What Happens If I Can't Pay My Taxes? There aren’t many people who associate taxes with having fun. But for those who are facing anxious thoughts that go beyond filling out the paperwork – for example, people who have financial hardships and can’t pay taxes they owe – tax time can feel like much more than just a nuisance. If you’re in a financially difficult position and worried about owing this season, now is the time to be proactive with the way that you approach your taxes! Use the resources below to help you explore your options and manage your taxes: Options From the IRS for Those with Financial Hardships Ask for an extensionUnder the right circumstances, you may be granted an extension on your due date. Ask for an installment planThe IRS offers the option to set up an installment plan if your tax costs are too high to realistically pay in a lump sum.
Credit card or debit card optionsThe IRS also offers the option to pay your taxes via your debit or credit card. What If You Still Can’t Pay Your Taxes? Try it out. Gangnam Style Personal Finance. (Guest Post by Andrew Kim) This dance is the hottest thing since Samsung smartphones. In the past month, it’s been on Facebook walls across the internet, all over the WSJ, and lauded by the auto-tuned voice of this generation — T-Pain. If you haven’t seen it already, it’s time you caught up with the rest of the world and take a peek. Why am I talking about a Korean music video on a personal finance blog? What in the world does this have to do with money?
As a Korean-American, I was dumbfounded a few weeks ago when I noticed my non-Korean friends sharing this video. Let me give you a quick overview of the song: Gangnam is a district in Seoul, South Korea. The way I see it, Gangnam Style pokes fun at the lavish lifestyle portrayed in Korean culture. Did you even know that the song you and your friends were enjoying is all about wealth?
The takeaway here is DON’T become Gangnam Style. Oh, and that concentration of wealth in Gangnam? That’s a scary statistic. Photo/GIF cred: Kirremek. 30 Best Songs About Business and Money. Sometimes you need a theme song. These all-time favorite songs about money will motivate and inspire you – or at least bring back some fond memories! (co-written with Drea) 1. Money, Money–Liza Minnelli, Cabaret (1968) Liza Minnelli and Joel Gray perform this classic in the film Cabaret, based on the 1968 musical written by John Kander.
Best lyrics: Money makes the world go around …the world go around …the world go around. 2. Dire Straits promised us all we needed was to play the guitar on the Mtv to get our ‘money for nothing and chicks for free’. Dire Straits’ lead vocalist/songwriter Mark Knopfler wrote this song in the hardware department of home appliance store. Now look at them yo-yos thats the way you do it You play the guitar on the mtv That aint workin thats the way you do it Money for nothin and chicks for free 3. The Beatles were right about this one. The group recorded this song while on tour. 4. 9 to 5— Dolly Parton, for the Jane Fonda movie Nine to Five (1985) 5. 6. 7. 8. 9.
No Credit Needed - Debt Reduction Rocks – We Are Living Debt Free! You're Richer Than You May Realize. Count your 'human capital' as an asset; watch your net worth skyrocket You may be a lot wealthier than you think. Most people look at their 401(k) or other retirement plan, add in the value of other assets — their home, other investments, savings, etc. — then subtract their debt to get their net worth. After the housing-market bust and the bear-market rout of recent years, that number may look painfully small. But what's the value of you?
That is, how much are your future paychecks worth? That number is your "human capital" — and some experts say it should be a key part of your overall financial planning. Human capital "is anything that's going to generate a cash flow that isn't your investments," said Moshe Milevsky, a professor of finance at York University in Toronto.
"It's your ability to work, your ability to get a bonus, to get overtime. "Almost no [financial planning] tools factor human capital into retirement planning," Sieg said. Diversify, Protect "You work for an auto company? Q&A With Adam Baker From 'Man vs. Debt' Adam Baker and his wife, Courtney, were thousands of dollars in debt when they decided to get radical about their finances. They sold the bulk of their belongings, cut up their credit cards, slashed their expenses, and hit the road with their daughter, Milligan -- and a baby on the way. First traveling to Australia, New Zealand and Thailand, the family is now crossing the United States in an RV. All the while Baker is chronicling their travels on his blog "Man vs. Debt. " To find out more about his adventures, CreditCards.com caught up with Baker via phone, while he was on the road in California.
CreditCards.com: You don't use credit cards. Adam Baker: When we first started really trying to attack our debt, I think we had three credit cards at the time, we may have had four. When we got down to that one last card, we paid off the American Express balance in full. And we just thought, "You know what?
CreditCards.com: You guys have been traveling a lot the past two-plus years. Baker: No. Compare Your Budget With Americans 50 & 100 Years Ago. Last week I mentioned comparing your budget with other people around the world. This time, how about comparing your budget to someone living 50 or 100 years ago? A new article in The Atlantic dissects the information in a new government BLS report 100 Years of U.S. Consumer Spending, focusing on the the differences in spending in 1900, 1950, and 2003. Source: The Atlantic magazine, Bureau of Labor Statistics In 1900, nearly 60% of income went towards food and clothing.
In 2003, food and clothing are now less than 20% of expenditures. I don’t wish I lived in the 1900s, as I’m quite accustomed to high quality healthcare and flushing toilets. PT Money: Make Extra Money, Save More Money, Spend Money Wisely. Love Your Money. It Will Love You Back. We need to talk. It's about your finances. How do you feel things are working out between you? Are your needs being met? If you long for a more fulfilling relationship with your money, remember this simple truth: When your money doesn't feel appreciated, it won't appreciate for you in return. You pin your hopes and dreams on your ability to pay for them. "You demonstrate respect and appreciation for money the same way you would anything else you value in your life," says Barbara Stanny, author of Secrets of Six-Figure Women.
There when you need it One of the top qualities people value in any relationship is loyalty. 1. Instead, for your short-term savings, consider a high-yield online savings account or money-market mutual fund. CDs also make fine choices, but they require commitment. No-interest checking is so old fashioned. 2. But too often we're careless and insensitive in less obvious ways.
Don't overpay Uncle Sam when it comes to taxes. 3. Sure, you'll have your ups and downs. The true cost of motherhood for women | Financially Fit. At Finance Park, kids get to pay the bills - May. 22. NEW YORK (CNNMoney) -- When kids play house, rarely do they pretend to pay bills.
But one organization is looking to change that by giving school-age children a chance to be an adult for a day. Junior Achievement, an international non-profit that helps teach children financial literacy, assigns kids in its JA Finance Park programs a marital and family status, a job, and an income and then tasks them with making adult financial decisions. "We want to give them exposure to the challenges that they are going to have, making them fiscally responsible adults," said Andrew Corrado, senior vice president for private banking and professional services at Capital One, a sponsor for JA Finance Park.
Students do as much as 20 hours of classroom work prior to their arrival at the Finance Park. "Frankly, kids don't learn this at home," said Joseph Peri, president of Junior Achievement NY. Once their classroom learning is finished, all that they have learned is put to the test at JA Finance Park. 7 Tips To Get Off Unemployment ASAP From Someone Who’s Been There. A bunch of ideas to kickstart your job search and leave unemployment behind. This is a guest post by Kasey Steinbrinck. If you’d also like to guest post here on JobMob, follow these guest post guidelines. If you’re out of work and hunting for a job, you’re not alone. At first, that may be kind of comforting, but it also means there’s plenty of competition. Not too long ago I was in your shoes. But I learned a few things along the way (many of them the hard way). 1.
You’ve probably heard it’s a good idea to do some volunteering, freelancing or consulting work while you look for a new career. However, it really is important to make it look like you aren’t sitting around in your underwear all day. In fact, the Equal Employment Opportunity Commission (EEOC) recently held a hearing looking into cases where employers were screening out jobless applicants. That doesn’t make much sense – especially in today’s economy when plenty of good people are looking for work. Don’t let them think that! 2. What is the Savings Snowball.
How big is your savings snowball? The other day, while running some errands with Mrs. PT, I had one of those light bulb moments. She wasn’t initially impressed (she’s my highest hurdle), but I was impressed with myself. The idea: a savings snowball. It works similar to how the debt snowball works. Except you aren’t snow-balling debt payments; you are snow-balling savings (e.g. emergency funds, vacation fund, holiday gift fund, retirement accounts).
So, if you aren’t currently tackling debt, or if you’re content with the low interest debt that you have (like we are), then you should be working on a savings snowball. After a quick search of the Interwebs I realized that my idea wasn’t new (cue sad trombone). The savings snowball is simple. The third step is to start making all your extra savings deposits towards the first goal. The concept of savings goals isn’t new. Another point to make here is that with savings, unlike with debt, there is no interest factor. What about you? In "Taxes" 7 Personal Finance Basics for New Grads. My daughter is about to graduate from college. What are the key personal finance issues she needs to consider during her first year on her own? Congratulations to your daughter! If she tackles these personal finance basics, she’ll be off to a great start: 1.
Make the most of new health insurance rules. If your daughter is lucky enough to get a job with health insurance, that’s usually her best bet. 2. Advertisement 3. 4. 5. 6. 7. Got a question? No Point Making Money If You Don't Spend Your Money. Imagine you’re a financially successful 35 year old professional making $250,000 a year. You’re still $130,000 short from being in the top 1%, but by any other metric, you’re doing just dandy. Yet, instead of living a comfortable life, you live like a pauper, renting the same dumpy one bedroom since you were 25. For wheels, you drive a 2002 Toyota Corolla and for vacation, you always stay domestic, never wanting to see the world.
Everything you do, or don’t do rather, is because you want to save money. Some of you may think this is a great way to live, as certainly you’ll be saving a boat load of cash for retirement. Watching the zeros grow in your bank account is a very empty feeling after a certain point. There’s a fine line between being smart with your finances and being overly frugal. Comfortable shelter is the same thing. Great vacations are priceless because of the everlasting memories they provide. I’m likely saving too much money by putting away 70% of my after tax income. Sam. Get Approved for a Mortgage While Self-Employed.
My wife and I recently bought a new home and it was more of an adventure than I anticipated it would be. And when I say adventure, I really mean hassle. Part of the reason is that my income comes from various sources, and even though most of it is in the form of a standard paycheck, my lender wanted to see proof of everything I earn, my past tax returns (personal and business), proof of assets, and more. It was much more than I anticipated and it took 3 weeks longer than the initial time estimate. Tips for getting a mortgage while self-employed Applying for a mortgage while self-employed? In response to the mortgage crisis and its after-effects, mortgage lenders have made many changes in the last few years. Pay yourself a real salary – and beef it up if you can. Keep excellent financial records.
Make sure you have plenty of time. More mortgage application tips: Make a large down payment: Lenders are more willing to make a loan when they know the borrower has more skin in the game. 20 Personal Finance Blogs That Will Make You Rich. Before I started blogging on the topic of personal finance, I was a regular reader of multiple personal finance blogs. Personal finance has always been a passion of mine, so I never just read one blog. Because each blog has its own writing style and ranges of topics, I found myself reading numerous blogs. There are hundreds of personal finance blogs out there but few that have made an impact on my life within the area of personal finance. There are a lot of bloggers out there who simply regurgitate information that is already out there on the web. Here are 20 of my favorite personal finance blogs, I’m sure you’ll enjoy them as much as I do! Christian Personal Finance- PT Money- Bible Money Matters- Budgets Are Sexy- Consumerism Commentary- Money Ning- Cash Money Life- 20 Something Finance- Free From Broke- Moolanomy- Bargaineering- Punch Debt in the Face- Get Rich Slowly- Man vs.
Five Cent Nickel- The Digerati Life- My Money Blog- Money Smart Life- My Dollar Plan- Money Crashers- Powered By DT Author Box. Steps to Take Before Bankruptcy. Even though the economy seems to be in a slow recovery, there is still a lot of debt and bankruptcy. People and businesses that have trying to hang on are finally reaching the end of their ropes. If it wasn’t you, it most likely has happened to a family member, friend or acquaintance. One court has seen filings double from 2007 and it’s not over yet. There are steps you should take before taking this legal action.
Understand Your Current Situation Gather all your bills and total the monthly obligation of all. Then identify expenses that are optional such as dining out, cable and gym memberships. Create a Plan to Decrease Expenses and Increase Income Go through each category of expenses and figure out what can be trimmed or eliminated. Negotiate with credit lenders if the account hasn’t already gone to collections. Make sure to include selling assets in the plan.
Get a second job to generate more income. Work the Plan Follow the new budget and make all payments on time. Sustainable Personal Finance. What is Wave Accounting? YourFinancesSimplified. 6 Critical Financial Miscalculations I’ve Made – That You May Be Making as Well | Darwin's Money. Life’s 3 Biggest Money Blows (Infographic) Income vs Expense: Where Should You Focus Your Time and Energy?
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