Fabulous Financials

I received my $900 Economic Stimulus rebate today!!

In a previous post titled, 5 Ways to Spend My Economic Stimulus Rebate, I mentioned that I might spend it on shopping, savings, vacation, bills, rental property, or maybe even donate it. I thought it was pretty funny how the readers who visit my blog daily pegged me so well. Many of you probably know me even better than some of my closest friends. LOL

For those who may be curious, I plan to spend the $900 by:

1 - Donating $500 to the non-profit that helped my family.

2 - Spending $400 on ME - either shopping or vacation. Yes, ALL ME!! LOL

The reason? All others expenses would have been incurred whether I received the stimulus rebate or not. So I already have a plan for them in the budget. As for saving, I’m in no rush. I have a pretty robust savings plan and I have no doubt that I will meet my goals.

Instead of being responsible, I’m going to be a good American citizen and help stimulate the economy! First stop? The Designer Shoe Warehouse! LOL!

I’ll post pictures if I find anything fabulous.

photo credit: jonnyphoto

According to the IRS Economic Stimulus Calculator, the Economic Stimulus Payment Schedule, and this handy dandy Where’s My Stimulus Payment status form, I expect to receive a $900 check sometime this week - hopefully tomorrow. So I’ve decided to do a variation of BK Diva’s fantasy vs. real world analysis. Fact or fiction, here are 5 ways I may consider spending my economic stimulus rebate.

1. Go shopping!

Surprise, surprise! LOL!

What? A girl can always use some M.A.C., a new suit, wrap dress, handbag, two or three pairs of shoes… You know, a little something something. I’m just saying.

2. Save it.

Last month, I increased my eFund goal from 15k to 20k. Da hell was I thinking? This eFund is a moving target so I guess I need to tighten the bootstraps. With an $18k balance, I only need another $2k or so. By the time I hit the next milestone, I’ll probably bump it up again. Weird, huh? Saving is addicting!

I also have that ‘other’ goal I’ve been ignoring all year. You know the one, invest $5k in taxable non-retirement accounts. My plan is to buy index funds through Vanguard, so I need at least $3k to get started.

3. Spend it on a summer vacation.

Although Paris is no longer an option for this year, I am planning two outings within the next few months - one with my fam and the other with my friends. Both can be managed with monthly cash flow, but it sure would be nice to have extra money earmarked for acting a plum fool. LOL

4. Pay bills.

My car insurance policy expires in mid-June. Currently, I pay $460.30 for six months and I’ve been a good girl on the highways and biways. So I’m going to shop around for a better premium. Hopefully I can get it down to $425. Then again, with my luck, I’ll get a speeding ticket on June 1st. I aint lying!

Let’s see, what else?

Oh yea, my tags also expire in June. I’m not sure what the costs will be, but I assume I will have to pay for another state inspection, property taxes, and fees for the license plate and registration. If my memory serves me correctly, that could be about $350.

One more thing, BabyGirl is having her braces removed on Monday and she’s being fitted for retainers (top and bottom). Those little things are expensive!! Can you say a few hundred a pop?!?!

5. Spend it on my rental property.

My tenant is moving out at the end of June, so that means cleaning, painting, and advertising. Depending on the extent of the wear and tear, some of the expense will be deducted from the security deposit, but I know I’ll have some out of pocket expenses as well. Then, finding new tenants will be a challenge in and of itself. I’d rather assume the carrying costs than have a tenant from hell. So I’m estimating ~$500 out of pocket if things go well and ~$3k out of pocket for the worse case scenario.

BONUS: Donate it.

As a result of my recent personal issues, I discovered a wonderful non-profit agency that has been heaven sent. Prior to this year, I didn’t know they existed, but they helped my family overcome a situation that would have otherwise been catastrophic. I can’t remember how I found them, but I do know that God doesn’t make mistakes. Since they operate 100% on donations, I would like to pay it forward for the next family who may need to use their services.

Which option(s) do YOU think I should choose?

Which option(s) do you think I will mostly likely choose?

How will YOU spend YOUR economic stimulus check?

Want to know if you qualify for an Economic Stimulus (ES) payment? The IRS has prepared this handy dandy Economic Stimulus Payment Calculator that will ask you questions about your 2007 filing status and income. All you need to do is pull the information directly from your 2007 tax return. Note: you have to file your 2007 taxes in order to get an economic stimulus payment. When you’ve answered the questions, it calculates your expected economic stimulus payment with results like this:

Based on the information you provided, your expected stimulus payment is $x.

Then it gives you a link to the Economic Stimulus frequently asked questions.

If you’re curious about when you’ll receive your ES payment, you might want to view the IRS Economic Stimulus Payment Schedules. The link includes a handy dandy table about 1/2 way down the page, but in a nutshell, the date you will receive your check depends on the last two digits of your social security number (SS# of first filer if married filing jointly) and whether you included direct deposit information on your 2007 tax return.

If you included direct deposit info on your 2007 tax return, your ES payment will be sent to you via direct deposit in the first round of payments (no later than mid-May). If not, your ES payment will be issued via snail mail with the second round of payments (as late as mid-July). For both methods, see the payment schedule for specific dates.

If that isn’t enough information and you’re just dying for more because you want your friends and family to think you know everything there is to know about the economic stimulus payments, see the IRS Economic Stimulus Payments Information Center. But for the rest of us…

The most important things to remember:

• File your 2007 taxes by April 15
• Include direct deposit information - even if you owe
• Sit back and wait for your check

Oh, and when you receive it, don’t forget to stimulate the economy. Not that his opinion matters anymore, but your president seems to think that spending it is kinda important too.

[image credit: viewimages.com]

Federal Income Tax Refund Status

State of Maryland Income Tax Refund Status

State of Virginia Income Tax Refund Status

Now let me hold $5?

[image credit: oneviewsiteworks.com]

The Tax Man Cometh…For Real This Time

I just got a call from my new accountant. He told me there’s good news and bad news, then he asked me, “which one do you want first?” Ugh! Don’t you hate that!?! I’m like, “Dude, stop playing with me!” but I was nervous as hell. LOL!

The Good News

My amateur calculations were WRONG. I mean, REALLY wrong. Ha! Ya see, I know what I know but I also accept the harsh reality that I don’t know everything. For the things I don’t know (uh, just about anything outside the realm of money and parenting), I prefer to stay in my lane and pay someone else to do it for me. But - I’m not one to accept ignorance and totally rely on someone else’s word. If I’m paying you to provide a service, I’m also paying you to educate me. Hmph! What I look like? I don’t plan to need you forever. LOL

In an attempt to understand what I did wrong, here are a few of the mistakes I made: Read more »