Payday Loans Blog

Some families of popular television series' created to help struggling families in need may receive the initial help from the various shows, however, end up finding themselves in a heap of trouble later as their property taxes and other costs associated with a new home, start to build up. These cases are not the norm and are usually only problems with a small minority of the families that receive help from the shows.

This goes beyond those featured on such shows however, as regular home owners and buyers may make the same mistakes and forget that "beyond taxes, there are maintenance, repair and operational costs that go into running and owning a house. A bigger house can be quite a headache for residents who aren’t prepared to handle the responsibility of such ownership."  This is why long term financial planning is so important and owners must be prepared to take on the responsibilities of the newer, bigger home, in order to be successful in caring for it, and for the things that come with it. The next question then is:

What Can I do to Save for the Future & What are some of the Biggest Un-Planned Expenses after Purchasing  or Building a Home? 

In addition to getting a good Mortgage Rate, which you can obtain through Check City, and general financial planning, you may be surprised at the "little" things that can pop up after the purchase of a new home, and start piling into a much bigger problem. Here are a few of the most commonly overlooked moving expenses, and many of these can still apply to those who have been featured on the home make over shows. 

1. Moving In: The actual act of moving in is often overlooked, but not only can moving cost you gas, and rental truck money, it can cost you days of work as you have to take time off, even if you are just moving across town. Moving often requires you to purchase at least a few new pieces of furniture as well as having these items delivered, which will start to add up over time.
   
2. Paying the Bills: One word can describe the feeling that most people have when they see the word bills, and that word is "Yuck"! Bills are not fun, however these are less overlooked than the moving costs. Bills for water, gas, electric, garbage, internet, phone, cable, credit cards and loan payments are just a few of the bills that may come your way. You may want to ask a few months before you move in, for an estimate of the current owner's bills so that you can start saving early and be ready when you move in. 
3. Fix Up: Unless you built from the ground up, chances are that you will have some fixing up to do on the home you are purchasing. Those who have built or added on to an existing home, know as well that the fixing up and finishings seem to be endless. Set aside money each month towards unexpected appliance breakdowns and other problems that may arise.
   

These are just a few of the extra expenses that are often overlooked when moving or buying a home.  There are property and other new homeowner taxes as well that must be considered, especially when upgrading your assets. Be sure that you know the ins and outs of these things as much as you can so that you can prepare for them when they arise.

Check City can help you better understand your taxes and *mortgage solutions even though tax season is over for this year. We also have great insurance plans and short term payday loan options that can help you get the money you need, when you need it and save in the areas that traditionally would cost you most.   

* Mortgage Solutions apply to Utah customers only because of the complexity and detailed nature of the service being offered.  Visit CheckCity.com to learn  more. 

As the tax season comes to a close, we hope you have learned from our series on taxes and we also hope you have finished up your taxes on time. If not, come on into Check City and we can still help you make sure you get your return postmarked by the 15th.  We have one more blog for you about taxes. This one will especially help those college students who are still learning all about taxes and preparing their own as independents for the first or second time.  With Obama in office, there has been a new Education Credit awarded to those who are paying for college tuition. As a student this is a good credit to understand so that you can get more back on your taxes.

American Opportunity Credit:

The American Opportunity Credit is the first of the education credits we will discuss.  This is a credit for up to $2,500 for each student. This credit can help lower the cost of the first four years of college. You can claim the credit for 100% of the first $2,000 paid and 25% of the next $2,000 paid, totaling $2,500. 40% of this credit is refundable, meaning that even if you don't owe any taxes to the government, you could still receive up to $1,000 of the credit.  Their are income requirements for this credit, but they are broader and less restricting than the Hope and Lifetime Learning Credits.  You can claim this credit as long as your income does not exceed $80,000 and for married couples, it phases out between $160,000 and $180,000.  This credit can also help pay the fees for books and other costs associated with attending a university. 

Who this helps: This credit is especially helpful to low income families who struggle to be able to afford sending their children to college. It could also help out higher income families who are ineligible for other education tax credits. 

Hope and Lifetime Learning Credits:

The Hope and Lifetime Learning Credits may seem obsolete after reading the American Opportunity Credit details, because the income levels are more restricted as well as the fact that they offer less assistance, but there are still students who may benefit more from this credit. For instance, those who attended school in a disaster area in 2009 got a special $3,600 credit and can receive this credit for the first two years of their education.  Making this more profitable for them. This credit however has a much lower income limit at $50,000 to $60,000 and you can't claim any two of these credits in the same year. For students outside of disaster areas, the Lifetime Learning Credit will offer them 20% of the first $10,000 in qualifying expenses, which excludes scholarships and grants, etc. 

Who this helps: Students attending school in disaster areas and meeting the income requirements should claim this credit.  But families with multiple children may want to consider just taking the American Opportunity Credit for all of their children, because once they waive it for one, they are required to waive it for all. 

Are you still feeling a little crunched on money? Come into Check City and ask about our Gold Buying Program. We buy your unwanted Gold, Silver and Platinum items at top dollar. We guarantee we can get you at least twice what other companies are offering because we deal locally. Visit one of our Store Locations, or send us your gold online in one of our Gold Packs to get that extra money you need today. 

Spirit Air announced Tuesday, April 6, 2010 that it would be the first airline to charge of carry-on baggage.  Spirit Airlines is a little known U.S. carrier, and will be the first to start charging for carry-on luggage, that is usually stored inside the planes overhead bins.  Right now, the airline has projected charge dates starting in August of 2010 but news is still coming forward about the proposed charge. The projected fees won't be cheap either. They are estimating fees of $45 when paying at the boarding gate, or $30 if paid for in advance.

The press release points out that you can still carry on a small purse or personal item for free as long as it fits under the seat.  Spirit Airlines is located in Florida and offers discount airline services. They say they are doing this to encourage people to check luggage and speed up boarding and de-planing time. Many people have resorted to carry-on luggage only to avoid the checked baggage fees, and airlines and customers alike are frustrated with the boarding and de-planning delays because of overhead storage, and attendants say that the overhead bins often don't fit all of the bags that people carry on now. 

Fees will also be lower if you are a member of their airline or baggage club. In fact, if you choose to join, you could save up to 50% per bag.  The Association of Flight Attendants (also known as CWA) has reported that 80% of flight attendants have been injured within the last year from overstuffed overhead bins, and hope that these new policies will reduce the amount of items people choose to carry with them. 

Check City offers financial services in a number of areas so that you can save the most money possible.  If you are having trouble finding affordable insurance, Mortgage Rates or even Tax Services, visit us at one of our Store Locations or at Check City Online and see what we can do for you today. 

The last day of the taxes under the new health care plan is today! I have gone through all of the specific provisions outlined in the new Health Care plan as they relate to taxes, and today I will finish up with the final three. They are charitable hospitals, information reporting and return information disclosure and with those we will wrap up this section. Don't forget however that you can come back to check out these new provisions at anytime and that you still have a few days to bring your tax issues into Check City for help from our team of professionals.  We will help you out with all of your Tax Preparation and get you the most out of your tax return.

Charitable Hospitals

The Health Care Act makes new requirements regarding hospitals, and more specifically, charitable hospitals.  This specific provision requires hospitals to conduct a community health needs assessment, adopt a written financial assistance policy and puts limitations on charges, and collection activities.


Information Reporting

The act also requires employers to disclose on each employee’s annual W-2 the value of the employee’s health insurance coverage sponsored by the employer, effective for tax years beginning after Dec. 31, 2010.

In addition, businesses must file an information return (e.g., a Form 1099) for all payments aggregating $600 or more in a calendar year to a single payee, including corporations (other than a payee that is a tax-exempt corporation). The provision is effective for payments made after Dec. 31, 2011.

Return Information Disclosure

The last provision, so far, of the act allows the IRS, upon written request of the Secretary of Health and Human Services, to disclose certain taxpayer return information if the taxpayer’s income is relevant in determining the amount of the tax credit or cost-sharing reduction, or eligibility for participation in the specified state health subsidy programs.

Upon written request from the Commissioner of Social Security, the IRS may disclose the certain limited return information of a taxpayer whose Medicare Part D premium subsidy, according to the records of the Secretary, may be subject to adjustment.

Here are links to the rest of the Taxes Under the New Health Care Act Posts and don't forget to visit us at Check City for all of your Tax Preparation needs.  

Taxes Under the New Health Care Act

When looking for common ground among Americans, you can always count on Taxes to draw people together, especially when it comes to popular opinions on how much we should be paying for them. Whether you are a republican, a member of the new Tea Party or even a democrat, chances are you will agree with the simple idea that no matter what your situation, taxes are costly.

In an article in a local Louisiana newspaper, the author points out that "No matter what our politics, we all wince every time we feel the hand of government reaching into our pockets."  We wince when we realize that there are some of us who are paying the government more than we pay for clothes and shoes and necessities of life each year.  These taxes are not all in the form of April 15th taxes paid to the government.  We are constantly paying taxes. Here are a few instances in which we pay taxes that may not immediately come to mind when considering our tax totals.

• Sales Taxes
• Individual Income Taxes
• Payroll Taxes
• Exise Taxes
• Corporate Income Taxes
• Property Taxes
• Motor Vehicle License Taxes
• Severence Taxes
• Estate Taxes
  

This is a rough list of taxes that Americans pay. There are more scattered throughout our economy and everyday situations and daily tasks and money ventures.  With new taxes being enacted every day in the form of Health Care Acts and Educational Taxes, etc. Americans have need to be even more concerned and involved in the political process.  Local elections are coming up in many places, take the opportunity to listen to the candidates and find out what their real stand is on important items of business, such as taxes, and then do your part as an American citizen by voting for who you believe is best suited to lead in your community or in behalf of your state.

Check City supports you with your taxes. We offer affordable Tax Preparation Services to help you get the most out of your tax return and with only a few days left to complete your taxes and submit them to the government, today is a great day to come visit us at one of our Check City Store Locations. Check City is also currently offering a discount of 50% off of our Preparation Services in order to help you finish your taxes in time. Visit us today!

We are almost done with the section on Taxes enacted under the new Health Care Act, today we will be covering flexible spending accounts, SIMPLE Cafeteria Plans for Small Businesses and the expansion of the adoption credit. There are only 6 provisions left (counting the three in this blog) and then you will have the full list of taxes and tax provisions that have been presented under the new Health Care Act. Lets start with the details of flexible spending accounts. Don't forget about Check City's great Tax Services. You still have 9 days to turn in your taxes, and with Check City's professionals, we can help you get exactly what you need and deserve from your tax return and we can still help you get them in on time. Bring in the coupon found online, and get 50% off of your Tax Preparation Services. 

Flexible Spending Account

The act mandates that the maximum amount available for reimbursement of incurred medical expenses of an employee, the employee’s dependents, and any other eligible beneficiaries, under a health flexible spending account for a year (or 12-month coverage) must not exceed $2,500. This takes effect for all tax years after 2012. 

SIMPLE Cafeteria Plans for Small Business (Taken from www.journalofaccountancy.com)

The Health Care act also "establishes a SIMPLE cafeteria plan for small businesses. Under this provision, an eligible small employer is provided with a safe harbor from the nondiscrimination requirements for cafeteria plans as well as from the nondiscrimination requirements for specified qualified benefits offered under a cafeteria plan, including group term life insurance, benefits under a self insured medical expense reimbursement plan, and benefits under a dependent care assistance program. Under the safe harbor, a cafeteria plan and the specified qualified benefits are treated as meeting the specified nondiscrimination rules if the cafeteria plan satisfies minimum eligibility and participation requirements and minimum contribution requirements." This is effective for all tax years after 2010. 

Expansion of Adoption Credit, Adoption Assistance Programs

"For 2010, the maximum adoption credit is increased to $13,170 per eligible child (a $1,000 increase). This increase applies to both non-special needs adoptions and special needs adoptions. Also, the adoption credit is made refundable. The new dollar limit and phase-out of the adoption credit are adjusted for inflation in tax years beginning after Dec. 31, 2010. Also, the scheduled sunset of EGTRRA provisions relating to the adoption credit is delayed for one year (i.e., the sunset becomes effective for tax years beginning after Dec. 31, 2011).

For adoption assistance programs, the maximum exclusion is increased to $13,170 per eligible child (a $1,000 increase). The new dollar limit and income limitations of the employer-provided adoption assistance exclusion are adjusted for inflation in tax years beginning after Dec. 31, 2010. The EGTRRA sunset of provisions relating to adoption assistance programs is also delayed for one year (i.e., the sunset becomes effective for tax years beginning after Dec. 31, 2011)."

The end of tax time is drawing ever closer, and Check City wants to remind you that we have excellent Tax Services available to help you out with all of your Tax Preparation needs. We also have a special running through the end of tax time, for 50% off of our Tax Services. With Tax Season coming to an end we are also starting to wrap up our ten part series on Health Care taxes as well as the tax blogs we have been using to keep you informed and up to date on all of the current tax issues.  So, with only a few days left to file your taxes, visit Check City Online or one of our many Store Locations to speak with one of our experienced tax professionals right away.

This section of the Health Care Tax provisions will focus on Excise Tax on High-Cost Employer Plans, Taxes on HSA Distributions and Taxes on Indoor Tanning Services.

Excise Tax on High-Cost Employer Plans

One of the sections in the new Health Care Act, imposes an excise tax on insurers if the total value of employer-sponsored health insurance coverage for an employee (including, for purposes of the provision, any former employee, surviving spouse and any other primary insured individual) exceeds a threshold amount. The tax then is equal to 40% of the sum of the amount for which the threshold was exceeded. For 2018, the threshold amount is $10,200 for individual coverage and $27,500 for family coverage, multiplied by the health cost adjustment percentage and increased by the age and gender adjusted excess premium amount.  This provision takes effect for tax years after December 31, 2017. 


Tax on HSA Distributions

The additional tax on distributions from a health savings account (HSA) or an Archer medical savings account (MSA) that are not used for qualified medical expenses is increased to 20% of the disbursed amount. This tax is applicable for all health years after 2010. 

Tax on Indoor Tanning Services

The act also imposes a 10% tax on amounts paid for indoor tanning services. Similar to a sales tax, the tax will be collected from the person tanning when payment for the tanning services is made. This is for any service performed after July 1, 2010 and so far is the provision to be enacted the soonest.

These taxes and provisions that have been made, are meant to improve the number of people in the United States that can have affordable health insurance.  With the provisions, it is also meant to limit practices that are harmful to the body.  To help hault and slow the use of these health affecting items and services, the government has imposed taxes and tax provisions to make them less appealing.   Don't forget that Check City can help you figure out all of your Tax Preparation needs. Visit us today to get started. 

Part 7 of the mini-series on tax provisions under the new health care act discusses something that affects all tax payers, and should be more prominent and important in the minds and eyes of consumers; Fees on Health Plans.  Under the new provision, and more specifically section 4375, a fee will be imposed on each specified health insurance policies.  This fee is small, but customers should be made aware of it in order to plan for the extra fee and also, so that they know the steps being taken in the taxation of their Health Plans, after all Americans fought long and hard to have representation and a better understanding of their taxation system.

The Fee Amount:

The fee that is to be charged is equal to 2 dollars (1 dollar for policies ending in the year 2013), multiplied by the average number of lives covered under the policy. The issuer is liable for the payment of the fee.  For any policy beginning after September 30, 2014 the dollar ammount is equal to the sum of

1. the dollar amount for policies ending in the prior year plus
   
2. an amount equal to the product of (A) the dollar amount for policy years ending in the preceding fiscal year, multiplied by (B) the percentage increase in the projected per capita amount of National Health Expenditures, as most recently published by the Secretary before the beginning of the fiscal year.

These fees are for any plan, policy or portion of a plan or policy that begins on or after October 1, 2012.

With all the additional fees and other tax stresses coming at you in the coming years, it is important that you understand tax policy now, so that it will be easier to adapt in the future.  At Check City, our Tax Professionals can help you sort out all of your tax questions and issues.  Bring in your 1040 to us before it's too late, along with the 50% off coupon, found on the Check City Website, and our tax professionals can help you figure out your taxes, and get you every penny, nickle and dime you deserve from your tax refund. Visit Check City Online or in one of our Store Locations today to get started. 

Part 6 of the multi-part series on tax provisions under the new Health care act includes Additional Hospital Insurance Tax on High-Income Taxpayers and Employer Responsibility.  The first, Additional Hospital Insurance Tax on High-Income Taxpayers, is what it sounds like, higher income taxpayers will be charged a higher hospital insurance tax. As for employer responsibility, when an employer doesn't provide adequate or unaffordable health insurance they will be charged a penalty for failing to provide this to employees.

Additional Hospital Insurance Tax on High-Income Taxpayers:

With the new health care act, the employee portion of the hospital insurance tax part of FICA, currently amounting to 1.45% of covered wages, is increased by 0.9% on wages that exceed a threshold amount. The additional tax is imposed on the combined wages of both the taxpayer and the taxpayer’s spouse, if filing a joint return. The threshold amount is $250,000 in the case of a joint return or surviving spouse, $125,000 in the case of a married individual filing a separate return, and $200,000 in all other cases.  Those who are self-employed must pay the same additional hospital tax insurance.  This applies for for self-employment income in excess of the threshold, as stated above.  This begins for tax years after 2012. 

Employer Responsibility:

The new Health Care Act also gives provisions for employer responsiblity concering responsible and affordable health care for employees. Not only must they provide affordable and responsible health care, but they must do so for all full-time employees. The employer must provide benefits of at least 60%, or they will need to pay a penalty for any employee that is certified with the employer as having purchased health insurance through a state exchange. This applies to all employers who have more than 50 full-time employees during the previous calendar year.

(Taken from www.journalofaccountancy.com) "An applicable large employer who fails to offer its full-time employees and their dependents the opportunity to enroll in minimum essential coverage under an employer-sponsored plan for any month is subject to a penalty if at least one of its full-time employees is certified to the employer as having enrolled in health insurance coverage purchased through a state exchange with respect to which a premium tax credit or cost-sharing reduction is allowed or paid to such employee or employees. The penalty for any month is an excise tax equal to the number of full-time employees over a 30-employee threshold during the applicable month (regardless of how many employees are receiving a premium tax credit or cost-sharing reduction) multiplied by one-twelfth of $2,000.

An applicable large employer who offers, for any month, its full-time employees and their dependents the opportunity to enroll in minimum essential coverage under an employer-sponsored plan is subject to a penalty if any full-time employee is certified to the employer as having enrolled in health insurance coverage purchased through a state exchange with respect to which a premium tax credit or cost-sharing reduction is allowed or paid to such employee or employees."  This provision is only effective for tax years beginning after 2013.

That being said, Check City can help you with your Tax Preparation whether you decide to do them online or use the mail in method.  We currently have 50% off all of our Tax Services when you print off and bring in the coupon found on the Check City Online Tax Preparation Page. Visit one of our Store Locations or Check City Online to get started saving with our professional services today. 
 

One of the biggest financial problems in America today is the issue of Credit Card debt. Many Americans, especially with the bad economy, are finding themselves in massive amounts of credit card debt. Fortunately many financial aid and financial advisement centers have been popping up, as well as articles and tips on how to elminate or at least reduce your credit card debts. This is why I want to share some of what I've learned with you; so that you have yet another place to go for advice on how to get yourself and your finances back on track.  Don't forget either about all of the amazing financial services Check City has to offer, from Prepaid Debit Cards, which eliminate fees and other problems often associated with credit cards, to our discount Tax Services. Visit us today to learn about all the ways you can save.

Here are a few easy steps to help reduce and eliminate your debt.

1. Pull out all of your credit cards and all of your latest credit card statements, regardless of if you receive them online or by mail.
   
2. Total up all of your outstanding debt, and minimum payments required by each card each month, based on your current debt.
   
3. Make a list, based on interest, with the highest interest credit card at the top, and work your way down. This way you know which card you need to keep a low balance on and pay off first each month.
   
4. Total the minimum monthly payment of all cards combined, so that you will know the minimum amount you will have to pay each month. See if you can come up with any extra money in your budget to pay over the  minimum payment, to avoid extra debt, and pay off your cards quicker.
5. Each month, pay at least the minimum payment, and pay it on time.  For the card with the highest amount of interest, make sure to pay any extra money you have saved up towards the card with the highest interest.
6. Continue doing this until all debts are paid off, and the more you can pay for things with cash or checks, the better.