This is the fundamental question that we all have come April. Which do we do? They "tax guy" usually knows more then we, the average guy does. But does he really have our best interests at heart. Also, is the increased return we get, going to more than cover the Fee for Tax Preparation? But there are Free Online tax programs out there. So, do we go Free or Pay?
How do you really know what your savings would be? Also, the tax preparation program costs money as well. Will that save you money. And which method Protects you the most in case of error?
We are going to find the review sites and provide links to the various comparison sites which evaluate digital tax preparation programs. If you have used one of these products, or a specific tax preparation company. Please leave a comment on how well of a job they did for you.
First are the Tax Preparation programs. You can find a few reputable sites that compare and/or rate the programs. Most programs on the popularity list are free. But usually have some limitations. Here are 3 sites that list or compare programs.
About.com - Comparison.
http://taxes.about.com/od/preparingyourtaxes/tp/freefile.htm
IRS.com - List of Websites.
http://www.irs.gov/app/freeFile/jsp/index.jsp?ck#Company1
onsumerSearch.com - Comparison.
http://www.consumersearch.com/www/software/tax-preparation-software/
They list the top 8 Tax Programs with pricing and features, as determined by www.About.com
About's Top 8 list.
1. Turbo Tax Freedom Edition (FREE File Edition) - Most states are free as well. This program is designed for those making simple return with an income of 30k or less.
2. H&R Blocks TaxCut - (FREE File Edition) - Adding the state return is $24.95
3. TaxACT - (FREE File Edition) - Adding the state return is $12.95
4. CompleteTax - Federal $29.95, State $14,95
5. TaxEngine - Fed or State $19.95 - Fed & State $29.95
6. TaxSlayer - Premium $19.95 - Classic $9.95 - Free Online Filing
7. OLT - Online Tax Preperation - Federal $7.95 - State $7.95
8. EFileTaxReturns - Federal $29.95 - State $19.95
The following sites are NOT recommended.
FreeTaxUSA
123EasyTaxFiling
CitizenTax
The following sites are just painful to use.
Average1040
ezTaxReturn
FreeTaxReturn
eSmartTax
TasSimple
average1040
Personally I have only used TaxCut. Simply because they were once owned by Kiplingers Magazine. Which is a well respected financial magazine. Then they were purchased by H&R Block. Still a good program and I give my own personal recommendation.
Readers, I ask your thoughts and opinions on any of the Tax Programs listed here.
Friday, October 24, 2008
Monday, October 20, 2008
Bankruptcy - A badge of shame or just a way to protect yourself?
Bankruptcy law provides for a plan that allows the debtor to take care of his debts, through a dvision of the debtors assets to his creditors. This division is supervised and allows all creditors interests to be treated equally. Some methods of bankruptcy allow the current business to continue, some do not.
There typically exist two types of bankruptcy proceedings. A liquidation by filing a Chapter 7. Which is the most common type of bankruptcy. This involves an appointment of a trustee, to handle a sort of escrow. Taking non-exempt property, selling it and distributing it to creditors.
Chapters 11, 12, 13 include the rehabilitation of the debtor, to allow them to use future earnings to pay off creditors.
The biggest factor of a bankruptcy is that once filed, creditors, mostly, can't seek debt collection outside of the bankruptcy proceedings.
The passage of the "Bankruptcy Prevention & Consumer Protection Act", done in April 2005, changed the game a little. Outlining modified guidelines governing dismissal or conversion of Chapter 7, 11, and 13 proceedings.
No one wants to have to file for bankruptcty, but in some cases it's your only protection. However, that protection is not what it used to be. Before you make any kind of bankruptcy decision, you need to know all the facts. So, take a moment to read about the Act.
"Bankruptcy Prevention & Consumer Protection Act"
Also, if you feel that you need to file for bankruptcy because of debtors. You need to know that there is a statue of limitations for debts in each state. If the statue has passed, then you can no longer be hounded for the debt.
However, if you pay, even a small "good faith" amount of money to the creditors, the payment will reset the statue calendar and be back at square one. Also, you must be careful dealing with a online payday loan company. They will have access to your bank account. They can and will take any payments they want and you will have no recourse, aside from the goodwill of the cash advance company.
There typically exist two types of bankruptcy proceedings. A liquidation by filing a Chapter 7. Which is the most common type of bankruptcy. This involves an appointment of a trustee, to handle a sort of escrow. Taking non-exempt property, selling it and distributing it to creditors.
Chapters 11, 12, 13 include the rehabilitation of the debtor, to allow them to use future earnings to pay off creditors.
The biggest factor of a bankruptcy is that once filed, creditors, mostly, can't seek debt collection outside of the bankruptcy proceedings.
The passage of the "Bankruptcy Prevention & Consumer Protection Act", done in April 2005, changed the game a little. Outlining modified guidelines governing dismissal or conversion of Chapter 7, 11, and 13 proceedings.
No one wants to have to file for bankruptcty, but in some cases it's your only protection. However, that protection is not what it used to be. Before you make any kind of bankruptcy decision, you need to know all the facts. So, take a moment to read about the Act.
"Bankruptcy Prevention & Consumer Protection Act"
Also, if you feel that you need to file for bankruptcy because of debtors. You need to know that there is a statue of limitations for debts in each state. If the statue has passed, then you can no longer be hounded for the debt.
However, if you pay, even a small "good faith" amount of money to the creditors, the payment will reset the statue calendar and be back at square one. Also, you must be careful dealing with a online payday loan company. They will have access to your bank account. They can and will take any payments they want and you will have no recourse, aside from the goodwill of the cash advance company.
Find out more about what debt collection agencies can do here: Debt Collection Agencies - How to Deal with them.
Check the state limitations here: Debt Collectors - Statute of Limitations by Every State
For privacy rights information, go to: Privacy Rights
For more financial advice, go to:
Wednesday, October 15, 2008
How Congress set the stage for a fiscal meltdown
Given that the current financial crisis is affecting just about everyone in one way or another. ConsumerReference has looked at a particular article from USA Today for some insight to the current issue and how it came to being.
Please read and comment below.
You can see the Full article here:
USA Today
By Ken Dilanian, USA TODAY
WASHINGTON — During last week's presidential debate, John McCain and Barack Obama sparred over what caused the financial crisis.
"The match that lit this fire," McCain said, came from the government-sponsored mortgage companies Fannie Mae and Freddie Mac, which backed risky home loans "with the encouragement of Sen. Obama and his cronies … in Washington."
Obama shot back: "The biggest problem was the deregulation of the financial system. … Sen. McCain, as recently as March, bragged about the fact that he is a deregulator."
It was a classic example of Washington finger-pointing. McCain and the GOP blame Fannie and Freddie — which were taken over by the government last month — because the troubled mortgage agencies' biggest backers were Democrats who said they wanted to increase access to homeownership.
Meanwhile, Obama and other Democrats highlight Republicans' longtime focus on limiting regulations for the financial industry.
No single government decision sparked the crisis, but collectively the candidates had a point: Both parties in Congress played important roles in setting the stage for the ongoing financial meltdown.
They did so in moves that reflected not just their ideological priorities, but also the wishes of special interests that have spent millions aggressively lobbying Washington and contributing to lawmakers' campaigns.
By not reining in increasingly risky investments made by Fannie and Freddie — and by keeping complex financial instruments known as derivatives free from most government oversight — Congress chose not to impose barriers that economists widely agree could have helped stave off the crisis that continues, even after lawmakers approved a $700 billion emergency bailout package for Wall Street.
Here is a look at how Congress' actions on two key fronts became significant factors in the financial crisis:
1. Not checking derivatives
2. Protecting Fannie, Freddie
Here is a list of the TOP Officials taking over one hundred thousand dollars from Freddie Mac and Fannie Mae:
Dem - Dodd, Christopher J $165,400
Dem - Obama, Barack S $126,349
Dem - Kerry, John S $111,000
Rep - Bennett, Robert F $107,999
Rep - Bachus, Spencer $103,300
For more information about Credit and Credit reporting. Check these government websites:
Wiki Definition - Fair Credit Reporting Act
Federal Trade Commission - Free Annual Credit Reports
Federal Trade Commission - Access to Free Credit Reports
************************
How has this situation affected you personally?
Should those who received the most payments from Mae and Mac be investigated for collusion?
Please read and comment below.
You can see the Full article here:
USA Today
By Ken Dilanian, USA TODAY
WASHINGTON — During last week's presidential debate, John McCain and Barack Obama sparred over what caused the financial crisis.
"The match that lit this fire," McCain said, came from the government-sponsored mortgage companies Fannie Mae and Freddie Mac, which backed risky home loans "with the encouragement of Sen. Obama and his cronies … in Washington."
Obama shot back: "The biggest problem was the deregulation of the financial system. … Sen. McCain, as recently as March, bragged about the fact that he is a deregulator."
It was a classic example of Washington finger-pointing. McCain and the GOP blame Fannie and Freddie — which were taken over by the government last month — because the troubled mortgage agencies' biggest backers were Democrats who said they wanted to increase access to homeownership.
Meanwhile, Obama and other Democrats highlight Republicans' longtime focus on limiting regulations for the financial industry.
No single government decision sparked the crisis, but collectively the candidates had a point: Both parties in Congress played important roles in setting the stage for the ongoing financial meltdown.
They did so in moves that reflected not just their ideological priorities, but also the wishes of special interests that have spent millions aggressively lobbying Washington and contributing to lawmakers' campaigns.
By not reining in increasingly risky investments made by Fannie and Freddie — and by keeping complex financial instruments known as derivatives free from most government oversight — Congress chose not to impose barriers that economists widely agree could have helped stave off the crisis that continues, even after lawmakers approved a $700 billion emergency bailout package for Wall Street.
Here is a look at how Congress' actions on two key fronts became significant factors in the financial crisis:
1. Not checking derivatives
2. Protecting Fannie, Freddie
Here is a list of the TOP Officials taking over one hundred thousand dollars from Freddie Mac and Fannie Mae:
Dem - Dodd, Christopher J $165,400
Dem - Obama, Barack S $126,349
Dem - Kerry, John S $111,000
Rep - Bennett, Robert F $107,999
Rep - Bachus, Spencer $103,300
For more information about Credit and Credit reporting. Check these government websites:
Wiki Definition - Fair Credit Reporting Act
Federal Trade Commission - Free Annual Credit Reports
Federal Trade Commission - Access to Free Credit Reports
************************
How has this situation affected you personally?
Should those who received the most payments from Mae and Mac be investigated for collusion?
Thursday, October 9, 2008
Own up to your Debt...
Which headlines are you reading in the paper or online these days? Which are alarming and which are putting you in fear and giving you anxieties? ….Probably all of them. There seems to be this heavy cloud above our nation these days, whether it be for our economy or our election or even the war. YIKES….where do we turn? Here are some of the headlines the past week: “Stocks Loses Ground Amid Financial Uncertainty”, “Dollar sinks sharply to euro”, “Bailout Bill Passes–Now the Hard Part”, “IMF predicts a Recession”, “US Retails Report Decreased September Sales”, “Retirement Account loses near $3 trillion”, it goes on and on. People are panicking, people are hopeless, people are looking to bankruptcy, to bailouts. What is this world coming to?
Ultimately we put ourselves in this position, didn’t we? We signed those papers, didn’t we? The papers that allowed us to own the SUV we drive and then can’t afford the gas, gas is too expensive. (Was that the problem? The price of gas?) The papers that got us into this house that’s too big, the payments made for just the interest so that we could pay against the loan later…and boy, are we *paying* later (now)!?! The papers that allowed us to use that big screen TV today and not have a payment for 6 months-6 months is now and we can’t seem to collect the first payment. We signed the papers/receipts for that extravagant dinner (a year ago) that we thought we deserved and we are still paying for it.
For more information on debt protection make sure to do your research. Check sites such as:
Fair Debt Collection Practices
and
Debt Collection WorkShop
It’s really sad because all the nation is looking for the government and the leaders to bail us out. Our nation is trillion (?) dollars in debt and they’re going to bail us out. We’re going to have our kids pay for OUR debt. We’re using all our natural resources and expect our kids to pick up the slack. How selfish is that?!
My wish is that each and every one of us own up to our responsibilities. You signed the loan papers to your car, pay your monthly debt each month. You signed your home loan papers, pay your mortgage. If you have to, look into refinancing, look into something. Don’t look to the government, don’t look to bankruptcy. Get through it, buckle up and take one step, one payment at a time. Go to a financial advisor and get some good advice. Own up to it, people.
Ultimately we put ourselves in this position, didn’t we? We signed those papers, didn’t we? The papers that allowed us to own the SUV we drive and then can’t afford the gas, gas is too expensive. (Was that the problem? The price of gas?) The papers that got us into this house that’s too big, the payments made for just the interest so that we could pay against the loan later…and boy, are we *paying* later (now)!?! The papers that allowed us to use that big screen TV today and not have a payment for 6 months-6 months is now and we can’t seem to collect the first payment. We signed the papers/receipts for that extravagant dinner (a year ago) that we thought we deserved and we are still paying for it.
For more information on debt protection make sure to do your research. Check sites such as:
Fair Debt Collection Practices
and
Debt Collection WorkShop
It’s really sad because all the nation is looking for the government and the leaders to bail us out. Our nation is trillion (?) dollars in debt and they’re going to bail us out. We’re going to have our kids pay for OUR debt. We’re using all our natural resources and expect our kids to pick up the slack. How selfish is that?!
My wish is that each and every one of us own up to our responsibilities. You signed the loan papers to your car, pay your monthly debt each month. You signed your home loan papers, pay your mortgage. If you have to, look into refinancing, look into something. Don’t look to the government, don’t look to bankruptcy. Get through it, buckle up and take one step, one payment at a time. Go to a financial advisor and get some good advice. Own up to it, people.
Wednesday, October 8, 2008
What is the Consumer Reference?
The Consumer Reference is a blog dedicated to finding new products that are not widely known, as well as report on current products, services and companies.
Consumer Reference Blog is not affiliated with any source, company or entity. We are just here to offer a clear cut critique for the consumer at large.
There are a plethora of websites out there that do offer this sort of insight into companies and products. But we are a little different. We rely solely on the company itself, as well as their clients. Companies may ask us to blog on their purpose or mission statement.
We then ask their clients to come and comment on their services.
A consumer reference for consumers.
Consumer Reference Blog is not affiliated with any source, company or entity. We are just here to offer a clear cut critique for the consumer at large.
There are a plethora of websites out there that do offer this sort of insight into companies and products. But we are a little different. We rely solely on the company itself, as well as their clients. Companies may ask us to blog on their purpose or mission statement.
We then ask their clients to come and comment on their services.
A consumer reference for consumers.
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