5 Steps on How to File For Chapter 7 Bankruptcy Successfully

These days millions of Americans are looking to bankruptcy as a solution to their financial problems. For some, bankruptcy provides the fresh start they so desperately need; however, it is a decision that should not be taken lightly. If you and your family do decide that bankruptcy is the right decision, here are the 5 steps you will need to take, courtesy of Mortgage11.com.

Consult a competent bankruptcy lawyer

Proper bankruptcy information could be essential before you actually file for chapter 7. Hence, it could be vital for you to consult a competent bankruptcy attorney who is well versed with the new bankruptcy rules and regulations as well as filing procedures. But you need to furnish complete information regarding your current financial position during the free consultation.

Do your home work thoroughly well

You need to do some preliminary homework after knowing chapter 7 bankruptcy requirements from your bankruptcy lawyer. Normally, you are required to submit copies of past 6 pay stubs, statements from bank or on retirement accounts, credit card statements, copies of tax returns for the previous 3 years, details of property assets and credit report too. In addition, you need to answer a lengthy questionnaire and even undergo credit counseling which is mandated by the new bankruptcy laws.

Prepare the paperwork and sign the petition

Once you are ready with the required information, your lawyer would prepare a petition. All that you need to do is just review and sign it. In any case, while doing so you need to verify that every information provided in the petition is correct and accurate. After you sign the documents, the bankruptcy attorney would file your case in the court. In the next step, you would come to know what happens when you file bankruptcy.

Attend the “341 hearing”

The entire bankruptcy filing process can give you a lot of anxiety. After you have filed the case, you could be required to attend a “341 Meeting” involving your lawyer, creditors and the court appointed “Trustee”. Usually, such a meeting lasts for hardly 3 minutes and could be over within no time.

Go for post-filing class and wait for 60 days

You need to go for a post-filing class at the earliest. This could be important otherwise all your hard work could go in vain. And after the “341 Meeting” is over, you could be required to wait for about 60 days, as per bankruptcy rules, during which your creditors or even Trustee can file an objection. If there are no objections, you could qualify for a discharge of debts.

Read more here

Five Rules For Inherited IRAs

Setting up an IRA for yourself can be confusing. However things can get even more complicated when you inherit an IRA. However, as this article from Forbes.com explains, with the right knowledge a family can stretch out the tax breaks of an IRA for decades. They even outline five basic rules for heirs who have inherited an IRA. I have included a few of the rules below, but if you anticipate inheriting a retirement account then I highly recommend going over the full list at Forbes.com.

1. First, do no harm.

If you inherit a retirement account, don't do anything until you know exactly what rules apply. With your own IRA you can take the money out and redeposit it in another IRA within 60 days without penalty. Not so an inherited IRA. All movement of money must be from one IRA custodian to another--be sure to specify a "trustee-to-trustee" transfer. Moreover, unless you've inherited from a spouse, you must retitle the IRA, including the original owner's name and indicating it is inherited, e.g., "Daddy Warbucks, deceased, inherited IRA for the benefit of Little Orphan Annie, beneficiary."

If two or more people are named as beneficiaries, ask the custodian to split it into separate inherited IRAs. That avoids investment squabbles and allows a longer stretch-out for the younger heirs.

2. Beneficiary forms rule.

The beneficiary form on file with the custodian of an IRA controls both whoever inherits the IRA and its ability to be stretched out. If someone other than a spouse is named as heir, they must begin taking distributions from the account by Dec. 31 of the year after inheriting, but they can draw these out over their own expected life spans, enjoying decades of income-tax-deferred growth in a traditional IRA or tax-free growth in a Roth IRA. To give your heirs maximum flexibility, name both primary and alternate individual beneficiaries--say, your spouse as primary and kids as alternates or your kids as primary and grandkids as alternates. Your primary beneficiary then has the option of "disclaiming" or turning down the account, enabling it to pass to the younger alternate.

Continue reading at Forbes.com…

One in five older Americans is a victim of financial fraud

We hear about it all the time—an older adult being scammed out of their money. A survey released Tuesday as part of World Elder Abuse Awareness Day has found that one out of every five citizens over the age of 65 has already been financially taken advantage of. That’s more than 7.3 million older Americans!

A new program seeks to train medical professionals to assess when older patients might be likely to fall prey to elder investment fraud and financial exploitation. According to Marketwatch.com, this new program, a new partnership between the Investor Protection Trust (IPT), the North American Securities Administrators Association, and the National Adult Protective Services Association (NAPSA) was based on a pilot program that brought fines and prison sentences cases of elder abuse—of note is the case of Edward S. Digges Jr. who raised at least $10 million from about 130 Texas investors, the majority of whom were elderly.

Marketwatch.com reports that according to the Don Blandin, the president and chief executive of IPT, the centerpiece of the new program is the Clinician's Pocket Guide, which contains a list of questions that medical professionals can ask older patients. Doctors can get a sense of their patient's financial capacity by asking the following questions:

• Who manages your money day to day? How is that going?
• Do you run out of money at the end of the month?
• Do you regret or worry about financial decisions you've recently made?
• Have you given power of attorney to another person?
• Do you have a will? Has anyone asked you to change it?

If the answers to those questions raise suspicion, the doctors are then urged to probe for further details by asking whether the patient is having any of the following concerns:

• I have trouble paying bills because the bills are confusing to me.
• I don't feel confident making big financial decisions alone.

Elders at greatest risk of being scammed are those with mild cognitive impairment who can perform most daily functions, but have trouble or become confused with others, such as following their medicine regimen or managing their finances. That will be a lot of people. According to at least one study, more than one-third of the 25 million people over age 71 in the U.S. either have Alzheimer's or mild cognitive impairment. Therefore, that would represent many potential scams.

Is the 401(k) dead?

Are 401K plans still a good investment vehicle and an adequate way to prepare for retirement? Money Magazine’s Ask the Expert sheds some light on the issue. Here are some of the concerns people have:

• participants aren't particularly adept at investing their contributions
• account balances can get whacked hard during market setbacks
• turning one's 401(k) stash into a lifetime income is a major challenge

However, Mr. Updegrave, who is also the author of “How to Retire Rich in a Totally Changed World: Why You’re Not in Kansas Anymore,” points out that no one has a better alternative. He explains that we might be better off if companies stuck with the check-a-month pension plans that have disappeared in recent decades. Or, maybe we would do better if the government stepped in and guaranteed a retirement check on top of our Social Security. What are your thoughts on these ideas?

No matter what you think, use whatever vehicle you have to save for retirement. If all you can do is contribute to your employer sponsored 401(k)—make a date for yourself in the future and advantage of investing pre-tax dollars and gaining free money in the form of an employer match.
Lastly, Updegrave makes an important recommendation for older adults: You will want to protect your money from downturns in the stock market as you get older by shifting some assets to the less volatile assets like bonds and cash. Take the time to do it.

Read the full article here. Let me know your thoughts on the 401 (k) on Facebook or Twitter.

Weigh Pros, Cons of Debt-Relief Strategies

Depending on your unique financial situation, getting yourself out of debt is usually feasible with hard work and a tight budget. Even if doing so requires you to get help from a family member, or a company specializing in debt relief. Earlier today, I came across a great article from USA Today with a list of debt recovery strategies, as well as the pros and cons of each. I have included one of the tactics listed in the article (debt settlement), but be sure to read the full list at USA Today.com.

Debt-settlement companies negotiate with creditors to reduce the amount of debt you owe. You're typically directed to make monthly payments into a savings account. When a certain amount has been saved, the company will go to your creditors and offer to pay off a percentage of your debt. Debt-settlement companies say they often succeed in reducing their customers' debts by 50% or more.

Pros: Debt settlement is an alternative to bankruptcy for people who are struggling with large debts from financial setbacks, such as a serious illness or divorce, says Don Goldberg, a spokesman for the Consumer Credit Rights Campaign, a coalition of debt-settlement companies. It allows them to reduce their debts without losing their cars and their homes, he says.

Cons: Some debt-settlement companies charge large, upfront fees that reduce the amount of money available to negotiate with creditors. If you stop paying your bills — which some debt-settlement companies tell their customers to do — interest and penalties will increase the amount you owe. Your creditors could take you to court, and your wages could be garnished. Even if you're successful, your credit score will take a serious hit.

Where to learn more: Don't respond to advertisements promising fast relief from your debts. These are often placed by marketers that receive a commission for referring customers to debt-settlement companies. Instead, check out companies that belong to the Association of Settlement Companies or the United States Organizations for Bankruptcy Alternatives. Both are trade groups that require members to adhere to certain standards. Ask for a free consultation, and make sure you understand how much of your payments will go toward fees.

7 Ways Moms Can Boost Their Financial Security

As Mother’s Day quickly approaches, I thought it’d be a great time to share this article from Klipinger.com with the fantastic moms and women out there. Take your finances into your own hands and take the advice.

1. Schedule a money date with your spouse and talk things out. Many women want their spouses to talk about money issues more, so try starting that conversation yourself! Write out your financial goals together and see whether or not you’re on the same page.

2. If you aren’t saving for retirement already, start. Small amounts set aside now will compound and grow over the years. The earlier you start, the more time your savings have to grow. If you are working, sign up for your company’s retirement plan. Aim to contribute at least enough to qualify for your employer’s match. It’s free money! In 2010 you can contribute up to $16,500 to a 401(k) or other employer-based retirement account, or $22,000 if you’ll be 50 or older by year’s end.

Never cash out your company plan if you switch jobs. Instead, roll the money over to an IRA or new employer plan so that you continue saving and do not get hit with tax penalties.

3. No company or employer plan? Then set up your own retirement account, such as an IRA. If you’re a stay-at-home mom, you can have an IRA so long as your spouse is employed. In 2010 he can contribute up to $5,000 to an account for you ($6,000 if you’re 50 or older) in addition to his own $5,000 contributions. This doubles the tax breaks to you as a couple!

4. Life insurance is always advised. Once you have children it should become a priority so your children do not suffer financially if you’re not around any longer. The rule of thumb? Coverage should equal eight to ten times your annual household income, including any benefits covered by your employer. Buying term life insurance is said to keep things simple and inexpensive. Several hundred thousand dollars’ worth is just a few hundred dollars per year.

Already have life insurance? Remember, you’ll need to re-evaluate your coverage periodically to ensure it still meets your current life circumstances. For instance, you may need more coverage if you have another child but less when the children are grown and out of the house.

5. Write a will. When you don’t have a will, your state’s one-size-fits-all estate plan kicks in and you might not agree with it. The state will also choose the guardian of your children. With a will, you can make these decisions, divide your property and even design trusts for your children for specific purposes. Review your will after the birth of additional children.

6. Make sure you specify a guardian. If you don’t choose a guardian for your children officially, then the choice you informally made with a friend or family member won’t stand up legally. Avoid any hassle or expensive court battle by naming a guardian in your will.

7. Review your beneficiary designations on insurance policies, IRAs, 401(k)s, and other retirement plans such as pension and profit sharing plans at various life stages. The assets in these accounts go directly to whomever you have named as a beneficiary; these are not covered by your will. If you handle these issues now, you won’t have devastating consequences if something was to happen.

Read the full article here.

Win Back Your American Dream - Checkout HSN this Friday at 7AM!

I am excited to announce that this Friday (February 5th) at 7:00 AM EST I am going to appear on the Home Shopping Network to announce the launch of my new personal financial planning kit! Be sure to tune in.

My "Win Back Your Dream" kit includes my book, as well as four personal workbooks and access to an online portal offering a wealth of additional resources. The workbooks are step-by-step guides to assess your current financial situation, budgeting, dealing with creditors and getting out of debt, financially rebuilding after a financial catastrophe and strategically planning for the future.

Happy Veterans Day

Happy Veterans Day! In honor of the brave servicemen and women who have fought for our Country, the Roni Deutch Tax Help Blog has posted a new entry with 10 tax tips for Veterans. You can find a section of the advice article below, but be sure to check out the full version here.

1. Keep Records

To qualify and receive most Veterans’ tax benefits, you will need to verify your status as a U.S. Veteran. Therefore, it is important to keep your records in a safe place with your other financial documents. If you do lose any of these records, you will need to contact the Department of Veterans Affairs to obtain new ones.

2. Know About Property Tax Exemptions

There are a few types of property tax exemptions available to Veterans. The first is the Veterans' Real Property Tax Exemption that allows a qualifying Vet to take a partial exemption for property purchased with eligible funds. The second is the Cold War Veterans Exemption, which exempts those who fought in the cold war from paying property taxes. However, some counties and cities have opted out of this program so be sure to check with your local tax department.

Last but not least, the alternative Veterans exemption is available to Veterans with residential property that have served during wartime and/or received an expeditionary medal. Similar to the Cold War Veterans Exemption, some local governments may opt out of offering this exemption. With any property tax exemptions you should always speak with a local tax professional to make sure you do not pay any taxes that you are not required to.

3. Taxes on Income and Retirement

Unfortunately, any income you receive from the military that is based on age or length of service is taxable income and must be included on your tax return. However, you will usually not have the standard taxes withheld from your checks like you would with a standard paycheck.

4. American Recovery and Reinvestment Act

The American Recovery and Reinvestment Act of 2009 provided some assistance to struggling families and businesses through the making work pay tax credit. However, the credit unfortunately created problems for many veterans. After it was enacted, the new law reduced the amount of money being taken out of American worker’s paychecks. Although Veterans are not eligible for the credit, they will still have fewer taxes withheld as part of the new “one-size-fits-all” IRS guidelines. Therefore, you may be surprised to find you owe a significant tax liability in April.

3 Tips for a More Secure Retirement

Planning for retirement is no simple or streamlined task. However, one of my favorite bloggers, The Motley Fool, posted 3 great trips this morning to help anyone with their retirement planning. You can check out a segment of his article below, or click here to read the full version

Successfully planning for your retirement takes a lifetime of hard work and dedication. After going to all that trouble to provide for your golden years, the last thing you want is to blow it by making mistakes when the time comes to start spending down your retirement savings.

IRAs, 401(k) plans, and other methods of saving for retirement give you valuable tools that you can use to boost the value of your portfolio. When you start taking money out of these accounts, though, you need to remember that there's more involved than just asking for a check. Smart planning can make a huge difference in how much of your hard-earned money you actually get to keep.

How the IRS gets its due

Some of the best features of retirement accounts are their tax benefits. Traditional IRAs and 401(k) plans, for instance, give you a current tax deduction that can save you thousands in income taxes year after year.

After you retire, though, it's payback time for the IRS. Every time you take money out of a traditional IRA or 401(k), you create taxable income that will usually increase your tax bill. In addition, if you decide to retire before you turn 59 1/2, then an additional 10% penalty may apply if the withdrawal doesn't qualify for one of many exceptions to the penalty rules.

Given this, many investors choose to go with Roth IRAs if they can. But even with Roths, you'll want to be careful: Once you take money out of the Roth, it no longer generates tax-free income for you.

Tips on Getting Feds to Cut Your House Payment

From MSNBC.com:

If your income slumped along with the economy, you've got plenty of company these days. So much so that the government has a program meant to help you out by cutting your mortgage payments to 31 percent of your gross income. But it turns out that qualifying for this benefit will probably take some fancy footwork, a sympathetic partner and a little luck. Here are some pointers for navigating the terrain.

Get to know the program

The program in question is the Obama administration's $75 billion Making Home Affordable program.

It applies to mortgages held by Fannie Mae and Freddie Mac, the two giant mortgage holders that the government took control of a year ago. Under the government's auspices, Fannie and Freddie are now cutting interest rates on mortgages they own to as little as 2 percent, with the aim of lowing payments to no more than 31 percent of a homeowner's gross income.

How do you know if Fannie or Freddie own your mortgage? The simplest way is to visit each of the lender's Web sites and type in the information requested about you and your residence. Remember: The giant home financing organizations buy loans that were originated by commercial banks and own a significant portion the nation's entire home loan assets. That means you may have taken out your mortgage through Bank of America, Wells Fargo or another private lender, and they may still be servicing your account, while ownership has actually been transferred to Fannie or Freddie (if not, you're out of luck).

If you do have a Fannie or Freddie loan, then figure out what portion of your gross monthly income your housing payment consumes. In this case, your "housing payment" means not only your mortgage costs but your PITI (principal, interest, taxes and insurance). Since you first took out your mortgage, it may have zoomed way up as a percentage of your household income, either because you and your spouse's income has fallen or because the adjustable rate of interest on the loan has ratcheted up. In either case, you should consider applying.

Continue Reading…

Signs You Might Need Help From A Tax Attorney

Earlier in the week my law firm’s Tax Relief Blog posted a helpful article on the signs that you might need help from a tax attorney. Listed below are a few of the signs, but you can find the full article here.

1. You Cannot Remember The Last Time You Filed A Tax Return

If you are earning income and have not filed a tax return for a few years, then you might want to consider hiring a tax attorney. Even if you do not think that you owe the IRS money, a tax attorney can provide you with a full review of your IRS account to determine if you are owed any refunds.

2. You Get An Assessment Letter From The IRS

If you receive an assessment letter in the mail from the IRS, then it means they have determined that you owe them money. The first letter they send informs you of the situation and outlines the penalties and interest they are adding to your debt. If you do nothing, your debt will continue to increase. Alternatively, if you retain a tax attorney, they can begin working to settle your debts.

3. The IRS Files A Lien Against Your Property

If the IRS assesses a tax debt against you and you do not respond, then they will begin the collection process. First, they may send you a Notice and Demand for Payment. If you do not respond after 10 days, then they can file a public Federal Tax Lien against you. The lien will attach itself to all of your property including homes, land, vehicles, etc. In order to get the lien released, you will need to first settle your IRS debts. This can be done by either paying the amount in full or hiring an attorney to negotiate an IRS settlement such as an Offer in Compromise.

Managing Debt: Get A Grip on Reality

From the Examiner.com:

Whether you spend more than you make or have borrowed too much along the way, it’s time to realize that you’re not the only person who has made this mistake or is faced with the payoff battle.

Whatever your case is, if you’re serious about getting out of debt, the bottom line in doing so is training yourself to live on what you earn versus living on what you want. To do that, you’re going to have to make a few modifications.

All the energy previously put into a lifestyle that’s virtually unaffordable, now needs to be put into paying down the debt. Below are several tips to get started.

The first thing you need to do is set up a budget. This way, you’ll know exactly where your money goes. Be sure to allow funding for an emergency fund.

If your situation permits, work overtime or get a part-time job. All additional money should be used to pay down debt.

Have a yard sale. This will cost you nothing and anything earned should be used to reduce current debt.

If you eat out three or four times a week, limit it to one or two.

Make changes to non-essential expenses in order to save money each month. Cable can be reduced to basic channels or cancelled. Contact your wireless telephone service provider and ask for a plan to reduce your monthly payment.

Stop using credit cards. Getting out of debt means no more debt. The sooner you stop using credit cards the better. Use a calendar to mark off each day without using a credit card as an incentive to continue this positive habit.

Credit Scores: What You Need to Know Now

Most people wrongfully assume that they have only one set credit score that anyone who runs a credit check will see. However, as this Washington Post article discusses, the average American actually has several different credit scores that creditors use to decide if you will qualify for a line of credit or not. Read the very informative article, below.

Are you keeping score?

Credit scores have been getting a lot of attention lately, as lenders tighten credit standards and contend with new legislation that has, among other things, reined in how credit-card issuers can raise rates.

Meanwhile, several firms, preying on our insecurities, are pushing credit scores and credit-score-tracking services for a monthly fee.

For all the attention they generate, though, credit scores are largely misunderstood. For instance, your precise score matters only when you're in need of new debt, like a home, auto or education loan or a new credit card, which should be a fairly rare occurrence.

You don't have just one score, but many. Your FICO score, the one developed by Fair Isaac Corp. that runs from a low of 300 to a high of 850, will vary depending on which credit bureau is reporting it and the kind of lender that requested it.

So the score that costs you $15.95 at MyFico.com may not be the score your lender sees. Beyond that, the three credit bureaus— Equifax, Experian and TransUnion— sell their own proprietary scores.

The Pros and Cons of Loan Modifications

As announced by this new press release, my law firm has begun offering loan modification services in addition to tax debt resolution. As the country’s economy continues to lag, and more and more jobs are being cut, thousands of families are turning to loan modifications to stay in their homes. Unfortunately, there is a lot of confusion in the industry, so to help my blog readers who might be considering a loan modification I have put together the following list of pros and cons.

Pro: Avoiding Foreclosure

For many families, the biggest incentive to get a loan modification is to avoid being forced into foreclosure or even bankruptcy. By modifying the terms of your loan, you can reduce your monthly payments without loosing your home.

Con: Confusing Process

The loan modification process is actually more like a tangled web of arguments, negotiations, and presentation of evidence. It can take months to reach any type of settlement, and involves dozens of phone calls, countless letters, and hours of direct negotiation. Fortunately, if you hire a professional then they can handle all of this on your behalf.

Pro: Professional Help

As I mentioned before, modifying the terms of your loan is a confusing process. However, by hiring a professional you can relax while some one else fights with your lender to renegotiate the terms of your loan. Additionally, a professional loan modification company will have more experience with the process, and can often obtain better settlements then a consumer could negotiating on their own. For more information on the loan modification services offered by my law firm, checkout this page on RoniDeutch.com.

Con: Time Consuming

Loan modifications can take weeks, or even months depending on your bank or lender. For this reason, you should begin the loan modification process as soon as you realize that you can no longer afford to make your mortgage payments. If you wait until the foreclosure process has already begun, then it can make modifying your loan more difficult.

Pro: Affordable Monthly Payments

The main goal of a loan modification is to reduce your monthly payments so that you can afford to stay in your house. This can be done either through reducing your principal amount, or reducing your interest rate. Either way, the end result is an affordable monthly payment.

Con: Affect on Credit

Although a loan modification itself will not impact your credit, missed mortgage payments will. Therefore, if it takes a few months to negotiate a loan modification and you accidentally miss a mortgage payment then it will hurt your credit.

Pro: Cancelled Debt is NOT Taxable

Unlike cancelled credit card debt, the IRS does not consider cancelled mortgage debt taxable income. Therefore, if part of your loan modification includes a reduction of your principal loan amount, then you will not need to worry about paying taxes on it. For more information on the topic, check out this entry on the Roni Deutch Tax Relief Blog titled Tax Implications of Mortgage Loan Modifications.

How To Become a Debt-Free Single Parent

Healthy finances are important for any family, especially those led by only one parent. Earlier today I came across this interesting article on Examiner.com explaining how single mother’s can work to become debt free, and I think that the tips are relevant to any one raising a child on their own. Checkout a snippet of the article below.

1. Save $1000 in an emergency fund: You should save this money as fast as possible by paying only minimum payments on all your debt, and putting every last penny into savings. The money should be kept in a liquid (easy to access) account such as a normal savings account. Additionally, the money should be used only in an emergency. That new purse or pair of shoes doesn't count, sorry!

2. Become debt-free using the debt snowball: Dave's debt snowball idea is a simple tool that means to list every single debt from smallest to largest, and attack the smallest one first. You don't have to include your house in this section. Again, you will pay minimum payments on every debt. Except this time, any extra money will go towards your smallest debt. Once that one is paid (Yay!), you move on to the next and so forth. This step requires that you create a written monthly budget ahead of time to track where your dollars will go.

3. Build your emergency fund to include 3-6 months of expenses: Now that you are debt free, where will all your money go? You need to return to your $1000 emergency fund and build it to cover you in case you lose your job or have another large emergency.

4. Invest 15% of your income into Roth IRA's & pre-tax retirement: Many financial planners advise you to save for retirement as soon as possible. Dave's view is that you'll only be able to invest a small amount if you're also paying off debt. In addition, he wants you to retire debt-free. Otherwise you'd have a big retirement account, and a lot of debt to pay off as well. By paying off your debt first, you are able to invest at least 15% of your income and build your retirement account faster.

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Personal Finance: Now's The Time To Plan Tax Savings

This morning Reuters.com posted a new article stressing the importance of starting to plan for tax season now, and I could not agree more! By planning early you can make a conscious effort throughout the year to reduce your total liability! You can read a segment of the article below, or check out this article I posted on the topic earlier this year: Tax Planning for 2009 - How to Benefit from Recent Tax Law Changes.

High debts and recession anxiety have prompted many consumers to cut their expenses to the bone. But there's one other place they could be saving, and that's taxes.

Mid-year is the best time to start planning a year-end tax strategy. Accountants and other tax preparers aren't as busy as they are in the spring and the winter, so they have more time to meet with you and look over your financial situation. If you use a professional to help you at tax time, consider setting up an appointment this month. You'll get a lot of personal attention.

If you're a do-it-yourself tax planner and filer, it's still a good time to check out your status and lay plans for the remainder of 2009. You'll have five months to make the financial moves that will save you money when you file your income taxes for this year. And it's not just about income taxes: This year there are some sales and property tax moves that can put more cash in your pocket quickly.

Here's a grab bag of summer maneuvers -- from renegotiating your property taxes to grabbing the car tax break -- that you can use now to keep more money for yourself through 2009 and into 2010.

Appeal your property taxes. In the last three years, average U.S. home prices have fallen by about a third, according to the S&P/Case-Shiller Home Price Index. But it's unlikely your local or state government has been dropping your home's assessment or property taxes by the same percentages. It may be too late for this year's tax bill, but most states do have relatively easy procedures to follow if you want to appeal your assessment or the amount of your taxes. There's no reason not to do it. Check the website of your county or state treasurer's office to see how to do this.

Get organized early. Take a look at your year-to-date earnings and compare them with last year's. Remember that there is a Making Work Pay tax credit in play that will pay individuals $400 and couples filing jointly $800 for 2009. If you haven't already cut your withholding at work for this, you may be able to trim your withholding for the rest of the year. You may also be able to reduce your estimated tax payments if you typically earn a lot of money in interest income and find yourself earning less than usual this year. Start collecting and keeping all pertinent receipts. For example, you can get a child-care tax credit for the cost of day camp for kids under 13 if you are busy working while the kids are being bussed to the pool and park.

Questions for the Tax Lady

Although tax season may be over, U.S. tax laws and the IRS code gets more and more confusing by the day. With new credits and deductions, changes to health care on the horizon, and a filibuster proof majority in Congress, being an American taxpayer is more difficult than ever.

To help keep my friends and followers online informed about the ever-changing American tax code, I have launched a new feature on my blog called “Questions for the Tax Lady.” I am going to gather questions through my social networking accounts, and answer them in a weekly column on my blog. So add me as a friend, or follow me through one of the links below and send me a message, or @ reply with your questions. Then, check back next week to see all of my answers!

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20 Ways to Save Money this Summer

The summer season brings vacations, birthdays, graduations, and parties, which all cost extra money. However, there are several ways you can save this summer to survive this recession. To help my readers looking to save this summer so they can still enjoy the sunny weather, I have collected the following 20 easy tips to save money.

1. Adjust your Withholdings

The average taxpayer overpays the IRS by over $2,000 per year. It can make for a nice refund come tax season, but by adjusting your withholdings you can get more money each month. This can be especially helpful during the summer season.

2. Make a Summer Budget

Most people plan their summers in advance, so why not take it one step further and plan your entire summer budget as well? Then, try to stick to it as much as you can. You’ll be surprised how much you can save when you plan out a budget in advance.

3. Plan Vacations in Advance

Planning vacations well in advance will allow for you to get the best deals on hotels, air fair, and even tickets to attractions like Disneyland or Sea World. Check out websites like Travelocity.com and Expedia.com to search for early bird specials and bundle packages.

4. Always Ask for a Discount

If you plan to do any traveling this summer with your family, then you should get in the habit of always asking for a discount. Hotels, theme parks, museums, and car rental agencies always run unadvertised sales and specials. By simply inquiring about a discount you could save hundreds of dollars this summer.

5. Investigate Gas Prices

When traveling, a few miles can make a big difference in gas prices. There are a lot of sites – such as GasBuddy.com – that can help you plan your fuel stops on a road trip, so that you can be sure to get the best gas prices possible.

6. Plan Meals

In addition to planning gas stops in advance you could also decide where you are going to stop for meals. You could even try making easy meals in advance that you can eat at a park or rest stop.

7. Vacation with Friends

Vacationing with friends or family members means you can split gas prices, hotel rooms, and entertainment expenses. Which could cut the cost of your vacation in half instantly.

8. Coupon Clipping

Summer savings are infectious, and with the recent economy, there are even more deals out there to take advantage of. You can try clipping coupons from your local newspaper, or purchase a coupon book from a local non-profit group. It may seem silly, but you would be surprised how much money you can save by clipping coupons.

9. Hyper Mile

"Hyper-miling" is the newest gas-saving craze, which involves altering your driving behavior to extend your mileage. CNN.com recently posted an article on the topic that you can check out by clicking here.

10. Cook Outside

Using your oven and stove can heat up your house, and result in excess air conditioning expenses. By cooking more food on the BBQ you can drastically reduce your energy costs, and with energy rates going up this summer any reduction will help.

11. Programmable Thermostats

If you do not have a programmable thermostat for your A/C then you might want to get one. You can use it to schedule your A/C to come on just a few minutes before you get home. That way your house will still be comfortable when you arrive, but you will not have to pay to keep the A/X running all day.

12. Full Laundry Loads

When doing laundry, you should always find a full load to wash. It uses the same amount of water, and can reduce the total amount of loads you will need to wash.

13. Fill in Drafts

Needing to caulk and seal a few drafty areas around the house? Do not hesitate because of the costs… the energy you are loosing through those drafts will cost you more than a container of caulking.

14. Make Expensive Purchases Online

We all have friends of family members with summer birthdays, and if you are buying a pricey gift then you should try to buy it online. You can usually search out pretty good deals, just make sure to make your purchase early enough to account for shipping.

15. Party at Home

Purchasing pricey beverages and snacks that are sold at bars and clubs can add up very quickly. Entertaining at home more often can save you hundreds of dollars throughout the summer.

16. Family Shared Plans

If every one in your family has a cell phone, but they are on separate accounts, then you could be wasting hundreds of dollars per year. Ask your phone provider if they have family plans, and how hard it would be to switch.

17. Pack a Lunch

Estimates show that bringing your own lunch to work even a few times a week can save up to $100 per month. If you do not like cold sandwiches, then you could try bringing leftovers from the previous night’s dinner.

18. Turn the Lights Off

Whenever you have the A/C on you should always have your lights turned off. Most light bulbs emit heat, and on a sunny day you can let light in through the windows.

19. Donate and Deduct

Donating some unwanted winter clothes? Do not forget all clothes donations are deductible on your next tax return. It will not save you any money right now, but it will next April.

20. Unplug on Vacation

If you are going to be away from home for a while for vacation, then you should always unplug major electrical appliances such as computers and televisions. Even when they are off, they still use some electricity, so by unplugging them you can reduce your energy bill.