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Five Changes When You Go From Two Incomes to One Income

If you are considering switching from a two-income family to a one-income family, there are several things that you will need to consider as you make the change. You need to make sure that you can afford to make the change. If you feel that you can here are five things to consider to make the transition smoother. 1) You need to make sure that your entire family still has health insurance coverage. It is important to take this factor into account when you are considering your new budget. Health insurance coverage can vary widely from company to company and … Continue reading →

Adjust Your Withholdings for the New Year

An important thing to do at the beginning of the year is to take the time to make sure your withholdings are accurate for your family. You can also easily adjust the amount you are having put into retirement, and savings at this time. You can easily figure out how much you should be withholding by using the calculator provided by the IRS. Here are five reasons that your withholdings may have changed in the last year. 1) You have had a child. This will increase the tax credit that you can claim. You should adjust your withholdings accordingly. You … Continue reading →

Take Advantage of E-File

When it comes time to filing your taxes there are many ways to go about it. You may choose to go to an accountant, a tax preparation store, purchase software or to do your taxes yourself. No matter what you decide to do you should take advantage of t e-file. E-file allows you to file your taxes electronically. It saves time, and because it is automatic there is less chance for error. You will receive your refund faster if you e-file. The first day that e-file is available is January 16, 2007. If you have an adjusted gross income below … Continue reading →

A New Year, a New Budget

You may be making New Year’s resolutions regarding your money situation, or you may simply be taking the time to check in and make sure that you are still headed down the right financial path for your current goals and dreams. The beginning of the year is a great time to sit down and make a new budget. As you do this you may want to consider some ways to increase your take home pay, as well as ways to cut expenses so that you can achieve your financial goals. 1) You can sign up for a flexible spending account. … Continue reading →

Don’t Lose Money on Your Tax Refund

The approaching new year means that it is time to begin thinking about filing taxes. You have seen the advertisements for the tax preparation places that offer to not only prepare your taxes, but also actually will give you your refund a lot faster than waiting for your refund from the IRS. It is important to realize that you are actually taking out a loan against your return, and you are paying high fees and interest rates in order to receive the money sooner. Unless you are in dire need of the money (they are about to foreclose on your … Continue reading →

Are You Considering Cutting Health Insurance to Save Money?

When money is tight you may look at cutting down the amount withheld from your paycheck. This could include cutting your health insurance. You may be considering staying home with your children. This will change your benefits and how much you have to pay out of pocket. You may be wondering if you can afford not covering yourself and possibly your children. You may justify that you will remain healthy. Your feel great and have no reason to expect anything to happen. I know one person who ended up paying out of pocket for an emergency gall bladder surgery. It … Continue reading →

Are You Having Too Much Withheld from Your Paycheck?

Are you looking for a way to have more money every month? Do you receive a large tax refund every year? Do you count on this money to make large purchases or to pay off debt? Or does this money go directly into savings? If you do receive a large refund each year, but you really struggle paying your day to day bills you can change the withholdings so that you do not receive a refund. Instead you will receive that money throughout the year, when you really need it. If you choose to do this you need to make … Continue reading →