Pennysaverblog – Page 230 – Smart Finance and Money Saving Tips

Taxes

How To Prepare Yourself For A Successful Tax Audit

For many taxpayers, the idea of an audit is cataclysmic. Nothing else strikes such fear into the heart of the average taxpayer. You might be conjuring up images of men in suits ready to put you in cuffs and haul you away for fraudulent returns, but you’re most likely worrying too much. While a tax audit is a serious situation, there are many things you can do to prepare yourself for the event and defend yourself against the IRS. If you’ve been honest and accurate in filing your taxes, then you shouldn’t have to worry at all. Whatever your case may be, start preparing as quickly as possible to get through your audit successfully.

First of all, you need to understand that audits are not sent out instantaneously. In most cases, there will be a significant delay in between your filing and your audit–often, a delay of several years. There is a general statute of limitations of three years for tax audits, but this can be extended under certain circumstances. What this means is that you should be hanging on to your tax records for at least three years after filing. You’ll need those documents to defend yourself throughout the auditing process, so make sure they’re on hand and organized.

January 19, 2013

Travel & Entertainment

How To Save Money On The Biggest Travel Expenses

Now that the holiday season is over have you already started scanning down the calendar for that next vacation date? The New Year brings excitement and a slew of resolutions, but resolutions take discipline and willpower, and the excitement wanes quickly in the chill of the long winter months. Planning that next vacation can help you get through the beginning of another year with a bit more grace and ease, and before you know it your travel date will be here. But most people are hurting a bit financially right now, due to the recession economy and the big holiday shopping days. Any upcoming vacation must fit within a tight budget, and any money saved can be spent elsewhere to make the trip the best it can be. Here are a few tips to help you save money on the biggest expenses for travel.

Airfare

Airfare is often the number one expense, and it doesn’t seem like the airlines are adjusting their rates during this tough economy. You’ll have to shop intelligently to save here, and that comes from one of two strategies. If you have specific travel dates based upon school vacations or certain national holidays, try to book your airfare as far out as possible. You can often find flights listed as far as six months in advance, and in the case of holiday travel you’ve got to book these dates quickly to lock in the lowest possible fares. On the flip side, if you can be flexible about your specific travel dates you might want to consider shopping for your airfare at the last minute. Inexpensive seats will often be released within the month you want to travel, as flights book up and new ones are added or as airlines scramble to fill empty seats. In either case start shopping online and make sure you’ve hunted down all options before locking in your ticket.

January 18, 2013

Debt

5 Sure-Fire Ways To Improve Your Credit Rating

Millions of consumers have their credit ratings (also called credit scores) damaged during times of financial crisis. Many aren’t even aware of what behaviours can hurt their credit rating. A low credit score can make it difficult, if not impossible to secure a credit card or get a loan. But a low credit score doesn’t have to remain that way, in fact, it is quite easy to raise your credit score back up again. By making a few adjustments to your financial habits and taking a few tried and tested steps, you can have your credit score as good as new in no time. If your credit score is on the high side, you can improve it even more with these 5 sure-fire methods of raining a credit score.

First Find Out What Your Credit Score Is

To improve your credit score you need to know what it is. You can purchase your credit score from one or all of the three major credit reporting agencies – Experian, Equifax, and TransUnion. Don’t get your credit score confused with your credit history. Your credit history is a report of your financial behavior over any given seven year period. It is the events in your credit history that are used to calculate your credit score.

January 17, 2013

Money Saving Tips

The Top 5 Benefits Of Carpooling For Your Kids

When you’ve been dropping off your son or daughter at school, have you noticed that more and more parents are actually carpooling? There are many reasons why it’s something that you should think about. Carpooling is not just what a lot of kids enjoy doing while spending some time with their friends on the way to school (and back home), but it can also make the parents of those children’s lives much easier.

Are you curious about what some of the main benefits of carpooling your kids are? If so, we have five good reasons why you should get on a carpool list as early as tomorrow morning (if you can):

It will save you money. Probably the most attractive thing about carpooling is that it keeps you from having to consistently spend money on things such as gas and parking fees. As parents rotate the carpool duty, it gives everyone a chance to be able to keep a few dollars in their own pockets. As a matter of fact, some reports say that it can ultimately save you as much as 50 percent in expenses.

January 17, 2013

Shopping

5 Things To Consider Before Buying A Used Car

If you’re thinking about getting a new car but you want to make sure to stay out of debt, a lot of financial experts say that the best route to go is to actually purchase a used model. One reason is because new cars depreciate in value the moment you drive them off of the car lot, but another thing to consider is that if you finance a vehicle, you will have to make payments on a monthly basis. Over time, that can become a bit of a financial burden. Yet, when it comes to a used car, to know that you have a mode of transportation that is bought and paid for, that can definitely give you some peace of mind.

When you’re getting a car that has been driven before, there are some things to think about before making a final purchase, though. That’s what this article is about: Providing you with five things to consider before buying a used car:

Check out the car’s rental history. We’ve all heard the saying: Looks can be deceiving. Whether you’re getting a car from a used car dealer or a private owner, just because it’s clean and shiny, that doesn’t automatically mean that it’s in tip-top condition. So, make sure to check out its history on a website like Carfax for information such as if it’s been in an accident and what its insurance records may be.

January 16, 2013

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