The IRS has begun notifying taxpayers that more than 130 million households will start receiving economic stimulus payments in May.
To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment. Phaseout reduction begins at $75,000 for single filers.
More details are available at www.irs.gov.
What should single parents expect? Here are some examples from the IRS:
Head of household with children:
1) Single parent with two children, wages of $4,000, no federal income tax liability before child tax credit.
Individual rebate is $300
Qualifying child credit is $600
TOTAL is $900
2) Single parent with two children, no wages, veterans’ payments of $2,000, social security benefits of $2,000, no federal income tax liability before child tax credit.
Individual rebate is $300
Qualifying child credit is $600
TOTAL is $900
3) Single parent with two children, no wages, no social security benefits, veterans’ payments of $4,000, no federal income tax liability before child tax credit.
Individual rebate is $300
Qualifying child credit is $600
TOTAL is $900
4) Single parent with two children, no wages, no social security benefits, no veterans’ payments, AGI is $20,000, federal income tax liability before child tax credit is $195.
Individual rebate is $300
Qualifying child credit is $600
TOTAL is $900
5) Single parent with two children, AGI is $22,000, federal income tax liability before child tax credit is $395.
Individual rebate is $395
Qualifying child credit is $600
TOTAL is $995
6) Single parent with two children, AGI is $60,000, federal income tax liability before child tax credit exceeds $600.
Individual rebate is $600
Qualifying child credit is $600
TOTAL is $1,200
7) Single parent with two children, AGI is $90,000, federal income tax liability before child tax credit exceeds $600.
Individual rebate is $600
Qualifying child credit is $600
Phaseout reduction is ($750)
TOTAL is $450
Showing posts with label Time and Money. Show all posts
Showing posts with label Time and Money. Show all posts
Thursday, March 13, 2008
Thursday, March 6, 2008
Time&Money: Supershopper Secrets III
By Lori Hall Steele
Care to save up to $5,200 a year on groceries? We're sharing secrets of supershoppers who do just that. Here's the latest in our ongoing series:
Is the Price Right?—The majority of shoppers return again and again to their favorite grocery store. But is it the best deal? It’s well worth it to scope out the competition’s prices. Play detective, and pop into other area stores to write down normal prices on five or ten items you purchase religiously (milk, butter, bread, cheese, a pound of romaine, organic eggs, and so on). There could be as much as a $10 difference between stores. If your store doesn’t have the best prices, switching where you shop could save $520 a year.
Small price differences may seem insignificant, but because foods are repeat expenses, even a 30-cent difference in a weekly gallon of milk adds up to $16 a year.
Also ask your store whether they match sale prices offered by other stores (many do) and, if they do, and you like reading ads, be sure to scan other stores’ weekly fliers for deals.
From a story that originally appeared in Woman's Day. Lori Hall Steele, founder of You&Me Kid, is an award-winning journalist who writes for national publications.
Care to save up to $5,200 a year on groceries? We're sharing secrets of supershoppers who do just that. Here's the latest in our ongoing series:
Is the Price Right?—The majority of shoppers return again and again to their favorite grocery store. But is it the best deal? It’s well worth it to scope out the competition’s prices. Play detective, and pop into other area stores to write down normal prices on five or ten items you purchase religiously (milk, butter, bread, cheese, a pound of romaine, organic eggs, and so on). There could be as much as a $10 difference between stores. If your store doesn’t have the best prices, switching where you shop could save $520 a year. Small price differences may seem insignificant, but because foods are repeat expenses, even a 30-cent difference in a weekly gallon of milk adds up to $16 a year.
Also ask your store whether they match sale prices offered by other stores (many do) and, if they do, and you like reading ads, be sure to scan other stores’ weekly fliers for deals.
From a story that originally appeared in Woman's Day. Lori Hall Steele, founder of You&Me Kid, is an award-winning journalist who writes for national publications.
Wednesday, February 6, 2008
Time&Money: Think 'carpool'
Tired of high gas prices and needing to be three places at once? Then think retro (as in 1970s): carpooling, if you haven't already. Check your child's class lists and neighbors to see if you can buddy up with other parents to split the transportation load.
A new nationwide, free online carpooling tool also recently launched. Divide the Ride says it offers carpooling calendars. If you try it, we'd love to hear how well it works.
A new nationwide, free online carpooling tool also recently launched. Divide the Ride says it offers carpooling calendars. If you try it, we'd love to hear how well it works.
Monday, February 4, 2008
Time&Money: Supershopper Secrets II
By Lori Hall Steele
Care to save up to $5,200 a year on groceries? We're sharing secrets of supershoppers who do just that. Here's the latest in our ongoing series:
Make a 10-Meal List—Stock your pantry with items that you routinely use to avoid expensive emergency runs to the store. If you dash out for milk or a stick of butter even twice a month, it’s possible you’re spending $10 to $30 unnecessarily, grabbing items at inflated convenience store prices. (Which can add up to a not-so-convenient $360 a year.)
Avoid this by making a list of the 10 meals your family eats most often, then keep ingredients on hand, always, so you don’t have to dash out to grab something. If you do run out of ingredients, then improvise. But whatever you do, stay put. “That’s probably my No. 1 tip,” says Tawra Kellam, editor of LivingOnADime.com. “Make do with what you have. If you go to the store you’re going to come out with $30 worth of stuff. You’re not doing to die if you don’t have milk for one day.”
Making a 10-meal list takes about five or ten minutes. Stay on-program by posting a list or dry-erase board on the refrigerator, jotting down items when they run out, and taking the list to the store.
From a story that originally appeared in Woman's Day. Lori Hall Steele, founder of You&Me Kid, is an award-winning journalist who writes for national publications.
Care to save up to $5,200 a year on groceries? We're sharing secrets of supershoppers who do just that. Here's the latest in our ongoing series:
Make a 10-Meal List—Stock your pantry with items that you routinely use to avoid expensive emergency runs to the store. If you dash out for milk or a stick of butter even twice a month, it’s possible you’re spending $10 to $30 unnecessarily, grabbing items at inflated convenience store prices. (Which can add up to a not-so-convenient $360 a year.)Avoid this by making a list of the 10 meals your family eats most often, then keep ingredients on hand, always, so you don’t have to dash out to grab something. If you do run out of ingredients, then improvise. But whatever you do, stay put. “That’s probably my No. 1 tip,” says Tawra Kellam, editor of LivingOnADime.com. “Make do with what you have. If you go to the store you’re going to come out with $30 worth of stuff. You’re not doing to die if you don’t have milk for one day.”
Making a 10-meal list takes about five or ten minutes. Stay on-program by posting a list or dry-erase board on the refrigerator, jotting down items when they run out, and taking the list to the store.
From a story that originally appeared in Woman's Day. Lori Hall Steele, founder of You&Me Kid, is an award-winning journalist who writes for national publications.
Wednesday, January 30, 2008
Get a head start on college financial aid
Nearly 2 million college students miss out on free money annually because they don't fill out federal forms for financial aid, which is awarded based on need and merit. Don't be among them -- with tax season upon us, it's an ideal time to send in financial aid forms for yourself or the kids.
'Don't pay more for college than you have to," says Martha Holler, spokesperson for Sallie Mae, the nation's leading provider of saving- and paying-for-college programs.
Fill out federal forms for scholarships, grants and low-interest student loans online at www.fafsa.ed.gov. or get hard copies at high school guidance counselor's and college financial aid offices. Save yourself some time, too, by doing them simultaneously with taxes.
Sallie Mae's College Answer Web site also has a checklist to help you gather documents needed to complete financial aid forms and a free scholarship search that provides access to an award database containing more than 2.8 million scholarships worth in excess of $16 billion.
'Don't pay more for college than you have to," says Martha Holler, spokesperson for Sallie Mae, the nation's leading provider of saving- and paying-for-college programs.
Fill out federal forms for scholarships, grants and low-interest student loans online at www.fafsa.ed.gov. or get hard copies at high school guidance counselor's and college financial aid offices. Save yourself some time, too, by doing them simultaneously with taxes.
Sallie Mae's College Answer Web site also has a checklist to help you gather documents needed to complete financial aid forms and a free scholarship search that provides access to an award database containing more than 2.8 million scholarships worth in excess of $16 billion.
Jane's Giveaway: Hannah Montana DVD
Our very own film reviewer extraordinaire, Jane Boursaw, is giving away two copies of the new Hannah Montana/Miley Cyrus: Best of Both Worlds Concert Tour (rated G and green-lighted by Jane for ages 7 and up) over at her Film Gecko blog. To be in the running, click here and add a comment. Good luck!
Wednesday, January 23, 2008
Time&Money: Secrets of the Super Shoppers
By Lori Hall Steele
When it comes to saving on groceries, we all know the drill—scan the weekly flyers for deals, stockpile bargains and clip coupons. We know! And we're doing it! (Okay, some of it.) But the grocery bill keeps nudging up, up and up.
What to do? How can we outsmart rising grocery costs? Well, the nation's super shoppers (mothers of many and frugality queens, among them) have ways to beat the system and lower their grocery bills by anywhere from $100 to $500 per month. Think that's impossible? Then meet Tawra Kellam, who scores gallons of milk for 90 cents and saves herself about $5,200 a year on groceries, compared to other similar-sized families. And this Kansas mother of three doesn't bother with coupons. "They're too much hassle," says Kellam, editor of LivingOnADime.com, a thrift site. "It's not how much you save; it's how much you spend."
Kellam and other super-shoppers have some simple practices that help you spend as little as possible (and we do mean simple—as easy as changing which day you shop). We’ll share those tips with you in upcoming weeks and months.
Today’s tip comes from Kellam:
Stalk The Markdowns— Kellam regularly buys meat for 99 cents a pound. The secret? Ask your grocer when they do markdowns on meat, dairy, bread and produce—most likely it's a set schedule—and do your shopping then.
Stores often slash prices as items near expiration dates or to make way for incoming stock. (Meat remains good for five days after its expiration date, or it can be frozen.) Some stores do daily markdowns at a set time. At Kellam's local grocery store, vegetables and meat are marked down early every Monday, Wednesday and Friday. So she shops then. "I got bagged lettuce for 99 cents—regularly it's $3.29. How can you beat that?" asked Kellam.
Markdowns often ring up at 50 percent off the original price, so it's possible to save $5 to $20 a week on meat alone using this strategy (That adds up $270 to $1,040 a year—or more.)
Check for markdowns at farmer’s markets around closing time, when farmers are trying to eliminate fresh and often organic produce so they don’t have to lug it home. Kellam once nabbed 50 green peppers for $1. She diced and froze them, then grabbed a handful as needed.
From a story that originally appeared in Woman's Day. Lori Hall Steele, founder of Youn&Me Kid, is an award-winning journalist who writes for national publications.
When it comes to saving on groceries, we all know the drill—scan the weekly flyers for deals, stockpile bargains and clip coupons. We know! And we're doing it! (Okay, some of it.) But the grocery bill keeps nudging up, up and up.
What to do? How can we outsmart rising grocery costs? Well, the nation's super shoppers (mothers of many and frugality queens, among them) have ways to beat the system and lower their grocery bills by anywhere from $100 to $500 per month. Think that's impossible? Then meet Tawra Kellam, who scores gallons of milk for 90 cents and saves herself about $5,200 a year on groceries, compared to other similar-sized families. And this Kansas mother of three doesn't bother with coupons. "They're too much hassle," says Kellam, editor of LivingOnADime.com, a thrift site. "It's not how much you save; it's how much you spend."Kellam and other super-shoppers have some simple practices that help you spend as little as possible (and we do mean simple—as easy as changing which day you shop). We’ll share those tips with you in upcoming weeks and months.
Today’s tip comes from Kellam:
Stalk The Markdowns— Kellam regularly buys meat for 99 cents a pound. The secret? Ask your grocer when they do markdowns on meat, dairy, bread and produce—most likely it's a set schedule—and do your shopping then.
Stores often slash prices as items near expiration dates or to make way for incoming stock. (Meat remains good for five days after its expiration date, or it can be frozen.) Some stores do daily markdowns at a set time. At Kellam's local grocery store, vegetables and meat are marked down early every Monday, Wednesday and Friday. So she shops then. "I got bagged lettuce for 99 cents—regularly it's $3.29. How can you beat that?" asked Kellam.
Markdowns often ring up at 50 percent off the original price, so it's possible to save $5 to $20 a week on meat alone using this strategy (That adds up $270 to $1,040 a year—or more.)
Check for markdowns at farmer’s markets around closing time, when farmers are trying to eliminate fresh and often organic produce so they don’t have to lug it home. Kellam once nabbed 50 green peppers for $1. She diced and froze them, then grabbed a handful as needed.
From a story that originally appeared in Woman's Day. Lori Hall Steele, founder of Youn&Me Kid, is an award-winning journalist who writes for national publications.
Tuesday, January 8, 2008
Attention early filers: Taxes delayed for millions
If you're among early tax filers, heads up: Millions of us claiming certain credits -- daycare and tuition among them -- must wait until Feb. 11 to send returns as the IRS scrambles to incorporate late tax-code changes from Congress.
Five forms related to the alternative minimum tax, approved in late December by Congress, are affected. They include tax credits for:
The IRS expects up to 4 million taxpayers who typically file early will have to wait. "We regret the inconvenience the delay will mean for millions of early tax filers, especially those expecting a refund," acting IRS Commissioner Linda Stiff said in a statement.
If you're expecting a return, the delay could mean you won't get it until late February or early March.
If you file any of the five forms before Feb. 11, expect the IRS to reject your return and request it to be refiled. But if you need to speed up your return, here's some advice from various experts:
Five forms related to the alternative minimum tax, approved in late December by Congress, are affected. They include tax credits for:
--Education
--Child- and dependent-care expenses
--Mortgage interest
--Residential energy use
--First-home purchase in the District of Columbia
The IRS expects up to 4 million taxpayers who typically file early will have to wait. "We regret the inconvenience the delay will mean for millions of early tax filers, especially those expecting a refund," acting IRS Commissioner Linda Stiff said in a statement.
If you're expecting a return, the delay could mean you won't get it until late February or early March.
If you file any of the five forms before Feb. 11, expect the IRS to reject your return and request it to be refiled. But if you need to speed up your return, here's some advice from various experts:
--Those who claim child care expenses may be able to do an end run by filing Form 1040 vs. 1040A. You also may file returns without credits to get partial returns, then file an amended return later.
--Electronic filing will expedite your return.
--Tax software makers should supply updates to forms. Paper forms sent by the IRS, however, will not include the updates. Get updated forms at www.irs.gov or from an IRS office, post office, library or a tax professional.
Thursday, January 3, 2008
12 get-organized habits for 2008
Over at Flylady.net, where Marla Cilley acts as a personal online coach to untold thousands, there's a nest full of get-organized ideas.
Among them are 12 monthly to-do's to bring peace and tranquility to your home. Practice them over and over for 30 days (each) and they're bound to catch. Here's the rundown:
Sign up, and Flylady will remind you repeatedly every day by email of routines and habit, but expect loads of mail.
Among them are 12 monthly to-do's to bring peace and tranquility to your home. Practice them over and over for 30 days (each) and they're bound to catch. Here's the rundown:
--January/Shining your Sink: Clear the sink nightly, treating it like the epicenter of the storm in your home. From this, all good things arise.
--February/Decluttering for 15 minutes a day: Make it a habit to run around, sorting and tossing, particularly in areas where stuff accumulates (your hot spots!
--March/Getting Dressed to the Shoes: Not a few hours after coffee, but right when you get up, and be sure to do hair and makeup, something especially key for those of us who work at home or stay at home with the kids.
--April/Making your Bed: Okay, so you're dressed to your shoes, ready to rumble. Quick-like run through the bedroom. Look at the bed like it's the sink -- another eye of the storm. Once tamed, everything else can follow.
--May/Moving: Flylady's big on self-care and with good reason: If we're not operating on all cylinders, neither will our homes. So give yourself 15 minutes a day to move it -- yoga, a brisk walk, a bike ride, etc. Just do it.
--June/Drinking Water: Make it easy to stay hydrated by finding a system that works for you, whether that means refilling a water bottle that stays on your desk or (like me!) placing a pitcher of water on the desk or coffee table every day.
--July/Swish and Swipe: Eeew! The toilet! Flylady sees this as another epicenter, and to keep it in check, suggests routines swipes. See her web site for details.
--August/Laundry: Keep clothes from becoming monstrous with routine load-switching, folding and putting away.
--September/Before Bed Routine: Crucial for those with busy routines (and small fries): lay out clothes, check calendars, load the launchpad (office stuff/backpacks), and get yourself to bed on time for a good night's sleep.
--October/Paper Clutter: Deal with incoming paperwork as it arrives; toss the rest. Be sure you have good systems in place to handle bills, schoolwork, etc.
--November/Menu Planning: Think ahead about what you're having for dinner, lunch, snacks.
--December/Pampering: Take time out to renew your spirit, body and soul, even if it's just 15 minutes a day.
Sign up, and Flylady will remind you repeatedly every day by email of routines and habit, but expect loads of mail.
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