Now that the tax year 2009 is over and the new year is here, many Americans are starting to make plans for tax preparation and filing of IRS form. Soon the April 15th deadline will be here and many people – despite their best efforts to get organized in time – will be faced with a deadline they cannot meet. But if you find yourself in that situation, don’t panic. There is a legitimate system for dealing with delayed tax filing, and every year thousands of taxpayers take an automatic extension on filing their taxes – a step that is perfectly legal and okay with the IRS.

You cannot simply skip the deadline without notifying the IRS, however, and if you do that you can expect to pay stiff penalties. You might even get audited if you forget to pay on time or miss the deadline due to your procrastination. But fili

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Each year we read tax tips about how to legally pay less in taxes. But another thing to stay informed about if you want to avoid trouble with the IRS is red flags or warning signs that might potentially trigger closer looks from the tax authority and even an IRS audit. Here are some ways you can help ensure that you stay beneath the IRS radar.

• Don’t be a Loser

The IRS expects that during difficult economic times many people with file negative returns or returns that show that they either broke even on the year or lost money, instead of making money. But if you remain in that status year after year, the IRS will start to get suspicious that you are just saying you lost money in order to avoid paying taxes on your earned income.

• Don’t Take Ridiculous Deductions

Maybe you gave to charity last year, or maybe you had some business expenses. You

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Whether you are frugal by nature or have adapted your lifestyle to deal with the changing economy, frugal living is certainly experiencing a boost in popularity.  Living a more frugal lifestyle can take a bit of getting used to, especially if you have never paid close attention to your spending in the past.  The key is understanding the difference between being frugal and being cheap.  When it comes to managing money, like everything else in life, moderation is key.  You must be able to find the balance to ensure you are not skimping on areas where you would have been better off spending a few more bucks.  The following scenarios show why sometimes it’s better to spend than save.

Safety

There simply is no price too high to ensure your personal safety and the safety of those you love.  Whenever you are faced with a decision to pay more to increase safety, those dollars are well worth the benefits.  Consider this when making decisions about child care, maintaining your home or car and buying adequate insurance.

Time

Some people take living a frugal lifestyle to the extreme.  Yes, there are benefits to cutting coupons and taking the time to shop for the best prices, however not if it consumes your day.  Few people have the luxury of plenty of excess time on their hands these days.  We live in a fast paced society where work, family and social obligations consumer every hour of the day, therefore your time is valuable.  It is important to balance the time you spend in being thrifty with the savings you actually receive.  You might find some efforts really aren’t worth the time.

Quality

Saving money by purchasing inferior quality products is often penny-wise and pound-foolish (to borrow a cliche).  If you have to buy a poorly made item three times over to get the same value of paying a bit more the first time, you probably aren’t seeing any real savings.  When you get into bigger ticket items like used cars or home renovations, being frugal can be downright expensive when you end up paying for repairs or other expenses that could have been avoided.  Some things are simply worth paying more for.

At the end of the day it is more important to know that you spent your money wisely than how much money you saved.  By paying close attention to where you can shave costs and lower expenses you can adopt a more frugal lifestyle without sacrificing quality.  Save where you can and spend where you should and you will likely be more successful in adjusting to a simpler way of life.

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HM Revenue & Customs has had to admit that thousands of taxpayers may have been sent the wrong tax codes for the new financial year. That means that when the new tax year begins in April, some people could end up paying the tax man more than he’s due. HMRC has blamed the errors on a new coding system, admitting that “some people” will receive an incorrect code.

So, how can you check you’re being taxed using the correct code? Read on…

What tax code should I have?

Your tax code refers to your tax-free allowance – the amount of income you can receive without paying the tax man a penny. For most of us, that’s going to be £6,475 over the year 2010/11.

If that’s the case, your tax code will be 647L – if you multiply the number by 10, you’ll see the total amount of income you are allowed to earn before you have to start paying tax.

People with a more complicated tax situation will have different codes, which we will come to shortly.

Who’s affected?

Do you have a second job, receive taxable employee benefits or a pension?

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Perkstreet^SM Financial Review – A Free Checking Account with a Visa® Debit Card

With the impending Credit Card Act looming, a large number of credit card providers are starting to charge annual fees for the use of their cards for the first time in a long time. I find this problematic, since the only reason I use credit cards for right now is for the perks that they provide, and annual fees deeply cut into that benefit.

That’s why I’ve been looking for a debit card with comparable benefits. Debit cards typically don’t offer good rewards programs, however.

But I just discovered PerkStreet Financial and I’m still trying to figure out what the catch is. It really does seem like a great deal.

What is Perkstreet Financial?

PerkStreet Financial offers a FREE checking account with a Visa® Debit Card that actually offers rewards comparable to or better than a lot of credit cards. You get you

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