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Daily Archives: 01/09/2013

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January 30th – IRS Will Begin Accepting Returns

01/09/2013 11:15 PM ⋅

The IRS announced on January 8th, 2013, that the official date for the IRS to begin processing 2012 individual income tax returns will be January 30, 2013. The last minute tax law changes enacted on January 2, 2013, by Congress have caused this delay. The IRS is now scrambling to update forms and processing systems to reflect those changes.

Most taxpayers will be able to file at that time, but some taxpayers with certain deductions will be delayed even further into February or March. These deductions may include residential energy credits, certain depreciations, or general business credits.

“We have worked hard to open tax season as soon as possible,” IRS Acting Commissioner Steven T. Miller said. “This date ensures we have the time we need to update and test our processing systems.”

The IRS will not process paper tax returns before the anticipated Jan. 30 opening date. There is no advantage to filing on paper before the opening date, and taxpayers will receive their tax refunds much faster by using e-file with direct deposit.

A Tax Haven is available to prepare your return now so it will be ready to file as soon as the IRS begins accepting returns.

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Posted in: News to Know, Tax, Tax Preparers ⋅ Tagged: , , ,

Dave Ramsey’s Seven Baby Steps

01/09/2013 6:02 PM ⋅

Dave Ramsey’s 7 Baby Steps:

 

Step 1: $1,000 starter emergency fund.

 

Step 2: Pay off all debts smallest to largest with the debt snowball. (Excludes Home)

 

Step 3: Fully fund your emergency fund to cover three to six months of expenses.

 

Step 4: Invest 15% of pretax income into retirement savings & Roth IRAs.

 

Step 5: College Funding

 

Step 6: Pay off your home!

 

Step 7: Build wealth and give!

 

*Remember: “A journey of a thousand miles begins with a single step.”

Lao-tzu, Chinese philosopher (604 BC – 531 BC)

Posted in: Dave Ramsey Tips ⋅ Tagged: , , , ,

What’s Dave Ramsey Say About Budgeting?

01/09/2013 5:55 PM ⋅

Dave Ramsey Budget Recommendations

The Four Walls- Priorities in a Budget:

1) Food

2) Shelter / Utilities

3) Transportation

4) Clothing

 

Budget Percentages Guidelines

(Multiply your total income by recommended % to see how you are doing.)

Food/Groceries-  5-15%  Include grocery stores, restaurants, and even those drive-thru windows or vending machines.

Home- 25-35%  Depending on whether you rent or own your home, this category consists of items such as rent/mortgage, repairs, property taxes, homeowner’s insurance, and even furniture.

Utilities– 5-10%  Include electricity, water, gas, internet, phone, and trash pick-up.

Automobiles- 10-15%  Include auto insurance, repairs, license, registration, taxes, gas, and oil.  (If you are making car payments – include that in the DEBTS category.)

Clothing/Shoes– 2-7%  Even though you might think this is more of a personal item, it really is a necessity.

Medical-  5-10%  This is a tough and frustrating category for most people, but it includes things like health insurance, disability insurance, doctor bills, and medicines.

Personal/Misc– 5-10%  This category contains a lot of variety.  Examples include hair care, school supplies, life insurance, alimony, child care, subscriptions, pet supplies, toiletries, gifts, and other miscellaneous items.

Recreation-  5-10%  Don’t let life go by without having some fun. Live a little, but make a plan first.  Set aside some money for entertainment and vacation.

Contributions– 10-15%  This includes places such as your church, non-profit organizations, and education foundations.  It does not include gifts.

Savings/Investments– 5-10%  This includes items like your retirement, mutual funds, college savings, and even your emergency fund.

 (Dave wants you to be debt free more than anybody, but while you work on that he recommends:)

Debts– 5-10%  Most Americans don’t like to look at this category, so get it paid off quickly.  Add up things like car payments, credit cards, and student loans.  Include everything you owe money on EXCEPT the house you live in.

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Posted in: Dave Ramsey Tips, Financial Tips, News to Know, Savings ⋅ Tagged: , , ,