Evan Vitale

Evan Vitale – Tax Return Tips

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By Evan Vitale

Although it’s only the middle of February – and Valentine’s Day might be on your mind – you don’t want to wait too long when it comes to preparing and filing your individual tax returns.

Now, if you own a business, I’m hoping you’re already on your way in getting a few things off to your accountant so he/she can have plenty of time. It’s an entirely different ball of wax when it comes to business tax returns. A delay here can cost you plenty in penalties and fees.

On the individual side of things, by now you probably know what you need to do. Make sure you have the proper forms from your employer(s) and your other necessary paperwork in place. Here are a few other things you may need to consider:

  • Are you going to file online or in paper format?
  • Do you think you’ll owe taxes this year or will you be expecting a refund?
  • Make sure you have the necessary paperwork for your State, County and Local returns. You definitely don’t want to be out hunting for local paperwork on April 15th!
  • Are you using software to file your return? If so, make sure it is updated. Again, don’t wait too late in either downloading an update or purchasing a software update. The longer you delay, the harder it will be in finding software at your local office supply store or in download speeds as you get closer and closer to tax deadline day.
  • If you are printing out necessary tax returns, always make sure you have plenty of paper and printer toner on hand. Again, finding out you are out of ink will set your body into panic mode, especially on April 15th.
  • Finally, depending on your location, you can always expect websites will be slow (or might get overloaded) and Internet speeds will also be slower the closer and closer you get to the tax deadline. Give yourself plenty of time in case of possible delays.

Do all the necessary groundwork now and plan to set aside some specific time on a specific day in order to get your tax returns completed and filed on time!

 

Evan Vitale – Curb Holiday Spending

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By Evan Vitale

Soon, the holiday months will be upon us with many opportunities to get together with family and friends and enjoy the seasons.

Unfortunately, the holidays can also mean spending temptations and the urge to buy decorations, gifts, food, etc. It is very easy to get caught up in the spirit only to face the dreaded credit card statements come January.

So, with that in mind, here are a few tips to stay within your budget and don’t overspend:

– Halloween is becoming one of the largest “spending” holidays of the year as many adults are now participating in decorating and parties. You can still become part of the fun and stay within your means. Always use what you have on hand for decorating and costumes.

– Thanksgiving meals can sometimes be expensive if you want to host a family dinner. If so, you can stay within your budget by having each guest bring an item (i.e., a pitch-in).

– Black Friday shopping, which now actually starts on Thanksgiving, is a huge temptation. Yes, you can save money by shopping for specific gifts, but you need to make sure that the items you want to purchase are indeed a bargain. Stick to a budget. Don’t buy more just because you’re saving money.

One of the big ways to save on gift purchases for the holidays is to seek out and use layaway plans. Big box stores such as Wal-Mart, K-Mart, etc. are currently offering layaway opportunities that allow you to make purchases and follow a payment plan. The store will hold your items until your balance is paid in full (usually around December 21).

Layaway plans are good as long as you make the scheduled payment and you avoid additional gift purchases along the way.

Think smart during the upcoming holidays. Don’t over-spend or over-extend.

Evan Vitale – Getting Out of Debt (Part IV)

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By Evan Vitale

As we know, credit cards can get you into a lot of debt very quickly. Credit cards are easy to obtain but if you don’t control and manage your spending, you can get into a lot of trouble very quickly.

So, what happens when you get in over your head and you can’t keep up with paying off credit card debt? After all, paying the minimum payment each month is not nearly enough to provide relief.

Here’s when most people consider hiring a debt consolidation agency to help and guide them through the debt consolidation process. Here’s how it works:

A debt consolidation agency will help you develop a plan that will help you pay off your debt. In addition, some agencies will continue to provide additional services after the debt is resolved in order to restore and rebuild your credit score. Debt consolidation agencies pool your entire debt together so that you’ll make one payment per month until your debt is paid off. In some cases, they will work with the credit card companies and may be able to get some of your debt excused.

A word of warning: debt consolidation agencies charge fees so make sure the amount you pay them won’t be more than the interest you’re paying to credit card companies.

Do a little bit of research before you hire a debt consolidation company. Read their websites; check out their reviews and call them to schedule an appointment. It’s always nice to have someone on your side you can help guide you through your debt process and make like a little bit easier on you.

Evan Vitale – Give Coupons A Chance

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By Evan Vitale

You’ve probably have seen or heard of the “extreme” couponing reality television shows in which a mother (or family, dad, etc.), buys a ton of groceries and pays next to nothing because they used a million coupons in order to make their purchase.

While you might not be ready to go crazy with coupons, you can definitely learn more on how to effectively use coupons in order to save money.

Just to get started, here’s where you can find manufacturers’ and local coupons and start saving a few dollars on your weekly grocery bill:

  • The Sunday newspaper. Always a good place to start finding coupons as the Sunday paper usually contains many coupons.
  • Magazines, such as Women’s Day and food magazines.
  • Local newspapers, weekly newspapers and grocery store flyers.
  • In-aisle coupons. Sometimes you can find these next to the product.
  • Grocery store bulletin boards sometimes carry coupons or rebate forms.
  • On the Internet. Some grocery stores are doing this now, so see if your favorite grocer is publishing online coupons.

When using coupons, make sure you read the detailed information. Are there any coupon restrictions? Do you have to buy five items in order to use the coupon? Pay attention to the coupon expiration date.

Be aware of the grocery store’s policy when it comes to coupons. Most have changed their guidelines because of extreme coupon users. Check to see if your grocer has a double-coupon day? Do they have a Senior Day that might give you an extra 5-10% off your grocery bill? Does your grocery store match competitors’ coupons?

Please note there may be restrictions on Internet coupons, coupons without a barcode, some coupons may not be automatically doubled (like meat or dairy products).

You don’t need to go crazy and buy a coupon organizer if your main goal is to save a little bit of money on the products you regularly purchase at the grocery store. However, just a little bit of coupon-clipping can go a long way in spending less money and saving more.