Time to Think About Tax Help

 

We're smack in the middle of tax season again.  Many people fill out the short form, mail it in, and are done with it.  Good for you.  Lots of us have more complicated financial lives.  In many cases, those complications will be handled by a hired tax professional.  But some people really like to do their own taxes.  For you, there's plenty of help online.

 

When you're ready to file your federal taxes, you can do it online.  The IRS wants more taxpayers to file electronically, so it has teamed up with tax preparation software companies such as TaxCut, TaxAct, and TurboTax.

 

Together, they offer free e-filing services.  You must meet certain requirements to qualify for free filing.

 

First, your adjusted gross income must be $54,000 or less.  There are also age and residency requirements, and other criteria may apply.

 

Start at www.IRS.gov.  Type this address in your browser.  It is the only way to ensure you'll go to the IRS's official site.

 

Once there, you'll get help choosing software that suits your needs.  Then, you'll be directed to the software company's site.

 

The software walks you through doing your taxes.  Forget about finding the correct forms.  All you need are your financial papers.  The software performs the calculations for you.  So you're less likely to make math mistakes.

 

Don't qualify for free filing?  You can still find tax filing software at the IRS's site.  You just have to pay for it, along with e-filing fees.

 

Don't forget your state taxes!  You may be able to file those with your federal taxes.  Some companies offer free state filing.  But, in many cases, you'll be charged to file your state return.

 

Make sure your computer's security software is current before preparing your taxes and scan your computer for spyware and other threats.

 

Remember, criminals love tax season.  Watch for phony e-mail messages purporting to come from the IRS.  Just delete the messages.  Don't click links or call numbers in e-mail.  The IRS will never contact you via e-mail.

 

Finally, if your taxes are complicated, consult an expert.  Paying for professional help is better than facing an audit!

 

 

 

A Quick Home Inspection Checklist

 

With home prices dropping in many areas, home inspectors are finding more and more homes which are less maintained today than they were in the past.  Home buyers are cautioned to keep this in mind when searching for a home, and use this quick home inspection list as a reference when looking at property:

 

EXTERIOR
Check the operation of the windows and screens?
Has water been stopped from accumulating near the building?
Check doors, decks, siding, windows & fences for damage / deterioration?
Are there any signs of water infiltration from the roof, siding or windows?
Are there any signs of gutter or downspout problems?
Are the downspouts discharging water away from the foundation?
Has the soil around the home been pitched away from the foundation?

 

INTERIOR
Have all the areas listed in the home inspection report as inaccessible or not traversed been accessed & professionally inspected to determine if defects exist?
Do the garage doors and their openers function?
Was the reversing devices for the garage door openers tested?
Did you find out why any stains or cracks on any of the walls or ceilings that have become larger or have appeared since the time of the home inspection?    
Have all cracked windows or mirrors been repaired?
Have all the clouded double pane windows been replaced?
Are all the permanently installed fixtures or appliances been in place and in good condition?
Are there any signs of birds, rodents or animals?
Has any damage to damage to the walls, floor or ceilings been repaired?

 

PLUMBING
Do the plumbing fixture faucets leak or drip?
Are the plumbing fixtures chipped or damaged?
Was water for a time through all plumbing fixtures and check for leakage?    
Was water for a time through all plumbing fixtures and check for stoppage?

 

ELECTRICAL
Are all the light fixtures are all in place?
Do the light fixtures, switches and receptacles all function?
Does the door bell work?

 

HEATING AND COOLING
Do the thermostat, heating and cooling systems function?
Is there adequate air flow through the heating and cooling registers?
Did all the radiators or convectors get warm in a reasonable amount of time?

 

KITCHEN
Do all the appliances function properly?
Are the counter tops or cabinets damaged?
Do the cabinets and drawers operate?

 

In the end, remember, never buy a home without having a professional home inspector review things under the microscope.

 

 

Rebates: What You Need to Know

 

Lawmakers have given their final seal of approval to a $170 billion plan intended to spark the slowing economy.  The centerpiece?  Tax Rebates.

 

Questions abound about how the program will work, and officials at the Treasury Department and IRS are scurrying to work out the details, but for the time being, here are some answers based on currently available government information and experts' analysis.

 

To be eligible for a full rebate, single tax filers must have 2007 adjusted gross income (AGI) below $75,000 and joint filers must have AGI below $150,000.

 

Single filers with AGI below $75,000 will get rebates of as much as $600. Couples with AGI below $150,000 will receive rebates of up to $1,200.

 

In addition, parents will also receive $300 rebates per dependent child; there is no cap on the number of children eligible.

 

Tax filers who don't owe income taxes because of various credits and deductions but have at least $3,000 in income - which can include Social Security and disability payments - will get $300 rebates per person or $600 per couple.

 

Your rebate is a one-time tax cut - an advance on a credit you'll receive on your 2008 return.

 

Treasury Secretary Henry Paulson has said the IRS will start sending out checks in early May.  Previously, he said it should take about 10 weeks to crank out all the checks.  In all likelihood then, you'll see the money sometime between May and early July.

 

That assumes, of course, that you hit the IRS deadline and file by April 15.  If you're a laggard and have to file for an extension, you'll still get a check but it may not come until the end of the year - probably in time for Christmas shopping.

 

 

 

Counting on Higher Mortgage Limits? Be Patient

 

Homeowners are already calling their lenders about refinancing, and ads are pushing the idea that the congressional economic rescue plan offers the perfect time to get a loan.

 

But it could be weeks before consumers will be able to benefit from the mortgage provisions contained in the legislation approved by Congress.

 

The bill, known as the Economic Stimulus Act of 2008, will temporarily increase the limits on loans backed by government-sponsored mortgage financing companies known as Fannie Mae and Freddie Mac, and on Federal Housing Administration loans, to as much as $729,750. These loans typically carry lower interest rates.

 

The U.S. Department of Housing and Urban Development has up to 30 days from the time the bill becomes law to decide what loan limits apply in various parts of the country.

 

Rates for "jumbo" or non-conforming loans, those of more than $417,000, are more than a percentage point higher now than rates for conforming loans - the biggest spread in the past decade.

 

The stimulus plan also will allow the FHA to guarantee loans of up to $729,750.  Before the boom in subprime lending, FHA loans were the first choice of borrowers with damaged credit and little down payment.

 

 

 

Real Estate Foreclosure Scam Artist

 

Although this story centers around a scam artist in Southern California, be aware… scams like this are happening everywhere, not just in Southern California.

 

Los Angeles CBS reporter David Goldstein offers help in this video on convicted felon Raul Altamirano.  This video runs 4:28 but is well worth your time to see how you can prevent such scam artists from duping you, and just how low some scum bags will stoop to take advantage of people going through a tough time financially.

 

 

Tell us what you think about this report.  We'd love to hear your comment by using the "comment" link below.