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February 2010           Volume 2 Issue 2
CHASE
In This Issue
Deal of the Month
Mary and Money
Help With Your Taxes
   
Quick Links
 
 
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  With a minimum donation of $5.00, Purses Participants will receive a car ribbon magnet. Send a check made out to DFLI and include your address and a magnet will be mailed to you. They will also be available at upcoming events.
Happy Valentine's Day! hearts
Here are a few tips on how to have a romantic Valentine's Day date without breaking the proverbial bank:

· Meet at a park and go for a walk. This will help you get to know each other better. The best thing about it is that you are exercising while having fun! The most expensive part of this date: a light snack after the walk. To make the date even more romantic, pack up a picnic bag with a couple of blankets (it's cold in February) and some strawberries and chocolates. DE State Parks

· Go to an open microphone night at a coffee house. There is no cover charge and you might discover a new talent in your area.
Open Mike Calendar for DE

· Movie night- invite your date over to watch a movie at home. Rent the movie Ratatouille and cook along with the recipe shown in the movie. Make sure you have all of the necessary ingredients. This date is a sure recipe for success. Remy's Ratatouille Recipe

· Go to a local vineyard for a free wine tasting. The aroma sets an ambiance and ensures you have a good time. Vineyards are romantic and ideal for long walks. (Make sure you have a designated driver for the ride back!) PA Wine & Wineries
           


WHAT YOU NEED TO KNOW:
NEW CREDIT CARD RULES
A report from the FEDERAL RESERVE BOARDcredit card

The Federal Reserve Board recently approved a final ruling to protect consumers who use credit cards from a number of costly practices. Credit card issuers must comply with most aspects of the rule beginning on February 22.
 
Among other things, the rule will:
* Protect consumers from unexpected increases in credit card interest rates.
* Prohibit creditors from issuing a credit card to a consumer who is younger than the age of 21 unless the consumer has the ability to make the required payments or obtains the signature of a parent or other cosigner with the ability to do so.
* Require creditors to obtain a consumer's consent before charging fees for transactions that exceed the credit limit.
* Limit the high fees associated with subprime credit cards.
* Ban creditors from using the "two-cycle" billing method to impose interest charges.
* Prohibit creditors from allocating payments in ways that maximize interest charges.
  
To read the entire article:Federal Reserve Press Release
For more information: "What You Need to Know: New Credit Card Rules"

Deal of the Month                    
       E- Cardsemail
 
     My grandmother's birthday was this month. I knew that I didn't want to just send her a regular e-mail and since it was a day before her birthday a nice card via snail mail wouldn't get there in time. That's when I discovered the free E-Cards. E-Cards enable you to customize your online cards; choose your fonts and colors, and add as much text as you'd like. You can choose between post cards, singing cards, and interactive cards, and select what occasion you want your card to reflect (birthday, promotion, good luck, miss you, etc.).
     There are several E-Card companies and most of them offer a wide variety of free cards. American Greetings, My E-Cards Online, and 123 Greetings are just a few websites you can choose from. So, the next time a special occasion sneaks up on you and you don't have time to buy and mail a card, remember these E- Cards and help make someone's day special.
 
SAVE THE DATE!
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October 23, 2010
Purses to Portfolios 2010 Conference

Mary and Money
                                                                
Is Your Man Your Financial Plan?
Mary Caraccioli
  
You would be surprised how many people think their money problems will go away because they will marry rich. And it's not just women looking for that "good provider." More and more guys are hoping their mate will come with financial benefits. It's not just sugar mommas or daddy's we want, in some cases we are willing to bring home the bacon - but we don't want to think about investments or - God forbid - taxes.  No matter what your gender or your income, life is a lot easier if you invest in your own financial education.

If you are in a relationship and have let your partner take the lead with the finances - then think about getting more involved. The bottom-line, a man is not a financial plan.  And guys - women aren't one either. No matter how many breadwinners you have in your household - you both need to be in the loop. I understand that there is usually someone in a relationship who likes the financial planning and the other partner might hate it. That is fine. But things happen and you need to know the basics to make sure you can make it on your own with - or without your mate. The two D's we hate to talk about - death and divorce - happen. This applies to both men and women...married or partners.

Start with the basics - get a notebook that has all of the important phone numbers account names and numbers and beneficiary info in one place. If you don't have a will - get one and keep a copy in that notebook. It is a simple way to get in the loop. Just remember to update it as things change. I also suggest you have a money meeting at least once a year. That is when you review all the retirement funds, investment funds, debt and any other big financial issues. This is a real meeting - with no kids, no interruptions allowed. Go over the information and talk about the specifics of your family's financial health and strategies for improving it in the coming year. What is your financial plan?

Check out Mary's website Mary Talks Money.

From the Desk of Rashmi Rangan, DCRAC
taxes

Help With Your Taxes...

Believe it or not, the tax season is almost upon us! As a non-profit organization DCRAC offers free services in our community. We want you to know that if you are in tax troubles with the IRS; please contact us first at 302-654-5024 x 102 (We do not prepare current year taxes). As you prepare for the tax season, please don't rush in to get your taxes prepared, filed, refunded and spent. 

If you received unemployment compensation in 2009, it may be taxable. If you worked for a business and got a 1099, it means that the business has treated you as a contractor. That means you paid nothing toward your tax obligations in 2009. That also means that if you have good records, you can claim some of your expenses as business expenses. 

If you claim the Earned Income Tax Credit, you should know that age, relationship, and residency rules apply. In other words, you cannot claim your boyfriend's child as your own unless you adopted him or her, and you cannot claim a child who lived with his or her mother for seven months. Obviously there are exceptions. 

If you tapped into your retirement account too early, know that while you paid a penalty, the full amount you drew down is likely to be added to your income, possibly raising your tax bracket.

If you increased your exemptions in 2009 so that you will have more income each pay check, it is very possible that you will owe the IRS when you do your tax returns. At tax time, if you find yourself owing the IRS, do not hesitate to set up a payment plan.

If you qualify please go to a free tax preparer this year. Call the Delaware Help Line at 1-800-464-4357.


What you need to know         money loan
about Refund Anticipation Loans...   

Rapid refunds, refund anticipation loans (RAL)...all mean you are borrowing the amount of your refund until your tax refund comes in - then you payback the RAL - with interest! Borrowing your own money should not be so expensive. RALs are short term loans (about 10 days) with APR's as high as 1,700%!! You waited a year for your money, wait another 2 weeks!

 

-          Get FREE tax preparation help if eligible

-          Call the Help Line (1-800-464-4357)

-          Recalculate withholding

-          Go to www.irs.gov

-          Get Advanced Earned Income Tax

-          A refund is no way to save. You earn no interest waiting for the year's refund


Click here to learn more about DCRAC!


National Entrepreneurship Week Delaware 2010

Saturday, February 27, 7:45am-2:00pm
Waterfall Conference and Banquet Center, Claymont
Presented by CODE
(Coalition of Organizations for Delaware Entrepreneurship)

Lots of FREE Resources. Light Snacks. Door Prizes. FREE parking.
FREE! But Registration Required

If you'd like to have an exhibitor's table, contact Karen 302-792-1200 or karen@dfli.org

Check out upcoming events and available classes!
Visit The Money School