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Category Archives: Financial Tips

Tax Pocket App Lends a Helping Hand to Taxpayers

12/31/2014 2:02 AM ⋅

Visit your App Store (Apple App Store and Google Play) and add Tax Pocket to your favorite device!

Tax Pocket combines several powerful features into one solution for fast, accurate, and secure tax record keeping and reporting.

Choose Heather Worrell, Profile ID #58074 / A Tax Haven as your Tax Professional, and your helping hand will be ready to start tracking mileage and  expenses.

It offers a Mileage Tracker, My Tracker– this is customizable and keeps records of business expenses, medical expenses, childcare expenses, charitable donations, travel expenses, business meals, education expenses, etc., Direct Access to contact A Tax Haven, an Event Calendar for tax deadlines, a Notification Tray for tax messages, a Tax Organizer, and a Newsletter. You can even add receipts! Best of all, you can send a detailed report to yourself or to me- Your Tax Professional at A Tax Haven!

What an awesome way to relieve some of that tax time stress!

 

Posted in: ACA / Healthcare, Education Credits, Financial Tips, News to Know, Tax, Tax Audits, Tax Deductions and Credits ⋅ Tagged: , , , ,

IRS Begins Accepting Returns January 20th, 2015

12/31/2014 1:45 AM ⋅

Despite rumors of the IRS starting tax season later than the previous years, the IRS has now said it will begin accepting tax returns on January 20, 2015. Congress did indeed seem to drag their feet for quite awhile, knowing many Tax-Extenders had expired at the end of 2013, but thankfully, they finally decided to continue with many of the Tax-Extenders, and the legislation was signed into law on Dec. 19, 2014. Unfortunately, they only extended them through Dec. 31, 2014! It would make more sense for them to set a longer extension, instead of having to revisit this topic at the last minute each year. But, oh the politics!

Some of the popular tax breaks that were extended for 2014 include:

Educator Expense- up to $250

Deduction of PMI (Private Mortgage Insurance)

Deduction of State Sales Tax in lieu of State Income Tax

Mortgage Debt Forgiveness

Tax-Free Distributions from an IRA for Charitable Purposes

Increased Section 179 Expense Limits

 

Posted in: Financial Tips, News to Know, Tax, Tax Deductions and Credits, Tax Rates ⋅ Tagged: , ,

2015 Standard Mileage Rates

12/31/2014 12:39 AM ⋅

2015- Standard Mileage Rates

(cents per mile for 2015 Tax Returns)

Business                      57.5

Medical/Moving         23

Charitable                   14

Posted in: Financial Tips, News to Know, Tax, Tax Deductions and Credits, Tax Rates ⋅ Tagged: , ,

Education Credits – Items Needed

02/18/2014 7:18 PM ⋅

Educational Credits – Items Needed

Educational Credits can be confusing. Here is a list to help you gather the information you will need to bring to figure the credit properly:

Students need a 1098T from each school attended. Printing this out from the school’s website is usually best because it often contains more details.

This can also sometimes be printed from 1098t.com for just the form.

Also, it is best to bring a print out of the school account statements showing charges (tuition, fees, room & board, other expenses) and credits (scholarships, grants, payments, adjustments, etc.) for each term/semester attended (Spring, Summer, Fall (current tax year) and Spring (next year)) because sometimes this is included and/or has adjustments needed to calculate the credit properly. This is usually available on the school’s website. Even if you do not receive a 1098T, this statement is still necessary.

Also, the amount spent for book and supplies (calculator, specific software, art supplies, etc.) required for classes during the current tax year are needed. It is best to keep receipts.

Out-of-pocket expenses include those paid for with a student loan or paid by another person for the student, such as by a parent or grandparent.

Note if any of the scholarships or grants received are for a specified use- ex. books, room & board, etc. Scholarships received/used for room & board are taxable to the student.

It is also important to know what years the American Opportunity Credit or Hope Credit have previously been claimed for the student.

Also, bring information for any student loan interest paid or distributions received from an Educational Savings Plan.

 

Posted in: Education Credits, Financial Tips, News to Know, Tax Deductions and Credits ⋅ Tagged: , , , ,

A Year Of Savings

12/15/2013 2:33 AM ⋅

We may all start out with good intentions on saving money, but like the “New Year’s Weight Loss Plan” or the “I Will Never Yell Again Resolution”, good intentions often fall by the wayside under the every day pressures of life. Savings has to be intentional to succeed, but it also has to be doable. The other day when I was avoiding my to-do list and thumbing through facebook, I came across a chart showing a way to save money weekly for a year. I loved it! Now, hardcore savers may not be impressed with it, but the reality is everyone has to start with baby steps (Dave Ramsey followers should appreciate that terminology). Basically, find a system that will work for you!

Anyway, it is a great idea and simple, and can be easily altered to meet your needs. What would you like/need to save for? Think emergency fund, to pay off debts, vacation, automobile, home improvement, Christmas, a new television or appliance. You really need to designate a purpose beforehand because this gives you a reason to stick with your plan!

This plan is based on 52 weeks, but of course, you can adjust it with your paycheck- weekly, biweekly, monthly. Another variation is to reverse the chart to pay more at the beginning of the year and less at the end or to make an even monthly amount throughout the year. Again, whatever works for you is what you should choose. Try it for a year, feel the satisfaction of filling up all the checkboxes, and then use your accumulated money for its intended purpose. Then, plan again for another year, and for as many purposes as you choose. It indeed seems much easier than a woman giving up chocolate in a quest for a slimmer figure! Believe me, I know that to be true!

52-Week-Saving excel wksht 1-52

52-Week-Saving excel wksht blank amts

Posted in: Financial Tips, News to Know, Savings ⋅ 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.

[bigContact phones=on emails=on]

 

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