(Gulf Shores)
For many years I have wondered where does all of the NCAA money come from and go. The Hundreds of millions generated yearly. A friend of mine emailed this video to me. Check out this PBS Story. http://www.pbs.org/wgbh/pages/frontline/money-and-march-madness/?utm_campaign=viewpage&utm_medium=grid&utm_source=grid I included a preview below.
(ARA) - Wondering where that small increase in your paychecks came from? Take a closer look at your pay stub and you'll see that your Social Security taxes are 2 percent lower this year. The employee and self-employed portion of the FICA-OASDI Social Security taxes has been reduced to 4.2 percent for employees and 10.4 percent for self-employed.
The tax cut, also known as the payroll tax holiday, was part of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 passed in December 2010. Employers had until Jan. 31, 2011, to implement the cut.
There is a $106,800 income-earned limit, which means the maximum amount a worker can receive by the end of 2011 from the 2 percent reduction is $2,136.
The payroll tax holiday replaces the Making Work Pay Credit that expired at the end of 2010 that was also distributed in paychecks but through reduced federal withholding. The credit was worth 6.2 percent of your modified adjusted gross income, up to $400 ($800 for joint filers).
Whether your 2011 paychecks are bigger depends on your earned income and whether you received the Making Work Pay Credit last year. Taxpayers making $20,000 or more this year will receive larger paychecks this year because 2 percent of income exceeds the $400 Making Work Pay Credit. On the other hand, paychecks for lower income taxpayers earning less than $20,000 will be smaller because the $400 credit exceeds the 2 percent payroll tax holiday.
"Regardless of whether your paycheck amounts have changed, you should do two things," says Jessi Dolmage, spokesperson for TaxACT. "First, review your federal withholding. Since the Making Work Pay Credit expired, you may need to adjust your withholding. If you're self-employed, review your estimated tax payments.
"Second, if you received the Making Work Pay Credit last year, you still need to claim it on your federal return that's due by April 18, 2011," Dolmage continued. "Claiming the credit cancels out the reduced federal withholding in last year's paychecks."
The Making Work Pay Credit amount is figured on Schedule M for Forms 1040 and 1040A. If you're filing Form 1040-EZ, use the designated worksheet to figure the credit. The economic recovery payments and government retiree credit that factored into the Making Work Pay Credit on last year's return expired, so figuring this year's amount is easier.
Free tax preparation solutions, including TaxACT Free Federal Edition, guide you step-by-step through the Making Work Pay Credit and all tax law changes to help you maximize your credits and deductions. They can also help you figure your federal withholding and even complete a new Form W-4 that can be printed and turned in to your employer.
For more information about the payroll tax holiday and Making Work Pay Credit, visit www.irs.gov, where you can also find a free withholding calculator. To take advantage of free tax preparation, printing and filing with TaxACT Free Federal Edition, go to www.taxact.com.
(ARA) - Saving money is a big deal these days, but you don't want to skimp on those Valentine's Day gifts you plan to give to your special someone.
Jewelry, chocolates and flowers of course are very popular gift items for the romantic holiday, but that can mean those items are higher in price - due to their popularity. Here are some hints to help you find fantastic gifts for everyone and keep some change in your pocket - without skimping.
* Sales, sales, sales, what more do you need?
Retailers recognize that everyone is looking for sales when it comes to Valentine's Day gifts. And by combining coupons, discounts and sale prices, you can get some pretty good deals on Valentine's Day favorites like Godiva chocolate. You'll be tempting your Valentine's sweet tooth with assorted flavors combining delicious chocolate with favorites like cashews and cherries, or letting the chocolate stand on its own in a beautiful dark setting. Check the fliers, go online and compare everything.
* Reduce the price and get a rebate.
Online shopping is growing in popularity because you save time, and money with great sites like Ebates.com. You can find coupons and discount codes for more than 1,200 online stores, and you will also get a check back in the mail for a percentage of your purchases. If you're interested in buying some sparkly jewelry, click on Blue Nile. You'll not only browse the beautiful diamonds and gemstones that will have her gasping in awe, but also discover that you can earn 2.5 percent cash back when you make your purchase online.
* Coupons are back
Browsing through your newspaper's advertisements can find you plenty of good deals on Valentine's Day gifts. You might also find success with coupon magazines. But don't forget to look online - if you're shopping for jewelry, the local store might have a printable coupon you can bring in for a discount on what you purchase.
* Go big for extra savings.
If you're interested in flowers for all your Valentines, don't miss out on the 15 percent cash back you can get ordering all your flowers online through Ebates.com. Make sure you check everyone off on your list - your mom, your sweetheart, your daughter and your sister. To make this gift extra special, do a little research and find out their favorite flowers or colors, and then design the bouquet specifically around that theme.
When they unwrap the gifts you thoughtfully picked gifts for them this Valentine's Day, you know there will be a lot of smiles and hugs, and maybe even a tear or two.
(ARA) - Every year, taxpayers miss out on hundreds or thousands of dollars in tax breaks simply because they don't know the benefits exist.
"Figuring out what tax breaks are available, whether you qualify, and what forms you need can be tricky," says Jessi Dolmage of TaxACT, makers of tax preparation software. Dolmage offers some tips for taking advantage of commonly missed deductions and credits:
* If you paid for child care in 2010, you may be eligible for the Child and Dependent Care Credit. Day care, pre-kindergarten, before-school and after-school programs and summer day camp for children 13 or younger qualify. The care must have been provided so that you, and your spouse, if filing jointly, could work or look for work (exceptions apply for full-time students and the disabled).
The credit amount varies based on filing status and adjusted gross income, but the maximum benefit is 35 percent of expenses for joint filers with an adjusted gross income of $15,000. Eligible expenses are reduced by dependent care benefits provided by your employer that you deduct or exclude from your income. Payment for care cannot be paid to a spouse, a dependent on your return, or to a child who will not be age 19 or older by the end of the year even if he or she is not your dependent; thus, care provider(s) must be identified on your return.
* 2010 is the last year to claim the Nonbusiness Energy Credit, worth up to 30 percent of the costs for many energy-efficient home improvements. Up to $1,500 for 2009 and 2010 combined can be claimed, but only for the year during which the improvements were made. Other green improvements like solar hot water property, geothermal heat pumps and wind energy property may qualify for the Residential Energy Efficient Property Credit.
* If you travel in order to provide services at charitable events, you may be able to take a miscellaneous deduction. Deductible expenses include transportation costs, out-of-pocket expenses for your car, taxi fares or other costs of transportation between the airport or station, and your hotel, lodging and meals. The trip should include little to no personal recreation or vacation. Be sure to keep receipts and detailed documentation.
* Be rewarded for contributing to your employer-sponsored retirement plan or an individual retirement arrangement (IRA). The Retirement Savings Contributions Credit is worth up to $1,000 for taxpayers born before Jan. 2, 1992 ($2,000 for joint filers). The non-refundable credit is a percentage of the qualifying contribution amount minus distribution amounts, with the highest rates given to lower incomes.
* If you spent money looking for a job in the same field during 2010, you may qualify for a miscellaneous deduction. Employment agency fees, resume printing and postage costs and travel to and from the area (if the travel was primarily to look for a new job) are eligible. You aren't eligible if you're looking for your first job or there was substantial time between the end of your last job and the time you looked for a new one.
"Affordable, do-it-yourself tax software and online solutions make getting all your credits and deductions easy and fast," Dolmage says. "The program walks you through each credit and deduction, and completes the necessary forms. Solutions like TaxACT also guarantee your biggest refund and make getting every credit and deduction you deserve easy."
Details about these and other 2010 tax breaks can be found at www.irs.gov. TaxACT Free Federal Edition, available at www.taxact.com, guides you through these tax benefits, and allows you to prepare, print and e-file your federal return free.
(ARA) - How does your hometown stack up with other areas of the country when it comes to credit scores?
Just as students around the country receive their academic grades throughout the school year, TransUnion recently revealed a ranking of metropolitan areas with the best and worst credit grades in the country. The metropolitan area at the very top of the class is the Minneapolis-St. Paul region, which includes the Twin Cities and surrounding areas in Minnesota and Wisconsin. Ranking lowest is the Memphis, Tenn. metropolitan area, which includes the city of Memphis and surrounding areas in Arkansas and Mississippi.
The ranking is the first of its kind from TransUnion, which determined the five metropolitan statistical areas with the largest percentage of As, and Fs, based upon the VantageScore credit scoring model. VantageScore is a highly predictive and consistent consumer credit scoring model first developed by all three major credit reporting companies together. Consumer scores fall within a range of 501 to 990, with higher scores representing a lower likelihood of risk. At TransUnion.com, each score delivered is accompanied by a letter grade (901 to 990 scores receive an A, 900 to 801 ratings a B, 800 to 701 ratings a C, 700 to 601 ratings a D, and 600 to 501 ratings an F).
"Because lenders have so many scoring models at their disposal, it's rare when the credit score they receive for a consumer and the score the consumer obtains for himself actually match, and that causes a lot of confusion," says Heather Battison, director of education for TransUnion consumer products. "That's why the A to F academic-style letter grade that comes with every VantageScore consumers obtain at TransUnion.com is so beneficial. If my grade is an A, I innately understand that means a lender is likely to view my creditworthiness in a very positive light; and that's primarily what I want to know."
Whether your credit receives high grades or could use some work, TransUnion provides the following tips to keeping your credit healthy:
* Study your situation. Proactively manage your credit and risk for identity theft with an ongoing credit monitoring product. This will help you understand your financial situation. Then create a plan to position yourself better in the eyes of the lender.
* Don't be tardy with your payments. A history of late payments - even by a few days - can potentially harm your credit score.
* Manage your debts. Keeping high balances relative to credit limits on key credit accounts can likely have a negative impact on a score, so concentrate on paying down debt. As a rule of thumb, keep these balances at or below 30 percent of your total available credit to present the best possible financial image to lenders. Set budget goals and use only cash if you can't seem to master your credit card habit.
* Give yourself time. Long-term credit relationships and a diverse mix of credit accounts may help you achieve a higher credit score. Avoid closing credit cards and other accounts that have been paid on time over a long period, as it can make your credit history appear shorter and could affect your score.
* Limit inquiries. Every time you apply for a new credit card, you should expect that an inquiry will appear on your credit report. Frequent credit card inquiries can make it look like you have a cash flow problem and may lower your credit score. However, when you shop for mortgage or auto loan rates over a two to three week period, credit scoring models typically factor the resulting inquiries together as a single item. This enables you to shop for favorable loan rates with minimal impact to your credit score.
(ARA) - What if you threw away dollar bills every time you found them in your pocket? Does it matter how you pay for your family's everyday purchases - with cash, credit/debit card or personal check? In fact, the way you choose to pay in stores and restaurants may be costing you (and the local stores you shop in) thousands of dollars a year.
These days, you can charge just about anything with a major credit card. But some non-plastic payment methods may allow you to get more for your dollar - and keep more of your hard-earned money in your local economy.
Here are a few times you may be paying extra or accepting unnecessary limits on your payment freedoms, and how to avoid them:
* ATM fees. You may knowingly be paying ATM fees, but you might be wise to select a bank that offers unlimited free withdrawals. Most credit card companies will charge you for cash advances from ATMs, but might not reveal the charge during your transaction. Make sure you're clear on the terms of your card before proceeding.
* Transaction fees. You should be aware of credit card fees that accompany certain transactions. Use cash or a personal check if credit card fees apply to a purchase you're making. Businesses often have to pay a fee for card transactions, so you support your favorite stores more if you pay with cash or personal check.
* Interest rates and annual fees. Credit cards can be a great way to build credit and earn benefits, but if you aren't keeping your balance at, or close to, zero, you are losing out big-time by paying interest. If you're having trouble keeping your credit card balance down, you may want to consider sticking with a card attached to a checking account and your checkbook.
And here's the biggest surprise: How popular personal checks still are. In fact, 18 billion checks are still processed every year in the U.S. alone -- making checks the most frequent form of non-cash payment in America.
Many Americans still prefer having the option to pay with check as well as with credit or debit cards, according to a recent survey conducted by public affairs firm Ipsos on behalf of Deluxe Corporation. Seventy-five percent of consumers said they should have the right to pay with whatever method they wanted when making a purchase at a store - including cash, card or check. Thirty-eight percent of consumers surveyed would consider walking out of, or not returning to, a store or restaurant if that business refused to accept their checks as payment. And one-fifth of consumers say that a sign in a store which says "We Do Not Accept Checks" is an example of 'bad customer service.'
A new consumer advocacy campaign, "Stand Up For Your Right To Write Checks," is underway to preserve your option to use checks as a form of payment at www.righttowritechecks.com.
Whatever your preferred method of payment is, by paying a little closer attention to your buying methods, you can end up saving a considerable amount of cash in the long run.
(ARA) - It's been a tough few years for most Americans, facing a constricting national - and world - economy, job losses, pay cuts and a tough employment market. It can certainly be difficult to see the good in those circumstances, but helpful things can come out of these challenging times. You don't need to be a Pollyanna, but taking a practical look at how the recession affects your personal finances can show that there are some positives.
One of the biggest benefits that can be seen in the recent recession is that it is forcing many people to change their behaviors. Where before, many Americans had a "buy-it-now-and-worry-about-paying-later" attitude, which led to racking up huge credit card balances, more are now buying only what they can afford.
What people are discovering is that this is not only a good time to stop accruing personal debt, but also a good time to work on paying it down. Even on tighter budgets, people are finding ways to chip away at their existing debt, thanks to refocusing their spending more on necessities and less on desires.
The effect of tightening your belt to pay down your debt is doubly positive in the current economic atmosphere. Not only will it help you balance your finances, bit by bit, so that you'll eventually get to a healthier financial situation, but it may also help to improve your credit. As a result of the recession, banks and lenders have severely restricted their lending practices, making it tougher to get loans without above average credit. Typically having a smaller debt to credit ratio, or owing less than your total available credit limits, is a good position to be in if you're applying for new credit.
Keeping an eye on your credit and paying down debt go hand in hand, but it can be difficult to know where to start. One good first step is to take advantage of the free credit report that you're entitled to each year - it can help you get a bird's eye view of what you owe and to whom you owe it.
Another option that can simplify matters is to automatically integrate monitoring your credit report with your efforts to pay off your debt. Equifax, one of three nationwide credit reporting agencies from which you can get your free annual credit reports, offers Debt Wise, an online program to help make paying down debt easier. It synchs automatically with your credit report, allowing you to select which debts to include in a payment plan. A feature called "Debt Stacking" shows you the best way to prioritize debts so that paying them off is simpler.
For most people, it's a fantasy to be able to pay off debts in a single payment and not have to worry about them any more. But if you take a dedicated, measured approach to paying down debt - even when times seem to be at their tightest - it's possible to get rid of it faster than you would imagine. In the long run, your new perspective on debt and spending, forged in the latest recession, will help your family be even more financially secure.
Courtesy of ARAcontent
Americans are known for their generous and giving spirits, as well as for their ingenuity, so it's no surprise that they have worked out ways to satisfy the desire to help others without having to sacrifice. If you look in your community, you'll surely find a host of meaningful ways to help others. You can also expand your generosity to act globally, too. Here are some creative ways to give that won't cost you cash.
* Find nonprofits that offer unique ways to make a difference. The more technology develops, the more we're able to connect with others around the world and help alleviate global poverty. The Web site JoinMyVillage.com, presented by the humanitarian organization CARE and the food company General Mills, invites people to help fight poverty in Africa. Simply log on to JoinMyVillage.com and join a village team. With that simple act, you'll unlock $1 to help people in Malawi, one of the poorest countries in the world. You can keep unlocking dollars by answering fun quiz questions or by inviting friends to participate (up to $5 per person per day, $150,000 in total). In just one week, you can unlock enough to buy a new secondary school uniform for a girl in Malawi, which will enable her to attend school. (Just one additional year of education will increase her earning potential by nearly 20 percent over her lifetime and open new doors to the future.) If you're in a position to make a personal donation - even as little as $10 - your contributions will go doubly far because General Mills will match them dollar-for-dollar (up to $500 per donor, another $150,000 in total). JoinMyVillage.com also has rich stories, and regular progress reports on the women and children you are helping in Malawi. It's a great way to teach children about international development and how to be good global citizens.
* Use your talents. Do you have a way with words and a passion for language? You might just be a great volunteer to help adult and child immigrants improve their English skills. Maybe you've got a green thumb - there are charitable organizations that need help with grounds-keeping projects. And if you're a real authority on the ins-and-outs of your city, you could serve as a guide for new immigrants struggling to learn about how to get around, where to go shopping, and the details of everyday life that make a big difference in adjusting to a new society. If you love the arts, you could serve as a docent at your local art museum and introduce people to the treasures that are on display there. Whatever your hobby or passion, you can almost certainly find a way to translate it into volunteerism.
* Mine your house. Donations don't have to be in the form of cash. There are lots of local organizations that accept gently-used clothing, household goods, cell phones and more. Just keep a few things in mind when you're adding to your donation pile. First, make sure that the item is usable. Broken toasters or splintering wooden spoons, torn shirts, or pants with loose seams - they're not going to serve the people who benefit from the charity. Also, make sure that any items you donate are clean - wash, dry, and fold all clothes and double-check that any household items you're dropping off are dust- and gunk-free. Consider what you would want and be able to use if the proverbial shoe were on the other foot and you were looking for donated items.
There is truth in the old saying that it's better to give than to receive. Studies show that people who volunteer are often happier and healthier than their peers. In fact, if you give of yourself, you'll find that you receive, too, in the form of new friends and experiences that make your life richer.
Courtesy of ARAcontent
Few of us have funds set aside for this endeavor. In addition, the College Board's annual "Trends in College Pricing" reports a rise in tuition costs at public and private institutions for the 2009-2010 school year. According to the report, annual tuition and fees at private four-year colleges rose 4.4 percent to $26,273, and public university costs rose 6.5 percent to $7,020.
Prospective students often don't know where to start. But take heart; Darlene Violet, director of Financial Aid at Brown Mackie College - Akron, Ohio, offers advice on funding your education. "The U.S. Department of Education distributes $96 billion a year in grants, work-study assistance, and low-interest loans," Violet says. "Every student begins the process of seeking financial aid by completing the Free Application for Federal Student Aid form, known as the 'FAFSA.'" Information submitted on the FAFSA form determines the amount a student may receive through a federal Pell Grant, which is based on financial need. The recent economic stimulus program increased Pell Grant funds by $500 per student. Financial aid is available for those who qualify.
Beyond completing the FAFSA, many turn next to student loans. "An education is always a good investment," says Violet, "but many people don't realize the loans must be paid back starting six months after leaving school. I advise students to seek out and apply for scholarships." Wide varieties of organizations offer scholarships, from fraternities and sororities to community groups, foundations, and corporations. Winning candidates receive funds based on a vast spectrum of criteria, including ethnicity and cultural heritage. "Students just don't take the time to find them," Violet continued. "It can be a lot of work."
The Scholarship Committee at Brown Mackie College - Akron hired a group of honor students to help others navigate through the many scholarships available, complete the application forms, and provide feedback on essays written for submission. "This allows students the security to delve deeper into the scholarship world. It's well worth it," Violet says.
Scholarship awards can be as important to the educational institution as they are to the student. Federal guidelines, known as the 90-10 rule, mandate that no more than 90 percent of the funds received by a college can come from Federal loans and grants. A minimum of 10 percent must come from outside sources, including scholarships, private loans, and the students' own financial contributions.
Violet recommends checking additional resources as well. "Many employers will pay or reimburse tuition expenses, sometimes even for immediate family members. And the Veteran's Administration offers benefits to those who have served our country," she says. The Workforce Investment Act offers grants to those who qualify, and many churches offer scholarship opportunities. In addition, the Orphan Foundation of America offers scholarships to students who are wards of the state.
Further savings can come in the form of a temporary tax credit. The American Opportunity Tax Credit, included in the economic stimulus bill signed by President Barack Obama, can be worth as much as $2,500. People who earn $80,000 or less a year (or $160,000 or less for joint filers) can claim this credit on money paid for tuition, certain fees and course materials for higher education in 2009 and 2010. For complete details, visit www.irs.gov.
Once a student enters college, Violet advises making other financial considerations:
Ride public transportation. In addition to saving on fuel and parking fees, public transportation provides time for students to get a head start on assigned reading and homework.
Avoid credit card offers. However tempting the offer seems, credit cards charge interest on purchases and impose fees for late payments.
Work while attending classes. Many students work full- or part-time while earning their degrees. The federal work-study program helps eligible students find employment on campus.
"Taking the time to apply for scholarship funds is a step that can help now while they're in school, and in the future when no bill comes due," Violet says.
Courtesy of ARAcontent
(ARA) - As we head into this holiday season, shoppers will start to plan their holiday gift lists, hit the stores and start shopping. Getting the most for your holiday shopping dollars this year will not only be about sticking to a budget, but managing valuable time to spend on shopping for the holidays.
Bing.com commissioned University of Washington Economist Ali Tarhouni to analyze data on consumer shopping behavior and found the time spent holiday shopping could be more valuable than you might think.
* Research reveals that an average American can expect a $114 savings, or roughly 10 percent savings per transaction in time and material cost this holiday season by reducing the running around typically associated with holiday shopping.
* Shoppers could make an average of 5.4 trips to the mall for holiday shopping this coming season, which is equivalent to an average of $98 for lost working productivity and approximately $16 for gas, according to Tarhouni's research.
* A typical consumer visits an average of five stores, shops for an average of two hours and spends an average of $150 per mall trip during the holiday season, according to a survey by Baker Retail Initiative and Verde Group Research. Conducting research by comparison shopping online before heading into stores or making purchases online can help reduce the amount of time and money spent.
Mary Hunt, personal finance expert and author of "Debt Proof Living," believes it's important to be smart in the way you approach your holiday shopping so you can avoid these hidden costs and be more productive this holiday season.
"This season it is all about value, and time is often a more precious resource than money," says Hunt. "If we consider how valuable each hour of our holiday shopping experience is, consider how much more valuable spending time with loved ones is, or volunteering at a local food bank. Shopping is about efficiency this time of year, and it's about using the tools available to make better purchasing decisions faster."
Hunt offers a few tips to help you make faster and more informed shopping decisions this holiday season:
* Use tools available online: when creating your holiday shopping plan, start online. You can organize your list, set your budget and comparison shop fast and efficiently. Sites like Bing.com offer comprehensive user and expert reviews, and you can choose to shop entirely online, or hit the mall more empowered to find what you want in less time.
* Shop alone. Take the kids to the mall to see the Holiday sights and sounds and enjoy hot chocolate and cinnamon rolls, but shop alone when you are not distracted or pressured. Shopping solo gives you the luxury to compare, contemplate and change your mind.
* Keep organized with an exclusive online shopping e-mail account and keep all receipts. Create an e-mail address that you use exclusively for online shopping. Now it will be a snap to keep all your invoices and receipts together in one place where they can be easily retrieved. Returns are always easiest when you have the receipt. Ask for "gift receipts" that do not show the dollar amounts to give to your recipient just in case the sweater doesn't fit or the color is all wrong. A stack of envelopes, each with the name of a person on your list, is the best way to stay organized.
* Shop early to take advantage of deals and free shipping. If you wait until the last moment you may spend all your savings on overnight shipping. Shop early when you have the luxury of the cheaper and slower - delivery options.
* Get cash back. More online retailers than ever are offering cash back this holiday season. Try Bing cashback for cash rewards on purchases from more than a thousand of your favorite retailers including Walmart, Target, HP, Nordstrom, and eBay.
Bing shopping offers you a single destination to shop and get cashback from more than 1,000 retailers nationwide. You'll reduce your online shopping time with features including search result filters, comprehensive shopping results and opinion ranking.
Bing cashback allows you to set up an account and receive actual cash back on qualifying purchases. The site tells you up front what items will qualify and how much you'll save. Money is deposited into your account and you can ask for a payout 60 days (varies by merchants) after purchases as long as your account total tops $5.
Log on to www.Bing.com/shopping to save time and money this holiday shopping season and earn cash back on your purchases.
Courtesy of ARAcontent
