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May 6, 2010
I NEVER GET A REFUND!
Ladies and Gentlemen if you are NOT getting a refund or breaking even on your FEDERAL TAXES…..FIRE YOUR TAX CONSULTANT!
When people file taxes at the end of the year, most put it off it the last moment or like my mother finds a financial eye (me) to help her “see” what she missed. Do it yourselfers forget that okay, yes you can search the internet or even irs.gov; but the plain truth is an expert (not side of road set ups) is always needed.
Why?
Tax code must be read. Online every body has the top five or ten mostly missed items and I personally took four hours bouncing site to site for original tax information.
What did I get?
Nothing!!!!! So being the perfectionist pain that I am (or at least that’s what my husband says), I took matter into my own hands and discovered the way to REALLY find the perfect tax incentives! Here is the top five I GOT!
Don’t, Ever, Ever do your own taxes! But DO, DO, DO your research! Save all your receipts and pay by check with the copy left behind and keep track of everything! Then organize and calculate all you have gathered one the week before the end of the year. That way you will be prepared and the Tax associate can’t charge so much for their time. Remember, you get what you pay for and the paying is all on you!
Take time through the year to READ TAX CODE that pertains to YOU! Read my Article at financialfreedomsolutions.wordpress.com about tax breaks for Foreclosure families. I have enough information that I will be offering a $5 e-book (proceeds will go to Sadie Mae Hope Charity) with enough to help you into a new start and will be free to those that homes have already foreclosed. The first steps are to know your rights and not be the middle income life sucking tax payer debt for the country.
File for copies; Make a point of requesting at the end of the tax year for all your back tax returns, credit report, union dues and 401k profit and loss reporting. (Yes I know it’s a lot but I promise I am forwarding to you the VERY BEST ADIVCE!) Contact your health insurance carrier and request a report for all doctors, labs and pharmacy submissions and pay outs to calculate accurately what medical debt you have incurred. If it’s been awhile since you requested your EOB reporting you may want to group it in an every three year tax reporting. Meaning you can only go back and claim three years so match medical information in three year increments and post to and amend your return for that / those years. Some Insurance Companies may question your request but usually do not and a very helpful. Just remember to give accurate information and a clear request to save you time. Also give yourself a window of at least thirty days for your request to process and be sure to state each member under the plan. Health Information Protection Laws have tightened the rein and you may not be able to request a spouses’ information without her signature of release; so get it no matter if they ask or not. Request copies of bank statements as well as credit card statements (If you don’t already have them); clearly record any possible tax advantage. When in doubt record it and inquire to http://www.irs.gov or your trusted tax advisor. Remember you are smarter NOW then you where THEN! Look for discrepancies and state or federal exceptions or breaks you may have missed. I recommend every customer reviews their past returns every three years and NEVER , EVER THROW YOUR TAX INFORMATION AWAY! No-one wants to be on the wrong side of the law (or IRS for that matter!) Some codes, federal laws and regulatory bills are retro-active. Take the time its’ worth the money you may get as a result.
Call your lender, especially if you have a subprime loan, creative financing loan, interest only, or reverse mortgage. It doesn’t matter! Call Right Now! Request a copy of your COMPLETE loan documents! That means your loan origination, settlement page, original offer, appraisal, title search and Amortization Schedule. With Banks and Mortgage Companies, Lenders (I having been employed by two major banks and two major finance companies in Collections, Bankruptcy, Account Management, Loan Officer and a Operations Manager for a National Non-Profit, and yes my age is telling on me!) have a Huge volume of debt they must cure each month. At the height and fall of our global economy, suddenly Lenders are activating clauses in their general loan documents you were not aware of. Example: PMI Insurance (which by the way IS tax deductible but I digress, PMI Insurance is a measure a bank has if your loan goes into foreclosure or your LTV is more then your residence is worth. PMI insurance no matter what any Bank or Lender says, it in place to provide relief to the Bank or Lender if your loan goes into Default or Natural Disaster. This is not a typical insurance that you collect from. They charge you a per diem installment that is included (personally I think its more like Padded) in your mortgage payment. But wait here’s the catch, while its Tax Deductible, it does neither apply to your loan; interest or principle, you can’t cash in on it and they (your Lender) can activate it at any time! Now I’ll give the Hint, so SHHHHHH Come Closer……Request your loan documents and review every clause or call me and I will help!!!!! As with my Mother, they sent her a letter saying she was to now and retro-active to LTV ratio overage, she was to immediately be paying the PMI. When she called they sent her a letter saying it was in her ORIGINALLY FINANCED LOAN DOCUMETS CLAUSE. Well of course pain in the, wait I said that already; anyway I had her pull them out. Each re-finance she had with them (3). Her original Loan documents DID NOT have the clause they said she did! Again and Altogether Now: NEVER , EVER, EVER, THROW ANYTHING AWAY!!!! If she requested at the receipt of that letter her loan documents may well have been altered to that effect. Why not? They told her it was in her documents and I found that it wasn’t. I’ll complete another article telling and documenting saving her $1500 in settlement costs and actually getting a check for over $3500 at closing, all because of a little thing called……Amortizations Schedule The Bread and Butter of the Lender because nearly all loans are signed and written into effect without the mortgagee ever receiving one. Lenders are notorious for padding fees and a 4 point loan can become easily 6 points with padding. I offer to review your loan documents at $25.00 and guarantee if I don’t save you $100 or more I will refund your money. If you have a second mortgage or even a first subprime loan (especially with Citifinancial) Look for you’re clause that says “ON THE ANNVERSARY OF YOUR LOAN; YOU HAVE THE RIGHT TO REQUEST AND REDUCE YOUR INTEREST RATE”. Now I don’t know about you but that is music to my ears!
This one is easy: DO NOT DO YOUR OWN TAXES! GET HELP! Pride falls to the way side when there is money involved and EVERY family right now needs all they can get!

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