Eight tax tips that will save you time and money

(ARA) – When all the holiday dust settles, tax time begins for millions of Americans. Regardless of when you file, follow these tips to make preparing your 2010 taxes easier.

1. Good record keeping cuts down time spent doing your taxes and may be required if you receive an Internal Revenue Service notice or are audited. Records should include information that impacts your federal tax return, including a copy of last year’s return.

2. Don’t procrastinate. Rushing encourages errors that can result in lost time and money, and ultimately a rejected return. If you haven’t kept good tax records, you’ll likely need extra time to find documents.

3. Hundreds of changes are made to federal tax law every year. Dedicating a few minutes to learning about major changes can save you money and time. At minimum, learn about the tax breaks still available in the American Recovery and Reinvestment Act, including credits for energy improvements to your home and “green” cars. Start with the IRS’ website at www.irs.gov and click on “Individuals.” You don’t have to be an accountant to understand the information. Do-it-yourself tax preparation solutions also offer helpful information; the “Tax Information” tab at www.taxact.com summarizes key changes for 2010 returns.

4. File and pay on time, or pay late fees and interest. While state deadlines vary, 2010 federal returns are due April 18, 2011, (April 15 is a federal holiday). Can’t file by then? File Form 4868 for a six-month filing extension and pay as much as of your taxes as possible by April 18 to minimize interest and penalties. If you can’t pay all of your tax bill totaling $25,000 or less, apply for a monthly payment agreement via Form 9465.

5. Do your taxes online or download tax preparation software, even if you have a complicated return or have never prepared your taxes. “Tax law can be complicated, but doing your own taxes doesn’t have to be,” says TaxACT spokesperson Jessi Dolmage. “The best solutions go well beyond completing tax forms and doing the math for you. They’re affordable, easy, identify potential tax-saving opportunities, alert you of possible errors and missing data, and provide answers if you have questions. They even help you strategize for next year.”

6. Do comparison shopping before choosing a tax preparation solution. Check out the free products. Are there fees for certain forms or to e-file? What help is free and what do you have to pay for? Will it walk you through tax implications of life changes? Can you import data? Are you guaranteed accuracy and a maximum refund? Can you try it risk-free? If you’re using a paid product, at what point in the process do you have to pay?

7. Electronically file. Nearly 70 percent of all federal returns were e-filed last year. Unlike paper filers, you’ll receive e-mail confirmation when the IRS receives and accepts or rejects your return, usually within 48 hours of e-filing. You’ll need last year’s adjusted gross income or your five-digit self-select e-file PIN used last year to e-file. If you’re claiming the First-time Homebuyer or Adoption Credit, the IRS requires you to mail certain documentation with your return.

8. Want your federal refund in as few as eight days? E-file and select direct deposit. You can track your refund status and receive your refund at least one week earlier than those requesting checks.

More tax tips and information can be found at www.irs.gov. TaxACT Free Federal Edition allows all taxpayers to prepare, print and e-file an IRS return free and offers free tax help via e-mail at www.taxact.com.

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(NAPSI)-Information that many older adults may greet warmly is just what types of energy assistance might be available to them. To help, the Eldercare Locator offers resources and tips:

• To find out about energy assistance programs, contact the Eldercare Locator at (800) 677-1116 or visit www.eldercare.gov and get connected with your local Area Agency on Aging.

• Take advantage of special heating assistance funds and no-cutoff eligibility programs from utility providers.

• Make sure your home is energy efficient. Information is available from the Environmental Protection Agency’s Energy Star program at www.energystar.gov.

• Get a free, helpful brochure, “Winter Warmth and Safety: Home Energy Tips for Older Adults,” by calling (800) 677-1116.

The Eldercare Locator is a public service of the U.S. Administration on Aging and is administered by the National Association of Area Agencies on Aging (n4a).

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Brewing up a winning plan for your small business

(ARA) – Job creation continues to be a hot topic in today’s economic climate. While government actions and policies can play a powerful role in rebuilding and strengthening America’s job market, small businesses on Main Street can also be a part of the solution. Small businesses employ half of the nation’s workforce and account for 60 percent of gross job creation.  

If you are thinking about creating your own business, Samuel Adams Founder Jim Koch has a few tips for starting out. Koch began brewing Samuel Adams Boston Lager in his kitchen in 1984.

“When I started Samuel Adams, there was so much I didn’t know about starting a small business,” says Koch. “I couldn’t get a bank loan or find funding so I learned to be creative with my resources because I had to do more with less. This created a company culture of innovation and creativity that still defines our company today.”

Koch offers this advice for anyone thinking about starting their own business:

* Examine your passion. It’s important that your idea is something you are passionate about, whether it is through expertise, personal interest or family tradition. Your passion will allow you to outwork and outsmart your competition.

* Explore financing options. In addition to typical business loans, conduct a search to see if you are eligible for a low-interest loan through a government program – www.sba.gov is a good place to start. Organizations like ACCION USA also offer microloans with favorable rates for small business owners. More information can be found at www.accionusa.org. Koch’s experience starting Samuel Adams inspired him to team up with ACCION USA to create Samuel Adams Brewing the American Dream, a program that provides microloans and business coaching to entrepreneurs in the food, beverage and hospitality industries, helping them get started.

* Attend business seminars. Seminars provide an opportunity for you to get free advice from people who have been successful in operating a small business and get answers to the questions you’ve been dying to ask. Through Brewing the American Dream, Samuel Adams hosts speed coaching events where those interested in starting a business can consult with experienced staff from within Boston Beer and other partners from various business disciplines, like marketing, packaging and publicity for quick tips and ideas for success.

* Know your competition. You should have a clear picture of your competition, as well as an idea of how companies in your industry are doing. What do they do well and what do they need to do better? Learn from their successes and failures.

* Push boundaries. One of the only ways to attract and retain customers is by giving them quality and character they can’t get from someone else. Don’t be afraid to push the envelope with your product. It’s a good thing if your customers see something different in what you offer.

Running a successful small business comes down to hard work and passion for what you do. “And, realizing your dreams by doing what you love is the most fun you can have while working,” says Koch.

For more tips and information on Brewing the American Dream, visit www.samueladams.com.

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Medicare Open Enrollment: It’s Time to Review Your Plan (369) (NewsUSA) – Every year, there are new prescription drug and health plan coverage choices available to people with Medicare. Open Enrollment is the time of year when current or newly eligible Medicare beneficiaries, including people with original Medicare, can review their current health or prescription drug plans, compare the plans to other options and choose the plans that best meet their current needs. There’s never been a better time to check out Medicare coverage. With the new health care law, there are new benefits available to people with Medicare, including lower prescription costs, wellness checkups and preventive care. The new law also provides better ways to protect beneficiaries from fraud, making Medicare stronger for all of us and for future generations. Take advantage of Open Enrollment — November 15th through December 31st — and be sure to compare current plans with new plan offerings, as well as learn about the new benefits that are available. People with Medicare may find a way to save money, get better coverage, or both. Medicare has several ways to ensure people get the information to help in deciding what kind of coverage works best, including: * Visit www.medicare.gov, where you can get a personalized comparison of the costs and coverage of the plans available in your area. * Call 1-800-MEDICARE (1-800-633-4227) 24-hours a day/7 days a week to find out more about your coverage options. TTY users should call 1-877-486-2048. * Review the 2011 Medicare & You handbook. It is mailed to beneficiaries in October. * Get one-on-one help from your State Health Insurance Assistance Program (SHIP). Local SHIP contact information can be found online at www.medicare.gov/contacts/organization-search-criteria.aspx and on the back of your Medicare & You 2011 handbook. You can also call 1-800-MEDICARE (1-800-633-4227; TTY, 1-877-486-2048). Medicare has a program to help pay for prescription drugs for those with a limited income. To find out if you qualify, visit www.socialsecurity.gov or call 1-800-772-1213 and ask about the “Extra Help” program. More information is available at www.healthcare.gov, a new online portal made available from the U.S. Department of Health and Human Services. This message is brought to you by the U.S. Department of Health & Human Services.

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Smart, simple and wallet-friendly weatherization tips


(ARA) – Getting ready for the coldest months of the year means a lot of things. You need to get warm clothes out of storage, decorate for the holidays and, of course, make sure your house keeps out drafts that can make you shiver and drive up utility bills. While it might seem like a lot to take on, prepping your home for winter doesn’t need to take a lot of time or cost a small fortune.

Sprucing up your home with seasonal decor is great for creating a cozy feeling, but you need to pay just as much attention to what you can’t see. To make your home a warm and inviting haven, think about what’s behind the walls and in the attic – and how you can save energy. After all, what you can’t see can often ends up costing you a lot of money.

To get started on weatherizing your home for fall and winter, follow these energy-efficient tips:

* Find hidden energy leaks in your home. A thermal leak detector that senses changes in temperature can help you find where your home’s weak spots are.

* Insulate. The Department of Energy recommends that you have approximately 19 inches of insulation in your attic. According to the EPA, adding insulation to your home can save your family up to $200 a year on utility bills. For the average attic that has existing insulation, you will need to add R-30 unfaced insulation. The greater the material’s R-value, the better it performs as an insulator. For more information about how to insulate your home, visit lowes.com/insulation.

* Caulk and seal. Gaps, cracks and holes let the warm air out and the cold air in, making your home drafty and sending your energy bills sky high. Air leaks from windows and doors are easy to find because they are easy to feel. Install weather strip or caulk to seal the frame. Air leaks in your attic or basement are harder to find, but cost you a lot in warmth and money. Take time to search your attic and basement so that you can find hidden energy leaks, especially along ducts and vents. A quick fix for these trouble spots is insulating foam sealant.

* Give your windows a check-up. If you’re handy and your windows have seen better days, installing new windows is a good project to take on. Replace single-paned windows that waste energy and require a lot of maintenance with maintenance-free vinyl windows that have many energy-efficient features. For additional savings, make sure the replacement windows you use are Energy Star-qualified models, like Pella’s ThermaStar windows. They can help you save up to $500 a year in energy bills, according to the EPA. With all windows, it’s important they’re installed properly. If you’re not sure of your abilities, call in a pro.

If you’re not sure of where to start with weatherization, there are plenty of resources. In addition to consulting the experts at your local home improvement store, you can find kits like “Weatherizing for Dummies” that will get you started with key items like weather strip, outlet sealers and caulk. With a few simple steps, your home will be more efficient – protecting you from high energy bills, as well as the cold of winter. For more ideas about increasing your home’s efficiency, go to www.lowes.com/31Ways.

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(NAPSI)-Figuring out how to pay for your child’s education does not have to be stressful or confusing. Regardless of your family’s financial circumstances, the following tips can help simplify the process.

“The key to paying for college is to take charge of the process: Investigate aid options, contact your prospective colleges’ financial aid offices for more information, and keep track of deadlines,” says Linda Bell, director of financial aid at Lehigh University, in Bethlehem, Pa. “Keep a file for each college during the search and retain the folder for the college you decide to attend until you graduate and repay your loans.”

She offers this advice:

• Start saving now. Whether your child is 6 months or 16 years old, your savings can reduce the amount you may have to borrow later, and some savings plans, like 529 plans and Coverdell Education Savings Accounts, offer tax benefits. Contact your financial adviser for more information.

• Expand your college search. Private colleges and universities value geographic diversity and often have more resources to devote to financial aid. While your local state college or university probably has lower tuition and fees, out-of-state private institutions may offer more generous financial aid packages.

• Complete the FAFSA. Regardless of your income, complete the Free Application for Federal Student Aid (FAFSA) as soon as possible after January 1. The FAFSA determines your eligibility for federal and state grants, work-study and federal college loans. Some private colleges also require the CSS/PROFILE. Check with the financial aid office.

• Apply for scholarships. You can find information about federal grants and scholarships in the Student Aid Guide on the Department of Education’s web- site (http://studentaid.ed.gov), and at your prospective college’s financial aid office. Check websites like www.fastweb.com for private scholarships, and don’t forget about scholarships that your employer or community organizations may sponsor.

• Be proactive. Keep track of the deadlines and required application materials. If you have any questions, contact the school’s financial aid office. E-mail is the best form of communication because it’s easy to keep track of. Financial aid offices and the Department of Education should be able to help you for free.

For more information, visit www.lehigh.edu/assistance.

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RALEIGH, N.C. –
An agency that accredits high schools in a North Carolina county is sending a special review team to assess recent changes in the school system.

AdvanceED said in a letter to the Wake County school district that it wants to determine whether the changes are negatively impacting the ability of schools to meet standards. The agency is asking for details about the district’s controversial proposal to move away from a diversity policy toward neighborhood schools.

The review comes in response to a complaint filed earlier this year by the North Carolina chapter of the NAACP. The NAACP has accused the school board of harboring “racist attitudes,” something board members vehemently deny.

Dr. Mark Elgart, the president and CEO of AdvancED, said the organization is in the beginning steps of its probe.

“Our primary concern is are they governing in the best interest of the students and the community and to not only look at the process they followed but the determination regarding student assignment,” Elgart said by phone.

School board majority member John Tedesco tells NBC-17 he believes

Read More:MYNC.COM

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MANAGING YOUR MONEY Is It The Right Time To Buy A Home?

(NAPSI)-If you’re thinking about buying a home, now might be the right time. Mortgage rates remain at historically low levels, and housing prices have yet to rebound from their recent declines. As those conditions aren’t expected to last, smart homebuyers need to consider their options, especially if they are making low down payments. There are two main options for first-time buyers and others putting less than 20 percent down: loans insured by the Federal Housing Administration (FHA) and loans insured by private mortgage insurance (PMI). Premiums are tax deductible, and the insurance may be cancelable when equity in the home reaches 20 percent. Both programs have changed in the past year, and more changes may be ahead. While FHA pricing has often been more favorable compared to PMI, rates are going up. Earlier this year, the up-front premium required on FHA loans jumped from 1.75 percent to 2.25 percent of the base loan amount, adding $1,000 to a $200,000 mortgage. Now the FHA wants to raise its maximum mortgage insurance premium, a change that could take the monthly premium on a $200,000 mortgage from $92 to $125. PMI offers many premium plan structures that now make pricing very competitive. In general, PMI pricing is more affordable than FHA’s for borrowers putting down 10?15 percent and can match FHA on loans with 5 percent down. The minimum required FHA down payment is 3.5 percent, but new credit guidelines require a credit score of 580 to qualify for the 3.5 percent program. Borrowers with less than a 580 credit score must put at least 10 percent down. PMI mortgages with 5 percent down are available nationwide, with 3 percent down for some loans that meet Affordable Housing Guidelines. PMI can also offer extra benefits at no extra cost to the borrower. Genworth Financial, for example, purchases job loss protection that helps make a borrower’s mortgage payment (principal, interest, taxes and insurance) in the event of involuntary unemployment up to $2,000 a month for up to six months during the benefit period, with a maximum of three monthly payments per job loss occurrence. Genworth also provides free homeowner assistance to borrowers in financial difficulty as long as they have mortgage insurance with the company. In 2009, it completed nearly 20,000 mortgage workouts, saving over $2.6 billion of mortgages from foreclosure. More information is available at www.SmarterMI.com/MI-vs-FHA.aspx. Understanding your mortgage financing options can save you money and could even save your home.

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BUSINESS NEWS How To Get Help Growing Your Business

(NAPSI)-When it comes to expanding your business globally, minority-owned firms have a natural competitive advantage-and a new initiative may further improve their chances at success. The minority business community has a great advantage in the global market-due in large part to language capabilities, cultural compatibility, ancestral ties and business agility. President Obama’s National Export Initiative (or NEI) calls for doubling U.S. exports within five years. Under the NEI, there will be more credit available for exporters, more government trade promotion and a sharper focus on knocking down the barriers that prevent U.S. companies from getting free and open access to foreign markets. The goal of the NEI is to increase the number of small, medium-sized and minority-owned firms exporting to more than one market by 50 percent over the next five years. The initiative also hopes to focus attention on exporting to emerging markets, and identifying market opportunities in fast-growing sectors such as environmental goods and services, renewable energy, health care and biotechnology. More than 95 percent of the world’s consumers live outside the U.S. and one of the easiest ways to grow American minority-owned businesses is to sell products and services to people outside the border of the United States. To assist minority-owned firms in breaking into global markets, MBDA Business Centers work with a variety of partners to help create strategies for growth. To help grow your export business, MBDA recommends you: • Look at industry trends and know your position within the domestic market prior to establishing an international business strategy. • Research the global market for your products and services. • Determine the effects of exporting on your current operations. • Outline what resources you will need to successfully execute your export strategy. • Familiarize yourself with various global distribution channels. • Contact an MBDA Business Center to assist you. There are more than 45 Centers nationwide. Visit www.mbda.gov to locate a Center near you. One of the easiest ways to grow American minority-owned businesses is to sell products and services to people outside the U.S.

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Patty Duke Family Reunites for Dinner: Medicare on the Menu (285) (NewsUSA) – Patty Duke is back -; and this time she’s brought the entire family. The cast of the Patty Duke Show reunited for dinner and to create a series of public service announcements to promote Social Security’s new online Medicare application. You can view the television spots at www.socialsecurity.gov/medicareonly. Patty Duke and her television family entertained American households on the Patty Duke Show in the 1960s. Now, they want to serve families again -; by telling them just how easy and fast it is to apply online for Medicare -; even if they are not ready to retire. The application takes less than 10 minutes. Even if you decide to wait until after you’re age 65 to apply for retirement benefits, most people should start getting Medicare at age 65. If you’d like to begin your Medicare coverage, you should apply within four months of reaching age 65. It’s important to note that people who already receive Social Security retirement or disability benefits do not need to apply; they will be automatically enrolled in Medicare. Why apply online? Because it’s fast, easy and convenient. You don’t need an appointment, and you can avoid waiting in traffic or in line. You don’t even have to do it all at once. Our secure technology ensures your information will be kept private. If you’re within four months of turning age 65 or older, what are you waiting for? As Patty Duke and her television family will tell you, it takes less than 10 minutes! Just visit www.socialsecurity.gov and select the “Retirement/Medicare” link in the middle of the page. And be sure to catch TV’s most famous identical cousins and the whole family for dinner at www.socialsecurity.gov/medicareonly.

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