Archive - April 2011

1
Do You Know How Your Tax Dollars Are Being Spent?
2
Why Your Tax Refund May Be Delayed
3
How to Maximize Social Security Survivor’s Benefits
4
How To Protect Your Property From Storm Damage
5
Will You Have Enough Money In Retirement?

Do You Know How Your Tax Dollars Are Being Spent?

The White House has posted a nifty tool on their web site that shows where your federal tax dollars are being spent . You enter your specific amount of taxes paid and it then shows a breakdown of federal expenditures. It does provide an estimator if you do not have your tax return. I’ll provide some more information below as to how to quickly estimate your own information.

For Social Security taxes, wage earners pay 6.2% of their gross income into Social Security up to income of $106,800. So, if you make over this amount you will simply have paid …

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Why Your Tax Refund May Be Delayed

I’ve heard from several taxpayers who filed their returns earlier on in the tax season who have still not received their refund.  For some it’s been 7 weeks or more! Several weeks ago, the IRS issued a News Release addressing some problems with processing returns where the First-Time HomeBuyer (FTHB) Credit was a factor. There are three types of returns that have been impacted:
  1. Taxpayers filing Married Filing Jointly who received the FTHB credit on a 2008 home purchase.  If you’ll recall, this credit was to be paid back over a period of ten years, with 2010 being the first
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How to Maximize Social Security Survivor’s Benefits

When you think of Social Security, you probably think of retirement. However, Social Security can also provide much-needed income to your family members when you die, making their financial lives easier.

Your family may be entitled to receive survivor’s benefits based on your work record

When you die, certain members of your family may be eligible to receive survivor’s benefits (based on your earnings record) if you worked, paid Social Security taxes, and earned enough work credits. The number of credits you need depends on your age when you die, however, no one needs more than 40 credits (10 years …

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How To Protect Your Property From Storm Damage

It’s that time of year. Spring storms have been barreling across the country leaving in its wake death and destruction. Here in Middle TN we have been hit over the last couple weeks several times, and the damage to trees and property is impressive.

If you find yourself dealing with storm damage, do you know what to do? Where do you start?

Here’s a to-do list to follow when dealing with storm damage:

1. Secure your property

This is a very important step. You should protect your property from additional damage. If you are negligent in securing your property, your …

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Will You Have Enough Money In Retirement?

Articles abound with the claim that – if you save $100 a month, earning 10 percent per year, you will have a given sum of money in 30 years. These simplistic future-value exercises (also known as deterministic calculations) are helpful in explaining the potent effect of compound interest and encouraging investors to start saving early; after all, it was Einstein who once said, “the most powerful force in the universe is compound interest.”

The problem with such deterministic calculations is that they assume the average annual earnings will remain constant throughout the investment period – in other words, investments will …

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