Americans are concerned about their taxes and at which tax rate they might be paying. Things are still undetermined, however one thing that doesn’t change from one administration from the next is the fact that many Americans are audited every year. So many don’t know where to turn to for tax relief help. In fact many simply either attempt to ignore their tax problems or they simply look to pay the penalties before exploring what their options are.

Having a good tax attorney or tax debt specialist to answer your questions in moments like this are invaluable. Tax debt is unfortunately something that can follow you around for the rest fo your life. It also makes you even more likely for an audit in the future. We’ve found a lot of information and misinformation on the internet.

One excelllent resource is of course the horses mouth, or in other words the IRS directly. You can find them located at www.irs.gov. Another Good resource are tax professionals like www.TaxRelief.net

They have access to one of the alrgest networks of tax relief specialists in the country. Contacting them and getting some real answers is as easy as filling out a form on their website. After that a tax relief specialist will contact you at a time of your choosing. You can also be assured that TaxRelief.net does not sell your information to any third parties or anyone not directly in their network. They truly are a great resource for any of your tax debt questions.

The current economy has many Americans struggling with their debt management and seeking help to resolve debt issues and even foreclosure. While it is good to seek help for debt management with a reputable debt management agency, Federal and State Agencies are warning homeowners to beware of “mortgage modifiers” who are defrauding consumers seeking to refinance or restructure their home mortgages.

According to government agencies, fraud is occurring involving companies with names that are official sounding and that are intended to lure clients into believing that they are somehow affiliated with the Obama administration or the Federal Governments mission to help homeowners caught up in the subprime loan fiasco. According to the FTC there are unscrupulous companies with some advertisements actually using the likeness of President Obama and references to his housing restructuring plan intended to lead homeowners to believe that they are dealing with a government sponsored affiliate.

Treasury Secretary Timothy Geithner has said that the fraudulent nature of these companies has garnered the attention of the Obama administration and that the misrepresentations they are now aware of will bring a speeded response from law enforcement. “We will shut down fraudulent companies more quickly than before,” said Treasury Secretary Timothy Geithner.

While it is important to address debt management issues, it is equally important to ascertain that you are dealing with a reputable non profit agency handling debt management or loan restructuring. “There is a definite need for homeowners to receive help from other than governmental sources, however it is in very clouded waters that people are swimming with a lot of sharks trolling,” said a Washington Community Reinvestment Coalition member.

The FTC (Federal Trade Commission) has sent warning letters to 71 agencies or companies that were running questionable advertisements and has filed three new complaints against companies offering mortgage restructuring.

In this difficult time we are all trying to be better debt managers, reducing our debt and restructuring budgets in order to deal with the troubled economy. For those who are facing foreclosure the necessity of debt management is no longer a choice, and is therefore so much more an important decision in your life. To secure one’s financial future and avoid financial disaster it is essential to be sure you are dealing with a reputable non profit organization that you have established checked the credentials of.

Homeowners that are in distress or possibly facing foreclosure can call for free counseling services or go online at www.makinghomeaffordable.gov , to speak to a mortgage restructuring counselor call (888) 995- HOPE (4673).

As Americans continue to struggle with the economy more and more evidence of the toll it has taken on families is showing up in bankruptcy courts all across the country. While most of America has been trying desperately to handle their debt consolidation problems with many even seeking the resources of debt management programs through credit counselors, it is more and more often leading to the last resort of bankruptcy.

There is some new hope being offered for those struggling with credit card debt through the new legislation being introduced by two Senate members. In January Sens. Sheldon Whitehouse, D-R.I. and Richard Durbin, D-Ill., introduced a bill seeking to give financially distressed consumers another source of intervention that would wipe out credit card debt for those that are forced into bankruptcy.

Consumer advocate groups that have been lobbying congress aimed at the FTC to crack down on the predatory lending practices of leading credit card companies and banks were successful in getting new legislation passed. The bad news is that they will not go into effect until next year for reasons that are not clear to consumer advocate groups who lobbied for more stringent reprimands and immediate actions.

The bill is aimed at the credit card companies who raise the interest rate higher than the 18.5 percent currently allowed, through increased penalty rates and fees, which is seen by congress as pushing more people into bankruptcy. The bill is meant to give consumers who are struggling to avoid bankruptcy more leverage with their creditors, as they would have their credit card debt wiped out if they are forced into bankruptcy and therefore creditors are more apt to make reasonable settlement agreements with the consumer.

Under the current bankruptcy laws for those filing Chapter 7 or Chapter 13 you would still be obligated to pay your credit card debt as well as your secured debt. This bill would eliminate that provision in the law that mandates that consumers who meet a certain income requirement must file Chapter 13 (instead of Chapter 7 which requires them to use only their liquidated assets to pay off debts), which requires them to agree to using their future income to pay off their debts. With this provision gone credit card companies would certainly be more prone to working with their customers rather than to see the account go into bankruptcy, where they could receive little or no payment at all.

Send your emails in support of this bill to The Federal Trade Commission, the Office of Thrift Supervision and the National Credit Union Administration or the Senate Judiciary subcommittee regarding the measure that would wipeout credit card debt for people filing for bankruptcy sponsored by Sens. Whitehouse and Durbin.

MONEY SAVING TIPS TO REDUCE YOUR ELECTRIC BILL

In today’s economy we are all looking to reduce our debt to income ratio, save money, and practice better debt management, so any help we can get to do this is welcome news. Here are some tips taken directly from a large utility supplier that can reduce your yearly electric (bill) debt by as much as 5% to 30% a year, according to the U.S Department of Energy.

The first step in saving on your energy costs and reducing your debt is to perform an audit on your home’s energy efficiency, you can go online for a DIY energy audit at http://hes.lbl.gov and it will step you through the process.

Basically, what you will need to do is search for air leaks around; doors, windows, doorframes, pipes, attic or cellar doors or hatches, baseboards, and electrical outlets. An easy fix is simply to weather strip or caulk around any areas you find not to be air tight. The next step that follows is to adopt these energy saving measures into your daily debt management living habits:

1. If you do not have one already install a programmable thermostat.

2. During the winter/cold months program your heat thermostat to 68 degrees with the thermostat fan on auto while you are at home and reduce it when you are sleeping or are leaving the house.

3. In the summer and warmer times of the year set you’re a/c thermostat to 78 degrees with the fan on auto and increase it to around 80 while out, if you have a large home over 2700sf you may want to keep the thermostat at a constant temperature of 79 degrees in order not to have to expend a lot of energy to re-cool the entire home again, keeping it at a constant low use setting is more energy efficient which means money saving.

4. Do not pre-wash your dishes before loading the dishwasher it will save both energy and water.

5. Make sure you clean and replace air filters in a/c units and your clothes dryer.

6. Use appropriate water levels when doing laundry and use energy efficient temperature settings.

7. Use the dryer’s auto dry sensor so you don’t use more energy than necessary.

8. Turn off ceiling fans when not in the room.

9. During the summer do not run your pool pump more than 6 hours per day or 4 hours during the winter.

10. Turn off unnecessary lights both indoor and out and always turn lights off when leaving a room.

AMERICA’S DEBT MANAGEMENT HAMPERING THE ECONOMY?

Analysts are saying that the fact that American’s have reduced their debt, are practicing better debt management and saving money is a primary reason the economy is not on a faster recovery track! It is no wonder that as the U.S. household wealth fell by a record setting $5.1 trillion dollars just from October 2008 to December 2008, according to Federal Reserve figures nearly doubling the decrease amount for the previous quarter, that we find American’s are still skeptical about spending money.

As home prices and the stock market plunged net worth for households and non-profit groups declined to $51.5 trillion dollars in the third quarter, which is the lowest level in the past four years. The decline in household wealth is one reason analysts say that the economy will be on a slow recovery track, as consumers will continue to reduce debt and save more. “This decline in wealth is a headwind for spending and it’s a big reason to be cautious and to save”, said Jonathan Basile, an economist at Credit Suisse Holdings USA Inc. in New York.

Some economists are speculating that a large number of consumers with substantial credit card debt have revamped their spending/debt budgets drastically and many are even seeking professional credit counseling to assist them with their spending habits and debt management.

Households barrowed less, and debt decreased at an annual rate of 2%, the first ever drop in debt on record, while mortgage barrowing dropped to a 1.6% annual pace. These are the numbers and they speak for themselves, Americans although showing some confidence in the first quarter and better than we anticipated, are still and should be very cautious in their debt management strategies and spending. Saving money has to once again be a part of every Americans daily life and money/debt management practices if they are ever to be able to manage their finances in such a way as to be debt free once again. One option is to find a way to secure a debt consolidation loan.

For those that have large amounts of credit card debt, budgeting and better debt management practices may not be enough to get you out of troubled waters and seeking debt resolution through a reputable credit counselor may be your only advisable solution. Many companies offer free debt consolidation advice, good information is still valuable even if it is free. Professional credit counselors can strategize with you to adopt a well planned course of action to get you back to debt freedom once again.

IN A RECESSED ECONOMY COULD THIS BE YOUR GREAT DEPRESSION?

Today people in the US are facing some of the greatest financial difficulties since the Great Depression, and good everyday hard working people struggle to pay their debts. Many are forced to live paycheck to paycheck and are often caught in impossible debt management situations when a small emergency arises, throwing their budget into a chaotic state. Still others may not be in so precarious a situation, but are still having trouble meeting their debts without a solid plan of action in which to do so.

Do you realize that in a recently conducted study that 50% of Americans age 18 to 65 did not know that it is preferable to get a $100.00 online loan or transfer, as it would cost them less and was preferable to their credit rating, rather than the over draft charges assessed to their account from their bank? It really is true many adults in America have really poor debt management skills and don’t even realize it.

In an economy such as we are experiencing it is ever more important to be managing our debt wisely and sticking to a well thought out budget plan. Unfortunately though at least half of us have difficulty in doing so on our own, and fall even deeper into debt because of our lack of knowledge in these matters.

Seeking out a reputable credit counseling company may be an important first step in regaining control of your debt management situation and to getting you back on the road to fiscal stability. In an unstable economy debt management counseling can return you to being financially sound and bring a sense of calm to your financially troubled world.

Professional credit counselors can assist you in various ways, working with you, creating a solution and workable plan, no matter how good or bad your personal financial situation may be, so that no matter what is happening in the financial world around you; recession, depression, or what ever may be you will be able to achieve debt freedom and peace of mind for your financial world. Don’t let the troubled economic market around you become your Great Depression, seek professional credit counseling today.

MONEY SAVING REASONS TO BUY A HOME NOW

When thinking of how to save money when it comes to buying a home the most obvious answer is price, buying at the right time of course is the preeminent answer, but it certainly is not the only one.

The present economy and the banking meltdown have brought and continue to bring housing prices to their knees all across the United States, and the world for that matter.

Although this has wreaked havoc on our economy for the most part, there is an upside, in that it is making home ownership affordable once again. It has engendered some of the most affordable conditions for home ownership as we have seen since the early 1980’s, both in terms of median home prices and interest rates.

Using Florida as a barometer, where less than 1/3 of the homes sold in south Florida i.e. Palm Beach County and the Treasure Coast were priced within the median range affordable to median range income families, whereas today more than half are attainable for median income families now, and the prices are still dropping as foreclosures continue to flood the markets.

With the savings in home prices, fantastically low interest rates, and the government stimulus $7500.00 tax break (that you don’t have to repay) all have made home buying a savings bonanza for those with good credit and a job.

Analysts are speculating that despite rising unemployment the economy will make a comeback as people are buying homes again, and they begin spending money to furnish them and spend even more on all the other extraneous expenses that come with home ownership.

Eventually that will turn into jobs for those out of work, which will in turn improve the economy, as one feeds the other in a trickle down effect, and before you know it our economy will be rebounding.

So, if you are one of those people fortunate enough to still have your job, have been watching your debt management carefully and saving your money the time couldn’t be better to save double and even triple digit figures on buying a home today, without putting yourself into a debt situation you can’t afford.

Beware though the savings out there may tempt you to go beyond your means because there are so many great buys, but just remember how we got to where we are today … by living beyond our means not practicing good debt management, not saving enough money for; emergencies, job loss, health problems, or a tanking economy!

BANKS AND CREDIT CARD COMPANIES ARE LINING UP AGAINST YOU

As consumers are feeling the sting of the slumping economy and finding they have to be better debt managers and save more money and try to reduce our debt to income ratio, credit card companies are making it their profitable business to make it much harder.

Most Americans are feeling the pain of the recession, and many even have been thinking that now is the opportune time for using the; accrued points, bonuses, benefits, discounts, or so called rewards that they have accumulated for using their credit cards.

But, it should be no surprise that just as people want to actually begin to cash in, (although that is an oxymoron), on the benefits from using our credit cards, that in fact credit card companies are making it harder and harder for you to do so, by raising the bar on redemption thresholds.

According to Affinity Solutions Inc. a company in New York that manages and develops rewards programs, credit card companies are raising the bar on reward programs and the easiest way to do that is to increase the point redemption values or the number of points needed to cash in on your rewards.

Approximately 40% to 45% of credit cards and 20% to 25% of debit cards have access to rewards programs, although the terms may be very different. Debit card use is growing and more and more banks are expanding their debit card reward programs to cash in on this lucrative area of the market by expanding their rewards program to lure in consumers, but in order to take advantage of those rewards consumers are usually required to spend more money in order to receive the same reward points as a credit card offers.

Even though there are steps the consumer can take to increase the amount of points one accumulates to maximize your rewards with your credit card company, this should not influence consumers spending. Many find themselves searching for a free debt consolidation service.

A credit card holders primary goal should be to receive the lowest possible interest rate on the debt they owe, or to reduce or eliminate the debt altogether. The main area of concern should be the interest rate and fees being charged to those who are carrying a debt or revolving balance.

Rewards programs will not help you with your debt management, debt solutions or debt resolution, but are likely to get you further into debt, and if you are a consumer who is carrying a revolving balance that can lead to serious debt management problems.

The moral of the story is; in this economy and the proposed near future we all need to be prudent in our debt management, spend wisely, and not be taken in by reward programs.

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THERE ARE TWO TYPES OF VICTIMS OF THE ECONOMY

A study recently conducted indicates that as our economy is slumping, the rate of economically based or motivated crimes is increasing at astonishing rates. Research shows that burglary and robbery rates always increase during times of economic woe; as people who are struggling with paying their debts and aren’t equipped with the tools for proper debt management or debt cosolidation, sometimes become desperate and resort to crime.

According to Professor Richard Rosenfeld of the University of Missouri-St. Louis; some studies show a one year lag between changes in the economy and debt related crime rate increases.

Would that mean we have yet to see the worst of the rise in crime; New York City and Tucson have already seen increases in theft and homicide, as well are crimes against property in Providence and Chicago.

The recession also contributes to a loss of police enforcement resources; as city and state agencies struggle with debt management and decreasing revenue from taxes, they are forced to make budget cuts to reduce debt and their ability to reduce crime is hindered.

During the Great Depression FDR’s New Deal work relief programs helped to deter crime. “ A 10% increase in government spending on work programs in the 1930’s,” says Price Fitzpatrick a University of Arizona economist, was associated with a 1% reduction in crime.”

With the Obama administration spending close to 1.2 trillion dollars on a government stimulus plan, I guess America should be crime free once the stimulus plan takes effect, even though we will owe a debt that our children’s children will be paying for years to come.

There are two types of victims of the economy; people who are struggling with debt management in an economy plundered by Wall Street greed and those who have been robbed at gun point or worse, either way the perpetrators all belong in the same jail cell.