How are you cutting back in our Economy? October 28, 2008

Which way are you going

So, its a few days before the election. Our economy has tanked. Paychecks have tanked. Pensions have tanked. Confidence has tanked.

In our society where the paychecks are no longer guaranteed and pink slips are the new “in” thing, How are you making changes in your spending? We want to hear from you below. What tips are you using in your family to conserve your income?

Tell us what you are doing with your Rebate checks? May 10, 2008

Is it truly spending cash or are you paying down debt? You hear so much talk about what you should do with your money and what not to.  The government wants you to use it to stir the economy. Common sense says pay some credit cards down. Others say it’s for a vacation.

So we want to hear from you. Comment and tell us what you are doing with your money now that checks are arriving. 

 

How much of a tax rebate check am I getting from the economic stimulus package? March 5, 2008

Everybody asks about this tax rebate check thats coming soon because of the signed economic stimulus package. While on paper it looks good, there are some facts you need to know. Sadly, you may think you are getting it and you are not. So, let’s get the facts.

1. The good news. $600 for single persons. $1200 for married couple filing jointly. $300 a child.

2. The bad news. Single people it begins to phases out if your adjusted gross income is $75,000. Marrieds it is $150,000.

To illustrate – You lose 5% of the dollar amount above the applicable cap, such as $50 for each $1,000 over the threshold. For example, a married couple filing jointly with no kids and income for 2007 of $174,000 wouldn’t qualify for a Treasury payment this year. Neither would a single person (with no kids) and income for 2007 of $87,000.

3. For the majority of Americans, all you have to do is file your 2007 taxes.

4. The first payments will be issued in May according to the acting IRS commissioner

5. If you are a low income taxpayer please file your taxes even if you don’t have to or if you aren’t getting a refund. Thats because the IRS says “low-income workers or those who receive Social Security benefits or veterans’ disability compensation, pension or survivors’ benefits received from the Department of Veterans Affairs in 2007.” These guys will earn $300 (600 if married) if they had 3000.00 in income.

6. The perinnial extension filers read the next sentence. You will not get your refund until you file your taxes.

7. This refund will not be taxed as income.

More to come…