- 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

Economics 101

Intro to economics. But fun.

View Course »

How to Avoid Financial Scams

Avoid getting duped by financial scams.

View Course »

TurboTax Articles

What is IRS Form 8824: Like-Kind Exchange

Ordinarily, when you sell something for more than what you paid to get it, you have a capital gain; when you sell it for less than what you paid, you have a capital loss. Both can affect your taxes. But if you immediately buy a similar property to replace the one you sold, the tax code calls that a "like-kind exchange," and it lets you delay some or all of the tax effects. The Internal Revenue Service (IRS) uses Form 8824 for like-kind exchanges.

What are ABLE Accounts? Tax Benefits Explained

Achieving a Better Life Experience (ABLE) accounts allow the families of disabled young people to set aside money for their care in a way that earns special tax benefits. ABLE accounts work much like the so-called 529 accounts that families can use to save money for education; in fact, an ABLE account is really a special kind of 529.

What is IRS Form 8829: Expenses for Business Use of Your Home

One of the many benefits of working at home is that you can deduct legitimate expenses from your taxes. The downside is that since home office tax deductions are so easily abused, the Internal Revenue Service (IRS) tends to scrutinize them more closely than other parts of your tax return. However, if you are able to substantiate your home office deductions, you shouldn't be afraid to claim them. IRS Form 8829 helps you determine what you can and cannot claim.

What is IRS Form 8859: Carryforward of D.C. First-Time Homebuyer Credit

Form 8859 is a tax form that will never be used by the majority of taxpayers. However, if you live in the District of Columbia (D.C.), it could be the key to saving thousands of dollars on your taxes. While many first-time home purchasers in D.C. are entitled to a federal tax credit, Form 8859 calculates the amount of carry-forward credit you can use in future years, not the amount of your initial tax credit.

What is IRS Form 8379: Injured Spouse Allocation

The Internal Revenue Service (IRS) has the power to seize income tax refunds when a taxpayer owes certain debts, such as unpaid taxes or overdue child support. Sometimes, a married couple's joint tax refund will be seized because of a debt for which only one spouse is responsible. When that happens, the other spouse is said to be "injured" and can file Form 8379 to get at least some of the refund.

Add a Comment

*0 / 3000 Character Maximum