Save Time and Money Buying Your Next Refrigerator (443) (NewsUSA) – Nearly everyone is more cautious with money these days, so major purchases are approached with additional consideration and planning. A new refrigerator, for example, can cost hundreds or even thousands of dollars and may be in your home for 10 or more years. So when it is necessary to replace, budget-focused consumers may first consider the purchase price. However, a refrigerator’s reliability, energy efficiency, usable features and ability to store more-affordable bulk foods are also important factors and can offset the initial cost. Since consumers are in the market for appliances so infrequently, the purchase process can easily become confusing and overwhelming. The tips and guidelines below will help even the most discerning and energy-minded shoppers navigate the showroom floor and identify a reliable refrigerator that will meet their needs. Compare the capacity and storage. Models with more shelves and bins have a greater surface area, which creates more space for fresh and frozen food deals bought in bulk. Consider a model that will not only fit everything, but will also provide easy access to the most-used items. The Maytag® ICE2O® refrigerator has a bottom mount freezer drawer that features a SmoothClose™ track system with heavy-duty ball bearing slides that can hold up to 120 pounds of food. The wide drawer can hold deli platters, while durable bins and four Spill-Catcher™ glass shelves help store food in an organized way. Look for the ENERGY STAR® label. The refrigerator consumes more energy than any other kitchen appliance. According to ENERGY STAR®, replacing a model from the 1980s with an ENERGY STAR-qualified model will offer a savings of $100 per year on utility bills, or $200 per year if the model is from the 1970s. Features such as a door alarm, power outage indicator, airtight door seals and easy-to-use temperature controls will help maintain a constant temperature and contribute to the efficiency rating. Consider the usability of the features. Add-on features can save time and money if they eliminate a cost or save a step. A removable ice bucket can be easily brought to the table or cooler. Filtered ice and water dispensers can help save money and the environment by preventing the disposal of plastic water bottles. Some of the newest refrigerators also have ice makers that produce smaller cubes that fit into refillable water bottles. Examine the hardware. How durable the handles are and how strong the hinges are will directly impact the life of the refrigerator. Open and close the door and drawers to test their strength, and look for heavy-duty stainless steel handles that will remain secure even in the most active households.

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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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Make your green renovation the envy of the neighborhood

(ARA) – What is it about “going green” that is so appealing? Even if it’s not your favorite color, going green can benefit the environment, your health and reduce energy consumption, as well as overall energy costs.

You may already recycle, use public transportation, buy local products or simply turn off the lights when you leave the room. While these simple practices can greatly reduce your overall impact on the environment, now is the perfect time to think about a total green renovation for your home.

If the cost of a project is holding you back, you still have time to take advantage of the 2009-2010 Federal Energy Tax Credit for making energy-related home improvements.

The tax credit allows homeowners to claim tax credits equal to 30 percent of product and installation costs – up to $1,500 – for qualified energy-related home improvements. It applies as a direct reduction of taxes owed. You’ll have to make a decision soon, because the 2009-2010 Energy Tax Credit expires at the end of this year.

The most helpful step you can take when transforming your home into a completely green living environment is planning. These tips can help green light a well-planned renovation:

* List your needs and goals before you do anything. Find a contractor who is skilled in traditional building trades and understands how to design projects to be energy-, water- and resource-efficient.

* Work with your builder on a master plan for your project. Think about downsizing your current space.

* Consider heating, ventilation and air conditioning (HVAC) needs by upgrading mechanical systems. A hybrid comfort system, like those from American Standard Heating & Air Conditioning, is ideal for a green renovation. A hybrid system alternates between two different energy sources depending upon temperature, settings and efficiency, making it one of the most efficient and flexible heating and cooling systems available.

* Design systems that minimize water use and maximize water distribution efficiency. Plan for future wiring and cabling needs when considering the lighting, electronics and appliances.

* Reuse old materials or take them to a company that accepts well-preserved demolition waste and intact building materials. Buy reclaimed material, such as reclaimed pine timbers, for flooring.

* Purchase materials that are durable, easy to maintain and will age gracefully. Research products that contain recycled content and are sourced locally.

Once you’ve completed your renovation it’s important to maintain your green renovation efforts so they last for years. The longer you stay a part of the green scene, the smaller your carbon footprint.

Hybrids aren’t just for cars anymore

A hybrid comfort system combines an electric heat pump with an oil or natural gas furnace for warmth and comfort for the cold nights, and effective, efficient cooling in the summer months. A heat pump doesn’t use up fuel making heat, it just moves it. With a hybrid system you have ultimate flexibility for greater efficiency in all seasons. To learn more, go to www.americanstandardair.com or contact your local independent American Standard Heating & Air Conditioning dealer who can help decide which components are right for your home’s energy sources.

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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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Savings heat up with solar-powered water heaters

(ARA) – More homeowners are deciding solar power is the right thing to do – for the sake of the environment and their wallets. New technologies make it easier than ever to use the sun to heat water in our homes. And Congress is helping make going green a cash-smart move too, by extending the federal solar tax credit another eight years.

Thanks to the tax credit program, you can recoup 30 percent of the total installed cost of a solar water heating system. “It’s a great time to switch to solar power for your water heating needs,” says Jim Cika, a solar water heating expert with VELUX America. But before you buy a solar water heater, do your homework, he urges, learn about the technologies available and review just how solar-friendly your home can be.

“Homeowners need to factor in geographic location, orientation of the roof for solar collectors, costs and tax incentives and rebates that may be available to arrive at an economically sensible and environmentally-sensitive decision,” Cika says.

While a solar water heating system usually costs more to purchase and install than a conventional water heating system, it can reduce energy costs in the long run and is much kinder to the planet.  

Cika says that the cost of an installed ENERGY STAR qualified system from his company will vary depending upon the volume of heated water required in a home. A packaged system consisting of one, two or three rooftop solar collector panels will usually be installed along with a 60, 80 or 120-gallon solar storage tank. An average installation is projected to cost $6,500 to $11,000, with some complex installations running as much as $12,000. Systems are available for gas, electric and boiler markets throughout the U.S., Cika says.

“On average,” he says, “if you install a solar water heater, your water heating bills should drop 50 to 80 percent — not an insignificant sum when you consider that the Department of Energy says that water heating can account for 14 to 25 percent of the energy consumed in our homes.”

According to Cika, in the construction of a new home, where the cost of the system is rolled into the mortgage, homeowners can save more on their monthly energy bills than the increase in their house payment. “Solar water heating provides a positive cash flow from the day of move in,” he says, “effectively giving an immediate payback.”

“In the case of an installation in an existing home in an area that has both federal and state rebates and incentives,” he says, “the payback can vary from three to seven years.”

Two primary solar technologies are available in the market right now: solar photovoltaic (PV) and solar thermal. The photovoltaic process uses the sun to generate electricity and solar thermal uses the sun to heat water. Solar thermal often is the technology of choice for homeowners for a number of reasons. Kevin Hughes, a writer for GreenBuildingElements.com, who installed a solar thermal system in his San Francisco home, explains why.

“I prefer solar thermal, specifically solar hot water, a much older technology. It is much cheaper to install, much more efficient and has a much faster payback,” he says.  

For homeowners considering an installation, the Internet offers a number of websites that can be helpful with an analysis and then with locating products and installers. Findsolar.com and nabcep.org list certified installers by state. Solar-rating.org lists certified solar equipment manufacturers and certified installers for VELUX units are listed at veluxusa.com.

Eere.energy.gov/consumer includes a link to a calculator for initial cost, annual operating costs and determining payback, as well as a consumer’s guide to solar thermal, while nrel.gov offers a consumer’s guide to photovoltaic. Federal and state tax credit information, by geographic area, is available at dsireusa.org.

Cika says that solar water heating represents a logical first step for homeowners who want to harness the power of the sun because it is relatively simple technology compared to generating electricity from the sun. “The technologies accomplish different objectives,” he says, “but they both will pay increasing dividends to homeowners who utilize them now and in the future.”

For more information on the benefits of solar water heating or natural light and ventilation through skylights, call (800) 283-2831 or visit veluxusa.com.

Courtesy ARAcontent

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Five ways to save time and money on your taxes

(ARA) – The typical taxpayer is expected to spend more than three business days and more than $200 completing his or her tax return.

“That’s too much time and too much money,” says Gary Lundberg, product management director for CompleteTax (www.CompleteTax.com), an online income tax preparation program. “The good news is, there are a few easy things people can do that will help them save time and money doing their taxes, as well as make sure they get the biggest refund they’re due.”

As people get ready to file their 2009 tax returns, there are a few things they can do to save time and money.

1. Make sure you’re prepared.

Having a few key items available when you start your taxes will save a lot of time. These include:

* Your tax return from 2008
* Social Security numbers for you, your spouse and children
* All W-2s (wage and tax withheld form for 2009 supplied by your employer), 1099s (statements on investment income provided by your financial services institutions), mortgage interest statements and other statements related to income
* All statements related to expenses that you will be claiming on your tax return
* The routing numbers and account numbers for the accounts in which you want to directly deposit your tax refund.

2. Use an online tax program.

One advantages of using an online tax program is that many of the items you need to start your taxes – like your prior year’s return – can be stored by the program. So, you don’t have to waste time hunting down information every year.  

More than 32 million people filed their tax returns from their home computers during 2009, up nearly 20 percent from the prior year, according to Internal Revenue Service data. That number is likely to continue to increase as more people realize the benefits of online tax prep and electronic filing.

Using the right online tax program makes it a lot easier and faster for people to finish their tax return with no need to go to the store or download a program onto their computer.  

Online tax programs also are a lot more accurate. In fact, the IRS reports that an electronically prepared and filed return has an error rate of less than 1 percent, compared to an error rate of about 20 percent for a paper prepared return.  

3. Free file if you can.

Depending upon how complicated a person’s taxes are, they may be able to prepare and e-file their tax return absolutely free. For example, if you don’t need to itemize, and only have a few simple requirements – such as claiming the Earned Income Tax Credit – you may be able to use a free online tax program. For example, CompleteTax offers a free version of its program and the IRS lists other providers participating in the Free File Alliance.

If your tax situation is more complicated – for example, you have itemized deductions, investment income or you are a small business owner – you will want to make sure to purchase the online solution that is tailored to your needs. Good online tax programs for people with general tax needs are available for less than $20 and even investors or small business owners who have more complicated returns can find solutions for less than $75.

“Completing your tax returns does not need to be a drain on your wallet,” says Lundberg. “The right tax program can save a taxpayer both time and money.”

4. Maximize your credits and deductions.

The average tax refund for 2008 was nearly $2,800. However, many taxpayers have the sinking feeling that they are not getting the tax breaks they should. In fact, according to an independent survey conducted by CompleteTax, two-thirds of 1,000 randomly surveyed taxpayers fear they may overlook tax breaks or make mistakes that could cost them in fines or penalties.

“There are dozens of credits and deductions that people may have available to them. So it’s important to make sure that the tax program they’re using is geared to identify these and guide them to options that will maximize their refund,” says Lundberg.

Some programs will also provide tools to help further ensure accuracy. For example, while millions of people donate clothing and household items to charities, few have any idea of the value. A tax program, such as CompleteTax, with a charitable donation calculator, provides an easy way for determining and documenting the fair market value of these items, helping you realize the greatest charitable contribution deductions you can.

5. E-file and use direct deposit.

Electronically filing and using direct deposit significantly increases how quickly taxpayers have access to their refund. Generally, e-filers can have their refund deposited directly into their accounts within a few days, compared to the weeks it takes to receive a mailed check. Certain tax programs also allow customers to split their refund and deposit it into three separate accounts. For example, you could deposit part in your checking account, part in your savings account and part directly into a tax-advantaged IRA account.

“E-filing and direct deposit don’t cost you anything, but they can mean you have your refund faster so that it can start working for you – whether that’s paying off debt, buying something you want or saving for the future,” Lundberg says.

Taxpayers can find more money-saving tips through CompleteTax news and tax alerts at www.CompleteTax.com.

Courtesy of ARAcontent

Buying a home or making green home improvements? Don’t miss out on these tax credits

(ARA) – A wide range of tax law changes over the last year will result in considerable savings for millions of Americans on their 2009 federal tax returns. Homebuyers and homeowners have some of the most to gain from the changes.  

Understanding the qualifications for home-related credits can be confusing and intimidating. Jessi Dolmage, spokeswoman for 2nd Story Software, the makers of TaxACT, breaks them down.

“If you’ve never owned or haven’t owned a principal residence during the three years prior to the purchase date, you may qualify for the First-Time Homebuyer Credit. The purchase date must fall after April 8, 2009 and before May 1, 2010, with closing to take place before July 1, 2010. It’s equal to 10 percent of the purchase price, up to a maximum of $8,000. You only have to repay the money if the home ceases to be your primary residence or is sold within three years of purchase,” says Dolmage.

Property cannot be acquired from a relative, and married taxpayers must both qualify as first-time homebuyers if filing jointly. The credit can be claimed on a 2009 return or an amended 2008 return.

The Worker, Homeownership and Business Assistance Act of 2009 extended the credit’s closing date from Nov. 30, 2009, to April 30, 2010, and added rules for homes purchased after Nov. 6, 2009, including:

* You must be at least 18 on the purchase date (only one spouse must be 18) and cannot be claimed as a dependent.
* Purchase price cannot exceed $800,000.
* If the sale doesn’t close by April 30, 2010, you may still qualify if there’s a binding contract to purchase by that date. The sale must close before July 1, 2010, and the credit cannot be claimed before the closing date.

Purchase date and modified adjusted gross income (MAGI) determine credit phase out. If the purchase date was before Nov. 7, 2009, full credit is available to those with an MAGI up to $75,000 ($150,000 for joint filers). If you have an MAGI between $75,000 and $95,000 ($150,000 and $170,000 for joint filers), you’re eligible for reduced credit. Higher incomes do not qualify.

If the purchase date is after Nov. 6, 2009, full credit is available to those with an MAGI of up to $125,000 ($225,000 for joint filers). If your MAGI falls between $125,000 and $145,000 ($225,000 and $245,000 for joint filers), you could receive a reduced credit. Higher incomes don’t qualify.

“Current homeowners looking for a different or new home may also qualify for the First-Time Homebuyer Credit,” Dolmage says. “The Worker, Homeownership and Business Assistance Act modified the credit to allow for up to $6,500 if you purchase a replacement home before April 30, 2010. You must have lived in the same principal residence for a five-consecutive-year period during the eight-year period that ends on the purchase date of the replacement home.”

In addition:

* You must buy, or enter into a binding contract to buy, a principal residence after Nov. 6, 2009, and before May 1, 2010, and close on it before July 1, 2010.
* The credit phases out for those with an MAGI between $125,000 and $145,000 ($225,000 and $245,000 for joint filers).
* 2009 purchases must be claimed on a 2009 return; 2010 purchases can be claimed on a 2009 or 2010 return.

All homeowners can claim tax credits for green improvements. The Residential Energy Property Credit is worth 30 percent, up to $1,500, for improvements such as adding insulation or installing energy-efficient windows, doors, or heating and air conditioning systems. Bigger improvements involving alternative energy equipment, like solar hot water heaters, geothermal heat pumps and wind turbines can be claimed under the Residential Energy Efficiency Property Credit. This credit is equal to 30 percent of the cost of the qualified property, with no limit on the maximum amount of the credit available.

New tax laws also include breaks for children, college expenses, new vehicles, unemployment and several other areas. Information about all 2009 tax law changes can be found at www.IRS.gov.

“You can see exactly how the changes will affect your 2009 taxes with TaxACT Free Federal Edition,” Dolmage adds.”  With TaxACT, all taxpayers can prepare, print and e-file their IRS return for free. Go to www.TaxACT.com to get started.”

Courtesy of ARAcontent

What You Need to Know Before Doing Your Taxes Online

(ARA) – The tax code continues to get more complex — with 500 changes to the tax law in 2008 alone. So, if you’re like millions of other Americans, you are looking for help preparing and filing your tax returns. Using online tax preparation and electronic filing services continues to grow at record rates. In fact, nearly 27 million taxpayers e-filed their tax returns from home last year, according to the Internal Revenue Service.

“Online tax prep and e-filing can save you time and money and ensure accuracy. But you need to do your homework first to make sure you are using the program that offers you the greatest value for your dollar,” says Debra Gray, product manager for CCH CompleteTax, an online tax preparation and e-filing service created by the experts in tax law and software.

According to Gray, questions you should look to answer are:

1. Is the site secure?

You want to use an online program that encrypts your data using recognized security standards. Only use e-file programs that have been tested and approved by the IRS. These will display the IRS e-file logo on their home page.

2. Is it easy to use and can you try before you buy?

Online software can save time because you don’t have to download it to your computer. But make sure the program is easy to navigate and presents information clearly. Only choose an online tax program that allows you to try it out before purchase.

3. Does the program check your work?

Make certain the program automatically checks for errors or oversights. The program should provide links to the problems to help you quickly correct potentially costly mistakes.

4. Does it clearly show the cost of preparing and filing your returns?

The cost for using the program should be clearly displayed on the first page so that you can make an informed choice. Caution also needs to be taken to ensure you are selecting a provider that will not try to up-sell you to a more costly version. According to Gray, most do-it-yourself taxpayers should be able to find a good tax program for under $50, including costs for preparing both a federal and state return. Those with simple tax situations should be able to complete both a federal and state return for no more than $30. E-filing your returns should always be free.

5. What are the payment and refund options?

Some programs, like CCH CompleteTax, let you deduct the cost of using their program from your expected tax refund and allow for direct deposit of your refund into your bank account for even faster access.

6. What are the help options?

Ideally the program should be straightforward, allowing you to finish your tax returns on your own. But you will want comprehensive help should you run into a question you can’t answer. So make sure the tax program provides help resources on every page of its program and offers support via e-mail or live online chat.

“Taxpayers who spent hours last year doing their returns using pen and paper or who have been frustrated by the tax software programs they’ve used in the past, really owe it to themselves to take a look at the features available in online tax programs this year,” says Gray. “Using the right tools, you can save time and ensure you’re taking advantage of the right tax breaks to help lower your taxes and potentially increase any refund you are owed.”

More information on online tax preparation and e-filing is available from CCH CompleteTax at www.CompleteTax.com.

Courtesy of ARAcontent

(ARA) – You’re busy establishing yourself in your career and your life. You want to buy a home, get married and have children. There’s only one problem: you can’t even think about these things because all your money is going toward paying off student loans and credit card debt. And, oh yes — you have your eye on that plasma big-screen TV.Sound familiar? You’re not alone.

According to a survey commissioned by the American Institute of Certified Public Accountants (AICPA), 54 percent of adults aged 18 to 34 believe they can’t afford to buy a home. Moreover, a quarter of them are considering a second or part-time job to cover their current expenses.

To help these overburdened young adults get on the track of financial well-being, the AICPA, in partnership with the Ad Council, created Feed the Pig (www.feedthepig.org), a national financial literacy campaign designed to teach them how to take control of their finances and make saving money a part of their lifestyle.

“Our goal is to create a savings revolution,” says Carl George, chair of the National CPA Financial Literacy Commission. “Even at their stage of life, it’s very important that young people know how to prepare for retirement. They won’t be able to rely on Social Security benefits and pensions to see them into the golden years.”

The symbol of the savings revolution is Benjamin Bankes — a humanized “piggy bank” many may remember from childhood. He’s all grown up and has a message to share: there is hope and there are little things you can do today that eventually will add up to significant savings tomorrow. Some examples of small steps you can take: stick to a monthly budget, cut up a credit card, use your neighborhood library instead of renting movies or buying books.

“We recognize young Americans face financial hardships,” says Barry Melancon, president and CEO of AICPA. “But if they don’t begin taking control of their finances now, they may find themselves working longer than they had intended. Even worse, they may not be able to retire at all.”

“Most importantly, make paying off debt a priority over discretionary spending,” says George. “Smart money management now helps build a solid financial foundation for the future.”

Feedthepig.org offers calculators, resources and award winning podcasts of interviews to help teach the art of finance management. Sign up to receive weekly tips and check out a related site, www.360financialliteracy.org, which helps Americans manage their finances through every stage of life.

Remember, if you feel you can’t afford to save, remember that you can’t afford not to.

Courtesy of ARAcontent

* Open up a 401(k). Check to see if your employer matches a percentage of your contribution. A matching contribution is essentially free money.
* Bank your raise or a portion of it. If you don’t get used to having the extra money, you won’t miss it.
* Keep driving that old car. Look for Web sites that help calculate savings if you keep your car for a longer period of time.
* Consider raising the deductible on your insurance policy. For example, if it’s $100, increase it to $200. It will likely lower your premium payments.
* Create a long-term, financial calendar in which you clearly state your goals, such as paying off student loans, in a shorter amount of time to avoid high interest rates. Place reminders in your e-mail calendar or PDA.
* Avoid retail therapy. If you are living paycheck to paycheck, then you need to seriously rethink any spending on nonessential items.
* Always pay your credit card bill in full each month to avoid interest charges.
* Cut down on premium cable channels or ditch cable all together.
* Consult your health insurance benefits — some of your gym dues may be covered. Or explore local community centers or local school systems for low-cost or no-cost options.
* Maximize your company’s health care reimbursement accounts. You contribute pre-tax dollars and reimburse yourself with tax-free dollars

(ARA) – In response to the threat of the U.S economy falling into recession, President Bush signed a new economic stimulus package into law February 2008 which will provide more than 130 million Americans with a little extra money. The first checks are scheduled to go out in May. Yet, some taxpayers are confused about how they can get their money from Uncle Sam.

To get a clear understanding of the rules and how the phase-outs work, here’s a listing of how eligibility is structured:

Tax Rebate for Singles -
* If you earned at least $3,000 (and paid taxes), you’re eligible to receive $300;
* If you earned more than $3,000 (and paid taxes), you’ll receive $600;
* If you have children, you’ll receive an additional $300 per child under age 17 (your child’s Social Security number is a requirement);
* The phase-out reduction begins with those who have an Adjusted Gross Income (AGI) of $75,000 and ends at $87,000 – at a reduction of five percent per $1,000 over the lower limit. If you’re single and earned more than $87,000, you will not receive a rebate check.

Tax Rebate for Couples –
* If you and your spouse earned more than $3,000 but you didn’t pay taxes, you’ll receive $600;
* If you and your spouse earned more than $3,000 and you paid taxes, you’ll receive $1,200;
* If you have children, you’ll receive an additional $300 per child under age 17 (your child’s Social Security number is a requirement);
* The phase-out reduction begins with those couples who have an AGI of $150,000 and ends at $174,000 – at a reduction of five percent per $1,000 over the lower limit. If you are a couple who earned more than $174,000, you will not receive a rebate check.

Also important to note is that $300 payments will go to seniors, veterans and veterans’ widows who showed $3,000 in veteran’s disability or Social Security benefits.

Many Americans are asking, “If I hold off on filing my 2007 tax return until April, will I get my tax refund and rebate on one check?” and “Do I have to file a tax return to get a rebate check?”

“To ensure you receive a rebate check that may be due to you, taxpayers must file a 2007 tax return. For those Americans who don’t earn enough income to normally file, a simplified filing process using Form 1040A has been rolled out by the IRS,” says Stephanie Behrends, spokeswoman for 2nd Story Software — makers of popular TaxACT tax software.

“However, whether you file your tax return in January or April, taxpayers who are expecting a tax refund will not receive a consolidated check representing their refund and stimulus rebate. In fact, rebate direct deposits and paper checks will be issued by the IRS based on the sequence of your Social Security Number.”

If you are a one-time stimulus filer, you can opt to prepare Form 1040A-3 the old fashioned way (by hand) and mail it in to the IRS. Another option for stimulus filers is to file electronically by visiting the Free File Program hosted by IRS.gov. For 2008, taxpayers filing their 2007 tax return and one-time stimulus filers may qualify to use the IRS’ Free File Program providing your Adjusted Gross Income does not exceed $54,000. Taxpayers are, however, encouraged to weigh their options carefully as some Alliance Partners place restrictions on the type of income and deductions taxpayers can claim while using the Free File Program.

TaxACT, the pioneer of free federal tax preparation software, provides taxpayers wanting a completely free way to prepare, print and e-file a federal tax return with its TaxACT Standard Edition — no gimmicks or fine print. More information regarding TaxACT is available at http://www.TaxACT.com .