Deborah R. Jones, CPA
DEFINE your life goals.  IMPLEMENT your plan.  THE SKY IS THE LIMIT!
Volume 6 November 2009
In This Issue
Solutions on How to Control Your Money
Define Your Life Goals
Implement Your Plan
The Sky Is The Limit
Potential Tax Credits for 2009
deb's picture
 
Quick Links
:: 508-230-8756

Solutions on How to Control Your Money

#1 - Open a free checking account with a debit card for a specific purpose.  Some times budgets fail because they are too complex.  Open a new free checking account with a debit card and determine the purpose for that one specific account and how much you will fund the account on each payday.  I would suggest using online banking to automatically transfer $150 per week into the account on your pay day.  Then you know that you have $50 per week for gas for the car and $100 for grocery shopping.  Simple.  Then you can create as many accounts as you need to keep your budget working for you.  You can have a pet account, clothing account, etc.  You can think of each account as an old fashion envelope with cash.

 
#2 - Use envelopes to hold your cash.  If you just can't get the hang of debit cards, just go to the envelopes with cash.  On payday, put cash into each envelope for the specific purpose.   

By implementing one of the above you will have more peace because you are in control

of your finances.

CloudsDefine Your Life Goals
 

"We need men who can dream of things that never were." 

 
John F. Kennedy 
Clouds2 Implement Your Plan 
 
"Wisdom is knowing what to do next, skill is knowing how to do it, and virtue is doing it."
 
David Starr Jordan
 
CloudsThe Sky Is The Limit
 

"When you are grateful fear disappears and abundance appears." 
 
Anthony Robbins 

Potential Tax Credits for 2009  

Are you thinking about buying a home? The up-to-$8,000 first-time homebuyer credit has been extended to the end of April and complemented by its new variant, the up-to-$6,500 credit for move-up buyers. Remember, the phase-out limits on that credit just rose - they are now $125,000 for single filers, and $225,000 for joint filers. The home has to have a price tag of $800,000 or less and it must be your primary residence. A first-time homebuyer is defined as someone who hasn't owned a home within the past three years; a move-up buyer is defined as a buyer who has lived in the same primary residence for a stretch of five consecutive years or longer.

How about some energy credits? If you make your principal residence more energy-efficient or purchase solar hot water heaters, geothermal heat pumps, wind turbines or other qualifying alternative energy equipment to heat or cool your home, you can qualify for a tax credit for up to 30% of the cost of the improvements. There is a maximum tax credit limit to $1,500 for improvements put in service in 2009.

Do you have sons or daughters in college? The Hope Credit has become the American Opportunity Tax Credit, a credit of up to $2,500 toward qualifying college expenses. Phase-outs kick in at $80,000 MAGI for single filers, $160,000 MAGI for joint filers.