Posts Tagged ‘Money’

Articles

Manage Your Debt (Collectors)

In Accounting & Finances,Business,Education,Taxes on July 17, 2012 by Sufen Wang Tagged: , , , , , ,

Got debt? Don’t fret, there are ways to get through it. If you can’t make the payments, call your creditors right now –seriously – and try to set up a modified payment plan before the collectors arrive.

However, if your accounts are past the point of no return, don’t let the debt collectors be bullies. While they are allowed to contact you in-person, by mail, telephone, fax, or telegram (you probably won’t be getting a telegram anytime soon), there are some boundaries they can’t legally cross.  

Unless you need a wake-up call, collectors can’t ring you before 8 a.m. They also can’t call after 9 p.m. That means you only have to screen phone calls for thirteen (13) hours during the day.

If you do happen to pick up, and it’s a collector on the other end instead of your grandma, he can’t use any language he wouldn’t use in front of his grandma – meaning, no bad words. And collectors can’t harass any third parties they contact about you, such as your grandma.

This might sound untruthful, but your debt collector will be the most honest person you meet. Or at least, he should be. That’s because collectors can’t lie to you about anything. Accordingly, they can’t make up scary stories about what will happen to you if you don’t pay. You’re dealing with debt, not the mafia… well…. for those of you who do deal with the mafia and loan-sharks or alike, not much I can help you there… you are on your own on this one.

Anyway, hey, you can kill two debt birds with one stone by going to work. Well, there’s an idea…  Not only will you make money to pay off your bills, collectors also can’t call your workplace if your employer doesn’t allow it. However, if you really want collectors to quit calling you, you’ll have to go more old school than telegrams: you need to send them a letter saying stop calling.

You don’t need collectors to constantly remind you that you owe money – you already know that. Getting them off your back will let you focus on budgeting, saving, and spending wisely on living essentials. If you do those things, soon you’ll be calling the collectors to make payments.  Yes, make payments…. you did borrow the funds, and you used the money without anyone forcing you to do so; therefore, pay the debt that you incurred and owed, do the right thing!   Make a payment plan with your collector and slowly, but surely, you will catch up!

 

On the Money,
Sufen Wang
Wang Solutions

Articles

The Joy of Adoption:

In Accounting & Finances,Culture,Education,Family,Taxes on March 30, 2012 by Sufen Wang Tagged: , , , , , , ,

Now with an Added Bonus from the IRS

Have you read the tabloids lately? Brangelina is having another baby! No, not adoption this time, but for those adoptive parents out there who need extra money, here are some IRS tips on taxes and credits.
 
With adoption, comes responsibility – and lots of bills. Luckily, if you paid expenses to adopt an eligible child in 2011, you have even more to be excited about than just a new member of your household. Say hello to an expanded adoption credit. The Affordable Care Act increased the credit to a maximum $13,360 and made it refundable. In other words, you can get the adoption credit as a tax refund even after your tax liability has been reduced to zero.
 
Of course, there’s always fine print when money is at stake. While you may consider the Chihuahua you rescued from the animal shelter to be your baby, the IRS defines an eligible child as “under 18 years old, or physically or mentally incapable of caring for himself or herself.” And those expenses don’t refer to the big screen TV you bought on the way to the courthouse. They mean adoption fees, court costs, attorney fees – basically all the “reasonable and necessary expenses” directly related to the legal adoption. One more qualification: if you are rich like (Brangelina), then you are out of luck. Anybody with a modified AGI of $225,210 or higher cannot receive the credit.
 
Unfortunately, getting the credit requires actual paperwork. Yes, you read that right. You must file a paper tax return, Form 8839, Qualified Adoption Expenses, and attach documents supporting the adoption. No, a hand-written note on a piece of binder paper doesn’t count as a supporting document. The IRS wants you to include stuff like a final adoption decree or a placement agreement from an authorized agency. All of this doesn’t mean you can’t use IRS Free File or other software to prepare your returns first. However, you must eventually print your returns and mail them if you want the IRS to show you the money.

So, for those of you with a big heart and an ache to have children running around the house, adopt away!  Hope this article helps the road to adoption a little easier….

On the Money,
Sufen Wang
Wang Solutions