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October 21, 2010

Frugal Forum

Tax Planning Tips, Part 1: What to do if you get a notice from a taxing authority

I often hear comments from friends that one of their greatest fears is getting a notice from the IRS or Illinois Department of Revenue. They fear that they will owe penalties, interest, or go to jail. Some of them fear tax notices more than motor vehicle tickets!

The forgotten healthcare benefits for Vets

For many years, I believed that the healthcare benefits offered to U.S. veterans were limited to those who made the military a career and completed 20+ years with a branch of military service. In a casual conversation one day, I learned that a friend was getting his medications at a very low cost from the VA Healthcare system.

Never pay full fare for travel or lodging

I used to travel quite a bit in the ‘70s and ‘80s and would rely heavily on travel agencies to schedule and book my airline, limo, hotel, and rental car arrangements. As a business traveler, I had a frequent traveler profile with my travel agency. They knew my travel preferences: favorite airlines, hotels, and car rentals. The convenience was wonderful.

Huge savings through radio shopping

Not long ago, I stumbled on to a channel that offered a much different venue. “Call in and save up to 60% on purchases of advertised services and products” said the announcer. I thought it was a commercial or a gimmick, but he was convincing enough to get my attention.

Your Credit Card: “Don’t leave home without it!”

The first bank credit card was issued in 1946 by a New York bank, and Americans never looked back. Today, approximately 80% of American households have one or more credit cards. Over half of those card holders carry a balance on their cards. The average debt per credit card holder exceeds $5,000.

Do you still have any S & H Green Stamps?

I can remember sitting at the kitchen table with my Mom licking S & H Green Stamps and helping her paste them into redemption booklets. Mom would get the stamps from the grocery store, and Dad would only buy gas at stations issuing Green Stamps. Our toaster, can opener, blender, and coffee maker were all acquired with Green Stamps.

Top 5 questions to ask about long-term care insurance

According to current trends, 50% of us will require long-term care at some point in our lives. For seniors over age 65, the likelihood is 70%. Medicare and Medigap health coverage do not cover nursing home care. Medicaid pays for long term care after we have used practically all our assets. So how do we pay for the costs of long-term care?

Reverse mortgages: The good, the bad, and the ugly

The Department of Housing and Urban Development (HUD) administers FHA insured Home Equity Conversion Mortgages (HECMs), commonly referred to as Reverse Mortgages. Reverse Mortgages are different from traditional mortgages because they don’t require monthly repayments toward the amount borrowed. This arrangement provides “cash poor” homeowners with much needed cash. Sound too good to be true?

Avoiding money fraud schemes

Every day you hear of another victim of identity theft or fraud. In response to this onslaught of financial pirates, last November, the Financial Fraud Enforcement task force was formed to crack down on some of these big schemers. According to the FBI, seniors are key targets.

Keep what’s yours

April 15 is fast approaching, and the message in this first issue will focus on keeping what is yours and not the IRS’s.