There are a few new tax credits (and some old ones) that could help you get a refund when tax season rears its ugly head. You may qualify for one of these credits if you have children, are low-income, did not get the full economic stimulus check, deduct property taxes, OR had part of your mortgage debt forgiven.
Read about all six credits here. If you read the entire story you will see I wrote it. So I can vouch for all the info! The best thing about tax credits is that they directly contribute to you getting money back. So if you owe $200 in taxes but have a $600 credit, Uncle Sam gives you a $400 refund.
Also, this year you can file your taxes electronically FOR FREE no matter what your income.
UPDATE: The first-time home buy credit of $8,000 does NOT have to be paid back. Thanks to reader Katharine who pointed this out!
A reader named Lisa sent me a tip about free podcasts on iTunes. “Thought it might be worth checking out if you want to be educated as well as entertained for free!” Well, certainly.
If you are new to iTunes, read this primer. Or go straight to iTunes U and browse the 100,000 lectures, presentations, videos, readings, and podcasts it offers. Everything is broken into 13 categories, from Business to Teaching & Education. There are ESL podcasts, recordings of bird sounds, a series on Darwin’s relationship with God, videos on human body parts, and recordings of and interviews with Lead Belly, Pete Seeger, and Woodie Gutherie, above.
On the right of iTunes U are the 20 most popular downloads. Enjoy!
Thanks, Lisa!
Thanks for listening to me on the Marc Germain show on Talk Radio One! If you want to stay on top of all the latest deals, sign up for Bargain Babe Email Updates. If you missed the show, listen to the podcast.
Here are some of the bargains I talked about on the show:
How to throw a cheap oscar party
How to e-file your taxes for free à web site
How I got my marriage out of the toilet and saved $600
Free hotel rooms in Venice, Italy
Linens ‘n Things coupons good at BBB until Feb. 28
13 ways to reduce your bill eating out
Web sites to watch TV for free
Why Freecycle.org can ease home debt
This just in. Bed, Bath, and Beyond will not accept coupons from rival Linens ‘n Things, which is going out of business, after Feb. 28, according to ShopSmart Mag. So if you are planning on using them, don’t wait much longer.
Google wants to change the way you think about electricity. The company is applying their mission to organize the world’s information to your home electricity bill. If you don’t know how much power each appliance uses, how will you be able to reduce your bill?
So they came up with PowerMeter, a device you clamp onto your main circuit breaker that feeds real time information to your computer. When you turn on the TV, do a load of laundry, or accidentially leave the toasater on, a chart showing your electricity usage spikes. Folks who had instant information about their power usage reduced their bill by 15 to 44 percent, according to a NY Times story on the device.
Google does not plan to charge for the device, but could collect valuable information about how we use electricity through the devices. I’m not so worried about other folks knowing when I run the dishwasher if it saves me a bundle. Now, to get PowerMeter on the market!
Readers who belong to Border’s free membership program can use a coupon for 40% off any one book. Expires Saturday, Feb. 21, 2009. In store only. No rainchecks, special orders, or reservations. The unusual thing about this coupon is that it is not restricted to regular-priced books. Print the coupon now then sign up in the store if you are not already a member.
Get a $25 gift certificate for $2 with an 80% off coupon from Restaurant.com, which normally sells a $25 certificate for $10. Use code DINE at checkout. Expires Saturday, Feb. 28, 2009. Some caveats. Check the redemption rules before you buy. They can be strict.
Marie Callender’s is having a $7 pie sale for whole pies ordered to go. You also have to pay $.50 for the tin, which is redeemable. The sale excludes cheesecakes and fresh fruit pies. Call ahead to see if your local restaurant is participating. Dont forget to check out the buy one get one free coupons at the bottom of the page.
Thanks, Dave!
Psst. The Oscars are this Sunday, Feb. 22. Here are six tips to throw an Oscar party without breaking the bank.
1. Collaborate with one or two other friends so you are all “co-hosts.” This creates a bigger guest list and also allows you to split the costs.
2. Stars are glamming down because of the recession so why don’t you? Tell your guests the theme is “ugly night out” so no one runs to the store to buy a cute outfit. If anything, they may spend a few bucks at Goodwill.
3. Potluck!
4. Serve sangria, a fabulous drink that is incredibly cheap if you make it with Two Buck Chuck, which – GASP – I’m told went up to three whole dollars at Trader Joe’s, where it is sold exclusively. Some 99 Cent Stores also sell wine. Sangria recipes here.
5. Make popcorn, which is awfully cheap if you buy the kernels and pop them in a pan. Heat about 2 T oil, then cover the bottom of the pan with one layer of kernels. Gently shimmy pan over medium high heat until kernels are popped.
6. Serve bite-size quesadilla slices with salsa. Cheap, and a crowd pleaser.
What would you add to this list?
If you’d like to try a simple way of tracking – and reducing – your expenses, I recommend a system I started earlier this month. It is easier than creating a full blown budget that requires you to track down where every penny goes. I like it because is simple and tells me if I am spending more than I am making.
My streamlined budgeting formula follows this equation: Income minus savings minus necessities minus irregular expenses = discretionary spending.
Here is how I define each category. Tweak it to fit your situation.
Necessities: rent, gas, electricity, Internet service, cell phone service, gasoline (Hubby and I each get one full tank a month seeing how I work from home and he commutes on his bike), doctor visits, medicine, gifts and my newspaper subscription to the Sunday NY Times (which is on the chopping block)
Irregular expenses: car insurance, car registration, car repairs, dental visits, Christmas presents, magazine subscriptions, charitable donations, vacations, yoga classes, and oil changes. I totaled what we spent on these categories last year and divided by 12. I automatically deduct this amount from our checking account into a special ING savings account each month.
Discretionary spending: food, clothing, bus fare, entertainment, vitamins, toiletries, meals out, hair cuts, travel, and home maintenance. To see why I put food on the discretionary list, go here.
My discretionary spending started at $796.50. Each time I make a purchase or withdraw cash from the ATM I write it on my card, above, then subtract it from my total to get my remaining dollars. If I spend my discretionary equally over 28 days, I should have $256.01 left right now. Woot woot! I’m ahead of the game because I have $344.63 left. Hope I can make it to the end of the month. Luckily, it’s a short one.
As part of a lawsuit settlement, Subway is giving away $2 gift cards to 142,000 California residents. You enter your name and mailing address, and they pledge to send you a $2 gift card if you are on of the first 142,000 people to fill it out. I’m slightly suspicious that they can’t shut the site down after receiving 142,000 entries, but it seemed legitimate when I went through the process. There is also a phone number you can call to claim your card: 1-800-964-1747.
Caveats: one per household. Expect 10-12 weeks for delivery.
Thanks, Storm!
UPDATE: My radio appearance has been moved upto 8:30 pm PST tonight! Hope you can tune in at Talk One Radio.
PREVIOUSLY: Hi folks, I am scheduled to be a guest on the Marc Germain show on TalkOneRadio.com tomorrow at about 9 p.m. PST. Hope you will tune in online by going to the site and clicking on the program for 2/20/09. If you miss it the station makes a podcast so you can listen to a recording later. You can call in with a question at 213-341-4353.
Tightwad Tod has a great post on more businesses offering senior discounts to open pocketbooks in the recession. Seniors can now get discounts at drug and grocery stores, clothing stores, gyms, hardware stores, auto repair shops, and insurance companies. You can also ask plumbers, contractors, barbershops, car washes, piano teachers, veterinarians, and car dealers for a discount, according to the post.
Some perks start at 62 or 65, others begin as early as 50. Just ask!
More senior discount resources:
The Web site senior discounts has info on business that offer perks to older customers. Some of the site is free but paid members get more access to deals.
About.com lists about three dozen senior discounts.
AARP members get discounts on retail, travel, fitness, and home purchases.
Yesterday I blogged about credit cards that rack up hotel points and travel perks. Today I’m sharing a deal for discounted European hotel rooms through HostelsClub.com. Basically, rates are quoted in Euros but U.S. citizens pay as if the exchange rate was €1 equals $1. The deal is good for Italy, Spain, Germany, France, Netherlands, Greece, Ireland, Portugal and Austria.
With the 1:1 promotion a room in Paris at the Peace & Love Hostel is $58 or $21 per person if you share a room. If that was in Euros it would equal $72 and $26, respectively, at the current exchange rate of 1.25 dollars for every Euro. But don’t wait too long to book a room because this promotion is ending soon.
HostelsClub.com also has a special in Venice. Get one night free if you book five nights or get a weekend free if you book ten nights. This special is open-ended.
Generally there is no age limit for staying at a hostel unless noted in the hostel description. For more info email bianca@hostelsclub.com or alex@hostelsclub.com.
If you live in the Golden State, you can figure out how much the Governator’s tax increases will cost you using a handy dandy calculator from the Sacramento Bee. You tell it if you are married, how many children you have, and a few other things, and it spits out your share of the tax burden.
Mine is $677. What did you get?
Does anyone know of a similar site that calculates the individual impact of the $800 billion stimulus package?
Thanks, Dave!
I do not want to miss out on buying a home before prices rise. But prices have not dropped enough for me to be able to afford my dream home and I am not ready to settle – yet. This makes me antsy when it comes to home sales. Will I be able to buy before prices rise?
A recent blog post from Bankaholic has convinced me that 2011 will bring many buying opportunities. Check out this post and let me know what you think. Are we in for a tidalwave of foreclosures and REO’s?
One way to take a cheap vacation is to redeem perks you earned when you were still using your credit card. Those were the days!
So many people are doing this that redemptions for the Hilton HHonors Card from American Express jumped 25 percent in 2008 compared to 2007. If you don’t already have a credit card that earns great hotel and travel perks, consider these top-rated ones from CreditCards.com, which earns a fee from credit card companies when you fill out an application.
If you already have a lot of credit cards, don’t get another one. Each time to apply for a new line of credit it diminishes your score slightly. Not to mention the temptation of spending more.
The Capital One No Hassle Miles card gets you 1.25 miles for every dollar you spend and the miles never expire. There is no limit to the number of miles you can earn and there is no annual fee. A similar card from Capital One earns you 2 miles for every dollar but has a $39 yearly fee. Call them directly and ask them to waive it.
The Starwood Preferred Guest Card gives users up to 6 free nights at a hotel when you earn 25,000 points. Earn double points at participating Starwood resorts and properties. The card has no annual fee the first year but is $45 each following year. Make a note in your calender four weeks before it expires to call ask them to waive the fee.
Another site I like for rating credit cards is Bankaholic. For spenders looking to rack up hotel perks, they also recommend the Starwood card and also the Blue Sky card from American Express.
