You are currently browsing the Midwest Financial: Midwest Financial Blog blog archives for April, 2010.
U.S. C-Notes ($100 bills) going into circulation next February will still feature Benjamin Franklin, but they’re going to look a lot different! That’s because the cool-looking new bills use some pretty high-tech security features to deter counterfeiting. Most notably:
The bill also retains three proven security features from the previous design: the portrait watermark of Benjamin Franklin, the security thread, and the color-shifting numeral 100. Altogether, it’s one tough bill to duplicate! For more information about the new C-Note, including videos and interactive graphics, please visit www.newmoney.gov. |
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| Our young people are smart, but we can always do more to help them be financially savvy—especially this week, because it’s Nation Credit Union Youth Week! Here are a few ideas for the young people in your life:
Use “teachable moments” — 3-5 year-olds can grasp that a dime is worth more than a nickel, even though it’s smaller, and that a nickel is worth more than three pennies even though there are more pennies. You can even ask them to help you find the lowest-priced item at the store. Real Money — Give kids an allowance for doing small chores around the house. Make sure they are saving part of it, but allow them to decide what to spend the other part on, whether it’s ice cream, a new toy or giving it to charity. |
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| Play — Use board games like Monopoly and Payday to help older kids grasp the basics of budgeting while reinforcing math skills in addition, subtraction, multiplication and division (all necessary in basic money management).
Explore — Check out the Financial Tools section of mwfcu.org. Guides to Independence, Money Mix, and Anytime Advisors are great interactive resources for teens and young adults learning to manage money. And Googolplex offers elementary- and middle-school-age kids online games and activities to help them learn money management skills. |
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Worried you won’t finish your taxes by April 15th? Or worse, already know you won’t? Don’t panic; there’s an easy solution: File for an extension.
Filing for an extension is simple—fill out Form 4868 and submit it to the IRS by the April 15th tax deadline. This gains you an automatic 6-month extension to file your taxes and you don’t even have to give the IRS a reason. There is one catch though—you have to estimate your tax liability on the form and, if you think you owe, send a payment by April 15th as well. You should aim for the payment to cover at least 90% of your real liability so that the IRS can’t charge you a late payment penalty.
Late filing fees, late payment penalties, and interest on late payments can be complicated. Check the IRS website or with a tax preparer for more detailed information.
Source: IRS.gov
Last year’s home buyers claiming either the $8,000 first-time buyer tax credit or the $6,500 long-time resident tax credit on their 2009 returns are running into a nasty surprise—they can’t e-file.
Because of the documentation requirements for claiming the home buyer credits, taxpayers who claim them on their 2009 return must file a paper return, attach Form 5405, and include a copy of the settlement statement. Buyers claiming the long-time resident credit are also advised to include five years worth of property tax records or homeowners insurance records.
Visit the IRS website for more tips on filing your 2009 taxes at www.irs.gov.
