Category Archives: Coins

Tax tip – read the instructions!

Pile of coins

Copyright 2016 Sweet Doll Designs

I know by writing this post, I will be revealing myself as a major dorko, but here goes, anyway 😉

While Accounting is my profession, I am not, nor do I ever have the desire to be, a tax accountant.  Having said that, I always prepare my taxes by hand, check my work on Turbo Tax, then I file my tax return through the mail.  I do this partly so that I fully understand how my taxes are being calculated and partly because I don’t want to pay Turbo Tax to file my returns for me.

Over the years of filling out my 1040 form myself, I’ve discovered that the IRS includes really helpful line-by-line information in the form’s accompanying instructions.  With that in mind, here’s my big tax tip that will only take a few minutes, but has the potential to save you money:

Read the 1040 form instructions!

Specifically the section on Adjusted Gross Income, which can be found if you scroll down to page 31 of this pdf document: https://www.irs.gov/pub/irs-pdf/i1040gi.pdf.  Dorko alert: I read through each of these potential deductions carefully to see if I qualify for any of them.  By doing so, I found that I qualified for one – you may be pleasantly surprised that you do, too!

There are only 13 possible deductions in this section, so it won’t take you long to read the instructions.  Examples of popular deductions are: student loan interest, tuition and fees, IRA, HSA, moving expenses, and alimony paid, to name a few.

It is also worth your time to read the Tax and Credits section found on page 38 of the same pdf document: https://www.irs.gov/pub/irs-pdf/i1040gi.pdf.  There are only 7 credits to read about, so again, it won’t take much time.  In this section are credits such as: retirement savings contributions credit, residential energy credit, child tax credit, and education credits, to name a few.

I have always found that reading the IRS-provided instructions while filling out my taxes has been very helpful and well worth my time.  Also, if I have any questions when reading the instructions or am not familiar with a referenced form, I just quickly look it up on the IRS website.  I know it may seem scary, but the IRS website is really very easy to use and understand, helpful, and informative!

Good luck with your tax returns this year!  Remember to file by April 18, 2016.

Happy Decoding!

Fun fact for today: Have you ever wondered what the difference is between a tax deduction and a tax credit?  A deduction is taken before calculating your Adjusted Gross Income (otherwise known as your AGI).  Your taxes are calculated on your AGI less the itemized or standard deduction and less your exemptions.  On the other hand, credit provides a dollar-for-dollar reduction of your tax due, since any credits are subtracted from the tax amount due.  A deduction isn’t better than a credit and vice versa, but it’s important to be sure you claim all available deductions and credits if you qualify for them! (Source: https://www.irs.com/articles/tax-credits-vs-tax-deductions)

Disclaimer: This blog post is not intended to be tax advice.  For answers to your specific tax questions, please consult a tax professional.

Holiday planning – Start your list

Copyright 2014 - Sweet Doll Designs
Copyright 2014 – Sweet Doll Designs

I don’t know about you, but this year has flown by for me!  Now that we’re in October, it’s officially the last quarter of 2014!  That got me to thinking that the Holidays are just around the corner – now is the perfect time to start planning for them.

I know, you might be thinking that it’s not even Halloween yet, so why should you think about the holidays now?!  Well, it’s because the Holidays will be here before we know it and we need to start getting prepared so that we don’t have to run around like crazy and spend more money than necessary to get ready at the last minute.

When you start planning for the Holidays this far in advance, you have time to buy gifts on sale, pay for regular processing and shipping charges (instead of rush fees and overnight shipping), and save money a bit at a time so that you don’t have to charge all your purchases on your credit card.  Now is the perfect time to use the $5 bills you’ve been saving, or even consider using the change you’ve rolled.

To start, just sit and think about your favorite holiday experiences.  Are they with family?  Do they involve special menus?  Do you enjoy sending out special Holiday cards?  Have you started thinking about what to buy for your family and friends?

If you answered yes to being with family, does visiting them involve travel?  If it means plane travel, start looking at plane tickets and consider booking your flight now before the prices start to skyrocket.

If you enjoy making special food for your family get-togethers (even if it’s bringing a side dish to Nanny’s house and not cooking the entire meal), start thinking about what you want to make this year and write down the ingredients list.  If possible, estimate the cost of the ingredients you’ll need and start putting that money to the side.

If you’re planning on sending out a picture Holiday card of your family, go to the park and play around with taking fun family photos together.  Also go on the website of the company you’d like to create your card to see how much they will cost.  Start putting that money to the side.

Now start thinking about the presents you want to give to people this season.  Remember that they don’t always have to be store-bought.  Think creatively!  Maybe you can knit a pair of socks for Nanny to keep her feet toasty warm this winter.  Or maybe Mom would like a framed photo of a beautiful flower that you took this Spring.  It’s not a bad thing if you buy all your presents from the store, either.  My point is that it’s a good idea to start thinking now about each person on your list and what gift they might appreciate receiving.  Then do a little research to determine how much each gift (or the materials to make the gift) will cost.  You guessed it, put that money to the side, too.

I’ve created an Excel spreadsheet to help you organize your Holiday gift list.  If you’d like to receive this free resource, please fill out the form below.

Remember that you’re just starting these lists and they can be tweaked between now and the Holidays.  But it’s helpful to start getting prepared now!

Ok, now go back to planning your Halloween costume! 🙂

Happy Decoding!

Fun fact for today – Over $220 million worth of poinsettias are sold during the holidays! (Source: http://fun.familyeducation.com/december-holidays/history/35012.html)

Fun with money – National Parks Quarters

Copyright 2014 - Sweet Doll Designs
Copyright 2014 – Sweet Doll Designs

Hi everyone!

I recently purchased a map in which to display the new specialty quarters.  It’s similar to the State Quarters map (shown in this post).  However, this time, it’s for the National Parks Quarters (see the picture above).

Each time I’ve received a new National Park quarter, I’ve put it to the side.  Now I’m excited to be able to place the quarters I’ve collected so far in my new map!

If you like the look of this map, you can purchase it from Amazon.  Click here to be taken to the site (note: this is not an affiliate link).

See how much fun you can have playing with your money?!

Happy Decoding!

Fun fact for today – The first United States paper money was printed in denominations of 1 cent, 5 cents, 25 cents, and 50 cents (Source: http://www.factmonster.com/ipka/A0774850.html).

Fun with Money – State Quarters

Copyright 2014 - Sweet Doll Designs Copyright 2014 – Sweet Doll Designs

While money can be serious, I want to show you with this blog that it can also be a fun topic.  I encourage you to have fun with your money.

One idea is, when rolling the change you’ve collected during the week (see last week’s discussion), put aside the State Quarters.  Then, purchase a State Quarter map so that you can attractively display these unique quarters.

Above, you can see a picture of my State Quarter map.  If you would like to purchase one, here is a link to  the the Amazon.com warehouse*: Statehood Quarters Collector’s Map: Plus the District of Columbia and United States Territories

This is an inexpensive treat to get for yourself so that you can get in the habit of having fun with your money!

Post in the comments below the ways you have fun with your money.

Happy Decoding!

Fun fact for today – The first quarters were circulated in 1796, but they did not have George Washington’s head or even a denomination printed on them!  The quarter was distinguished from other coins by its light weight.  It wasn’t until 1804 the “25c” was added to the back of the coin.  George Washington’s head was put on the front of the coin in 1932 to commemorate the 200th anniversary of his birth.  (Sources: https://www.usmint.gov/kids/coinNews/circulating/25centCoin.cfm & http://en.wikipedia.org/wiki/Washington_quarter)

*Note: This is an affiliate link to Amazon.com.  I will make a few pennies for each purchase.