- Days left

I'm all for public education, but yesterday's local school operating and capital improvement levy passage means my wife and I will have to come up with another $800 a year, or $66 a month, to cover the increase in taxes. This means it's time to look for fat to trim from our monthly budget. I'm sure the same process is taking place in millions of households across the country this morning, including, perhaps, yours.

Where will we find $800?

The prime candidate is our cable bill. We've bundled Internet, phone and cable TV, and the total is now over $160 a month. For that, I watch very few TV shows. Following the advice of WalletPopper Tracey Coenen, I'll revisit my service. After being inundated by political phone calls on our landline, I'm willing to consider dropping the phone component altogether. We're lucky enough to have a choice between three hard-wired services (Time Warner, WOW, and AT&T) in addition to satellite, so some comparison shopping here could pay off in savings without sacrificing my precious, precious internet access.

Another place that we might trim our expenses is our cell phone. While I use my Blackberry as a backup access avenue to my online work, I don't know that this service is essential. Cutting back to conventional cell phone service could cut our bill $50 a month.

We usually keep our thermostat at 68 degrees in the winter, 76 in the summer. Dropping the winter heat a couple of degrees, raising it a couple in the summer, could trim some bucks from our energy bills.

For years, we've shared dinner out with our friends on Friday night. We could cut out one meal a month, banking $10-15 to help cover our bills.

I might also hustle up some more freelance work, though with the growing unemployment rate work is harder to come by.

Did yesterday's elections raise your local tax obligation? How much? Where will YOU find the money? Please share.


Increase your money and finance knowledge from home

Getting out of debt

Everyone hates debt. Get out of it.

View Course »

How much house can I afford

Home buying 101, evaluating one of your most important financial decisions.

View Course »

TurboTax Articles

Employer Sponsored Health Coverage Explained

The Affordable Care Act, also known as Obamacare, is simpler than some people may give it credit for. The basic rule to remember is that everyone must carry Minimum Essential Coverage (MEC) or pay a penalty. Employers with 50 full-time employees or more are obligated to sponsor plans for their workers to help them meet this requirement.

How to Report RSUs or Stock Grants on Your Tax Return

Restricted stock units (RSUs) and stock grants are often used by companies to reward their employees with an investment in the company rather than with cash. As the name implies, RSUs have rules as to when they can be sold. Stock grants often carry restrictions as well. How your stock grant is delivered to you, and whether or not it is vested, are the key factors when determining tax treatment.

What is a Schedule Q Form?

The Internal Revenue Service (IRS) has two very different forms that go by the name Schedule Q. One of them is for people who participate in certain real estate investments; this is known as a Form 1066 Schedule Q. The other Schedule Q deals with employer benefit plans. It?s not something an individual taxpayer would normally have to deal with, though a small business owner might need it.

Incentive Stock Options

Some employers use Incentive Stock Options (ISOs) as a way to attract and retain employees. While ISOs can offer a valuable opportunity to participate in your company's growth and profits, there are tax implications you should be aware of. We'll help you understand ISOs and fill you in on important timetables that affect your tax liability, so you can optimize the value of your ISOs.

Add a Comment

*0 / 3000 Character Maximum