Monthly Archives: April 2017

7 Things You Don’t Want to Forget When Filing Your Taxes

7 things you don’t want to forget when filing your taxes

 

7 Things You Don’t Want to Forget When Filing Your Taxes // Money Savvy Living
If you are one of the many tax procrastinators out there, you are probably finding yourself up against the rapidly-approaching deadline of April 15.  However, because April 15 falls on a Saturday this year and Emancipation Day is the following Monday, the deadline to file your taxes, is Tuesday, April 18, 2017. If you haven’t done your taxes yet, you still have plenty of time to get them done. But in a hurry to reach the deadline, don’t forget to do these seven things, or you may incur penalties:

  1. Don’t forget to sign your return. Sounds obvious, right? But it is very easy to overlook. If you are e-filing, you will be prompted to verify with your electronic signature, but if you are printing out returns and mailing them in, don’t forget to sign and date them. Also make sure that you make a photocopy of the signed return for yourself—you may need these for obtaining future financing.
  2. Make sure tax preparer information is complete. Even if you are preparing them yourself, make sure that information is filled out. This is even more important if someone else is doing your taxes because if you do a paid-tax preparer, they also have some liability in preparing your taxes correctly. Should a problem arise in the future, knowing exactly who prepared each tax return is important.
  3. Send in the taxes that you owe with the return. This one really goes hand-in-hand with making sure your return is signed—make sure you have included the payment for any taxes that you owe. But if it is coming down to the deadline, you may be in such a hurry to get your tax form filed that you forget this, and that could cost you extra in penalties.
  4. Send your return to the correct address. While this sounds simple, it can actually be a bit confusing. Tax returns that the filer gets a return are sent to one address and tax returns that owe money are typically sent to a different address. Sending a tax return on which your owe money to the wrong address could delay receipt of payment.
  5. Complete return address on envelope. This is one time that it is extremely important to put your return address on the envelope. Whether it is insufficient postage, the wrong address, if the address is illegible, or any other reason that your tax envelope would be undeliverable, you don’t want your personal tax return to become “lost in the mail.” Your social security number, along with any of your dependents, is on that return. A lost return could cause you to encounter penalties and possibly make you susceptible to identity theft.
  6. Get your tax return envelope weighed. Don’t assume that just because you can fit your tax return in the envelope that regular postage will be okay. Bulky envelopes or oversized envelopes can also cost a little bit more to mail. Don’t guess or assume that you have enough postage on the envelope; take the time to stop by the post office and have it weighed just to be sure.
  7. File for an extension, if necessary. If you see that you are not going to be able to get your taxes filed on time, make sure you file for an extension. This will prevent you from being penalized for a late return, but allow you the time that you need in order to finish.




And if you are lucky enough to be getting a refund, do you have a plan for how to spend it?  Earnest.com has some ideas for spending your tax refund wisely:

How Will You Spend Your Tax Refund // Money Savvy Living

 

How Much Will it Cost to Update Your House?

How Much Will it Cost to Update Your House?

Buying your dream home with all the desired facilities is one of the best experiences you can ever have. However, finding a house with everything that you want may be harder than expected, so it can also be one of the most stressful experiences too—especially if the home you are looking to buy needs a little work done to it… so you may be wondering, “just how much will it cost to update my house?”

 

How much will it cost to update your house? // Money Savvy Living

 

If you are looking to renovate your house, which might include remodeling your kitchen, remodeling the bathroom, getting a new roof, or simply painting your house to give it a new-look, you need to know the costs involved before you get started on the renovation project.  Here are some of the more common home renovations and a quick breakdown of costs:

 

 

Kitchen Remodel

If you were to fix and remodel your kitchen, it could cost you around $20,000. Kitchen remodeling is a big deal that would include painting walls, re-facing cabinets, upgrading the sink and installing a tile backsplash.

 

Bathroom Remodel

Bathrooms remodels can be expensive and would include installing bathtubs, counter tops, faucets and other bathroom fixtures, for a grand total cost of around $9000.

 

New Roof

A new roof is a significant investment in your house and can cost you around $7000. While a new roof can improve the overall aesthetics of your house and improve energy efficiency, a functional roof is considered a necessity and won’t increase the resale value of your home by very much.

 

Painting

Even something as simple as updating paint colors throughout your home can cost around $1,600.

 

Many improvements that boost your home’s value could render your home insurance coverage inadequate and leave you vulnerable to losses. So when you make major changes, be sure to talk with your insurance agent to see if a reassessment is necessary.

Also keep in mind that renovations on older homes can also encounter unexpected costs due to meeting current codes or re-working electric or plumbing.

Here is a breakdown of some of the more common home improvement and renovation costs:

infographic put together by Fast Florida House Sale

How Much Will it Cost to Update Your Home? // Money Savvy Living

These costs represent the general costs involved with typical home renovations, you will need to consult a contractor or builder for a specific quote.