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Tax Deductible Ways to Pay for After-School Care

The cost of after-school care and child care in particular can be very expensive for parents and legal guardians. On average, the annual cost of before and after-school care for school-age children is between $2,600 and $8,200 for a child care center, according to a 2011 report published by the National Association for Child Care Resources & Referral Agencies (NACRRA), an organization that provides news and information to parents about child care providers nationwide. The average annual cost of child care varies from state to state and the size of the city you live in. Knowing how to pay for after-school care and what deductions are available can help you save money on your child care needs.

Flexible Spending Account

Dependent-care flexible spending accounts are an excellent way of paying for your after-school care program or service because they allow you to contribute money into a pre-determined child care account. Most flexible spending accounts have a contribution limit of $5,000 per year. The contribution funds must be set aside at the beginning of the year, and the funds must be used by the end of the year or you will lose the unused amount. Flexible saving accounts are not subject to federal income taxes, Social Security taxes, Medicare taxes, or state income taxes. The higher your income, the greater deduction you can claim on your tax return.

Child Care Tax Credit

If your employer does not offer a dependent care flexible spending account or you are a low income worker, you can use the child-care tax credit provided by the IRS to offset your after-school care costs. Usually, the child-care tax credit is worth between 20 percent and 35 percent of the cost of child care and up to $3,000 for one child or $6,000 for two or more children. The higher your income, however, the lower the credit you can take. If your adjusted gross income is above $43,000 you are eligible for only a 20 percent tax credit. If you make less than $15,000 you can claim the full 35 percent tax credit.

How to Claim Your Child Care Deduction

To claim your child care deduction of tax credit, the expense must be work-related.  In short, your child care expenses must have been incurred so that you could work or actively look for work. If you are married, your spouse must also work or be a full-time student to receive the tax credit. According to IRS Publication 503, in order to place your claim for the child and dependent care expenses tax credit you must use Form 1040, Form 1040A, or Form 1040NR. If you use Form 1040EZ or 1040NR EZ, you cannot claim the tax credit.

Eligible After-School Care Services

Many after-school and before-school care services are eligible for the child care tax credit, and the flexible spending account deduction. You can claim a deduction or tax credit for before and after-school care, nannies, babysitters, day care during summer and school vacation, as well as preschool, until the child reaches kindergarten.

The best ways to pay for after-school care and receive a deduction are the flexible spending account and the child and dependable care expense tax credit. To receive more information about the flexible spending account and the child care tax credit contact the IRS or your employer.

Samsung Galaxy S3 Goes on Sale in Europe and Middle East Today

Samsung Electronics Co., which recently overtook Apple Inc. as the world’s largest mobile-phone manufacturer, announced that its third-generation Galaxy S smartphone went on sale Tuesday in 28 European and Middle Eastern countries.

At Vodafone Group, pre-sale orders for the Galaxy S III outpaced those of any previous Android-based smartphones, according to Samsung. The company has stated that by the end of July, nearly 300 providers worldwide will be selling the new smartphone.

In Britain, France, Germany, Italy, and Spain, the Galaxy S III will include access to “Music Hub” – a service similar to Apple’s iTunes that allows users to listen to, buy, and store music. Samsung claims the service already has 19-million songs, and counting.

The music service is available in free and paid versions, and will recommend songs and artists based on a user’s preferences. The paid service allows uploading and storage of music files on servers for multiple devices for (EURO) 9.99 per month, Samsung said. The company has not yet announced what pricing for the U.S. will be.

Samsung’s music service is a result of its acquisition of mSpot Inc., a Palo Alto, California-based company that provides music and movie streaming services for online and mobile devices.

The new Galaxy S III also boasts a 4.8-inch screen — nearly twice the size of the iPhone — and voice recognition similar to Apple’s Siri, as well as image-recognition software for tagging and sharing photographs, and an eye-movement tracking feature to keep the screen from dimming.

The Galaxy series of smartphones has been a standout success for Samsung, making it the first credible rival to what had been the iPhone juggernaut. Samsung overtook Apple for the first time in the first quarter of 2012, according to research firm Strategy Analytics, selling 44.5 million smartphones —roughly 21,000 every hour — for 30.6 percent market share. Apple trailed with 35.1 million iPhones and 24.1 percent market share.

Profit from Samsung’s mobile division nearly tripled in the first quarter of 2012 to dollarsignr3.6 billion, accounting for 73 percent of operating profit. The company’s shares have gained 82 percent since August 2011, well ahead of Apple’s 58 percent increase.

Unlike the iPhone, which uses Apple’s proprietary operating system and iTunes music service, Samsung relies on Google’s Android OS for its smartphones. The Korean company has made efforts to increase its own mobile content, such as creating its own messaging application, in an attempt to boost consumer loyalty.

Industry experts predict that Apple will use its annual conference for developers in June to announce the new iPhone (iPhone 5), which then can then begin generating pre-orders as soon as July.

Apart from being rivals in the smartphone market — where Apple is currently suing Samsung for patent infringement — the two companies also are in business together. Samsung manufactures many of the mobile chips and display panels used in iPhones and iPad tablets.

Hewlett-Packard Announces Layoffs for 27,000

In one of the largest job cuts in the history of the tech industry, Hewlett-Packard announced earlier this week that it would begin phasing out 27,000 jobs from its global workforce, completing the move by 2014. The cuts represent a shedding of 8 percent of its employees.

The tech giant is hoping that the move will allow it to save anywhere from dollarsignr3 billion to dollarsignr3.5 billion. The lay-offs are the result of a significant drop in profits and stock values over the past year. Earnings for the most recent fiscal quarter show the company taking in dollarsignr1.6 billion, a 30-percent drop in profits from the same period the year before.

The job cuts are part of the plans of recent CEO hire, and failed California gubernatorial candidate, Meg Whitman who said the plan is “absolutely critical for the long-term success of the company. While I wouldn’t say we turned the corner, we are making progress.”

Following the announcement, shares in HP rose by 9 percent. The uptick may not last, however, as the company continues to struggle against the competition of other tech giants like Apple, Dell, and IBM.

The most recent moves come not long after the company shed 25,000 jobs in 2008. Leo Apotheker, the HP CEO at the time, later suggested that in order to be profitable, the company had to cut its losses in the PC sector. Apotheker had thought to put the new revenue from selling of the PC division into cloud computing and other parts of the company.

While Meg Whitman decided against the idea when she assumed the job, she has said that research and development is very important to the future of the business: “As a world-class innovator, we should have excellent quality products. I think we have very good products, but I also think they can be better.”

With regards to how the restructuring was done, Whitman said in a call with investors, “We’ve got to streamline our operating model. We went business unit by business unit and said, ‘What do we want to focus on, and how many individuals do we need to deliver that service?”

One area that may see heavy cuts is the struggling printing division, recently put made a part of the PC division following after sales dropped by 10 percent from 2011.

The new plan may also allow HP to move into more profitable areas. Without any products with which to compete in the new markets for smartphones and tablets, the company has been left to rely on computer sales. The release of the newest version of the Windows operating system at the end of this year will create a boost in sales, but it is unlikely that sale of PCs will be very brisk throughout the summer. Many customers will be waiting to purchase a new computer in expectation of the new Windows. This could create a situation where the increased period of sales only serves to level out the previous summer drought.

How to Deal With Nasty Debt Collectors

While being in excessive debt can be stressful enough, dealing with abusive debt collectors can be a nightmare. Unscrupulous collectors have been known to harass, threaten, and ridicule those who owe them money. And while the situation may seem hopeless, it isn’t. There are ways that consumers can pay off what they owe without enduring repeated harassment and bullying.

Know the Facts: While it’s the collector’s job to secure payment, there are federal guidelines in place to protect consumers.

Debt collectors CANNOT:

• Call before 8 a.m. or after 9 p.m.;
• Contact you at work, if told not to;
• Sue for nonpayment without first going to court;
• Garnish wages without a judge’s permission;
• Falsely claim that they are attorneys or government representatives;
• Falsely claim that you have committed a crime;
• Falsely represent that they work for a credit-reporting company;
• Misrepresent the amount you owe;
• Indicate that papers sent to you are legal forms if they are not; or
• Indicate that papers they send to you are not legal forms if they are.

To stop a debt collector from contacting you again, send the company a letter (keep a copy for your records) by certified mail and pay for a “return receipt,” so you can document that the collector received it. Once the collector receives your letter, they may not contact you again unless it’s to tell you they intend to take a specific action, such as filing a lawsuit. Sending such a letter should stop any harassment, but be aware that the creditor or the debt collector still can sue you to collect the debt.

Compromise: If a debt does need to be repaid, agreeing to a compromise can help lessen the bullying or harassment made by some overzealous debt collectors. Set up a payment plan or agree to pay by a certain date—a date that works for both parties. Once a compromise and agreement has been made, it’s crucial that everyone follows through. Each has to do his/her own part for this situation to have a respectful conclusion. If additional time is needed in order to fully pay the debt, ask for an extension. While the extension may be rejected, it’s always a possibility that it will be accepted.

Report All Issues: If debt collectors cross the line, it’s important to report it. If you believe that you’ve been the victim of a fraudulent collection scheme, file a scam report. Check our list of known scam artist phone numbers. You can also notify your state’s Attorney General’s office. Keep records of all your correspondence. If the problem persists, there is always the option to sue, but it must be done within one year.

Dealing with persistently abusive debt collectors can wreak havoc on any household, relationship, and financial situation. Even during the most stressful days, it’s important to remember that there are ways to stop the abuse and move forward toward financial freedom. Sometimes taking care of debt and dealing with debt collectors can be a daunting task, but taking it one step at a time, one solution at a time, can make all the difference.

Thirty Percent of U.S. Homeowners Still “Underwater” on Mortgages

Despite a slight increase in home values during April, more than 30 percent of mortgage holders — nearly 16 million homeowners — remained underwater on their homes during the first quarter, according to real-estate tracking website, Zillow.

The percentage of borrowers who owed more than their home was worth increased to 31.4 percent during the first quarter of 2012, up slightly from 31.1 percent three months earlier, according to Zillow’s “negative equity report,” released Thursday. Still the numbers are slightly better than for the same period in 2011, when 32.4 percent of all borrowers had negative equity in their homes.

The rising tide of underwater homeowners has occurred even as housing prices began to recover for the first time since 2007. Wednesday, the Federal Housing Finance Agency reported that home prices rose nationally by 0.6 percent during the first quarter of 2012.

The good news is that most underwater homeowners do not lose their homes. Nine out of 10 underwater borrowers remain current on their mortgage payments, Zillow reports. Only one-tenth of these borrowers are late by 90 days or more (delinquent status).

“[It's] important to note that negative equity remains only a paper loss for the vast majority of underwater homeowners,” said Stan Humphries, Zillow’s chief economist. “As home values slowly increase and these homeowners continue to pay down their principal, they will surface again.”

“Negative equity does not necessarily equal foreclosure,” Humphries added, noting that some homeowners may not even know they are underwater. “Most people are holding in place and paying their mortgages.”

Negative equity is still a drain on the economy, however, because it makes homeowners vulnerable to financial setbacks from a medical emergency or job loss. If homeowners don’t have their home’s equity to borrow from during lean times, it increases their chances of sinking into foreclosure, as mortgage payments are put off in favor of essentials such as food, utilities and clothing.

Having a high percentage of underwater homeowners also hampers the economy by trapping borrowers in their homes, making it impossible to sell and move on to greener pastures for employment, according to Humphries. The inability to move tends to stall careers, as well as making it difficult for companies to attract the skilled workers they need.

Of the 30 cities covered by the Zillow report, Las Vegas continued its losing streak with 71 percent of mortgage holders still underwater. Home prices in sin city have plunged a staggering 62 percent from their peak before the housing crash, according to the S&P/Case-Shiller home price index. A quarter of Las Vegas borrowers owe more than double what their homes are now valued at.

Other cities where more than half of all mortgage holders are underwater include Phoenix (55.5 percent), Atlanta (55.2 percent), Orlando, Fla. (53.8 percent), Riverside, Calif. (53.4 percent), and Sacramento, Calif. (51.2 percent).

More fortunate metropolitan areas include Pittsburgh, New York, Boston and San Jose, Calif.; all of which have less than 25 percent of borrowers underwater.

White House Sued by Catholic Organizations Over Insurance Laws

Forty-three different Roman Catholic organizations have filed suit in federal court against the Obama administration and its requirement that they provide health insurance, specifically including contraception, to their employees. The University of Notre Dame and Archdiocese of New York are two of the most notable institutions involved, but the list includes groups from across the country. The suits are the next step in the effort by many religious organizations to keep new healthcare laws from forcing them to provide their employees with contraceptives.

As part of the healthcare reform in America enacted by the Obama administration, employers are required to offer health insurance plans that cover birth control. The only exceptions were to religious organizations that primarily employ people of the same faith. Other religious institutions, such as Notre Dame, which have a workforce made up of a number of faiths and creeds, are not exempt.

The White House tried to reach a compromise after Congress narrowly passed the healthcare bill with the groups lodging complaints. It said that religious institutions could all be exempt from the law, but that insurance companies would still be liable to offer the benefits. For many, the compromise sounded good on paper, but it has remained undetailed in terms of actual enactment.

Even with the compromise, Notre Dame has said that its rights are still being violated by the law. The school has said it, “cannot, without violating its sincerely held religious beliefs, subsidize, facilitate and/or sponsor coverage for abortifacients, sterilization services, contraceptives and related counseling services.”

In February, President Obama addressed the conflict between his administration and the groups as “an issue where people of goodwill on both sides of the debate have been sorting through some very complicated questions to find a solution that works for everyone.”

Notre Dame’s involvement in the suits is especially notable considering the fact that the university asked President Obama to give the commencement speech at its 2009 graduation ceremony. At the time, Obama’s invitation was seen as controversial due to his administrations stance on contraception.

While the religious groups argue that the insurance requirement will conflict with a separation of church and state, critics of the groups’ stance argue that denying women the right to have access to birth control infringes on their individual rights. Also, since it is a service offered primarily to women, some have said it creates workplace discrimination.

The lawsuits have been filed in a number of different jurisdictions, and the effort was coordinated in part by the U.S. Conference of Catholic Bishops. According to Cardinal Timothy Dolan, president of the conference, “Time is running out, and our valuable ministries and fundamental rights hang in the balance, so we have to resort to the courts now.

The Obama administration has yet to issue an official statement regarding the lawsuits. However, a White House official has said that the president is still trying to negotiate the February compromise, “Lawsuits or no lawsuits, our doors remain open.”

How to Qualify for an FHA Construction Loan

Federal Housing Administration (FHA) loans are designed to help lenders provide mortgages to people who have poor credit, have declared bankruptcy, need help putting a down payment on a home, or have undergone a home foreclosure.

Contrary to popular belief, FHA construction loans cannot be used on new construction. FHA construction loans are available to help improve existing structures. FHA construction loans, often referred to as Section 203 (k), are often coupled with other nonprofit and government issued rehabilitation loans to improve dilapidated neighborhoods.

Generally, if you wish to purchase a home that is in poor shape structurally, a bank will not give you a long-term loan until you’ve either finished the improvements or secured financing for them. FHA construction loans allow buyers to purchase a property and obtain a loan before making costly improvements, which frees them from taking out high-interest private loans if they want to fix the property before getting a long-term loan.

Qualifying for a Loan

Though FHA loans are designed to help those who have experienced some financial trouble, you still have to adhere to certain guidelines to get a loan. If you’ve declared bankruptcy, you need to have been out of bankruptcy for two years and maintained good credit before applying for a loan. If you’ve endured a foreclosure, you must be three years out of the process with good credit before sending in your application. The FHA accepts credit scores of 500 and above. A score of 500 to 579 requires a 10 percent down payment, and one of 580 and above requires a 3.5 percent down payment.

The FHA will assess your financial situation. If your debts make up more than 43 percent of your monthly income, you will not qualify for a loan.

Not only will your finances have to qualify for an FHA construction loan, but your property also has to qualify. To see if your property qualifies, check out the Housing and Urban Development (HUD) website. If you qualify for a loan, you can use the funds to improve the property, move an existing structure to the mortgaged property, or refinance existing liens and then rehabilitate the property.

Applying for the Loan

When you find a property you think you might want to rehabilitate, put together a preliminary feasibility analysis outlining the amount of work needed, costs associated with the project and an estimate for how much the property will be worth when the work is finished.

You will present a HUD lender (a list of lenders can be found on the HUD site) with the loan. The lender will request a case number and property appraisal while considering the loan. This is the just the beginning of the loan process but your lender will help guide you as you go along.

Managing Stress Without Emptying Your Wallet

Everybody has some level of stress they have to manage each day. Some days are easier than others, and that’s normal. If stress is getting out of hand, though, it’s time to develop ways to cope with it before stress-related health problems arise. It only takes a few changes to develop a healthier lifestyle that helps reduce the amount of stress in your life.

Get Active

First you need to get committed and start working out on a regular basis. When you work out, your body releases feel-good endorphins while reducing stress and anxiety. You can choose to work out at a gym or go for a run outside. It does not have to be a vigorous work out. Going for a walk around you neighborhood is an easy way to start exercising. No matter what type of work out you choose, your body will soon thank you for it.

Keep an Eye on Your Diet

Taking care of your stress levels means you need to watch what you eat. Oftentimes, when a person is stressed, they turn to food that is high in sugar, fat, and salt. Poor eating habits tend to make stress worse. Be smart about what you eat and drink to help manage stress. How we feel physically often helps how we feel mentally.

Chill Out

Take some time to relax each day. Try meditation and deep breathing exercises to physically help you relax. Positive thinking is also useful. Remember things that are going good in your life and be thankful for them. It may not always be easy to remember the positive things that you have going for you, but once you do, you may have a different, more relaxed, perspective.

Let Go a Little

Be more flexible. Accept the changes that happen and adapt to them. People that are more flexible are able to handle stress better. Understand that you can’t control everything that happens. It is up to you to realize that and just go with it. Think about what is making you stressed and develop ways to take control of the stressors that you can change while developing ways to manage the ones that you can’t.

Make a Conscious Decision to Be Less Busy

Take time out of your day to do something you enjoy: Meet friends for dinner, take your dog for a walk, sign up to join a recreational sport, or do anything else you would enjoy doing. The more you enjoy something, the more likely you are to stick with it.

In order to manage stress you have to realize that something in your life may need to change. Since some circumstances can’t change, such as losing a job, it is up to you to tweak your lifestyle and make the best of it. Managing stress does not require a dramatic lifestyle overhaul. Little things add up quickly and it does not take long to see results when you are committed to reducing your stress.

Google Finalizes Acquisition of Motorola Mobility Inc.

Google Inc. on Tuesday finalized a dollarsignr12.5 billion acquisition of cell phone manufacturer Motorola Mobility Holdings Inc. Google has appointed Dennis Woodside, previously president of Google’s Americas region, as Motorola’s new CEO.

“Our aim is simple,” Woodside said in a prepared statement. “To focus Motorola Mobility’s remarkable talent on fewer, bigger bets, and create wonderful devices that are used by people around the world.”

The buyout is Google’s largest acquisition so far, and gives it a deeper hold on the cellphone market. The company’s Android software has already established itself as the chief rival to Apple Inc.’s iPhone, which has brought has brought a slew of lawsuits from Apple claiming that Android copies iPhone features. Google needs Motorola’s treasure chest of 17,000 cellphone patents to defend itself from future claims.

Google and Motorola announced the deal last summer, but it took until last Saturday for China to approve the deal, on condition that Android software remain free for other smartphone manufacturers for at least five years. Regulators in the U.S. and Europe had already approved the deal early this year.

The acquisition will test Google’s ability to successfully move beyond Internet search and other software services into manufacturing a range of hardware. But its new Motorola unit could draw the ire of Android licensees such as Samsung, HTC, and LG, who may rightfully see any new Motorola/Android products as competition.

But many analysts see those fears as unfounded. It’s more likely that Google will not try to imitate Apple, which produces its own hardware and software, but will instead keep Motorola at a distance, using it as a testing ground to innovate the Android platform.

Although Google initially sought Motorola Mobility to acquire its patents, the company has hinted that it may have bigger plans. Besides manufacturing smartphones and tablets, Motorola Mobility also makes cable-TV boxes that could provide inroads for delivering Google services to living rooms across the world. Currently, cable companies dominate the market for set-top boxes, and they may not be willing to share.

Google also is interested in developing a tablet device running its Android software to take on Apple’s iPad and Amazon.com Inc.’s Kindle Fire.

With its line of smartphones losing popularity with consumers, Motorola Mobility suffered losses of dollarsignr1.7 billion over the past three years. Meanwhile, Google earned dollarsignr25 billion over the same time period. CEO Larry Page has stated he will operate Motorola Mobility separately, making it easier for investors to track how Google’s different lines of business are faring.

Reviving Motorola Mobility no doubt will require layoffs, which goes against Google’s image. However, it’s happened before. In 2008, the company paid dollarsignr3.2 billion for online advertising service DoubleClick Inc. and promptly laid off roughly 300 employees — about one-quarter of the company’s workforce. A similar cutback at Motorola Mobility would translate into about 5,000 fewer names on the payroll.

Motorola Mobility is half of the old Motorola Inc. that made your grandparents’ TV set and hi-fi player. The company split in early 2011, and its remaining half, Motorola Solutions Inc., remains an independent manufacturer of police radios, barcode scanners and other hardware for government and corporate customers.

Google shares dropped dollarsignr5.69 to dollarsignr608.41 in morning trading Tuesday, but remain near the high of dollarsignr670.25 set in January.

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Victim filed the following incident report:

“A representative called me and said that there was a pending lawsuit against me from your company.  They gave me the gentleman’s name, Ronnie Cooper, and told me he was an attorney representing your company in a lawsuit against me and to call him.  I called him and he “read” an affidavit that your company filed against me.  I informed him that I have never done business with your company but have done business with other PayDay companies.  Upon informing him of the fact that I have suffered identity theft in recent years and have never done business with your company, he, Ronnie Cooper, Disconnected the call.  I tried to call back but was hung up on once I said who I was and who I was looking to speak with.”