Real Life Solutions

Last Minute Tax Tips

If you have yet to file your 2008 tax return, don’t panic. The key to getting it done quickly and efficiently is to have a game plan and know what to look for before starting. Use these tips to make doing your taxes easier this year.* The new stimulus plan does not affect your 2008 Federal tax return unless you bought your first house between April 9, 2008 and June 30, 2009. If you did purchase your first house in this time period, you may qualify for the First-time Homebuyer Credit. To claim the First-Time Homebuyer credit, you’ll need to complete Form 5405. Keep in mind, however, that if you take the credit, you must pay the amount back over 15 years of subsequent tax filings. In other words, the credit is like an interest-free loan.

* Using tax preparation software can help you be more efficient and accurate. Not only does it include the latest tax law changes like the updated First-time Homebuyer Credit, it also does the math for you and notifies you when information is missing. Most products are easy to use and understand, and include advanced tools to find deductions and credits. The price, additional fees, and included forms and schedules differentiate the products. For instance, some include five federal e-files. Other products, like TaxACT Deluxe (download and CD-ROM), include one federal e-file and charge for each additional e-file. Less obvious is the fact that the total price for TaxACT software plus four additional e-files is still less than half the price of the top brand.

If you need to file a state return, most products will save you time by transferring your federal information to your state return. The prices for state software vary, especially for e-filing.

* Nearly 90 million taxpayers e-filed their returns in 2008 and the Internal Revenue Service reports that nearly 52 million tax returns have been e-filed this year. The IRS has made a big push for filing your tax returns electronically this year, and for good reasons. Thanks to the software that checks for mistakes, the error rate for e-filed returns is about 1 percent, compared to 20 percent for hand-filed returns. Those who owe money are also given additional payment options, including credit card, electronic funds withdrawal and the Electronic Federal Tax Payment System.

In order to e-file, you must have either your adjusted gross income (AGI) from last year (line 37 on Form 1040, line 21 on Form 1040A and line 4 on Form 1040EZ) or the 5-digit PIN you created to sign your e-filed return last year. Your AGI or PIN acts as your signature.

* Approximately 75 percent of taxpayers receive a refund. So far this year, the IRS reports that the average Federal refund is $2,811. If you need your refund sooner than later, it’s best to e-file with direct deposit. This method makes it possible for you to have your refund in as few as eight days, compared to up to four weeks with paper returns. Through Form 8888, you can split your refund into more than one account.

* If you can’t pay the full amount you owe, don’t file for an extension. Instead, file your return and pay as much as you’re able to by April 15 in order to avoid penalties and interest. The IRS will send you a bill with a notice and only charge interest and penalties on the unpaid balance. You can contact the IRS at (800) 829-1040 to discuss payment options, including short-term extensions, Installment Agreement or compromise. More than 75 percent of taxpayers eligible for an Installment Agreement can apply using the Web-based Online Payment Agreement application available at www.IRS.gov. Tax extension guidelines and process vary by state, so check with your state’s tax agency if you need a state extension.

* If you must file for an extension, complete Form 4868. Note, however, that filing an extension does not mean you have more time to pay on money you owe. You will pay interest on the balance and may incur a late payment penalty.

Regardless of the question or topic, it’s nice to know you’re never alone. Information about various tax topics is available around the clock on the IRS Web site at www.IRS.gov, and more tax tips and TaxACT product information can be found at www.TaxACT.com.

Courtesy of ARAcontent

Sometimes it can seem as though daily expenses are getting out of control… you know that you should have enough money to cover everything, but it just never seems to work out that way.

If your financial situation seems to be getting worse with each passing month, don’t despair; with the aid of a household budget you should be able to quickly get things under control again.

All that it takes is a little bit of planning and the self-control to stick to the budget.

What is a household budget? If you’re not entirely sure what a budget is, it’s simply a formal plan for the control of a household’s expenses and spending.

A budget allows you to plan in advance which payments and expenses will be paid at what time, and even decide which payment of your salary will be used to pay individual payments.  It can also be used to figure approximately how much money you have left after all of the bills and expenses have been paid, so that you’ll know whether you can really afford to spend additional money on impulse purchases.

First step in creating a budget: The first step in creating a budget is to determine exactly how much your core expenses cost, and how much money is available each month to pay those expenses.

Make a note of your rent or mortgage payment, and look at old utility bills to determine the average cost of electricity and other utilities. It might be advisable to lean your estimates a little higher than the true average, so as to better cover more expensive months.

You should then write the payment due date of each of these expenses on a calendar, as well as the dates when you or other bill-paying members of the household receive their salary.

Covering all of your expenses: Of course, there are a variety of other expenses that must be met every month that don’t come as standard bills. When working out a budget, it’s important to remember to add in the amount that you spend on groceries each month as well as an amount to pay for incidentals… the various expenses that can come up without you expecting them.

Figure up your total expenses, and subtract them from your monthly income… once you’ve determined how much money you have left, set aside a small portion of this so as to help cover incidentals.

The important thing to remember when working on a budget is that it isn’t set in stone. Many people worry when they get off of their budget, and this makes them skew the budget even more… before long, the budget is gone entirely.

Work on keeping your budget, but don’t worry about it so much that you make it impossible. If you stray, simply get back on next month.

Grab your guide to setting up a family budget Here.

Take Care,

Aurelia Williams

Real Life Coaching

If you have been watching the news, reading magazines, or even overhearing conversations while in line at the post office or grocery store, you may have heard about something called a “personal coach”. More and more people are turning to personal coaches each day; if you have ever wondered what one is and what they can help you with, read on!

Simply put, a personal coach helps you become the best “you” possible. Just like a sports coach helps athletes work out their problem areas and achieve new records with their strengths, a personal coach can help you set and meet goals that apply to many areas of your life.

In today’s society, many people over-book themselves with work, family, and social obligations. A personal coach can help you learn to manage your time effectively, and teach you new ways to calendar your time. You will work with your coach to find a system that works for you, and you’ll be able to meet all of your commitments. They’ll even help you carve out some personal time for yourself.

A personal coach can also help you with your parenting issues. It is no secret that being a parent is the toughest job you will ever have. A personal coach can help you work through any problems you have been having and help you learn new parenting techniques, as well as open the lines of communication between you and your child.

Stress is a common ailment that is shared by almost everyone. Some of the side effects of stress include aches, pain, fatigue, high blood pressure, anxiety and overeating. A personal coach can help you manage your stress levels. This alone can help you in all areas of your life. When you feel less stressed you will be happier and ready to take on new challenges.

Simply talking to a non-judgmental third party can do wonders for you. When people face problems, they are often too embarrassed to ask for help. They may not want their friends or family to know they are struggling with something. This can lead to further feelings of isolation and depression. A personal coach is there to listen and help you find solutions for your problems.

Working with a personal coach is actually more affordable than you think. Most offer free consultations. It is important for you and your potential coach to get to know each other; after the initial consultation, you can decide if this coach is the right coach for you. Likewise, the coach can tell you openly and honestly if they can help you. If they can’t, they will refer you to someone who can.

These are just a few of the benefits of having a personal coach. Think about how great it would be to have someone on your side, rooting for you, giving you honest feedback, and helping you achieve new goals. If you have been struggling with reaching a goal, it is time you experience a free consultation with a coach, and find out how they can help you!

Contact Aurelia Williams today and schedule your free consultation

Easter is nearly here. One of the most popular holidays is Easter and part of the reason why this holiday is so much fun is the food associated with it. If you are planning an Easter dinner with your friends or family this year, here are some awesome hints for some yummy Easter recipes.

Maple Syrup Ham and Sweet Potatoes with Marshmallows – One of the most desired types of food to eat at Easter is ham and you can sweeten up the flavor of ham by adding some tasty maple syrup.  While your store purchased maple syrup should work, try to purchase maple syrup that is 100% pure and not made with corn syrup.  Adding pure maple syrup will add a sweet, delicious taste that your friends and family will love.

You can simply complement your maple syrup ham with some yummy sweet potatoes smothered in miniature marshmallows.  Sweet potatoes should be your maple syrup ham’s best friend.  For an extra treat, add miniature marshmallows and you will definitely get some smiles from children and adults alike.
Easter Bunny Cookies -  While chocolate bunnies are pivotal to Easter, cookies can also be a desired treat.  Just like Christmas cookies are fun to make and tasty to eat, so can Easter bunny cookies.  Most grocers, discount stores and craft retailers sell Easter Bunny cookie cutters to make your favorite chocolate chip or sugar cookie into some fun Easter bunny shapes.

Easter Egg Cup Cakes – Easter Egg Cup Cakes are a fun way to add excitement to the holiday’s for your little ones.  Easter Egg Cupcakes are an easy and fun way to bring color to any Easter dinner dessert.  Instead of using cup cake  holders, try to use small waffle cones instead to hold your cup cake mixture.  Once baked, add coloring, sprinkles, candy, etc. to your creation.

Easter Bunny Carrot Cake -  Easter bunny carrot cake is a great way to add color and fun for the whole family.  What goes better with bunny rabbits than carrots and a  yummy carrot cake goes with an Easter meal.  You can easily purchase a carrot cake and decorate the top by hand.  Many people create their own icing adding food coloring to color the carrot cake to look like an Easter egg.

Easter Cocktails -  For those adults that prefer to top off their dinner with a delicious alcoholic beverage, there are many flavorful cocktails that compliment the atmosphere of an Easter meal.  For example, certain liquors come in several colors such as grenadine for crimson, blue Curacao for blue and mixing clear liquor with various fruit juices for multi colored Easter drinks. For those that crave a cocktail without the alcohol, it’s simple to add color to your dinner with a variety of fresh fruit smoothies, just by adding fresh fruit with cream or milk.  Some people even add some yogurt to the mix.

If you would like to get your hands on some quick and easy breakfast and lunch idea’s that your kids will LOVE visit Kid Approved Meals