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If you are one of the millions of taxpayers who have waited until the last minute to prepare your tax returns, you are not alone (I am right there with you too).  Millions of Americans have waited until the last hour to begin the headache of preparing and filing their tax returns.  If you are pushed to the limit, remember you can request an extension; however, this will not extend your liability to pay any taxes owed by April 15 (you could face some penalties and interest if you owe taxes but … [Read more...]

If you are ready to purchase your first home, there are hidden costs you may not be aware of that can drive up the purchase price.  They can come in the form of home inspection fees or survey costs that you may not have anticipated since this is your first home purchase.  Your mortgage company may have a lengthy list of fees that include everything from a tax service fee to a credit report fee. For more read “The Hidden Costs of Buying a Home” Image credit: Diana Parkhouse … [Read more...]

If you owe taxes, the Internal Revenue Service could file a lien against your home.  A tax lien is a document filed with the property records office where your deed is recorded.  A tax lien is placed in the public record so that if you try to sell your home, you must pay the tax lien in order to transfer clear title.  It is not just Uncle Sam that can place a tax lien on your home; most state and local governments have the authority to issue tax liens. For more read the full article at “What … [Read more...]

Have you finished your tax returns or are you one of the millions of Americans who have waited until the last minute to begin the dreaded deed? If you fall into the second category, you may be interested in these seven tax deductions and tax creditors that can save you money.  If you need to reduce your tax bills, check this to see how everyday things can lower your taxable income. For more read the full article at “Do these deductions and credits apply to you?” Image credit: eFile989 … [Read more...]

Buying a home is probably one of the biggest investments that you will make during your lifetime.  Likewise, your mortgage will probably be the largest debt that you owe during your lifetime as well. There are ways that you can reduce the cost of your mortgage if you only know where to look.  For example, if you obtain a mortgage from a bank that you already use, they may give you a discount on the interest rate.  Consider financing your closing costs on a zero percent credit card rather than … [Read more...]

There is an obvious joke somewhere in here about the massage chairs sold at Brookstone and the items sold at Spencer’s stores; however, we will leave that to the readers.  Brookstone is preparing to file a bankruptcy with Spencer Spirit Holdings, Inc. (owner of the Spencer’s and Spirit retail chains) poised to step in to purchase the specialty retail store.  According to sources, Spencer is expected to pay roughly $120 million for the bankruptcy Brookstone that is carrying about $140 million in … [Read more...]

Is that a typo - - is there really a reason why you would not want Uncle Sam to give you some of your hard-earned money back each year?  According to a recent poll, over half of Americans say they intentionally plan to get a refund each year.  However, there are reasons why this is a bad idea.  For one, you are giving the government an interest free loan by letting it use your money all year long.  In addition, if you are taking out high interest loans to help pay the bills, you are not only … [Read more...]

You may accept the fact that you have to pay more for a home that is closer to your job; however, did you realize that your work commute could have a negative impact on your mortgage amount.  Homeowners that have a long commute to work may be penalized by their mortgage company.  Lenders may include the cost of commuting when they calculate a borrower’s debt-to-income ratio.  This could lower the amount of money you can borrow and cut into your purchasing power as your search for a new … [Read more...]

The Internal Revenue Service may have an unexpected surprise for you - - an unclaimed tax refund.  It is estimated that the IRS has about $760 million in unclaimed refunds.  If you did not file a 2010 tax return, Uncle Sam may owe you some serious cash.  In order to claim your money, you must file your 2010 tax return before April 15 or your cash will be gone forever. For more information read, “Unclaimed Tax Refunds: How to Get Your Lost Cash.” Image Credit: eFile.com … [Read more...]

The recall of over one and half million vehicles last month by General Motors due to a defective ignition switch has prompted the Justice Department to launch an investigation into the matter.  Federal authorities are trying to determine if GM knew about the ignition switch defect when it filed bankruptcy in 2009 and whether GM understated the defect to safety regulators.  The theory that the “new GM” can claim bankruptcy protection as a way to avoid lawsuits related to defect has left many … [Read more...]