IDOR - Illinois Department of Revenue

I thought I would send a compliment out to the IDOR folks. Seems, when it comes to government entities, compliments are not in abundance. And in all honesty, I have had the most awesome folks help me with issues for work - both at IDOR and the IRS.

I don't think either division is set up to be tough - most are willing to help and our personable, if you are. Wow, just like real life. :-) Whodathunkdit?

Yesterday, my caller i.d. showed that I was getting an "Out of Area" call. Generally, I click the phone on and then off when I see this. I do not have time to waste with telemarketers. I have no idea why I answered and spoke yesterday, but I'm glad I did.

This really helpful and personable woman was on the line. She asked for me. Yet, I was still skeptical - need I remind you of all the collection calls I have received for that girl with MY NAME. Thank goodness, they stopped.

I was shocked by the call, when she said it was the Illinois Department of Revenue. Although, I do get calls, this one was not expected.

I was pleased and frankly impressed, when she said I made 2 tax deposits and wondered if one was in error. She would cancel it, if it was in error, before it hit my bank on the 15th. How sweet!

Now, the deposit was not in error. I was paying a bit early, but it was good.

Ever since the call, I have thought that the was a wonderful move by IDOR. What if your computer program, like Quick Books, accidently sent out 2 payments. The dreadful - Oops, I double clicked. In a small business, this could kill cash flow and stiffle a business.

Cheers to the Illinois Department of Revenue, for looking out for the people!

Finding HSBC's Routing Number

The folks at HSBC must not want more deposits. Their site sucks for finding the right routing number.

Oh sure, there is a whole page by state list of routing numbers. What would be so wrong with adding a line that said "Online Savings Routing Number"?

A search of the web, showed that most sites mention the New York Routing Number when referring to the Online Savings. Could it be possible they are all New York residents?

I finally found a site that compiled all the routing numbers for all the online accounts. Along with other pertinent information. The routing number posted there for the HSBC Direct Online Savings, was the one posted everywhere else, so it must be so.

Why doesn't HSBC print it on the statements, like ING does in the first quarter of the year, to get your tax refunds? Maybe they are flush with deposits now?

Anyway, if you too are searching the HSBC Direct Online Savings Routing Number IS:

022000020

I'm just trying to set-up a personal EFTPS Login, so I can make my 1040ES payments online. Saving money in postage, checks, envelopes and saving stress and worry over timely received payments. Plus, earning more interest without the issue of time lost through transfers.

A weeks a week.

2nd Property Tax Bill In

This time for our residence. Much like the commercial property tax bill, we are seeing a decrease. These bills are not from the same counties.

The commercial tax bill was not as good as I first thought. When I reviewed the numbers against my records, I discovered issues with the counties records. They actually show the property tax for last year higher then what we paid. No we did not underpay our taxes. I have no idea where this adjustment came from.

What this increase did on the bill though, was make it look like the payer was receiving a larger cut in taxes for the current year. When in fact, we only received (for a higher range commercial property) a tiny $68.06 decrease. I spent more in Blacktop Patch this year.

Our home, which of course is not valued as high, gave a better decrease and this county's bill show the correct amount for last year. We are paying $106.02 less this year. Yippee!

What is amazing with this decrease is, they also shot our Taxable Value up. Not by pocket change either. Our Taxable Value went up $3,728, for a Total Value increase (per the county assessor) of $11,184.

Fascinating. I knew our area wasn't getting as blasted by the housing issues as others, but WOW. Didn't see this increase coming. Good to know my homes value is solid still. I'm not increasing its value on my records.

All areas of the bill saw decreases in rates, except for our township which had a minor increase.

Hope everyone else is getting some property tax relief!

Stimulus Issue

I have an issue with our tax stimulus checks. In my home, there are 3 filed tax returns.

1. Mine & DH
2. DS1
3. DD3

Now, since we support the 2, we also claim them. Obvious reasons, it just saves tax dollars.

The IRS sent out 3 letters to our household to share the news of our stimulation. One for each of the above returns. Each and every notification shared that the filer was to approved for stimuli.

I guess I found a loop hole and we lost out because of it.

DS1 was 17 at the year end 12/31/07. So, our check did not include $300 for him. I assumed, wrongly, that this is why he received notification. Turns out he can not receive the money, because he is claimed on someone elses return.

WTF!!! (excuse my language)

That means his stimulus lies dead. Just another reason the IRS sucks. Isn't there a checks and balances to insure stupid moves like this? They should have had a safety in place for this situation. You know darn well I am not the only one, with a child on the cuspid.

Property Taxes Decrease!

A couple months ago, a local paper had a letter to the Editor, where they Alderman was trying to explain how "property taxes are not related to the property values" and thus can go up even in a down market.

I read it and thought - IDIOT!

Everything about property taxes directly correlates to the value of the property. Why do you think homeowners stay on top of values and petition for changes when they see they are OVER ASSESSED.

Must just be, because they are bored or enjoy the web of confusion in our government systems.

If property values are dropping, which they are, all property tax bills should be declining at the same rate as the property values. So, if your property values decline by 3%, your tax bill should decline by the same number. Less any increases approved for line items.

After that b.s. letter was published - I assumed they were just trying to prepare the public for rate hikes.

Our area has never went down on taxes - well except when I appealed the numbers. So, I was nervous yesterday when I saw the first tax bill arrive in the mail. The largest of my tax bills, the commercial property is a scary one.

The bill shows a 1.2% drop from last years bill. Which amounts to pennies in comparison to the bill. Leaves me wondering if our area is not as hard hit as other areas.

Of course, review of the bill shows -

• the property value did not decrease
• some tax rates for various taxing bodies did increase (3)
• but overall, more taxing body decreases account for this decline(16)
• and one new taxing body

Now, I should be upset by this, but I'm not. Recently, I was privy to some information regarding a smaller commercial property near ours that was appraised at over $500k. Commercial properties are not like house and there are many variables, but

• the property is smaller then ours with 2 units (we have 3 and more SqFT)
• the property has less parking
• the property is close to our wear and tear level

I have our property valued at $350k and the tax bill, because of our length of time and ownership taxes us even lower at about $277k. So, I'm going to keep my mouth shut and ride the ride.

$1800 Stimilus In!

No, I'm not spending it yet. This money was automatically deposited, like my tax refund, into my ING Direct Account. Don't forget to email me for a link if you are the last person on Earth without an ING Direct Savings.

Just as the scheduled relayed, my cash showed up today May 2nd. It is currently earning me money as it rest comfortably in my ING Direct Account. Yippee!!

It has been added to my annual bill money and puts me that much closer to being able to pay them this year - WITHOUT financing. Which we have always done, since our union. Paying a boat load of interest until the year end. Then trying to payoff the line and rebuild savings to make the amount financed smaller.

I'm currently only $3638.14 shy of all the annual bills covered. Although, this may be a bit more with annual increases - bills tend to grow each year :-(. I'm so stinking excited!!!

I'm not currently paying any interest - and haven't all year so far!!!! And my amounts needed will be needed in August/September, I have the first tax payments ready to roll! If only interest rates were higher - I would be jamming (does anyone say that anymore?)

Gas Tax Holiday?

I'm so disappointed in Hillary and McCain. How in the world can they think that what America needs is a Gas Tax Holiday?

That 18¢ a gallon savings is not going to do anything, except keep consumers consuming. Plus, even me, the big time mile girl, would only save $2.52 a tank of gas. If I bought only 1 tank a week x 12 weeks of summer = I would only save $30.24. Those pennies wont mean anything in the long run.

And what about our infrastructure? Are these people even driving? Have they not felt the potholes that are EVERYWHERE from the long winter?

If the politicians really wanted to help our country and our economy, they would do it through the infrastructure. They would push to have our roads and bridges brought up to par. They would do this by a wide hiring spree.

Putting Americans back to work.

Those workers, that are probably sitting at home since their GM or Ford or other big company layoff, would then return to the workforce. They would be bringing home a paycheck. They would be shopping and spending again.

Thus creating movement in the economy.

This is how we help the people - PUT THEM TO WORK. A free ride helps no one. It creates a society of lazy, potential criminals. Desperate people do desperate things. A job can change your outlook on life.

Positive will only send out more positive.

Do you have tax stimulusitis?

I do!

I know by our social security numbers that our stimulus check will arrive on Friday. This information is everywhere.

I also know that we will receive this cash by direct deposit. LOVE IT!

So you would think I could just wait until Friday and log in to my ING Direct account to verify the deposit. It just isn't working that way.

As the anticipation grows, I'm looking every morning - "is it there yet?"

Only to be put back in my place, by the reality of my impatience.

Anyone else suffering from Stimulusitis?

Did you file for divorce?

As proof that our society has a warped view of money, the day following tax day (April 15th) is historically the number 1 day to file for divorce.

I remember finding out the first time I was married, after the fact, that my spouse had a lot more going on, then I originally thought. Problem was, I didn't pay attention. I just trusted his every move and believed it was all handled.

Talk about a reality check, when I discovered it wasn't.

I learned my lesson. I have my eyes and ears open. Sad thing is, my best and current husband, is honest and trustworthy and gives me no need to be so watch dog. It is something I struggle with everyday - trusting, and not doubting.

Thankfully, it gets easier as time goes on.

I know I could drop all my involvement in our finances and he would only work to improve our situation, never harm us. We both have the same thoughts on money and security. Making for a peaceful marriage.

One in which MONEY is not a determining factor of our happiness.

Anyway, I hope none of you folks, found out secrets that made you decide divorce is the only answer. Money is not a good enough reason for divorce - even I did not divorce for just that. Yes, it did at a spur in my back to cause animosity, but it wasn't my reason.

For young folks, remember we all struggle with money in the beginning. It is never easy merging finances and establishing security. When a money struggle comes up, as it will, stop and remind yourself of:

• One thing you loved about your spouse when you first met.
• One thing your spouse does for you daily that you may take for granted.
• One thing you are proud of your spouse about.
• One thing you admire about your spouse.

The thing is, change your focus from the problem or issue at hand and instead look at the good.

Even if you are arguing. Think of that one thing. And for no reason at all - mention it, instead of a retaliation in the argument.

Then Laugh - as you both see how that didn't even fit into the current argument.

Amazing

I'm always amazed at how many blogs out there owe the IRS money. Frankly, this gets my blood pressure up. I am 100% with Dave Ramsey on this one, the IRS is not a debt you want. You can never be free of tax debt. No bankruptcy waiting to free you. When you owe - you owe - period.

My advice, if you find yourself with a Tax debt call make arrangements work within the system. The last thing you need is them putting a lien on your main asset your home. If you don't feel confident handling it yourself, then get help, but don't ignore it. YOU CAN BE FREE!!!

Tax Refunds Received

I requested that our refunds be automatically deposited into our ING account instead of our checking account this year.

I may end up regretting this. Since I have a college payment due next week. ARGH!!! I'm going to have to transfer the cash out to our checking account.

But I am not using the L.O.C. - YIPPEEE!!!!

Plus, for a couple of days, we are earning a couple more dollars in interest.

It's all good!

IRS & Cost Cuts - do they go together?

Everytime I would see a posting of the big tax rebates coming out, all talk was centered around paper check rebates. Heck even the local news was showing clips of the checks being printed.

Many times I have wondered why they don't just direct deposit and save the paper, ink and postage. Sorry USPS - I know your business is down.

I have to say my ears and attitude perked up when I read that they will be direct depositing these rebates. SWEET!

Thanks BudgetBoy for the info.

Tax Return ........ Check

I have an ongoing goal for myself. One that is a must, if I plan on keeping my sanity. That goal?????

To file my tax returns prior to my birthday. This is my birthday week and I can call it - Goal Completed!!!

I was getting worried there. Seems like all my income producing work is coming in at the last minute. Which of course, holds off the non-income producing work.

I'm sad to report, we will be getting a refund. Sad because I don't like the government holding my money and this year was a doosy. We will be getting back about $3000.00 combined. OUCH!

This is after I have them take money off the top for first quarter estimates, due April 15th.

That money sucking residential rental, is at fault for this. Which I guess means, I am at fault.

2008 is a new year though. I have installed one excellent tenant so far, now to find the second.

Over 200 Pages

Last night, I am trying to finish our tax return. I have always filed our return before my birthday in February - I don't want to slack on this now. The main reason has been - refunds. I want my cash back a.s.a.p. As pretty much everyone does

This year, is a bit different. The business sale put us in a whole other tax bracket. No surprise there. I expected it and paid handsomely in the form of estimated tax payments before the year end.

Yes, I know the tax wasn't due until 1/15/08. I wanted the cash out of my hands at year end, for FAFSA filings and so that I could have a clear cut financial place for 2008. I like keeping all income and expenses in the appropriate year.

Call it the craziness that is me.

Our return is complicated this year. I have many hours in on it. I do believe I am done and complete at the moment though. Of course, nothing is in stone until I can print and review. I'm not big on reviewing on screen. I like to touch and feel and tie my numbers to the appropriate forms.

Again, showing my anal side.

I'm feeling confident about the return last night. I have scanned all our transactions a zillion times:

• W-2 income
• Laundry Business
• Laundry Sale
• Commercial Rental
• K-1's - Residential Rental
• Capital Gains
• Interest & Dividends
• IRA Contributions

All numbers are working with my statements and book keeping software reports. Even the deductible expenses (not enough time to list those). So, that means it is time to print and tie, with my friendly neighborhood highlighter and red pen.

I go to print my return with a few clicks and all supporting documents. Then go off to do other things. I'm sure this will take a while. I'm gone a good long time and come back to see I have run out of ink.

The queen of stock up, has nothing.

I look at the printer and it says 109 sheets left to print. What the...........

How many trees are killed for this?? I have to decrease my supporting doc's, when I get some ink cartridges. Uncle Sam is not going to like me this year. :-( Or maybe he will love me, I sent him big checks. :-(

Help Our Economy

Take your tax rebate check and spend it!

I can't believe I am saying this, but yes - spend it!

The Catch -

Only buy AMERICAN MADE PRODUCTS.

Read your labels. Check the tags. We still have some manufacturing here in the good old U.S. of A. Now find them.

Socks - need socks? Stock up - sock the homeless.

My thoughts -

By taking our dollars and buying AMERICAN MADE PRODUCTS, we will be supporting our own. Our friends. Our Neighbors. Our People!

The American companies will experience a flush of cash. The American workers will be working. The Tax Man will be making money to pay this loan off it is creating to another country.

JUST DON'T BUY ANYTHING FOREIGN MADE.

Not an easy task, but a doable one.

Sites of American Made Products, by American Companies:

• Still Made in USA.com -clothing
• Buy made in the USA
• How Americans Can Buy American
• Made in the USA
• Buy American

Contrary to what we see on the store shelves, America is still making quality products.

So, let me be bashed by the savers of the world. By the folks that will buy Chinese, Korean and Indonesian products today. I don't care.

What could we accomplish if we made a drastic move, to save our country, to save our people and BUY AMERICAN!?

My Tax Rebate

We won't be "spending" our Tax Rebate. Well, at least not at stores or on the latest or greatest. Sorry, Uncle Sam, I have other plans and uses for these dollars. As I'm sure many do. The best laid plans..........

So lets see, individuals will get $600 as long as they are card carrying tax payers and earn under $75,000. Couples under $150k in income, carrying that same tax payer card, will get $1200.

Now here is where it gets tricky. There is an allotment of $300 for each child. We have 3 children on our tax return. We had 4 on the 2006 return. But with DD2 leaving for college, she is claiming herself. Another twist, all but the youngest file their own taxes due to wages earned. So where does that leave us?

I would think that we should only receive 1- $300 child rebate. And each of the wage earning children should receive, themselves, $300 each.

$1200 is what I will dream about. The rest is icing. That cash is going directly to savings to help us in the summer, when the spending season storms in with multiple property tax bills. Which if I receive it by 3/1/08 will = $1211.07 by May's end in my ING account.

Schedule Change

Due to the business sale, I am adjusting the year end filing schedule. My intention and goal is to have everything logged and ready to go before year end. The last thing I want to do is drag the company into next year. With the selling of the business, the closing of the year, I want to close all the books.

Today I handled all the bills in, final payroll, payroll taxes, payroll tax returns and preparation of my sales tax return numbers. Plus a few personal items - like Christmas cards with money for the employees and a personal message in each.

Although, I have completed the W-2's and W-3's, so I can give out the W-2's with final checks, I am retaining the W-3's until later. Just in case an employee finds something that I missed or that needs correcting. I do believe they are perfect, but it is best to wait - reprinting with changes is easier then filing Amended forms.

Illinois' Sales Tax Online is down right now, so I am unable to file my return due January 20th for 2007. Hopefully, this will be rectified prior to year end.

I'm still waiting on the final readings of the Gas & Electric. I will most likely have a credit at the Gas company, even though I have not made a payment in months. I have been using up my budget amounts - with the closing in my sights. I do expect to owe the electric company though. Electric will probably receive whatever is left of gas, plus. :-(

I'm also missing a bill for my electrician. I have text him to get a move on, but dang he is slow. Most of the work was done in August. Today he tells me his computer is down. Hope he gets it up. :-)

The most important reason for my push is to calculate my taxes due. In my perfect world I will be issuing Estimated Tax Payments for the sale prior to year end. I do not want this cash in the account, while filling out our FAFSA. Nor do I want to pay too far over our liability. The goals is to get this puppy right on, so I can utilize the rest of the cash without a care and pay down debts.

Until all is in - the cash sits.

And I'm antsy.

Although, I did max out our I.R.A.'s for the first time ever! Yippee. Old people, finally scoring.

Where did the year go?

Seems like I just wrapped up last year....oh, because I did. Thanks to my massive hours at the store.

I just received notification from my tax software that my 2007 programs are on the way. Which means, my credit card will be charged. And it isn't a little charge. Again, a moment where I wish I could just gather my info and drop it on an other's capable desk and forget about it.

Maybe once the store sells and my burden eases.......forget that, the biggest burden comes from the residential rental and all the issues those folks have. ICK. It is constantly on my mind, creating a nervous blob in my gut.

I really need to find a mentor to help me move in the right directions. Right now, I feel so lost with this.

July Net Worth

July was such a wild ride. There was money flying everywhere and hubby shopping like an insane person, not to mention medical. Looking back, even knowing the events, it still is a blur in my minds eye. Hopefully, I will begin to see clearer as summer comes to an end.

We still have

• over half of the property taxes to pay about $12.5k
• High School Registration for 3 kids about $750
• NIU bill came about $4500
• waiting on Augustana bill

Those are our big ones anyway. Our line of credit on July 30th was ZERO and at the end of the month was $1693.51. I have been throwing all dollars here, as usual, in an attempt to save interest on dollars I have to utilize.

I believe the credit cards are now firmly planted at their highest point - just under $24k. Where we are using the zero percent to save interest on the line and cover recent purchases. Notice that Net IQ shows a balance under $20k, but there is a credit on the visa bill still of $4600. I am have a bear of time, getting these folks to release the funds. I am glad this happened, because it tells me a lot about the company and will effect my dealings with them in the future. For now, I am happy Discover is offering the 5% back.

I have decreased the cash accounts to my "minimums". Meaning where I like them to sit. This allows for guaranteed return on our money, by placing the dollars on the interest accruing accounts.

Let's not even get depressed and talk about the investments. All I can say is "stock market is bad", like some pouting 4 year old.

Personal Property increased for new furniture and new LCD HDTV. Thank you hubby. Should I say, I am so happy he has woken up from his shopping craziness! Hopefully, this can sustain him.

So we end the month with a Net Worth of $587,865.52. Which means that we grew our worth by $657 or .11%. At least we rose, instead of declined. :)

Let me also say...it is so much easier to forget about our business and report only our immediate wealth. Although, had I continued in the old path, we would have realized much greater growth. With the laundry's growing base and the residential rental fully rented.

As Piles Diminish - $$ Problems are Showing

What day is this?? The 25th - no lie.

While I was working yesterday, it occurred to me that I did NOT receive a property tax bill for the residential rental. HMMMM...why? I didn't move, change names, transfer anything. How come my bill didn't make it? Did it and is it buried under something on my desk and credenza? I don't think so, but I am leaving no stone unturned.

It's a bit easier now that I have been clearing away the piles. Sort of, there are still way too many piles.

In my search, I found a bill from the dentist. What the heck is this? I paid our portion, to receive the discount at the time of services. Add - research another bill to my list of tedious tasks. YUCK! I have already given them about $2k this year - glad they are coming back to squeeze me again.

Oh and then, I find the insurance audit for our construction company. This is not new, our premium is based on an estimate, then they audit our numbers and adjust from there. So, I have to complete the audit on my end and wait for their scheduled call time to go over the numbers.

Well, the call time is tomorrow. The audit is not complete and when do they have me scheduled???? When I am at the store. Oh crap.....Hope I can reach someone today about a reschedule.

This is exactly where the problem lies with working too much. Something is always forgotten, misplaced or ignored. Leaving you to scrounge out the right results. How do you put a dollar figure to the cost of this mess?