- 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

Introduction to Preferred Shares

Learn the difference between preferred and common shares.

View Course »

Advice for Recent College Grads

Prepare yourself for the "real world".

View Course »

TurboTax Articles

Depreciation of Business Assets

In an effort to stimulate the economy by encouraging businesses to buy new assets, Congress approved special depreciation and expensing rules for property acquired in 2014. However, beginning in 2015, we are back to the old depreciation rules.

Tax Deduction Wisdom - Should You Itemize?

Learn whether itemizing your deductions makes sense, or if you should simply take the no-questions-asked standard deduction. The standard deduction is always easier, but for one out of every four taxpayers, itemizing pays off with a lower tax bill. Browse this quick tax deduction overview to avoid paying more taxes than you actually owe.

Tax Breaks and Home Ownership

Home ownership brings with it not only many trips to home improvement stores, but also a slew of tax breaks. It's up to you to take full advantage of the write-offs available to you. Here's what you can and can't deduct.

When to Use Tax Form 1099-C for Cancellation of Debt

In most situations, if you receive a Form 1099-C from a lender after negotiating a debt cancellation with them, you'll have to report the amount on that form to the Internal Revenue Service as taxable income. Certain exceptions do apply.

What is IRS Form 8917?

If you, your spouse or dependents attended post-secondary school, you may be able to deduct a portion of the tuition and fees by reporting it on IRS Form 8717.

Add a Comment

*0 / 3000 Character Maximum