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• 4 common money mistakes

  Posted Sep 15 2009, 07:26 AM by Karen Datko
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  Filed under: taxes, Bargaineering, retirement planning, 401k, tax refund
  Money Blog: Smart Spending Blog - MSN Money

  This post comes from Jim Wang at partner blog Bargaineering.com.

  One of the biggest challenges in almost anything you do is knowing where your blind spots are. In simpler terms, you don't know what you don't know.

  So, today I'll point out four money mistakes you might be making that you don't even realize you're making. Hopefully, you're making none of them. If you are making one of these, don't beat yourself up over it. Now you know you're making it and you can take steps to fix it.
  
  Paying too much tax too early. Would you give the government several hundred dollars a month, for no reason, just for the government to write you a check in April? Would you give the government a zero interest loan? Probably not (if you would, feel free to send me money). However, that's exactly what you're doing when you get a tax refund in April.   Read More...

  Discuss ( 20 comments) 12,136 Views Digg this | Email this | Link to this

• Working seniors won’t get to keep extra check

  Posted May 12 2009, 02:31 PM by Karen Datko
  Filed under: taxes, Karen Datko, cut taxes, tax refund, tax return
  Money Blog: Smart Spending Blog - MSN Money

  Millions of retirees are receiving an extra $250 check as part of the federal government's economic-stimulus plan. (And, the government asks, Please, no calls about "where's my check?" until June 4. It's going to take awhile to get about 50 million checks and direct deposits out.)

  But if you're one of those recipients and you're still working, Kevin McCormally of Kiplinger.com has what may be a surprise for you: You're going to have to give that money back when you file your taxes next year.   Read More...

  Discuss ( 5 comments) 2,477 Views Digg this | Email this | Link to this

• Taxpayers lose with quickie refund loans

  Posted Mar 03 2009, 10:11 AM by Karen Datko
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  Filed under: taxes, Consumer Affairs, loans, tax refund, tax preparer
  Money Blog: Smart Spending Blog - MSN Money

  This post comes from partner blog ConsumerAffairs.com.

  With the tax season in full swing, a new report shows that tax preparers and their partner banks drained hundreds of millions of dollars from refunds by selling refund-anticipation loans, mostly to millions of working families who get the earned income tax credit.

  The annual report by the National Consumer Law Center and Consumer Federation of America says RALs drained the refunds of about 8.7 million American taxpayers in 2007, the last year for which the Internal Revenue Service provided data.

  That represents about $833 million in loan fees, plus more than $68 million in other fees. In addition, another 11.2 million taxpayers spent $336 million on related financial products to receive their refunds.   Read More...

  Discuss ( 7 comments) 2,228 Views Digg this | Email this | Link to this

• The IRS wants to help you file your taxes

  Posted Feb 12 2009, 12:01 PM by Joan Melcher
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  Filed under: taxes, tax refund, tax forms, tax preparation, Joan Melcher
  Money Blog: Smart Spending Blog - MSN Money

  Watching the news, we have to wonder why high-level financial wonks and politicians tapped for Cabinet positions have so much trouble getting their taxes straight.

  We won’t have that problem because we’ve learned how to have our tax preparation done -- for free online. And it gets better -- it’s through the Internal Revenue Service Free File program. Get ‘em where they live, we always say.   Read More...

  Discuss ( 2 comments) 3,934 Views Digg this | Email this | Link to this

• Note to Californians: File tax returns ASAP

  Posted Jan 09 2009, 03:18 PM by Karen Datko
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  Filed under: taxes, Karen Datko, economy, tax refund, tax return
  Money Blog: Smart Spending Blog - MSN Money

  The state of California has a fiscal crisis, with a $42 billion budget deficit anticipated by the middle of next year. Meanwhile, Gov. Arnold Schwarzenegger and the Legislature can't agree on a new budget, and the state government is running out of cash.

  One possible result is bound to get Joe Taxpayer's attention: The state may issue IOUs in place of tax refunds starting Feb. 1.   Read More...

  Discuss ( 30 comments) 11,768 Views Digg this | Email this | Link to this

• Great consumer tips -- and they come from Uncle Sam

  Posted Jun 16 2008, 06:25 PM by Karen Datko
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  Filed under: spending, credit, Get Rich Slowly, Karen Datko, payday loans, credit cards, consumer guide, tax refund
  Money Blog: Smart Spending Blog - MSN Money

  The federal government may not be winning many popularity contests, but our partner blogger J.D. Roth of Get Rich Slowly found a treasure-trove of wonderful consumer tips in a U.S. government publication, the 2008 Consumer Action Handbook.

  The fact is, there are plenty of useful federal government Web sites about all sorts of personal-finance matters. (Two we've found particularly helpful are www.irs.gov and Social Security Online.)   Read More...

  Discuss ( 47 comments) 33,138 Views Digg this | Email this | Link to this