When do you file your taxes?

by Kristina on January 28, 2015 · 1 comment

When do you file your taxes?

I love the new year.  Do you want to know why?  Because it starts off tax season.  Even though the filing deadline is in April I love getting all my papers organized early in the year.  I usually have everything all ready by mid February and then as soon as I get the tax slips from my employer I can go see my accountant.

Last year I dropped off all my information to my accountant during the first week of March and by the next week my taxes were officially filed.  When I went to sign the forms and pay the bill I made a comment about the office being quiet and you want to know what he said to me? My accountant said “Only people who need money file their taxes in March.”  I honestly didn’t know what to say – partially because I was offended and partially because he was right.

Filing taxes early has several advantages and if I have all the information I need I really don’t see the point in waiting until the deadline in April to file my taxes.  Who does that?  The only thing I’m always late for is my schedule.  Yes it’s true. If you have a meeting with me – anything from coffee to a phone call – the odds are I’m going to be 5 to fifteen minutes late.

I’m really trying to work on it and I’m getting a lot better but for some reason I’m always rushing because I’m always five minutes late.  So if you meet me this year at NMX in Las Vegas or FinCon and I’m all sweaty please don’t be offended; I did shower before our meeting but I ran five blocks to make it on time.

Why do I file taxes with an accountant?

OK back to my accountant and my taxes.  I am never going to get angry with my accountant because I’ve been using him for years, he refers me business and he gives me a really good rate.  I also usually (knock on wood because I don’t want to jinx it) get a refund which is nice.

With my 9 to 5 and my freelance work I could never do my taxes myself.  As a financial planner I do like numbers – but not when it comes to my taxes.  The thought of calculating, adding, deducting and looking for credits makes my head hurt!

Why do I file so early?

Owing people money and people owing me money drives me crazy; like can’t sleep, keeping writing it down on a million Post-It Notes drives me crazy.  I just don’t like it and it stresses me out.  This is a major reason why I file my taxes as early as possible.

The second reason is it’s really nice to get a lump sum of money.  I mean who doesn’t want that as soon as possible?!

The third advantage of filing your taxes early is to avoid the rush.  If I file in March I will have my refund within three weeks.  While everyone else is waiting to get an appointment with their accountant in April I’m waiting for my refund from the government.  That’s great.

Do you file your own taxes?

Hats off to anyone who files their own taxes.  Maybe if I didn’t file joint taxes with Nick and maybe if I didn’t have eight different jobs I would file my own taxes.  Maybe.

Our friends over at H&R Block have an exclusive offer right now on both their Deluxe and State desktop software. Get yours here.

 

Do you love your credit card? It might be time to break away! Here are three things your credit card is not.

Good morning Dinks.  How do you feel about your credit card?  I love my credit card…now.  Now that I’ve paid off over $50k in debt my credit card is no longer a crutch and I love it.  Yes, it’s true I used to abuse my credit card and let it abuse me.  Thankfully I’ve grown out of that bad behavior and learned from all my past financial mistakes.  Past mistakes like shopping every weekend with my credit card, taking my credit card out to dinner and not paying it off in full after a glorious day together.  Yes I used to date my credit card.

Even though I no longer have bad spending habits I’m still tempted to use my credit card every time I walk by a window and see a warm sweater or at night when I’m hungry and want to order in food.  Every day is a struggle and I have to keep reminding myself that my credit card is a lot of things, but it’s no longer my financial dependence.

A credit card is not your best friend

I used to wake up on Saturday mornings, grab my credit card and go shopping.  When I first moved away for college I had no friends and nothing to do.  So what does a girl who lives alone in a new city do when she has nothing to do? Shop and spend money.  I didn’t have anyone to call and hang out with so I spent many days and several thousand dollars strolling around town hand in hand with my credit card.  I was living in the moment and I wasn’t thinking about the future impact that overspending would have on my life.

It’s not your happiness

Being alone is lonely; but I was happy as long as I had my credit card.  I became so dependent on swiping my credit card that I couldn’t go a day without buying something.  How sad is that?  Now I buy myself something nice once a month as long as it’s on sale and as long as I have cash.  I spent money on anything and everything I wanted from candles to new furniture.  I lived day to day – emotionally and financially.  I didn’t think about repaying the debt or getting a bill in the mail at the end of the month.  Buying things made me happy and that’s all that mattered.  When my credit card was maxed out I applied for another one and that’s how I ended up over $50k in debt.

It’s not an emergency savings fund

I never saved money because I had a credit card.  If I wanted to go home to visit my family and friends for the weekend I would charge it to my VISA.  If I couldn’t pay my rent one month (several months) I would just hit up the ABM and take a cash advance.  Yes that’s how I used to live.  However I’ve grown up and come to realize that a credit card is not an emergency savings fund.  Just because you have a credit limit doesn’t mean you have to spend it.

A credit card is your financial life

I know that sounds extreme.  Take it from me because I know firsthand that money doesn’t buy happiness, but it does buy financial ruin.  I didn’t know just how bad having bad credit can mess up your life but it does.  We’re talking total financial dismay from not getting an apartment to being fired from your job as a financial planner.  That’s why it’s always smart to use your credit card wisely.

3b5cbd70c1ad45eb9df23972c363887aFirst of all, what is spread betting? You will need to know as much as you can before going into this type of betting since there is an extremely high risk factor and a lot of dangers involved in financial spread betting. The odd are usually only 1 out of 5 gamblers that end up winning.

Now spread betting is any of numerous types of wager on the outcome of an event. It is not exactly a win or lose kind of outcome but rather the pay off is based on the accuracy of the wager. A spread itself is a range of payoffs and the bet is if the payoff will be above or below the spread. It is a type of speculation wherein it involves taking a wager on the price movement of a security.

You can use spread bets to speculate on price movements whether the market is rising or falling. If you go long (buy), your profits will increase in line along with the price. If you go short (sell), your profits will increase in line with any fall. Collectively, if you go on long on the price and the underlying stock price falls, you will acquire losses.

A spread is a range of results and the bet is whether it will be above or below the spread. So for example, let’s assume that a spread-betting company will quote a bid of £300 and an offer of £303 for XYZ stock and you think that the price for XYZ will be lower than £300. If you believe the price of the stock will go below £300, you could “bet” £2 for every pound that XYZ falls below £303. Hence, if the stock price after a week came to £290 you would receive £26 but if the price goes up to £315 you will end up losing £24.

Spread betting has been a growing trend in the UK market in the recent years with a number of bettors heading off towards a million. It carries a high level of risk, with probable losses or gains much farther than the original money wagered.

If this is so volatile, then why people are still betting? It is because it is one of the most exciting and fastest growing ways of speculating movements and it is very flexible and a cost efficient alternative to trading the usual ordinary shares.

If you’re willing to take the risk and you’re up for doing something different than the usual shares in the stock market, then you could try spread betting. But always keep in mind that even if you do increase your profits here, you should weigh in if this benefits you or if the losses is more than the wins then you should pull out.

No one wants to keep on losing their hard-earned money, right?

Weekly roundup: Benjamins, Retirement and Life

January 23, 2015

Happy Friday Dinks.  January is almost over, has your New Year’s bliss worn off yet?  I’m not sure why but the winter blues haven’t hit me yet – fingers crossed.  I’m busy working, planning my next vacation to Las Vegas and waiting to hear what’s happening with my job when my company is sold.  So […]

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When your gym membership isn’t worth it

January 22, 2015

Good morning Dinks.  As you know in November I joined a gym and I am head over heels in love with it.  I love having something to do every night after work other than come home and keep working.  I like the feeling after I work out, although getting my butt out of the house […]

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Update on my job loss: I got a job offer

January 21, 2015

Good morning Dinks.  As the end of the month approaches everyone in my office is anxiously awaiting to see where our professional fate falls when our company is bought by a competitor.  We have been hanging in limbo since the announcement in September but two days ago I had an update from my boss. As […]

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January is a tough month

January 19, 2015

Good morning Dinks.  I can’t believe it’s already January 19, 2015.  I don’t know why but January is flying by this year.  It feels like just  yesterday Nick and I were celebrating New Year’s Eve and now here we are almost three weeks later.  How has January been for you? January is usually an awful […]

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Weekly roundup: Winter vacations

January 16, 2015

Happy Friday Dinks.  I have a question to ask, are you taking a vacation this winter?  We don’t have kids and we’re not in our teens anymore so we won’t be celebrating spring break.  Even so do you still feel the need to go on vacation during the winter months? I like to take a […]

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3 ways to make more money today

January 15, 2015

Good morning Dinks.  Let me ask you a question, did you set a goal to earn more money this year?  Yes it’s that time of the year again.  The time when we all have a look at our bank accounts and credit card statements and think to ourselves “I’m going to do handle my money […]

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