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5 Ways to Make Tax Season Easier Next Year

It’s May 7th, so tax season is officially over. But it’ll be back again. That’s for sure! As Benjamin Franklin said, “In this world nothing can be said to be certain, except death and taxes.”

Whether we like it or not – Tax Day is here to stay.

I think the only people who look forward to tax season are the tax preparers and the people excited about filing early to get their return back. I must admit that I don’t fall into either of these categories.

Wouldn’t it be nice if we could make next year’s tax season easier on ourselves? The good news is that there are some steps you can take to do just that. These steps could help you eliminate the stress and save you time and money.

Here are some tips that I’ve put into action to make tax season easier:

  1. Plan Ahead – The first step is to understand what types of tax records you need. You can find out this information when you review last year’s tax return or use a tax preparer’s checklist. These items might include W2s, charitable donations, expenses (childcare) and mortgage interest just to name a few.
  2. Create a Filing System – Now that you know what to look out for, you need to create a filing system to keep your tax records throughout the year. Being organized will save you quite a bit of time. Create a filing system that works for you (monthly/yearly). You could store your receipts, expenses and tax statements in a file cabinet with folder(s), envelopes or shoebox. The key is to keep everything in a single location with the tax year on it. That way you’ll be able to find it easy when you’re ready to file. (more…)
Categories: Taxes

MoneySmartWeek: The Hunt is On

Today is April 10th. And that means you have a little more than two weeks left (17 days)  to get your hunt on. The 2013 Money Smart Scavenger Hunt gives you a shot at some cool prizes (like $600 Apple gift cards, $100 Visa gift cards and more). So get your smile ready and your mobile phone too.

This photo scavenger hunt is FREE to enter and open to everyone. All you need is a mobile phone to get started.

Start the Hunt Today (ends on April 27, 2013)

To join the hunt simply:

  1. Download the “Scavenger Hunt with Friends” app from iTunes or the Android Market.
  2. Get Started – Open the app, create a username and password, and search for the “Money Smart Hunt” hunt.
  3. Start Hunting – You will see the list of items to complete and begin uploading your photos of you completing each item.

“The Money Smart Hunt” is sponsored by the Federal Reserve Bank of Chicago. For more information, visit http://www.moneysmartweek.org/hunt.

Good Luck!!!

Categories: News

This Could Save You 50% or More on Parking…

Car GarageTired of paying too much to park? Keep reading this and you’ll find out how I saved over 50% parking in Chicago. And Chicago has the nation’s highest parking metered rates. Metered parking downtown can cost as much as $6.50 an hour. Ouch.

It’s ridiculous! With rates like this, you’d have to shell out 52 quarters to park for a few hours. That’s an awful lot of change to be lugging around to pay a parking meter. This is probably causing people to get parking outrage. No wonder they gladly accept credit cards.

Parking is just too expensive.

That’s why I try to avoid parking downtown. Nothing beats commuting by train into the city. But unfortunately, it’s not always convenient.

The other day I decided to drive downtown. But I refused to pay those high parking rates. Thinking back to #2 in my “7 Surefire Tips to Save on Parking” post.

So I had to find a way to save on parking. That’s when I came across this incredible website with unbelievable parking rates. (more…)

Categories: Save Money

Watch Out for Credit Card Swipe Fees

Credit Card Swipe FeesHave you heard about the new credit card swipe fees? They went into effect on Sunday, January 27th. Now retailers have the option of passing on credit card swipe fees to consumers. A swipe fee is the cost retailers pay every time you use your credit card.

This means that you could pay an additional 1.5% – 4% on your credit card transactions. The key word to remember here is could, because it’s at the retailer’s discretion to charge a swipe fee  (also known as “checkout fee”). (more…)

How to Get Your Free Credit Report – For Real!

A friend of mine asked if she could really get a free credit report. I sensed the embarrassment in her voice. But it’s a great question. Yes, you can get a free credit report! And I mean completely free without any strings attached.

I don’t blame her for doubting it. Every time you turn around companies are telling you about free stuff.

Like you’ll get a free $20 gift card (BIG PRINT) when you purchase a $100 gift card (small print). Or how about Free Shipping (you’d better read the fine print because it’s only when you spend $99 or more)?

You see more “when you” attached to free offers than ever. (more…)

Categories: Credit

Chicagoland: 2013 Money Smart Kid Contest – Enter Now….

Chicagoland Money Smart Week Kid ContestCalling all Chicagoland money savvy kids in grades 5th – 8th.  Now is your chance to be crowned the Money Smart Kid 2013 (Chicago’s very own financial literacy ambassador). And that’s not it. The Money Smart Kid will win a $5,000 scholarship from BMO Harris Bank.

The two runner-ups will receive $2,500 scholarships from Country Financial. And the other three finalists will get laptops from Woodforest National Bank. Last, but certainly not the least, the first 20 teachers who get their students (minimum of two) to enter the Money Smart Kid Contest will receive a $25 gift card from BMO Harris Bank.

This is an essay contest. All Money Smart Kid 2013 essay entries must be submitted by March 21, 2013.  (more…)

IRS Delays 2012 Tax Filing Season for Fiscal Cliff

File TaxesWe avoided the fiscal cliff. Thank goodness! But the late legislation changes for taxes required the IRS to delay accepting 2012 tax filings until January 30th.

The 2012 tax filing open date was moved from January 22nd to January 30th. I know you early filers may be bummed. Since you’ll have to wait another eight days to file. It may be longer if the fiscal cliff legislation impacted your tax forms (see below).

According to the IRS press release: (more…)

Categories: News

How We Prevent Wealth Book Review

How We Prevent Wealth BookIn Romeo Clayton’s book “How We Prevent Wealth” he invites us to learn from his own financial blunders. He shows you how to get on the path to financial independence.

“The successful man will profit from his mistakes and try again in a different way.”   - Dale Carnegie

When it comes to money, most of us learn through trial and error. But wouldn’t it be easier if we learned from other people’s mistakes? Then we wouldn’t have to make them ourselves. I mean who wants to get burned learning not to touch the stove. We’d much rather know this information beforehand (no pun intended), so we can avoid the pain. Ouch!

While Clayton’s book doesn’t reveal all of the financial pitfalls you might experience in life (who could in 233 pages?), it highlights many of the mistakes that cost us dearly. (more…)

New Fee on Southwest Airlines

Southwest AirlinesHave you ever missed your flight? It’s not the best feeling. Especially when you’ve been running through the airport to try and make it. Then it goes from bad to worse when you actually miss it. Now you have to pay a change fee/higher fare just to get there.

Now, hot off the presses – sometime next year Southwest Airlines will start charging customers with restricted tickets (i.e. “Wanna Get Away”) a no-show fee. To avoid a no-show fee, you’ll need to cancel your reservation before departure.

This fee is expected to go into effect in 2013. And that’s not the only fee change. In 2013, Southwest Airlines will also: (more…)

Categories: News, Travel

Would You Trust Your Dog to Manage Your Money?

The other day I saw an interesting survey on Bloomberg. The question caught my eye and the multiple-choice answers really peeked my interest.

The Bloomberg survey said:

Who do you trust the most to manage your money?

  • Myself
  • My dog
  • My independent planner/adviser
  • An algorithm
  • My mother/father
  • My broker
  • My insurance agent

So who do you trust? I had to participate in this survey and see how the respondents were thinking. I hoped that the top answer would be ‘myself’. Because as I always say “nobody cares more about your money than YOU.”

I responded to the survey and instantly my answer was crunched together with everyone else’s. The results at the time I took the survey were: (more…)

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