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As students start back to school after the Labor Day holiday, parents should brush up on some tax lessons that may help them save money now and on their tax returns.  For example, our number one lesson is about the Coverdell education savings account.  Did you know that with this account you could pay for educational expenses for your child even if he or she is in grade school?  Moreover, it does not matter if that is a public or a private grade school either.  That one lesson will save you … [Read more...]

If you rent your home, you should already have renters insurance to protect your personal belongings.  If you do not have renters insurance, it may be due to several common myths about renters insurance that many people believe to be true.  For example, many renters believe that their landlord or his insurance will cover property damages.  This is not the case.  It is very rare for a landlord to provide insurance to his or her tenants.  His insurance covers the building and any assets he may … [Read more...]

Whether or not you are buying or selling a home, having a great realtor can mean the difference between a stress-free, quick transaction and disaster.  To make sure that you are hiring a good real estate agent, ask for referrals and then check them.  Do not rely on the references given to you by the realtor but get your own too.  Check with the Better Business Bureau, local consumer groups and online groups such as Angie’s List.  Ask potential realtors if they are members of professional … [Read more...]

If you are searching for a way to pay for your education, you may want to look to your employer for help.  Most benefits that are offered by an employer are considered taxable income.  However, if tuition assistance meets specific qualifications, the money you receive from your employer for educational assistance could be tax-free money.  You may be able to get tax-free educational assistance from your employer that covers tuition, fees, books and supplies.  For more information about employer … [Read more...]

Illinois Attorney General filed a lawsuit against Safeguard Properties, LLC alleging that it has illegally forced tenants and residents to abandon their homes before the foreclosure process is finalized.  Safeguard Properties is a management company that is hired by mortgage lenders to secure vacant homes that are in foreclosure. The lawsuit alleges that Safeguard changed the locks, shut off utilities, broke into homes and even removed personal property when the home was obviously still … [Read more...]

It appears that Michigan’s governor will not be able to avoid answering tough questions from creditors about how Detroit ended up in bankruptcy.  Attorneys for the state dropped their objections during a bankruptcy hearing this week.  They had objected to the deposition based on the grounds of executive privilege.  Attorneys for both sides have agreed to a three hour deposition of Gov. Snyder.  Creditors will also have the opportunity to depose Andy Dillon, Michigan’s state treasurer. For the … [Read more...]

Robert J. Yonkee, Jr., a former resident of Machesney Park, has been indicted on charges of bankruptcy fraud.  The federal grand jury’s indictment alleges that Yonkee concealed property, made false statements in his bankruptcy filings and gave false testimony while under oath during bankruptcy proceedings.  The allegations include hiding an interest in several businesses in addition to his personal assets.  If convicted, Yonkee could face a fine of up to $250,000 on each count in addition to … [Read more...]

Buying a home is an exciting time; however, when you make such a large investment you should be prepared to protect that investment.  Keeping homes safe from fire, theft or other casualty can be costly.  Home security systems, insurance and special lighting can all help keep your home and your investment safe; however, at what price to you.  What can you do if the cost of keeping your home safe is more than you can afford?  Check out “The Cost of Keeping Your Home Safe” for advice on affordable … [Read more...]

As parents and kids return to school, some of us are thinking ahead and wondering what we can deduct from our tax returns next year for this year’s school expense.  One deduction worth looking at is the tuition and fees deduction.  This deduction is available even if you do not itemize on your tax return – it is an adjustment to income.  It is also available even if you had help from a student loan, scholarship or grant.  You can deduct up to $4,000 from your taxable income provided your … [Read more...]

It is probably not a wise decision to base your retirement destination solely on whether or not the state has low personal income taxes or property taxes.  However, if you are considering several retirement destinations, considering the tax situation may be a good idea.  At the very least, it should be a part of the pros and cons you use to decide where you want to spend your retirement.  Some states are much more tax-friendly than others are in terms of personal taxes and property taxes. For … [Read more...]