“Good Info” Archive

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Income Tax Preparation…

My husband and I have always had fairly complicated taxes. Between a home purchase, car taxes, and lifetime learning credits for school, we have been unable to prepare our own since we married.

This year, our taxes have simplified a bit and I think we may be able to prepare them using tax software. I’ve never done this before and I’m a bit concerned about my abilities. Heck, I hardly trust myself to calculate the proper tip at a restaurant – and miscalculations of tips don’t generally result in jail time or huge fines.

But I’m motivated by one thing…

$6.65

Doesn’t seem like much… until I realized that is how much we pay our accountant per MINUTE to prepare our taxes. It adds up very quickly.

Suddenly, TurboTax for $53 on Amazon or $49 at Costco seems like a steal.

How do you prepare your taxes? Have you somehow managed to prepare them yourself without a Masters in Accounting?

What do we generally report? Mortgage/taxes, student loan interest, student books and fees, car registration, etc.

Posted by Beks on January 11, 2010 at 9:36 PM in Good Info, Saving Money | 32 Comments »
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Year in Review…

I like to spend a little time on the last day of each year and reflect on what I’ve learned.

1. When you pay off credit cards and car loans, banks turn into the very worst version of your mother. They write sappy love notes telling you how much you are missed and wouldn’t it be nice if you’d care to spend the holidays with them?

2. It’s never too early to start teaching children about the perils of debt – but constantly singing ‘If you’re happy and debt free clap your hands’ to your six month old nephew may annoy his mother.

3. It was somehow possible to lower my already sub-par vacationing standards. I went from ‘Motel 4 type establishments’ to ‘tents with 25 cent showers’ – and it wasn’t bad!

4. Marrying my best friend and celebrating five years of wedded bliss was the best decision I ever made – well…other than the decision to wear clean underwear in case of an emergency.

5. Blog readers are awesome, supportive, and helpful. Thanks for helping me grow.

6. I’ve had more than my fair share of laughter and joy. Regardless of the numbers on my bank statement, the interest rate of my mortgage, or drama of life, my family and friends are unchanging. I am a very lucky girl.

Please be safe tonight. Save money, stay home.

Posted by Beks on December 31, 2009 at 5:00 AM in Credit Cards, General Personal Finance, Good Info | 7 Comments »
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Great News for Credit Card Borrowers…

Over the weekend, you may have received a letter from your credit card company about the Credit Card Accountability, Responsibility and Disclosure Act (http://www.whitehouse.gov/the_press_office/Fact-Sheet-Reforms-to-Protect-American-Credit-Card-Holders/). My bank sent me a list of the changes and included the effective date – February 2010. This Act was signed by the Obama Administration in May of this year, but I forgot about it until now.

This change to policy will be helpful to borrowers who struggle to make payments on time and suffer rising interest rates. It also forces credit card companies to apply payments to the debt with the higher interest rate first rather than pay off the teaser rate. I am hoping this will finally give those who find themselves continually stuck in the cycle of debt, a real chance to get ahead.

One of the changes, my favorite of all, is the restriction on issuing cards to those under 21. My first card was peddled to me on my college campus at the ripe old age of 19. I got in the habit of spending more than I made and by 21, I was more than $2,500 in debt.

Of course there is still a down side to this – I read an interesting article about how the changes will affect those who are careful with payments and are ‘good’ borrowers. It doesn’t look good! Check out the article at: http://www.associatedcontent.com/article/1791592/us_credit_card_issuers_must_prepare_pg2.html?cat=3

Regardless, I think this change will be good for those seeking to become debt free.

Posted by Beks on December 22, 2009 at 5:00 AM in Credit Cards, General Personal Finance, Good Info | 2 Comments »
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Company Holiday Ideas…

Our organization is short on funds this year (who isn’t?). I expected our annual catered holiday party to be cancelled since feeding 300 or so office staff isn’t exactly cheap – not that the catering has ever been good, but it’s been edible.

We received an e-mail about a month ago proposing a company potluck instead of the catered affair. It sounded like a stupid idea to me. Dry mashed potatoes? Soggy salad? Not my idea of holiday cheer.

As I entered the giant conference room, I was assaulted by the powerful scents of AMAZING food. I was wrong about the culinary talents of my co-workers.

I am fortunate to work with a group of ethnically diverse folks. I filled my plate with lumpia, pancit, spicy dip, Mexican cheese wraps, and other foods I’d never had the opportunity to try before. For two hours, I ate the treasures created by my co-workers and shared my fresh warm bread. We talked and shared recipes. We caught up on recent gossip and for a moment…

forgot that the economy sucks.

It was by far the best company party we’ve ever had.

Try something new this year. It may just be the best thing you’ve ever done.

Maybe this recession isn’t all bad.

Posted by Beks on December 10, 2009 at 11:42 PM in Food Review, Free Stuff, Good Info, Life Experiences | 15 Comments »
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Is it possible the government has your money?

The California State Controller recently spoke at a seminar I attended. His main focus was the economic status of the state (bleak) but he tried to end on a happy note by reminding everyone to check the California unclaimed property website.

Huh?

I scribbled the info on the back of my napkin but didn’t expect to win the lotto of unclaimed property. No one owes me money right?

Wrong.

Unbeknownst to me, I was involved in a class action lawsuit against a former employer. Employees weren’t given breaks as required by law and the company was required to reimburse employees for the lost time. I only worked for the company 3 months as a summer job ten years ago but… I’m $111 richer.

Check for unclaimed property on your state’s website. There might be some money out there you didn’t know about. Let me know if you find something!

*Note: Women, if you are married, check you married AND maiden name. My unclaimed property was under my maiden name.

Posted by Beks on November 11, 2009 at 5:00 AM in Free Stuff, Good Info | 15 Comments »
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Finding Odd Jobs…

A reader asked how my husband and I find odd jobs.

First, and most important, we rarely do work for people we, or someone close to us, doesn’t know. I do not trust Craigslist for anything other than used doggie kennels and throw rugs. My husband mainly does work for friends and family – someone always needs a sink fixed or a toilet repaired. Let people around you know you’re willing to help.

I do accounting work for the company I worked for a few years ago. They are often short staffed and need an extra hand. I let them know I’m always available. It makes it easy when they already have my tax reporting information and I don’t have to keep records.

Second, if we do work for someone we don’t know, we keep it under $100. My husband is sometimes approached by fellow customers in home repair stores. There’s something about him that radiates honesty and good heartedness – maybe it’s because he is. If the job is too large, he refers them to a reputable company. It’s not worth the risk of not getting paid.

Third, be good at what you do, stay on top of trends in your industry, and be honest. My husband is extremely talented and is always reading construction magazines. He is never dishonest and will likely throw in work for free. Ninety percent of his work is from referrals. Happy people will tell their friends about you.

Fourth, pay close attention to the laws about certain types of work. California is stringent on almost everything. Working here without some sort of licensing is illegal for many trades. For example, construction work is limited to $500 (including material) if you do not have a contractor’s license. It’s also important to report all income when tax time rolls around. Nothing is worth the risk or penalties of an IRS audit. Also, if you are on unemployment, money from side work MUST be reported and will likely result in a reduction of benefits.

Fifth, don’t expect to make a ton of money. Usually, we make just enough for groceries or to cover what we’re short on an electric bill. It takes a lot of time and the money is little.

Again, I’m no expert. Before doing any type of side work, check with your local government authority and your tax advisor.

Posted by Beks on November 10, 2009 at 5:00 AM in Good Info, Making Money, work | 11 Comments »
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Waiting for Unemployment…

We’ve been waiting for a check from unemployment for 4 weeks… and we’re still waiting.

Don’t get me wrong, I understand government paperwork – heck, I process it every day as a government employee! But I think it’s important for everyone to be prepared.

Here’s a head’s up to those who think they may lose their jobs…

save to survive longer than 4 weeks.

Am I alone in this? Anyone else waiting for all of eternity?

We’re still coasting through on savings and odd jobs – and I am grateful we were prepared.

Posted by Beks on November 6, 2009 at 5:00 AM in Good Info, job loss | 10 Comments »
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