MONEY AND FINANCE

2009 Federal Income Tax Deductions

If you are one of those generous people who donated to help Haiti, you can deduct the 2010 Haitian Relief Donations on your 2009 Return.

According to the IRS, you can claim 2009 deductions for Haiti relief donations made between Jan. 12 and Feb. 28, 2010. The IRS defines cash donations as those that include contributions made via check, money order, credit card, charge card, debit card, phone or text message. This is pretty much their standard definition.

If your donation(s) were under $250, you need either a bank record such as a cancelled check or credit-card statement or a receipt from the charity to prove your generosity. If your donation(s) were $250 or more, you must have a receipt from the charity.

Some people donated using their phone or by a text message. The IRS says a service provider bill showing the name of the charity, the donation date, and the amount is sufficient proof. In order to deduct these charitable contributions, you must itemize your taxes. For more information to help save your money at tax time check out Tax Tips and Tax Reduction Tips today.

Avoid a Low Credit Score

Avoid low credit scores at all costs. Poor credit scores cost you money. That is more than just a half-hearted statement. It is pure fact. Since most of us use credit to buy homes and automobiles for example, we sometimes forget we use credit for other purposes. Read More…

Non-deductible Deductions

Many taxpayers confuse spousal and child support with alimony. Of the three, only alimony is deductible. It is considered income to the recipient and an expense to the payer. All of us wish we could deduct spousal and child support expenses. We’d probably never owe a dime in taxes if that was the case. Read More…

Improving Your Credit Score Today

You can repair your own credit if you are willing to devote the time. On the other hand, if you have more money than time, you may wish to use a professional credit repair company. So you can decide which way you want to leap, here are the basic steps to follow for an effective do-it-yourself credit repair campaign. Read More…

Indy Mac Bank

Money ferret very rarely recommends other websites. Not because we are snooty or think other people don’t have much to offer but we’ve been burned in the past. Having said that, we are now doing exactly the opposite. There is a site we believe gives an example of the dirty tricks being played on we the people in this thing called the foreclosure arena. A disclosure before you click the link – this site does have a couple of ads. However, they do offer a free subscription to their newsletter. In our opinion, free is an excellent price. Besides, if you don’t like their NL, you can always unsubscribe.

The link will take you to a video about the shenanigans that happened with IndyMac Bank. It doesn’t make a tinker’s darn if you even remember IndyMac Bank. It doesn’t make a difference because you the taxpayer still ended up paying through the nose. Go to: IndyMac Bank

and get the dirty low down. While there, surf the other links. The one about the Private Group should be quite enjoyable.

OK, so I don’t sound like I’m hyping this site, I’ll stop talking.

Keeping Tax Records

Something to keep in mind when it comes to keeping tax records is even though your records are no longer needed for tax purposes you don’t want to trash them yet. Check and see if you need to continue retaining them for other purposes.

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Today’s Retirement

Let’s face it, you have worked the last forty to fifty years only to now wonder if you’ll have to work another forty. That’s no good. We agree, it’s sad the state of financial and economic affairs this country is in. Read More…