DAYS LEFT

Latest in Taxes: How Much Should You Pay Your Tax Preparer? ---- Beware! Dirty Dozen Tax Scams

Walletpop's Andrea Chalupa shares five ways to maximize your tax refund on ABC News Now. Find out how much you should expect to pay for a good tax preparer near you. Continue reading...

WalletPop Wire

How will we pay for health care reform? An increase in Medicare tax

Kelly Phillips Erb Mar 18th 2010 @ 3:15PM EST Filed Under: Tax, Health

As the House prepares for a vote on health care reform, the overwhelming question is how to pay the estimated $940 billion price tag on the plan. The obvious -- but not so politically popular -- answer is to raise taxes. Even better? Raise taxes so taxpayers don't notice it as much by including it in mandatory withholding.

That explains why the current proposal in the House under HR 3590 would add an increase in the form of payroll taxes. The bill, as it stands currently, would add .9% to the Medicare payroll tax to those individual taxpayers earning over $200,000 ($250,000 for married couples filing joint tax returns). That would bring the total tax rate to 2.35%.

Continue reading How will we pay for health care reform? An increase in Medicare tax

Free campus well-being programs help college students through loss

Bill Burman Mar 18th 2010 @ 3:00PM EST Filed Under: Money College, Health

Author Bill Burman, left, with his father, who passed away unexpectedly while Bill was in college at DePaul University.

(Pictured: Author Bill Burman, left, with his father. Bill's dad passed away unexpectedly while Bill was a college student.)

In the weeks after my father's death, I wandered around in a shocked, blank state. I didn't throw myself into drugs or alcohol or drop out of school, but I could have used someone to talk to very badly. Nobody told me that as a student I had access to an array of free well-being programs that might have helped me.

The entire time I spent wandering around campus carrying my grief quietly inside me, I was passing offices staffed with professionals who were there to offer counseling to bereaved or depressed students or those with other issues.

I eventually healed on my own, but I feel a certain duty to broadcast the existence of these services to students today.

Continue reading Free campus well-being programs help college students through loss

Mint.com CEO Patzer says it doesn't sell individual data

Josh Smith Mar 18th 2010 @ 2:45PM EST Filed Under: Technology, In the News

Last week during the Data is Money panel at SXSW, Aaron Patzer, the CEO of popular personal finance management Web site Mint.com, ignited a firestorm of controversy by bragging about the high quality of real time data that Mint is able to see -- such as which movie rental services are used most, and the value it would have to hedge funds.

The notion of selling of user data isn't a new idea, but it disturbed financial writer Felix Salmon and has caused numerous individuals to cancel their Mint accounts.

Continue reading Mint.com CEO Patzer says it doesn't sell individual data

Michigan man scams state, governor for $9 million tax break

Tom Barlow Mar 18th 2010 @ 2:30PM EST Filed Under: Fraud

Michigan is desperate to find jobs for its unemployed, perhaps overly so, if the tax break given to Richard Allen Short is any indication. Short shared the podium with Gov. Jennifer Granolm recently to announce that his company was receiving a $9.1 million tax break to help him hire 765 people to carry out his plan to make green energy and waste-handling equipment that he would ship to needy villagers in Africa.

The problem, according to the Detroit Free Press, is that Short is a notorious con man who has spend years in jail for embezzling, a fact uncovered in a quick Internet search by a process server in Flint. Patrick Clawson uncovered Short's sordid past, which included embezzling $21,000 to buy his girl an engagement ring and having a woman pose as his wife to qualify for a $73,000 loan. He still owns $96,000 in court-mandated restitution.

Continue reading Michigan man scams state, governor for $9 million tax break

Cadillac tax: Is health insurance a luxury?

Kelly Phillips Erb Mar 18th 2010 @ 2:15PM EST Filed Under: Tax, Health, Insurance - Health Insurance

One of the most controversial pieces of the current health care reform bill is the introduction of the so-called "Cadillac tax" -- an excise tax on premium insurance plans that would be used to offset the estimated $940 billion price tag for health care reform.

The term "Cadillac tax" was coined after the idea was introduced as part of President Clinton's health care proposal in the 1990s. The tax targets high dollar insurance plans provided by employers that are thought to be a luxury when compared to most insurance plans.

Continue reading Cadillac tax: Is health insurance a luxury?

Venmo: Texting its way to a cash-free future

Josh Smith Mar 18th 2010 @ 2:00PM EST Filed Under: Technology

Pay 555-555-1234 $13.70 for dinner. It seems simple; sending money to a friend or business with your phone, but after years of trying, the practice never really caught on in the U.S. Past attempts at sending money with a cell phone have been simple enough to use, but the fees involved often outweighed the convenience of texting a payment. This problem is one that Venmo, a new mobile payment service, hopes to avoid in order to grow as a cash replacement.

"We allow people to make cash transactions without the hassle of carrying cash", says Jameel Farruk of Venmo in a phone interview with WalletPop. It's the lack of fees that Venmo believes will allow it to become popular not only with individuals who need to pay a friend, but also with businesses who could set up a Venmo account to let customers pay for a coffee or other goods and services.

Continue reading Venmo: Texting its way to a cash-free future

Free Ski Magazine subscription

Julia Scott Mar 18th 2010 @ 1:45PM EST Filed Under: Fantastic Freebies, Bargain Babe

Get 12 issues of Ski magazine free, courtesy of Restaurant.com. The mag claims to be the "best resource for today's active skiers. Geared to all levels of experience, Ski Magazine stories and columns cover instruction, travel accommodations, fashion, equipment, and the overall lifestyle of the sport."

Share your name, address, and e-mail to get the deal.

I'm not a big snow person, but when I hit the mountain I snowboard. Having my feet attached to one piece of wood feels more natural to me than two.

Thanks, Absurdly Cool!

Tax return questions answered by WalletPop experts

Lan N. Nguyen Mar 18th 2010 @ 1:30PM EST Filed Under: Tax - Advice

There's less than one month to go before April 15. In your rush to get in your tax returns, beware of phishing, hiding income, and going all crazy on your charitable deductions. If you're relying on a professional, check his credentials, as shady preparers can ring up huge tax bills for you. These are just some of the top 12 mistakes the Internal Revenue Service is warning about in its list of "Dirty Dozen" Tax Scams.

To help, WalletPop experts are on hand to answer your questions, from taxes on annual leave to what to do you if you suspect IRA fraud.

Question:

What taxes are due on annual leave paid after retirement?

--Marcy

Continue reading Tax return questions answered by WalletPop experts

Are you safer in Starbucks with guns carried in the open?

Aaron Crowe Mar 18th 2010 @ 1:00PM EST Filed Under: Shopping

Depending on your view on guns, you may feel either a whole lot safer or less safe ordering a coffee at Starbucks.

That's because the coffee chain has a policy allowing "open carry" of guns in its stores in states where holstered handguns can legally be carried in public. Openly carrying handguns is legal in 43 states, including those where concealed firearms are banned.

Carrying a gun openly in public, while legal, can prompt a 911 call from a nervous coffee customer, as seen in this video:

Continue reading Are you safer in Starbucks with guns carried in the open?