor Home Improvement Ideas

noreply@blogger.com (Unknown) — Tue, 23 Jul 2013 04:37:00 +0000

5 ideas that add value from the "outside in"

Outdoor repairs and projects can add significant value to your home. In fact, improving curb appeal is one of the best ways to maximize your home's value. Outdoor projects generally take time rather than expertise, making them ideal do-it-yourself and cost-saving projects. Here are five projects that can improve your home's curb appeal:
	Power washing: keep your home looking its best by cleaning the outside of your home. You can rent a washer from your local hardware store for less than $200.
	Touch-up Paint: touching up peeling paint not only makes your home look better, but it also prevents UV light and moisture from reaching the wood underneath which can lead to further peeling.
	Mulch: mulching around trees and flowerbeds makes them "pop" and adds visual appeal to your yard. It also helps keep flowers and trees healthier by trapping moisture and nutrients in the soil.
	Seal decks and fences: Outdoor woodwork needs protection from the elements to prevent bleaching and wear. Maintaining your woodwork saves you the expense of having to replace it down the road and keeps your home looking fresh.
	Gardening and pruning: Pruned trees, bushes, and flowerbeds add curb appeal, as well as beauty to your home. Planting trees may even cut down on your future air-conditioning and electricity bills!

Job Ideas for 'Retirees'

noreply@blogger.com (Unknown) — Tue, 23 Jul 2013 04:31:00 +0000

Great Vacations for Less Money

noreply@blogger.com (Unknown) — Wed, 03 Jul 2013 05:41:00 +0000

Vacation ideas that are kind to your wallet

Summer is a great time to travel, especially for families with kids on summer vacation. More families are planning to take trips this year than last year, but most families are still looking for ways to travel on a budget. Here are some tips on how to plan a fun, memorable, and wallet-friendly getaway for the whole family:

	Travel off-season. It's always off-season somewhere! Consider going to a non-traditional summer area, like a mountain ski resort, Arizona golf resort, the Caribbean, or even some areas in Florida. Traveling during the off-season can save you up to 50% on lodging, and airline tickets are often cheaper as well.
	Stay for less. When looking for hotels, consider hotels that cater to business travelers that usually charge less on weekends. If you are planning a beach trip, being willing to stay a few blocks off the beach can save you 20% or more. As alternatives to hotels, consider house swapping or renting a condo. Checkwww.homeexchage.com, www.vacationhomerentals.com, and www.vrbo.com for property listings.
	Use your membership cards and points. If you are a member of AAA, Costco, Sam's Club, AARP, or credit card points programs you have access to discounts on travel services and packages. Remember to use frequent flier miles and hotel rewards points before they expire.
	Look for meal deals. Consider packing picnic lunches. Taking the kids to a park for lunch lets kids work off their energy and saves significant money over restaurants. If you prefer to eat out when you travel, look for restaurants near college campuses which typically cater to students living on a budget. Or, for travel in the U.S., consider buying an Entertainment Book (www.entertainment.com) for coupons on dining and local attractions, or going to www.restaurant.com for discounted meal coupons.

http://www.capbtbusinessservices.com

Before you say 'I do...'

noreply@blogger.com (Unknown) — Wed, 03 Jul 2013 05:37:00 +0000

The financial conversations you should have with your fiancé

Before heading down the aisle, couples should openly discuss their finances to avoid unnecessary conflict a financial surprise may cause. Here are five money questions to stimulate an open discussion before you say "I do":
	What is your net worth? Net worth is the value of what you own minus what you owe others. How much do you have in assets? How much debt do you owe? Are you behind on any payments? Does anyone owe you money? It is important that both of you are clear on what your combined finances will look like after marriage. No one likes finding out on their honeymoon that their next twenty years together is going to be plagued with paying off pre-marital debt or even worse, paying back-taxes to the state or federal government.
	What is your credit rating? While it may not be a very romantic question, it is important to exchange credit ratings. Credit ratings are a snapshot of a person's past history with money and will also very likely guide your financial future together. Does your partner have a history of racking up credit card debt? Is there a history of late or skipped payments in your future spouse's financial history? If so, what steps are they taking to improve their score? Will you be able to buy a home with your credit scores?
	What are your financial goals? Discuss both short and long-term financial goals. These will change and evolve over the years, but begin by discussing major goals so you know that you are on the right track together. When do you want to buy a home? If you both own a home, will you sell both and buy a new home together, or will you move into one partner's home? Do you need to work on paying down debt? How affluent do you want to be? When do you want to retire?
	How will you control money once you are married? You may both be accustomed to controlling your own finances. How will you combine finances once you get married? Will you keep separate accounts? Who will be responsible for paying the bills on time? How will you make big financial decisions? If one person spends more, is the other partner okay with that or do they expect the other person to cut back? You should plan on having monthly money discussions to make sure you are sharing common goals on how much you are spending and saving.
	What is your history with money? Most money behaviors are learned, so it's important to discuss your history with money. How did each of your families deal with money while growing up? How did that influence your relationship with money? How might that affect your current relationship? What are your first memories of money? Remember, money is not just about numbers--it is also about emotion.

Be respectful and take the time to understand your partner's perspective and you will be more likely to avoid money arguments in the future. Transitioning into a married life together will have its own surprises, but with proper communication, financial surprises do not have to be one of them.
http://www.capbtbusinessservices.com

Facing Debt Collectors

noreply@blogger.com (Unknown) — Tue, 02 Jul 2013 23:06:00 +0000

Facing Debt Collectors

What are Your Rights?

Many Americans are behind on their bills due to high unforeseen medical bills extended unemployment, or mounting credit card debt. Being contacted by a debt collector can be an upsetting and stressful experience. It is important to know your rights to protect yourself from abusive, deceptive, and unfair debt collection practices.

The Fair Debt Collection Practices Act (FDCPA) protects consumers by outlawing some collection practices and regulating others.Here are some of your rights under the Act:

	The debt collector cannot discuss your debt with third parties. The debt collector may contact third parties only to find your address, home phone number, and where you work. They are not permitted to discuss your debt with these third parties. Also, debt collectors can generally only contact a third party once. A debt collector, may however, discuss your debt with you, your spouse, and your attorney.
	Debt collectors may not harass you or third parties. Collectors may not use threats of violence or harm, use the phone repeatedly to annoy someone, use obscene language, call during unusual hours like before 8 a.m. or after 9 p.m., or publish a list of names of people who refuse to pay their debts (but they can submit your name to credit reporting agencies).
	Debt collectors cannot lie to you when trying to collect a debt. For example, they cannot falsely claim: they are with a government agency that you have committed a crime an amount you owe in error
	The collector must apply any payment you make to the debt you select. If a collector is trying to collect for more than one debt from you and you make a payment, the collector must apply payment to the debt you select and cannot apply it to any other debts.
	Debt collectors are prohibited from saying the following: you will be arrested if you don't pay your debt they'll seize, garnish, attach, or sell your property or wages unless they are permitted by law to take the action and intend to do so legal action will be taken against you, if doing so would be illegal or if they don't intend to take the action
	You can make the collector stop contacting you. Collection agencies are required to substantiate the debt you owe within 5 days and outline what to do if you disagree. If you think you do not owe the funds the collection agency must stop collecting the debt if you make this claim in writing within 30 days (unless they have other proof). Regardless, if you tell the collection agency in writing to stop contacting you they must do so. The only allowable future contact is to confirm your request or to tell you what action they are taking.
	Report any problems with debt collectors to your state Attorney General's office (www.naag.org) and the Federal Trade Commission (www.ftc.gov).

This is only a brief summary of your rights under the FDCPA. Many states also have their own debt collection laws that differ from the federal FDCPA. The state Attorney General's office can help you determine your rights under state law.

http://www.capbtbusinessservices.com

Three Money Saving Websites

noreply@blogger.com (Unknown) — Tue, 02 Jul 2013 23:00:00 +0000

It All Adds Up!

Three Money Saving Websites

PlasticJungle.com: Don't let unused gift cards waste away at the bottom of your drawer or in your wallet. Buy, sell, and swap unused gift cards at PlasticJungle.com. Many cards are sold at a discount and the website verifies the balance on each card.

Mint.com: A free online money management tool from the makers of Quicken. Mint.com allows you to view all of your accounts in one place. Their service has easy budgeting tools that automatically categorize and graph your spending, income, and net worth.

Gutenberg.org: Save money by downloading free books from the Gutenberg Project. There are over 30,000 to choose from, including classics like The Iliad, Pride and Prejudice, and War and Peace

http://www.capbtbusinessservices.com/

Small Changes Can Lead to Large Savings

noreply@blogger.com (Unknown) — Tue, 02 Jul 2013 22:58:00 +0000

It All Adds Up!

Small Changes Can Lead to Large Savings

In this economy, most of us feel we should be saving more and spending less. But sometimes it's difficult to see how much we're really spending--particularly on smaller purchases or small bills that occur throughout the year. Below is a chart with tips on small reductions in spending that could really add up to big savings!

Tip		Estimated Annual Savings
	Brew and bring your own coffee daily rather than purchasing it	$500 or more
	Cancel Netflix and rent movies from your local library	$100-$200
	Quit smoking a pack/day	$1,800 or more
	Become a regular coupon user. Get help from sites like couponmom.com or coupons.com	Up to $2,000 or more for a family of 4
	Unplug (don't just turn off!) various home appliances like computers, TVs, and cell phone chargers.	$250 or more
	Cut your daily shower from 15 min. to 10 min.	$200
	Bring your lunch rather than buying out	$1,500 or more
	Drink tap water instead of bottled water	$300 or more
	Dine out less--take a family of 4 out to eat once a week instead of three times a week	$1,500 or more
	Skip your monthly manicure and do your own nails at home	$200 or more

http://www.capbtbusinessservices.com/

I Know I Need to Pay My Taxes, but How?

noreply@blogger.com (Unknown) — Tue, 02 Jul 2013 22:56:00 +0000

I Know I Need to Pay My Taxes, but How?

Owing money to the IRS is never fun, but figuring out how to make tax payments shouldn't be painful. There are now several ways to pay your federal income tax obligation:
Check or Money Order: Checks and money orders should be made out to the "United States Treasury" and must include your name, address, phone number, and social security number. Also make sure you note the tax year and tax form (i.e. 2009 Form 1040) on your check.

Debit or Credit Cards: Taxes can be paid over the phone or via the internet using debit or credit cards through e-pay providers. Since the IRS will not pay bank processing fees like other retailers, the financial service provider will charge you a fee for this service.

Debit Cards: The service provider will typically charge you a one-time fee of $3.89 to $3.95.
Credit Cards: You will need to pay the bank's interchange expense, typically a percent of the amount charged on your credit card. The fee ranges from 1.98% to 2.35% of the amount of tax owed. The e-pay company will bill your credit card for the transaction fee.

Electronic Funds Withdrawal: You may also be given the option to electronically transfer the funds from your checking or savings account. This online payment service requires you to submit your financial routing and account numbers. While there are no service charges by the IRS associated with this form of payment, often financial institutions charge their own fees.

Note: Taxpayers who cannot pay the full amount of what they owe within 120 days can enter into an Online Payment Agreement with the IRS to have monthly payments automatically deducted from their checking or savings account. If the IRS agrees to enter into an installment agreement with you, you will be charged additional fees and interest.

http://www.capbtbusinessservices.com/

July 4th Savings!

noreply@blogger.com (Unknown) — Mon, 01 Jul 2013 17:47:00 +0000

Celebrate July 4^th with Savings! Shop now! http://www.413internetmall.com

It's Your Money

noreply@blogger.com (Unknown) — Sun, 09 Jun 2013 20:21:00 +0000

As you plan your summer, please take a moment to review these recent items in the news.

It's Your Money

Wallstreet Journal: Personal Finance

Mortgage-Relief Program Is Extended

The Home Affordable Modification Program, due to expire at year-end, will be extended for two more years. Read more

Father's Day Deals Top June Bargains

This is the month we honor Dad, but the deals you will find in June can be for the entire family. Dairy products and dishware ... Read more

Don't Overpay for Self-Storage

Many people don't know how much storage space they actually need and whether they should spring for extras like climate control ...Read more

Tax Topics

Wallstreet Journal: Taxes

Deducting Losses Due to Disasters

You can only deduct losses from a storm or disaster to the extent they exceed 10% of your adjusted gross income, among other ... Read more

CNN Money - Taxes

Top 1% get big bang from tax breaks

The benefits of the 10 biggest tax breaks are enjoyed disproportionately by high-income households. The Congressional Budget ... Read more

Are you paying the iTunes tax?

That $1.29 iTunes song or $9.99 e-book may be more expensive than you think. Read more

Financial News

MSN Money - Financial

Secrets of frequent travelers

Find a low mortgage rate

Spend less in retirement