Cash Money Life

There is a phishing scam going around purporting to be from the IRS. In this e-mail, they inform the recipient they are entitled to refunds of $92.35 or some other amount due to a calculation error on a past tax return. These e-mails are not from the IRS; they are from thieves who are attempting to extract your personal information to steal [...]

Last week I wrote about the economic stimulus package that will affect many Americans this year. For many adults, the rebate will be up to $600 each, plus the possibility of more if you have children. These rates are based on Adjusted Gross Income and other factors, so be sure check before assuming your return. [...]

Yesterday, I wrote about the 2008 Economic Stimulus Package, who is eligible, how much they will receive, and a few other details.
To be honest, I’m not so sure I agree with this stimulus package. I don’t think it will solve our economy’s current problems. But since the focus of this blog is not on politics, [...]

The Senate and the House have both passed a stimulus package designed to give taxpayers rebates totaling almost $170 billion. The government’s hope is that taxpayers will go out and spend this money to spur along the economy.
How much will I get? Depending on your income level, you may see up to $600 per person, [...]

Last summer I successfully challenged my property tax assessment and won! The process was very simple, and is something everyone should look into doing if they own property. The result can possibly save you hundreds of dollars!
This was my situation: My wife and I finished our basement last year. When we hired the contractors to [...]

How do you get the best deal for your old car when you buy another car? Most people will tell you the best deal is to sell your old car on your own instead of trading it in to the dealership. I disagree. I think most people can save time and money by trading [...]

Indiana resident Cary Malchow, protested Indiana’s rising property taxes by making his property tax payment in cash. Statewide, Indiana property taxes rose an average of 24% over the last year. Malchow paid over $12,000 in pennies, nickels, dimes, quarters, and dollar bills. The $12,000 covered only half the annual property taxes for his residence, business, [...]

Gas prices are rising, and a lot of people are talking about how high they will go and what the impact will be to Americans. Yesterday, JLP from All Financial Matters wrote about rising gas prices and how people are reacting. The post stems from a response to one of his previous posts “How Much [...]

Our Federal Tax Refund Finally Arrived! It was almost $2,000. That’s a lot of money, and a lot more than I would like to receive in a refund. I prefer not to give the government a free loan if I can help it!
While I would prefer not to pay too much in taxes, our situation this past [...]

Worried about an audit from the IRS? Have a stack of old credit card bills and bank statements cluttering your desk? Well, here are some great tips for how long to keep importnat financial documents:

Tax returns and proof of filing: Forever - in case you are audited.
Documents Supporting Tax Returns (W-2, 1099, receipts to prove [...]

House Democrats from the tax writing committee have reached a consensus on reforming Alternative Minimum Tax (AMT) laws, according to CNN Money. The proposed revision will give the biggest tax break to middle and upper-middle class households.
History: AMT was instituted in 1969 as a means to ensure the wealthiest households paid income taxes. The income [...]

MSN Money reports the federal government is attempting to shut down over 125 Jackson Hewitt tax outlets in four states for performing systematic “tax-fraud schemes.” Jackson Hewitt is the nation’s 2nd largest tax preparer, behind H&R Block. The franchises in question were wholly or partially owned by Farrukh Sohail.
The Justice Department stated these specific franchises have [...]

Breaking that 120 days down, the Tax Foundation estimates it will take:

* 43 days of work to pay off federal, state and local income taxes
* 30 days to pay off payroll taxes (for Social Security and Medicare)
* 16 days to pay off sales and excise taxes
* 14 days to pay off corporate income taxes (This assumes that a tax on a business is passed on to its customers, employees and shareholders in terms of higher prices, lower paychecks and less shareholder value.)
* 12 days to pay off property taxes
* 4 days to pay off other taxes (e.g., customs duties)
* 1 day to pay off estate and gift taxes