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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. 

The deadline for tax filing and payment is drawing near. Soon, the refund checks will be on their way.  The IRS reports that the average refund this year is around $3,000.

This is a sizable bonus for any family. It may be tempting to use this money to go on a fantastic vacation or a grand shopping spree. These things can be a lot of fun, but take a moment to think about the benefits of using this money for something a little more practical or meaningful.

Due to the recession many people have watched their credit card debit inch upwards from day to day. The high interest rates can make this amount increase even faster. By making a significant payment on the credit card it can significantly improve financial situations. Not to mention the feeling of freedom when the debt is paid off.

As credit card debt has jumped upwards, savings accounts and emergency funds have been melting away. Using the tax refund to prepare for hard times if they come again can be vital to the well being and future happiness of the family.

It is also important to look ahead to the future, whether distant or near, by preparing a retirement savings. April 15th is the deadline for inserting $5,000 into an IRA for a single who earns less than $120,000 or a married couple who earns less than $176,000.

Many people are considering going back to college to earn a degree in one of the areas where they believe they will be able to obtain a job. Young adults are also still attending college. It is likely that most families have someone who is trying to pay for college. This money can be a great blessing for them.

It is also good to consider saving the money for the future of a child or using it replace old appliances. There are probably many things that come to mind when thinking of all the things that need replaced. Use this money to fix up one of them or to buy a new one.

With the housing market down, it has been very difficult for people to sell their homes at enough to break even. It is vital that the home look its best when trying to sell it today. Consider using the tax refund for a new roof, a new paint job, or some landscaping. These things are important in making a home stand out from the others.

Lastly, even if you are not facing difficult times, there are many others who are facing very hard times. Consider donating the money to them. The personal reward makes it worth it and it can help lower your taxes the following year. Those who receive the money will be extremely grateful for it.

If you still have to file your taxes, help is still available. Check City offers stress and anxiety free professional tax services that will raise the amount you can get on your tax refund. Our services cost less than many other tax service professionals and we can help you get your tax refund early through an application for a refund anticipation loan. Visit Check City’s website for a 50% off coupon on our excellent tax services.

Many offices have moved hard copies of files, financial statements and memos into their list of "things my parents used to do."  According to Trend Hunter, there are hundreds of thousands of employees working with hundreds of thousands of people, but in many offices, you may be hard pressed to find a filing cabinet anywhere and if you do find one, chances are it won't be filled. Trends and times are changing and many people suspect the days when paper memos and financial statements may be a thing of the past and everything will be electronic.

A man tells a story of "how an accountant had finally put together all the numbers on a project and offered to send a paper report on his work. When... asked for an electronic copy instead, the accountant 'just started looking at me, laughing.' ...The accountant asked, 'These are your most important financial performance records -- don't you think you should have a hard copy?'... 'I really don't know what I would do with it. I replied'... 'Buy a filing cabinet,' said the accountant."

This is the often heard mantra in and around many offices in the 21st century. The trend is set to continue for not only offices, but many of us average, everday Americans who have already transferred our financial records, payments and various other important documents to computers and internet files.  Many of us even file our taxes online now. 

Even though many things are moving from paper to the computers and internet because of ease, it may still be beneficial to keep your important files and documents as hard copies as well; it may even be a good idea to keep them in a fireproof box somewhere in your home, garage or shed. 

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. 

I recently just discovered for myself just how fun it is to be a dual state resident and only work and therefore pay in taxes during the year, in one of those states. I recently became a dual citizen of Utah and Indiana. I still have a permanent address in Indiana but my primary state of residency is Utah, and therefore even though I only worked in Utah during 2009 I still have to pay taxes for Indiana because it is the location of my permanent address. So, you may want to consider this when doing your taxes, or you may get hit for not paying your taxes of your resident state and get a little check up phone call from the IRS.

How does dual taxing work?

Well, when you are a non-working resident of a state. You are not paying any taxes from your income to that state in which you are a resident. So, when it comes time to pay your taxes you have to pay everything that would normally be coming out of your income taxes on a monthly basis, because you have not yet paid any taxes to that state. 

In addition you must also pay, if you owe any, federal and state income taxes for the state in which you did make all your money for the year. If you are lucky you might have worked in both states and then your taxes owed will be reduced in both states.

Wrapping your head around where our tax money goes is almost as difficult as figuring out what your required to pay or get back and why.  If your finding that Tax Preparation is a pain,  Lightning Tax Services from Check City offers you professional help at a reasonable price.  We have worked providing Tax Preparation Services for over 20 years and are here to help, making the process easy, as it should be. Visit one of our many Store Locations to get help with your taxes.  We can help you online as well, for more information visit our Tax Services Page today to get started. 

Check City along with 97.1 ZHT presents the "Pay Your Bills" contest. Check City, partnering with 97.1 ZHT radio station has a special offer that runs daily with 5 chances to get your bills paid.  It is easy to do and free to enter. You can start by sending the radio station a COPY ONLY of your bill that you want paid, (the radio station is not accepting actual bills and as such, they will not be liable for unpaid bills that you send in). When they receive your bill, you will automatically be entered in the drawing to have your bill paid for you.

How do you win?

Listen every day at 7:10a, 9:10a, 1:10p, 4:10p & 6:10p   and if you hear your name called you have 30 minutes to call in and redeem your free bill pay. (801)470-1971, (801)570-1971 or (801)670-1971. You must also be a VIP Member of the ZHT radio station.  You can Register Online and you will not only be eligible for free bill pay, but you will have the chance at other cash and prizes as a VIP courtesy of ZHT.

For more detailed information on the contest, visit my blog entry from February 24 entitled Check City Wants to Pay Your Bills. Check City will also be posting information about the contest including names that are called on Facebook ( www.facebook.com/CheckCity) and Twitter ( www.twitter.com/checkcity ). So friend or follow Check City for more infomation on getting your bills paid.

Check City has other great money savers to help your family make it through these tough financial times. With low rates on our Tax Preparation Services and Free Money Orders we can give you the savings you need at the prices you deserve. Visit a Check City location or CheckCity.com to learn about all of our great financial services and promotions going on right now.  We are currently offering 50% off of our Tax Preparation Services, come visit us today to get started saving. <

There are so many things to do with computers now days.  You can file your taxes, create and edit pictures, make an entire scrapbook, play games with people across the world, and video conference with those same people.  With so many new technologies it is hard to keep up with everything that is being offered to us.  For those who have a late start on technology, it may be even more difficult to learn about all of the great things offered.  Today I want to give you a few simple tips when editing or adding text to photos.  These tips work whether you want to add them to photos that will become a scrapbook, or just simply if you want to put a name or quote on a picture and print it out.

First of all, it is important to remember that you don't want the text to be too bold and overpowering. You want the eye to travel to the text after it has seen the general, overall picture.  You will also need a photo editing software, such as photo shop in order to edit the text.

• It is important to save your picture as a new file, to avoid saving over the current, picture only version when you first start editing your picture.
• Most photo editing software has a text tool somewhere on the toolbar. If the toolbar isn't showing, there is usually a view tab at the top of the options tab where you can select what you would like to show on the photo editing program.
• Pick a font, and insert it, wherever you want within your photo. You can make it lighter or darker, by changing the color and translucent effects of the font.  In order to change transluscence in Photoshop.  You should be able to view an area that shows you all of the layers you have added. Select the text layer and above the layers there should be a slide bar that says opacity, slide the bar down until you receive the desired translucent effect.
• You can use paint and other programs that come with your computer as well, but they don't have as many options and are a little harder to work with.
• There are many other tips and tricks you can find when it comes to editing your photos you just have to be willing to spend a little time, and do a little searching.

Did you know that Check City offers you great discounts on our Tax Services? Right now you can save up to 50% on Tax Preparation when you come to Check City. You can file online or in one of our Convenient Locations and when you do, you will be working with our certified professionals who can help you get the most out of your tax return.  Visit Check City Online or at one of our Stores today to get started.

Did you know that those people who become rich from the game shows they participate on, really aren't getting that much money? The government charges a gift tax for the money won and in the case of state lotteries and other such prizes the taxes don't end there.  Lottery winners may be charged extra taxes depending on their original income and the tax on the lottery winnings may add up to 50%.  Many financial gurus say that you may want to talk with an attorney if you are ever in this situation.

Taxes on Lottery and other Large Cash Prize Winnings

• You will owe both local and state taxes
• Sometimes you may be charged extra income taxes

Lump Sum vs. Installment Payments

• If you choose to receive your money in a lump sum, the lottery commission will pay you about 65% of your total winnings.  Lets say you won 1 million dollars. You would get around $65,000 back immediately, which would then be taxed (lets say the tax is 50%) leaving you with around $32,500 of that original $1 million.  Not that $32,500 is a small chunk of change, but when considering what you "won," it sure seems as though you are getting ripped off. Most winners will use all of this money within 5 years.
• You can also choose to receive your payments in installments. When you choose this payment option, taxes are a little lower, but more spread out over time and you have a long term inflow of cash.  You will receive more of your money when you opt to receive your payments in installments. Since this money is coming to you over a long period of time, you cannot use it all at once, and it will serve as more of a steady income cash flow for a few years.

In order to make the most of your winnings, however, many financial advisors say to invest.  This way you are not only benefiting immediately from that money, but the money is building up and over time you will be making a significant return from it.

Since most of us will probably never win the lottery or go on a big game show and win a million dollars, we probably won't ever have to worry about all the taxes the government imposes on those kind of winnings.  We do however have to worry about our income and other taxes each year.  Check City offers you a great way to get the most bang for your buck. As you prepare your taxes this year, visit Check City Online to see how our Tax Service professionals can help you get the most out of your tax returns, while still saving you tons of money with our inexpensive Tax Preparation Services. Visit us Online or in one of our Store Locations to get started today.

I have already talked a little about this in another article but this is for those people who are still angry that the guy sitting in the booth next to you is making the same amount of money, but paying less taxes. If he is trying to weasle his way out of tax payment, he may be hurting himself far more than he realizes.  The IRS is a well oiled machine and chances are that they will catch up with this guy, are pretty good.  When they do, not only will he have to start paying the same taxes but he will either incur tons of back tax, tax evasion or other penalties, or if he is really skimming the government over, he could end up in jail.

Just how much are these penalties and interest worth when the IRS does catch up to someone who has been shorting them? Well every 3 months the interest rates compound, making the interest higher and higher the longer you don't pay.  For instance, lets say that someone shorts the government $1,000 one year, seven years later, when the IRS catches up with that person, he/she will owe $10,000 for that one year alone, not to mention all of the other years in between of pentalties and fees. 

Turning your tax in on time can be just as important as paying all that you owe. When you don't pay on time you can incur late payment penalties and interests as well. With these penalties piling up, it becomes  hard to keep on top of your taxes you may fall behind involuntarily which then creates back taxes fees and turns into a downward spiral in which it is often hard to get out of. 

Don't forget to take advantage of deductions and credits as well and that there are many tax preparation companies and online calculators that can be very helpful to you when preparing your taxes. 

Check City has great Tax Services that can benefit you no matter what your situation. With years of experience our talented professionals can get you what you need at a price thats right. Visit our Tax Services Page today to get 10% off your Tax Preparation when you prepare with Check City.

There are many questions that the IRS receives on a constant basis regarding taxes and they have put together a FAQs page on their website. However I have picked some of the questions I believe apply to most tax payers to help you out so you can get your taxes prepared and your questions answered all in the same place. Some of these frequently asked questions include questions such as: What are the tax changes for this year? and: What is a split refund? All of the answers will be provided in this article.

What are the tax changes for this year?

The changes for the current tax year are found on each individual tax form under the What's New section. All forms can be found on the IRS website.

Is there an age limit for claiming my children as dependents?

As long as the following exemptions are met you may claim them as a dependent: If they pass all of these, you may count them as a dependent no matter the age. 

• Qualifying Child or Relative Test
• Dependent Tax Payer Test
• Citizen or Residency Test
• Joint Return Test

In order to file as head of household do I have to claim a child as a dependent?

In certain special circumstances, you do not need to claim the child as a dependent to qualify.  If the child is unmarried and is your child, grandchild, stepchild or adopted child you do not have to claim them as a dependent. 

What is the American Recovery and Reinvestment Act of 2009?

The act  was signed into law on February 17, 2009 by President Obama as one of his first acts as president. The bill was enacted to provide a boost to the American economy after a strong and long economic downturn. The bill houses tax cuts, expanded unemployment benefits and other social ideas, "including domestic spending in education, health care, and infrastructure, including the energy sector."

What should I do if I know I made a mistake on my tax return but I have already filed it?

If it is a simple mathematical tax error, the return should be corrected when it is filed. If you forgot to attach a file that you were supposed to, the IRS will probably contact you once they review your taxes and get the file from you then. If you did not report all of your income or forgot to file a credit, you should file an amended tax return which is form 1040X. 

When you do file your amended return make sure you include corrected versions of all of the incorrect forms that were submitted before.  To claim the return it must be filed within 3 years of the originally incorrect form or two years after you paid the tax, whichever applies. Allow the IRS 8-12 weeks to fix your re-submitted form.

What is a split refund?

A split refund allows you to divide your refund, in whatever portion works best for you so you can deposit the funds in up to three different U.S. bank accounts.  

These are the questions that apply to the majority of tax payers. It is easy to learn everything you need to know about paying your taxes by doing a little research.  Also, Check City has great Tax Services that can benefit you no matter what your situation. With years of experience our talented professionals can get you what you need at a price thats right. Visit our Tax Services Page today to get 10% off your Tax Preparation when you prepare with Check City.  

Many stores are having End of the Season Clearance sales. This is a great time to get snow gear and warm clothes at greatly discounted prices. Another great benefit to you, is that snow gear changes a lot from year to year. If you are an avid skier or snowboarder you probably already know this.  So, if you need a new board, skis or other snow gear, a great time to get them would be now, at the end of the season when stores are cleaning out their inventory rather than at the beginning of the snow season when prices are much more expensive. Sometimes you can find deals with over $100-200 in savings.  Here are some stores with great End of Season Clearance Sales going on right now.

REI has deals that could save you up to $300 on snowboards and skis, as well as $30-100 on bindings, helmets, watches and other ski gear. Not only are their sales great, they have a large variety so you can get what you want as well as what you need.

Meltdown Snowboard Shop has a lot of great deals for your family as well.  You can save up to 50% on name brand ski and snowboard equipment, saving you as much as $400 on end of season clearance. 

Proboardshop also has a 40% off sale going on right now in addition to claiming to be one of the best shops around.  They say they have one of the world's largest collections of snow gear as well as ensuring brand name boards and a variety so you can get the stuff you like. 

The House Boardshop is another good place to find great discounts. 

Many of these winter specialty shops offer free shipping or discounted shipping when you spend a certain amount at their store, and some of them offer free shipping 24/7.  Many of them also offer the chance to order online and do an in store return so that you dont have the hassle of sending your unwanted items back in the mail. You may want to check each store's policy before purchasing items though as they vary from store to store. 

Check City offers plenty of discounts for your family as well. We have a special tax promotion going on right now. If you visit our Tax Services Page you can get 10% off of your current tax preparation efforts. We also have trained professionals to help you itemize deductions and get the most out of your tax return.  The best part is that we do it all at a low price. Visit us today on our Website or in one of our many Store Locations to get started on your 2009 tax return, and get back the money you want for all that fun discounted snow gear!