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  Did your parents always tell you that the best place to keep your money safe was in the bank?  Did you ever hear, “You can save more money if you always use cash?”  We are not living in our parent’s financial world anymore.  The economy we currently find ourselves living in has changed and so has the advice from financial planners. We need to let go of old money myths and listen to the current financial advice being taught to a new generation of consumers. Read “Don’t Be Fooled … [Read more...]

This time of year, everyone is looking for a way to lower their bill to Uncle Sam and to make their tax refund larger.  The Earned Income Credit is one way of getting back more money - - for some taxpayers, much more money.  However, figuring out if you qualify can be confusing.  The IRS has developed an online program called the Earned Income Tax Credit Assistant, to help taxpayers determine if they qualify.  The credit can be very important for lower income families. For more information … [Read more...]

If you have ever gotten behind on your credit card payments, you probably have already dealt with a collection agency or debtor collector.  Some debt collectors are aggressive and even abusive in their attempts to collect payment from individuals.  To protect consumers from this type of behavior, Congress enacted the Fair Debt Collection Practices Act.  The FDCPA prohibits debt collectors from threatening debtors, using false or misleading information or using unfair collection practices when … [Read more...]

Many couples automatically file joint tax returns each year because they are married; however, this may not be in their best interest.  Most couples just automatically assume that filing a joint return is the best way to handle their taxes each year especially as Congress eased the marriage penalty by adjusting the tax code regarding couples.  However, some couples may be able to save money, and get larger tax refunds, by filing separate tax returns. For more information you should read, … [Read more...]

Did you make a New Year’s Resolution to improve your finances and manage money more wisely in 2014?  If you did, you are not alone.  More than half of adults make some type of financial resolution each year including saving more money, paying off debts and spending less money.  However, as January ends and February continues, most of us lose the strong convictions we had on New Year’s Eve. For help getting back on track read “Don't let February freeze your finances.” Image credit:  … [Read more...]

We know that you did not have your children simply to lower your taxes each year; however, there are tax credits available only to parents under the current tax code.  Although these tax credits will not come near the amount that it actually costs to raise a child, they do help parents lower their tax bill to receive higher tax refunds.  How you choose to use your tax refund is up to you; however, contributing to a college savings plan will also help you lower your tax bill next year … [Read more...]

Many homeowners are currently facing this question and finding it hard to decide how they should proceed.  The housing market is continuing to improve; however, the current seller’s market is still not as bright as the market for current buyers. This leaves homeowners in a bit of a quandary when they find a home they want to purchase but have not been able to sell their current home.  Since very few people are able to afford two homes, they are forced to sell their current home before buying … [Read more...]

Even though the housing market has improved greatly, there is still a lot of competition when you are trying to sell your home.  Attracting prospective buyers and turning those prospects into a sale are still difficult in many areas.  Sellers should be aware of how holding onto personal touches and decorating styles can have a negative impact on potential buyers.  Forgetting to take care of the outside of a home can also drive buyers away as first impressions are very important. For tips on … [Read more...]

The art collection owned by the city of Detroit is estimated to be worth billions of dollars.  For creditors and retirees, the money from a sale of the city’s art collection would go a long way toward paying off the city’s $18 million of debt.  However, the suggestion of selling the city’s art collection has angered many and raised serious issues about what should be sold when a city files bankruptcy.  As groups and individuals from all over the United States work toward a way to save the art … [Read more...]

Even if you were married on December 31 last year, the Internal Revenue Service considers you a married couple for the entire year.  This may benefit many newlyweds who are now able to take advantage of tax credits only available for married couples.  One thing to remember, if you changed your name make sure to notify the Social Security Administration to avoid any problems when you file your tax return this year.  If you have always done your own taxes, you may want to seek professional help … [Read more...]