Posts Tagged 'taxes'

Stimulus bill Q and A

The New York Times has a fairly comprehensive question-and-answer post on the stimulus bill President Obama signed into law earlier this week.

While there are tons of possible questions and scenarios that could apply to you and your family, the Q and A gives broad answers to help make sense of the whole thing. It covers everything from Cobra to the new tax credit and changes to the Alternative Minimum Tax.

If you’re feeling really brave, you can read the stimulus bill in its entirety on House of Representatives’s site.

What does the stimulus bill mean to you?

A bit, according to The Consumerist. Mostly, it’s extra tax breaks: a tax break if you purchase a home sometime in 2009, an individual and couples tax credit, extended unemployment benefits, and a few more noteworthy items.

The original document is about 1,000 pages long, so we appreciate these news outlets skimming the giant package into a more digestible chunks.

Don’t see your tax form? Here’s why

Some members have wondered where their American 1 dividend tax form is. It’s tax season, after all, and if you’re like me, you want to get them done and over with.

If you don’t see your tax form online or you didn’t recieve your form in the mail, there may be a few reasons. You will not receive your tax form if:

  • You earned less than $10.00 in dividends
  • You paid less than $600.00 in interest on a real estate type loan
  • If we don’t have a correct address on the account and a tax form was mailed (it gets sent back to us)

Forms were sent on January 28, so if you don’t see it among your e-statements or you haven’t received anything in the mail, chances are you won’t get one.

Hope that helps!

Smart uses for your tax rebate check.

What should you do with your $300, $600, or bigger rebate check coming this summer? We found the best advice from around the web on what to do with your money.

The most important thing to remember? Be smart about it. Don’t waste an opportunity. We know the government wants you to spend your rebate to “stimulate” the economy, but there are smarter things to do with the money – especially in these tough economic times.

Pay down debt: “Using the money to cut your debt can be a win-win both for you and for credit card issuers…In a slowing economy, the last thing you want to do is overextend yourself.” (

Save for a rainy day: “The money is there in an emergency, but since you can’t just empty it out by writing a series of little checks you’re less likely to touch it. The standard rule of thumb is to sock away three to six months of living expenses. So start with your refund and take it from there.” (

Service your car: “If you’ve been putting off that oil change and tune-up because you just didn’t have the money — this is the time. And check the tires. Extra bonus: A well-maintained car with properly inflated tires burns less gas and saves you money in the long run.” (

Pay toward a retirement IRA or college savings account, or see an attorney to draft wills and other needed estate planning documents. ( Call American 1’s Member Relations department for more info on this point.

Make home improvements: “Putting your tax rebate money toward such improvements as lighting, painting and electrical repairs can produce over 100% returns on their cost when it comes time to sell, making this a good place to spend the tax rebate.” (

ScamWatch: Keep safe this tax season

With tax season and the news of the upcoming tax rebate checks, it’s important to safeguard yourself against fraud and scams. Here are a few tips to help keep you safe. Continue reading ‘ScamWatch: Keep safe this tax season’

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