Are you a teacher who shells out your own money to pay for books, pens, pencils and basic supplies needed for your classroom? If you are an eligible educator, you may be able to deduct up to $250 of expenses you paid for purchases of books and classroom supplies. These out-of-pocket expenses may lower your tax liabilities, even if you don’t itemize your deductions. [Read More...]

Between getting the kids back into the school routine, packing lunches and scheduling after-school activities, back to school time can be stressful around most households. Not to mention, the cost of the kids going back to school seems to be increasing. From clothes to gear to school supplies, it seems that we are spending a fortune. Here are a few tips to help you cut down on some of the costs when your kids are going back to school: Start Your Shopping At Home Before you go out to buy anything, start in your own closets first. Throughout the year you may have accumulated some treasures like pens and pencils, or even unworn clothes. Make A List And Set Limits After looking through your things at home, take inventory of what you will need when heading to the store. When you head to the store, stick to your list and set a limit on how much you want to spend. By setting a limit, you will be able to know if you can grant your child’s request for non-essential items or if you need to put those request off until later. Shop Online Shopping online is a great way to compare both products and prices. Doing your shopping online can also cut down on the hassle of having to drive to multiple stores to find everything you may need. Buy Quality Items When looking for school supplies and gear, look for items that are well made and that look like they are going to last. When looking for backpacks, try to choose a book bag that has great quality, or a life-time warranty. Try to choose a book bag that your child may want to use for multiple years, not the trendy bag that they will only like this school year. You may have to spend more for these items, but if they last then they can be used for multiple years. This means you will be able to save money in the long run. Day Care/ After School Care Tax Deduction If your child goes to day care or after school care while you work or look for work, you may be able to claim a credit for their expenses. The Child Dependent Care Tax Credit allows you to claim $3,000 in dependent care expenses for one qualifying child and $6,000 for two or more qualifying persons. In order to claim the credit, you must have a qualifying child and child care provider. A qualifying child is a child under the age of 13, or if they are 13 or older they must be physically or mentally unable to care for him or herself. In order to be considered a qualified childcare provider, the care provider must be over 19 years old and cannot be one of your dependents. They must provide you with their name, business name if applicable, address, and either Social Security Number or Employer Identification Number. All of this information must be reported on Form 2441, in order for you to claim the Child Dependent Care Tax Credit.

Winter is just around the corner and that means preparation time for many of us. Here are items that you should consider doing around your house to make sure your family is prepared for the winter weather: Cover Exterior Faucets Save yourself time, money, and frustration and cover your outdoor faucets to prevent them from freezing over. Check your windows and doors Cold air coming into your house, or warm air escaping will cost you money. Use caulk and weather-stripping to eliminate any leaks that you encounter. Make sure your attic is properly insulated Heat rises, so if your attic is not insulated well, the heat will rise right out of your house. Spending money now on having your attic properly insulated will save in heating costs later on. Cover your outside Air Conditioner unit Covering your unit will help reduce any air leaks during colder months and will help prevent damage from water freezing inside the motor. Be sure to drain out any water and turn off water flow to your AC. Clean your gutters Clogged gutters can cause a lot of damage to your roof and exterior of your home when snow and ice thaw. Replace Windows and Doors for a Tax Credit of up to $500 Homeowners may receive a tax credit equal to 10% of the product cost (installation may not be included) up to • $200 for eligible windows and skylights • $500 for eligible doors Don’t forget, it’s not too late to qualify for the energy efficient credit that is due to expire in 2011! Act Fast Now to Save on your return! What are some ways your family prepares for winter?

Eating out can be enjoyable but also quite expensive. Luckily, there are ways you can easily save money when dinning out and make it a more affordable experience. Take Advantage of Freebies Many restaurants offer a reward, such as a $5 off coupon on your birthday, for signing up for their newsletter. What does your favorite restaurant offer? Say No to “the extras” Next time you go out to eat, try to pass on ordering a drink, appetizer or desert (unless you have a coupon) and just enjoy your entrée. These are all fun things to order in addition to your entrée, but the truth is that they aren’t necessary and can add up quickly! Let’s face it – drinking tap water has never killed anyone. Order Strategically If you or your spouse doesn’t typically eat a lot, try splitting an entrée or even ordering from the kids menu. Or, if you find yourself having food leftover, make sure you take it home and save it for another meal. What does your family do to make eating out more affordable?