The “Make Work Pay Credit”…what it means for you
We have all heard the word “stimulus” and a lot of us get a little happy feeling inside knowing that you are going to be getting back some of your hard earned money. This term is getting thrown around a lot, especially when it comes to our new President, Barack Obama. This week (January 12th) the House Democrats have been working on an 825 billion dollar bill called the “American Recovery and Reinvestment Bill” that will have a mixture of spending and tax relief for U.S. citizens. Since taxes is what we do here, we are going to focus on the most important piece...
read moreFed to Cut Interest Rates Again
For the 10th time since September 2007, the Federal Reserve is set to decrease their interest rates. I can’t believe they are actually going to do it again. Currently at 1%, as early as next week we could be seeing .5% or even .25% interest on the funds our government is borrowing. That is good news for the auto makers who are begging for their “bailout” desperately trying to save their industry. Another benefit to our economy is when interest drops it leads banks to drop their prime rates, which influences the rates on your credit cards, home equity lines of credit...
read moreHow Much Do I Have to Make Before I Must File?
So, you found yourself a little part time job to fill in the hours of the day. But how much do you have to make before the government is knocking at your door with their hand out for their cut? Here are some helpful numbers! (numbers are so considerately helpful…and from 2007!) Starting with you under 65ers: If you are single and make less than $8,750 (gross that is)–YOU DON’T HAVE TO FILE! YAY YOU! If you can consider yourself head of house and make less than $11,250–YOU DON’T HAVE TO FILE EITHER! Married and filing jointly? $17,500 is your number as long as...
read moreTips for First Time Tax Filers
So you are on your own. First apartment, new car, just started the new job. And guess what! You have to do your own taxes for the first time ever. Now you could do what I did at first, beg mommy to continue to take care of your forms for extra visits and kisses, or you can step up to your new-found adult title and take care of it. But how do you go about it? What can you deduct? More helpful tips from TK! Scary, scary. You want to get the most out of your tax refund. That’s an extra night out waiting for you in those forms! But don’t get too hasty. The first mistake a lot of us...
read moreNew President…New Tax Plan? What Obama can do for you
We all cheered and clapped in Grant Park when Barack Obama was elected our 44th President of the United States. Staring at the Jumbotron, we knew a new America was coming. Even now, as the President-Elect, Obama’s team is talking tax reform. They want to boost the middle and lower classes, which could mean more money in your pocket. Especially in this time with our economy in a rocky state, Obama wants to light a fire under congress to distribute another round of stimulus checks to those who need it most. Yes, it’s true that he wants to get the funding for this from the wealthier...
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