3 Ways to Get the Most From Your Income Tax Refund

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Over 100 million Americans received refunds in 2013. Undoubtedly, the effects of such windfalls wore off long ago. Were these bonuses used wisely? Here are three ways you can get the most from your income tax refund: 1. Prepare for an Unexpected Event This sounds like an oxymoron, being prepared for something unexpected, but this could be the smartest move for anyone – even someone in debt. Nothing could be smarter than to cash the check and put it into a savings account for emergencies. Let’s face it – something bad is going to happen someday and those things usually cost […] Read more »

Is This The Year I Pay Someone To Do My Taxes?

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I’ve paid a tax professional to do my taxes only once.  It was the first tax season after getting married, and I wanted to make sure they were done correctly.  I remember sitting across the desk from a woman at a branch of a big name tax preparation company answering questions.  After a better part of an hour, I noticed that she wasn’t just entering the information into a form on the computer, but the software was actually prompting her which questions to ask.  I shared my observation with Vonnie on our way home, stating that I could have done […] Read more »

Home Mortgage Interest Tax Deduction

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Everybody’s favorite season has arrived. It’s tax season and whether you dread it or not, if you live in The United States, own property or earn an income you are going to have to confront it. When you own property, the best way to reduce your taxable income is to take advantage of the home mortgage interest tax deduction. However many home owners are losing the advantage by not itemizing their taxes. There are a number of tax breaks for home owners and hopefully this post will clear up any confusion you may have with the home mortgage interest tax […] Read more »

Just say “No” to Refund Anticipation Loans

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Refund anticipation loans are loans given to you by the company that did your taxes in return for signing over your tax return. They give you a check, or prepaid debit card, and you sign over your refund to them. So you get cash right now, they get your refund later. I totally see why they are tempting. You are sitting there getting your taxes done. Mr. Tax Guy says you will be getting a $3,000 return. Yay! He then asks for his fee of $150. Boo! Read more »

Top 10 Dumbest AND Smartest Things You Can Do With Your Tax Refund

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Photo Credit: JD Hancock Top 10 Dumbest Things You Can Do With Your Tax Refund Pay for a refund anticipation loan – Pay hundreds of dollars to get your refund faster? Hmmm. You may as well pay the Government to cash out your retirement fund while you’re at it? Buy lottery tickets – Instead just give it to me. I’ll give you 30% back, while making you believe there is a chance you could win big. Waste it on a new car – New cars lose value as soon as you drive them off the lot…duh! NOT use it to […] Read more »

Refund Anticipation Loans Are For Dummies

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Have you ever paid the outrageous cost associated with getting a Refund Anticipation Loan? Guess what? I have been that dummy! (Get ready! I’m feeling…ummm…in-your-face today.) I’ve been a dummy more times than I’d like to admit, and while we’re all being honest — so have you. I guess the question is this. Are you going to do something dumb *this year* when filing your taxes? If you have done the refund anticipation loans before and do not see a problem with them, let me ask you this? Do you realize that you are giving money away for nothing? I […] Read more »

Use Your Tax Return To Pay Off Debt and Still Get an iPad!!

Only two more days until Tax day. Have you filed yet? I sure hope so. If you haven’t then that means you’re either really patient, really lazy (I’ve been both), or you probably OWED Uncle Sam some loot. If you’ve waited this long then I hope you do not intend on trying to get the rapid refund. You’ve waited this long, don’t pay to get it quickly now, or EVER in my opinion. Patience will save you some money, and saving money is ALWAYS cool. We used to wait until the very last minute, well that’s before we started our […] Read more »

Tax Refund: Will You Save It, Pay Off Debt, Invest It, Or Waste It?

As we enter tax season, there are some relevant questions we should ask ourselves about our intentions concerning how we use our tax refund. If any of you are like I was, before I became the Enemy of Debt, you’ve probably spent a few tax returns before the ink even dried on the paper. Now most “good” financial advisers will tell you to change your withholding so that you are not giving the Government an interest free loan each year, but also to give yourself more of your own money each month. I actually believe the same thing, but have […] Read more »

The American Dream Is Only As Good As Your Plan To Achieve It

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Go to www.daveramsey.com/fpu to learn more! Decisions, Decisions! The American dream is to own a home, but at what cost?  Should you sacrifice financial security just to buy a home?  Should you take advantage of creative financing in order to bypass the red flags?  Should you buy a home if you have absolutely no savings and no down payment?  The answer is NO to all of the above.  If you attended the Town Hall For Hope event then Dave Ramsey attempted to teach us a new word.  That word is “NO”. His point was that we need to learn how […] Read more »

Taxes, Incentives, and Less Government

Hijacking Incentive Since 1913 I was reminded today of how much I hate taxes so I thought I would come here to cry about it. My wife had to meet with Human Resources this morning for her new job and they informed her that the $2,000 bonus she is to receive will get hit by taxes to the tune of 38%. WHAT!!! Out of $2,000 we are only going to see $1240? (Counting to 10 to gain composure.) …8, 9, 10. (Deep Breath) You mean to tell me that the Government needs to misuse and blow $760 just because it […] Read more »