Bigger Tax Refund, Use proper credits

Pay off Loans and debt with Tax Refund

This is a great time of year for many of our customers.
The anticipation of a Tax Refund brings with it the promise of getting out of some debt and paying a few bills.  We like to see our people smiling about such things.  To that end, we are passing on some things from the nice people at TaxAct.  They have provided the content below as a list of valuable information to maximize your return from the IRS.

 

The credits and deductions you select make all the difference in your Tax Refund.

Use a professional tax preparer that understands the proper code interpretation for the best results.

Child and Dependent Care Credit –

The maximum amount of child and dependent care expenses eligible for the credit for one child is now $3,000. It is $6,000 if you have two or more children. These increased amounts are permanent.

Child Tax Credit –

The credit has been made permanent at $1,000 per child under the age of 17 at the end of 2013. This credit may be claimed in addition to the Child and Dependent Care Credit.

Tuition and fees deduction –

You may be able to deduct tuition expenses as an adjustment to income if you, your spouse or your dependent are enrolled in a post-secondary institution. This applies even if you don’t itemize deductions. People generally take this deduction if you don’t qualify for an education credit or other tax break for the same expenses.

American Opportunity Credit –

The maximum tax refund credit for the first four years of post-secondary education costs in a degree or certificate program is $2,500 per student. Costs may include tuition, fees and course materials (books). If you don’t owe any tax, you may also be eligible to receive up to 40 percent of the credit ($1,000) as a refund.

Educator expenses deduction –

Elementary and secondary educators can deduct up to $250 toward their tax refund for related job expenses as an adjustment to income, even if not itemizing deductions. Educator expenses are not reduced by 2 percent of your adjusted gross income, unlike most employee expenses.

Deduction for mortgage insurance premiums –

If you pay mortgage insurance premiums, also known as PMI, you may be able to deduct premiums as mortgage interest.

Alternative Minimum Tax –

The AMT was created to ensure wealthy taxpayers receiving large tax benefits pay some tax. It will now be adjusted for inflation each year so fewer taxpayers are subject to the tax. The exemption amount rose in 2016 to $53,900 ($83,800, for married couples filing jointly). For married individuals filing separately, the exemption is $41,900.

Adoption credit –

There is a credit equal to up to $13,460 of your adoption expenses. This includes fees, court costs, attorney fees, traveling expense and other expenses. These are directly related to, and for the principal purpose of, the legal adoption of an eligible child. You may also be able to exclude up to the same amount from your income if your employer provides adoption benefits. Both a credit and exclusion may be claimed for the same adoption, but not for the same expense.

State and local sales tax deduction –

You can still deduct state and local sales taxes for 2016. Use the deduction for state or federal income tax – but not both.
Certain criteria must be net in order to claim them on your tax return. And even if you are eligible, you may not qualify for the entire amount.

Online and mobile consumer tax preparation programs make it easy to confidently claim deductions and credits. As you answer simple questions, the program completes your tax forms and checks for errors and potential opportunities. One of the top solutions, TaxAct, even helps you plan for next year. This includes guidance for the implications of the Affordable Care Act.

Learn more about these deductions and credits at www.irs.gov, and file your federal taxes at www.taxact.com.

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Choosing Payday Loans over traditional loans.

Choosing Payday Loans over traditional loans

Is it so unusual to find people choosing Payday Loans as their preferred option?

Passing along another example of people using a keyboard without thinking it through. This time from Canada as published in Ottawa’s MetroNews, linked here-

The writer goes on about the cost of borrowing money. Finally, stumbling upon the idea that handling loans takes time, effort and resources which may keep financial providers (such as Banks) form wanting to handle small loans;

“Bouvier said major banks should be offering overdrafts and other credit services for people with limited means so people don’t have to use payday loan firms. She said she suspects they are trying to avoid the extra work.
“I don’t think they want people working hours doing hundreds of little loans.””

We suspect they are correct. What surprises us is the writer seeming to feel like a huge unknown fact has been discovered.

It does take time and resources to handle these loan accounts or any account for that matter.

They seem to suggest it’s a dirty secret that the Banks have to pay for personnel and facilities in order to make these loans, and that requires operating at a profit.

That where Payday and Installments lenders come into the picture. We fill the need, and specialize at short term small dollar lending.
Being specialist, we do it for less as a matter of efficiency. Let us now if we can help you, https://CQCah.com

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Food Drive and Match 2016

Food Drive Customer donations matched by lender

Many years running now, Community Quick Cash has held a food drive near Christmas.  We then match our customers generosity with grocery store gift cards.

This all becomes an annual food drive donation that frequently is received at the Circle of Concern in Valley Park. (Http://circleofconcern.org/) They do much more than serve as a Food Pantry, although that is their primary function.

“The food pantry is our core service. It is also the gateway to other Circle programs and services; in order to access other programs, families must first receive food from the food pantry.

Each month, Circle Of Concern serves approximately 2,000 people with groceries.

The quantity of food shared is determined by a client’s family size. We share a 7 to 10 day supply of grocery items, including milk, eggs, fresh fruits and vegetables, bakery items, frozen meats and canned goods. Because items like soap and toilet paper cannot be purchased with food stamps, personal care items and paper products also are included with the groceries.

For families with school-age children who receive free or reduced-cost breakfast and/or lunch during the school year, we provide Kid Bags during the summer. These packs include additional child-friendly food to help bridge the grocery gap and ensure these children have enough to eat when school is not in session.”

“Our clients are families; working adults, children, seniors, disabled people, veterans, un- and underemployed, homeless individuals and families, and others who struggle with poverty and hunger.

There are two qualifications to receive services at Circle – income level and residency.

First, clients can have a household income (including wages, social security, government assistance and other resources) up to 150 percent of the federal poverty level. Second, our clients must live in west St. Louis County, in the geographic footprint of the three school districts serving this area – Parkway, Rockwood and Valley Park.

Each month, Circle feeds approximately 2,000 people. More than a third of those are children.”

Click the link above to see how you also can help with their mission of helping others. They can you your time, too, as well as financial support.

Ever thankful-
https://CQCash.com

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Retaining choices in consumer lending, limiting power instead of options.

Consumern lending choices to get a loan may be preserved
Consumern lending choices to get a loan may be preserved

Consumer lending options to get a loan should be preserved.

As a surprise bonus to our customers, the most recent election brings in leadership favorable to maintaining their consumer lending choices.  We found this analysis of the situation written by Chris Morran at The Consumerist.   Segments of his article are reprinted here.  It give us all some hope for reduced overreach  of a bureaucratic state of affairs;-

 

“On the campaign trail, President-elect Donald Trump made his disdain for the 2010 Dodd-Frank financial reforms clear, leaving many to wonder what a Trump White House would mean for the Consumer Financial Protection Bureau — the financial services regulator created by the 2010 legislation. Now that pieces are beginning to fall into place for the Trump transition plan, the outlook for the CFPB does not appear very bright.”

Changes At The Top

Arguably the most significant looming change to the CFPB comes not from the Trump camp or from anti-CFPB members of Congress, but from the courts.

Director Richard Cordray has been a controversial figure since President Obama used his recess appointment power to install the former Ohio attorney general as CFPB head more than four years ago. The move so upset some members of Congress that Hensarling and others refused to hear testimony from Cordray until he was vetted and approved by the legislature. Cordray was, after more skirmishes in the Senate, eventually confirmed for a five-year term in mid-2013.

In theory, he could remain as CFPB Director until that term runs out in 2018, but a recent federal appeals court ruling has called that authority into question.or a multi-commissioner panel with term limits, a federal appeals court recently concluded that the CFPB’s peculiar structure is unconstitutional because it concentrates too much authority in one person who is not directly answerable to the president once in office.

If that ruling stands, it would mean that Cordray will likely be packing up his desk in late January. The law allows for his Deputy Director to assume the head position if Cordray exits before his term ends, but the White House will likely have a replacement in mind if they believe the appeals court ruling will survive.

People we’ve talked to in D.C. believe that the Trump administration would likely name an interim director to head up the Bureau while allies in Congress try to pass legislation that would restructure the CFPB leadership to a multi-member commission.

The other important change that anti-CFPB legislators have wanted is to make the CFPB more accountable to lawmakers by having its funding come through Congress rather than independently from the Federal Reserve. This revision to the Bureau’s structure has been proposed a number of times over the last five years, but has never been taken as a serious possibility until now.

Pending Plans

Bank-backed lawmakers have tried to de-fang the CFPB in recent years by forcing the Bureau to delay enforcement or redo research on controversial issues like payday lending and forced arbitration.

Some marquee regulations — like the long-awaited final rules on using arbitration in financial services — are still pending, and their future remains in doubt if Cordray leaves or is removed.

The Hill reports that the CEO of the Credit Union National Association wrote to Cordray earlier today, calling on the Bureau to press pause on many pending CFPB rules. Additionally, President-elect Trump has pledged to put a moratorium on new agency rulemakings once he takes office.

CUNA contends that this is the will of American voters, who “do not feel their voice is being heard by federal policymakers and they want that to change.”

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Payday loans; They help ‘the little guy’

Payday Loans help little guy

Loans when savings are short

Thought this column on Payday Loans was worth reprinting.  It was written by Mr. Cranford Rigell of the Orlando Sentinel;

“Why does it seem that every time something is actually working for the little guy, some government bureaucrats try to take it away from us? It makes you wonder if they understand that there are real people out here, with real problems, who sometimes need real help to make ends meet.”

“I suppose I sound angry, but what I’m really feeling is worried. Every now and then I need a little extra cash to make it to my next paycheck, and now the federal government is trying to take away my best option for meeting this need.”

When necessary, a payday loan is a great source of quick cash.

“My work as a Notary Public doesn’t give me the kind of status to walk into a bank and get a short-term loan on the spot. I’m always careful about when I take out a payday loan, because I know I’ll have to pay it back with a small fee. I don’t do it often, but sometimes priorities make it necessary. The last time, it was two weeks to payday, and if I didn’t get car repairs right away, I wouldn’t have been able to get to work — meaning I wouldn’t have gotten paid.”

“Florida law protects people like me. It makes sure we can’t be tempted to get more than one payday loan at a time, because it would be next to impossible to keep up with the payments. It makes us wait at least 24 hours after repaying a loan before we can get another. We can’t borrow more than $500, and the fee is never more than 10 percent of the loan amount.”

But now some elites in Washington want to adopt new rules that will have the effect of shutting down my payday-loan store, and thousands like it across Florida and the nation.

“The so-called Consumer Financial Protection Bureau says consumers are gullible, and the payday-loan industry traps them in debt. They must think we’re all idiots.”

They want to punish the hard-working people who are paying their bills the best way they can, all because some malefactors abuse or game the system.

“I personally resent the fact that they want to restrict, curtail, stifle and police the avenues by which I can make ends meet and fulfill my financial obligations on a monthly basis.”

“Here’s a novel idea for those bureaucrats: Punish the ones who are gaming system and not the ones working hard to make ends meet.”

“Those unelected federal officials shouldn’t allow the small number of reckless borrowers to tarnish the whole process. States that have problems with payday loans should use Florida as a model for how to do it right.”

“Government “experts” must not limit our options. I encourage anyone who struggles to make ends meet to contact federal officials and tell them to leave Florida’s system alone.”

Mr. Rigell’s orginal article can be veiwed here– http://www.orlandosentinel.com/opinion/os-ed-payday-loans-customer-myword-100316-20161003-story.html

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