Money Tips Network

Why I Use a CPA to Do My Taxes

Well, I just finished my 2013 taxes. And when I say "finished", I mean I finished my part of the taxes -- the roughly 10-15 hours or so it takes me to collect, organize, and summarize my financial transactions for last year. Then my wife mailed the info to our CPA, and he'll spend a month working on our increasingly complex tax returns.

When it comes to financial issues, I'm generally a do-it-yourself guy. I don't need a financial planner because I'm my own financial planner. I don't need an investment advisor because I'm my own investment advisor. And the list goes on. I figure that if I know how to do something, why do I need someone else to tell me how to do it? Besides, no one cares more about my money or knows what I like, don't like, and want to accomplish better than I do, right?

Documents you need to bring to your tax appointment

This post comes from Victoria Araj from the Quicken Loans Zing! blog.

It’s tax season, and that means it’s time to sort through your shoebox of receipts, those envelopes of stock statements and that drawer of paperwork that hasn’t been touched in 12 months.

Depending on your income, assets, marital status and a host of other life factors, making sure you have all of the necessary documents needed to file for your specific situation can seem daunting.

Here’s a quick checklist of items you may need to gather before meeting with your tax professional.

INCOME

Overtime Pay for More Workers

Wages for the working class tie directly to the performance of the overall economy. When the largest group of consumers feels they have money to spend, they will do so. This spending may be to the detriment of their own quest for financial independence, but it also allows businesses to thrive. It’s always been the policy of more liberal politicians to encourage higher pay for low-wage workers, while it’s always been the policy of the more conservative to spur the economy by directly making it easier for businesses to profit.

Last year, President Obama called for an increase to the federal minimum wage, proposing first a gradual increase to $9 an hour, and later changing the proposal to increase to $10.10 an hour.

Feeling Defeated? Here’s How to Rebound

Sometimes, no matter what you do, life will hand you some lemons.

It’s really easy to respond to that with a trite “when life hands you lemons, make lemonade,” but sometimes that just doesn’t work. Things you’ve been preparing for and working on for years have blown up in your face. The big dreams you had for the future are deflating. The worst part is that you feel like it’s not your fault – and it very well might not be.

For example, let’s say Bob has done everything right for the last few years. He has a nice emergency fund and has most of his debts paid off. He’s been working on a big project at work that he thinks is about to pay off and become a major project.

One day, his boss calls him into his office. The project is cancelled. Bob is being let go.

On his way home, Bob is trying to deal with this when all of a sudden his car overheats.

Reader Mailbag: Teaching Emotion Management

What’s inside? Here are the questions answered in today’s reader mailbag, boiled down to five word summaries. Click on the number to jump straight down to the question.
1. Renters insurance
2. Mint and security
3. A question about blenders
4. Network marketing question
5. Yard sales waste of time?
6. Career shift misery
7. 529 plan questions
8. Unhealthy food in pantry
9.

The joy of being average

This article is by staff writer Sam. Sam spent 13 years working in Equities on Wall Street and discusses financial independence strategies on Financial Samurai. Sam is also the founder of the Yakezie Network, the largest personal finance blog network on the web.

When I asked the community whether we have the duty to live up to our potential, many of you balked at the notion of living up to anybody else’s standards but your own. I read every single comment, and the general feeling is that society has unrealistic expectations of what one should do or should be. I agree with the general feedback. Screw society. Do what you want to do and don’t let anybody stop you.

Four Frugal Technology Recommendations

Readers often contact me asking for recommendations for technology items at a low cost. They have a use in mind and they just want the item that will fulfill that use at the lowest price without any serious negative drawbacks.

Four of these requests tend to repeat themselves quite often, so I thought I’d just combine them all into one post. Here are my low-cost recommendations for each of these items as of early 2014. I am assuming you’ve already decided to purchase the item and have already considered alternative options in your life.

A low-cost laptop for email, Facebook, and/or Netflix

I would buy a Chromebook. A Chromebook is a smaller laptop that runs ChromeOS, not Windows. ChromeOS is designed pretty much exclusively for the experience that’s described here – just email, Facebook and other web surfing, Netflix, and basic applications like word processing.

Best Travel Credit Card for 2017

Summer is almost here and that means we’re about to enter peak travel season. Whether you’re planning a family vacation or looking to travel for business, there’s no doubt that any trip is more enjoyable when it’s paid for with points. Thankfully, 2017 might well be considered the year of the travel credit card, with a host of credit cards offering amazing signup bonuses and generous rewards rates.

What makes this year so great for travel cards? There’s fierce competition between the card issuers to bring in new accounts. They keep matching and one-upping each other with the value they’re offering to consumers. That’s why we’ve found multiple cards offering at least 1.5X points per dollar spent and highly flexible redemption options.

The Simple Dollar Weekly Roundup: Daylight Savings Time Edition

The clock shift in the spring is almost always difficult on our family. However, this year showed us a great little trick that really helped with the switch.

It turned out that Sunday – the day after our clocks moved forward an hour – was a really nice day outside. We spent quite a few hours outside during the day. I did about an hour’s worth of yard work that involved lifting some heavy things outside in the bright sun, plus we went on a pretty long family walk. Later in the day, I did another hour’s worth of outside activities.

By about 9:30 PM, I was really tired, so I went to bed earlier than I usually would. That was the effect of being outside so much, I’m sure. A lot of sunlight in the early spring after a long, cold winter means a giant shot of Vitamin D for your system, which can make you sleepy.

Why paying with cash hurts (and why it should)

This article is by staff writer Holly Johnson.

These days, my monthly budget is on the boring side. Aside from our regular spending, I’ve got a mortgage payment to fork over, groceries to buy, and utility bills to pay. Throw in some payments to my kids’ 529 plans and my SEP-IRA and I’m basically done for the month. After all of the bills are paid, the key for us is making sure that the rest gets transferred into savings so that it doesn’t accidentally get spent.

But it wasn’t always this way, and I was reminded of that fact the other day when I was flipping through one of my old notebooks. That’s when I found our monthly zero-sum budget for August of 2010, and that’s when our old lifestyle smacked me right in the face. Want to know how many bills I paid in that month? Twenty-four.

Money Expectations

The Motley Fool has a great piece titled How to Get Rich, Feel Rich, and Stay Rich. The piece contrasts those who make a lot of money and are unhappy with those who make relatively little and are joyful. Here's a summary of their thinking:

Wealth is relative. Those are probably the three most important words in personal finance. Gary makes $25,000 a week and feels inadequate. Pete makes $25,000 a year and feels so rich that he retired eight years out of college. How rich you are has very little to do with how much money you have in the bank and a lot to do with your expectations of what you need that money to do for you. It's a two-part equation, and a lot of people become miserable ignoring the second part.

Putting the brakes on aggressive driving’s exorbitant cost

According to a new survey from Insure.com, the most expensive 2014 car to insure in the United States is the $110,000 Nissan GT-R Track Edition, which requires a few bucks less than $3,200 in premiums to cover for 12 months.

The super car is better known in some quarters as “Godzilla,” for it is a monster that emigrates from Japan. Sporting a twin turbocharged V6 engine that boasts 545 horsepower, the lighting quick GT-R Track Edition rockets from zero to 60 in a scant three seconds, and touches speeds of 190 to 200 miles per hour.

So what kind of person buys and drives Godzilla? A well-heeled one no doubt. But also a guy, for it is inevitably a male buyer, who just adores aggression.

Walking the Tightrope

I was really affected by this story about Travonn Barnett, a young man working for $10 an hour as a security guard and struggling deeply with his money. When you figure up the numbers, he’s walking a financial tightrope every day. Here’s his reality:

His weekly checks range from $189 to $308, after taxes and depending on his schedule, giving him an annual salary of about $15,000, if he works every week of the year.

The Distraction Sheet

There are many moments in my professional and personal life when I need to bear down and concentrate for a little while.

I need to write an article.

I need to do my taxes.

I need to finish a book chapter.

I need to review my investments.

When I’m doing these things, I don’t want to be interrupted. Interruption disrupts my train of thought. Interruption causes my task to take a lot longer than before. Interruption often results in a reduction in the quality of my work, and when I’m doing an important task, I can’t afford that reduction. It eventually hits me in the pocketbook.

Interruption is bad. I want to avoid it.

In the past, I’ve mentioned a lot of techniques I use to minimize interruption. I turn off my cell phone. I turn off my internet router or block distracting websites. I close my office door. I shut off my email program.

Ask the Readers: Do You Make Money From Your Hobbies?

A great way to earn some side income is to monetize your hobbies by selling the things you make, helping others with a task you enjoy doing, or even teaching a skill to someone and charging a fee for the lessons.

Do you make money from your hobbies? What challenges have you come across so far? Do you plan on eventually making it your primary source of income?

Tell us about your money-making hobbies and we'll enter you in a drawing to win a $20 Amazon Gift Card!

Win 1 of 3 $20 Amazon Gift Cards

We're doing three giveaways — here's how you can win!

100 Easy Ways to Brighten Someone's Day

We all have times in our lives when our days go from busy, to full, to "I cannot manage one…more…thing." It's in these times where the seemingly small acts of others can make a huge difference. Uplifting a mood can make someone's day, and therefore, make his or her workload seem a bit more manageable. That, in itself, is good medicine. And anything that makes this life a little better for all of us is a good thing. (See also: 25 Ways to Make Someone Happy Today)

Below are 100 easy ways to brighten someone's day. You may not know the difference your small act of kindness could make for them, and yourself. What goes around, comes around, after all!

Best Money Tips: Cheap Ways to Treat Yourself

Welcome to Wise Bread's Best Money Tips Roundup! Today we found some fantastic articles on cheap ways to treat yourself, changes to 2013 tax returns, and establihsing a difficult but rewarding habit.

Top 5 Articles

22 Cheap Ways to Treat Yourself — To treat yourself on the cheap, explore a museum you've never been to or take a walk around your neighborhood. [PopSugar Smart Living]

6 changes for 2013 tax returns — In 2013, the maximum that taxpayers can save in a flexible spending account is $2,500. [Living on the Cheap]

Money mythbuster: Women don’t negotiate

This article is by staff writer April Dykman.

On average, women earn less than men for the same job and performance level. Popular thought has been that that’s because women simply don’t ask for more money. Makes sense, right? You have to ask for something in order to receive it.

But there’s something about that line of thinking that has never sat well with me.

I asked and did not receive

During college, I worked for almost four years part-time for a hair product distributor. My first job there was answering the phones, but due to my Mac knowledge and Adobe Illustrator skills, I quickly moved from the front desk to working side-by-side with the CEO on marketing projects and event planning.

15 Easy Dinner Party Dishes You Can Make in Advance

If the idea of hosting a dinner party frightens you, you are not alone. I still remember the trauma of my first one. By the time you shop for ingredients, clean your house, and cook, that makes for a fairly exhausting day. However, if you choose one of the menus below (either casual or fancy), you can do some, or all, of your preparation ahead of time. (See also: Feed a Party of 6 for Under $20)

This Is How You Win Sweepstakes

The idea of winning something for nothing is appealing. As an avid enthusiast of entering sweepstakes and contests, I have over 15 years of experience and plenty of wins, I can vouch for the hobby as one that can help you obtain cash, trips, gadgets, and more with just the investment of time and patience. For many people, however, a lack of both time and patience leads them to frustration. "Why haven't I won?" many ask — even after just a few weeks of starting the hobby. Here is what I've learned over the years. (See also: How to Win in Online Sweepstakes)