Alternatives For Someone With Bad Credit

First and foremost, the United States is in one of the worst recessions we have seen since the Great Depression. Therefore, banks and other creditors are making it increasingly difficult for everyday people to obtain credit and purchasing power. With the dollar depreciating each and every year and inflation rising at alarming rates, it's no surprise that, in the near future, there will only be a few people who have access to credit at low APR rates. With that said, how does a person find a loan if they have bad credit? Furthermore, how does a person get out of the debt they are in, fix their credit, and get their credit back on track?

If you need an emergency loan, you need to ask yourself this question: Is this loan a necessity or a "want"? Many people often times find themselves in situations where they are desperate for a solution to their financial woes, and believe it or not, many of them look for loan sharks. Illegal ones at that. A website by the name of The Loan Shark Guide helps people learn the difference between legal lenders, and illegal lenders who will rip you off. The site is in the middle of an upgrade and looks rather ugly, but in the coming weeks/months the site will get a complete makeover, with the ability to help folks search for loans that fit their needs.

This brings up another conundrum, however.

Some will argue that payday loans and debt consolidation loans are the worst loan programs that a person could ever get into. While there are many payday loan companies out there that charge insane APR, the resolution lies in finding the right type of payday loan. You have to compare loan providers in order to make an informed decision. The best thing to do if you find yourself in an emergency financial situation, however, is to borrow from family or friends first. Payday loans, and other high interest loans, should be a last resort. If you know of an illegal lender, you can report them here.

Disclaimer
This is a sponsored post. The opinion expressed is that of the sponsor. PFStock.com does not specifically recommend or endorse any product or service mentioned above.

More on Discover Cashover

I recently noticed some renewed interest in my post about getting cash back at supermarkets when using Discover. Basically this post was about using the Discover Card in supermarkets, and then choosing cash back as an option during checkout. Usually, you can only request cash back when you pay with an ATM or debit card. Discover Card is the only credit card I know of that offers this, and they call this checkout option getting "cash over". For me, the cashover feature works like an interest-free loan because I pay off the card every month. Readers were interested in knowing if there was a list of all the participating stores. That list can be found on the Discover website (URL: www.Discover.com/cashatcheckout ).

But for the convenience of PFStock readers, I have decided to publish the whole list here. These are the stores where you can use your Discover it™ Card when you check out and get cash over:

ACME
Albertson's
Army & Air Force Exchange Service
Baker's
Big Y
bigg's
bloom
Bristol Farms
Carr's
Coborn's
Cub Foods
Dillons
Dollar General
Dominick's
Family Fare Supermarkets
Farm Fresh
Food 4 Less
Food Lion
Fred Meyer
Fry's Food Stores
Garden Street Market
Gelson's
Genuardi's
Gerbes
GetGo
Giant Eagle
Giant-Landover
Glen's Markets
Haggen's
Hannaford
Heinen's
Hilander
Hornbacher's
Jay C
Jerry's
Jewel-Osco
King Soopers
Kroger
Kum & Go
Lucky
Lunds & Byerly's
Meijer
Owen's
Pavilions
Pay Less
Quality Food Centers
Ralphs
Randalls
Safeway
Sam's Club
Shaw's & Star
Shop 'n Save
Shoppers
Smith's
Sunflower Farmers Market
SuperValu
Sweetbay
Tom Thumb
Turkey Hill
Vons
Walmart
Winn-Dixie

If you don't have a Discover Card yet, I suggest that you apply for one in order to take advantage of this deal. One particularly popular credit card is the Discover it™ Card because it offers cash back on purchases, year round. Plus there are no fees and other bonuses.



PFS

Filing an Amended Tax Return

I won concert tickets from a radio station a few years ago. A VIP package to see one of my favorite rappers, Jay-Z. I bragged about my winnings to all my friends. The package was valued at a whopping $800, meet-and-greet included. I remember the prize department warning me to be on the lookout for a 1099 form (the concert tickets were taxable) but I never received it. When tax filing season rolled around months later, I didn't factor them in. Not because I didn't remember, but partially because claiming the prize was all sorts of confusing without the form; honestly though, I mostly didn't factor in the prize because I wasn't anyone important. Why would the IRS audit me? I pressed the continue button on the free e-filing software I had used since college and that was that. No turning back.

For four full years I came out unscathed. But one day I received a letter in the mail saying I owed the IRS $1,200 in taxes for the unclaimed tickets. There have been far worst cases, but $80 vs. $1,200? A huge difference for someone barely making ends-meet. If only I would’ve filed an amended tax return.

Often consumers innocently forget about additional income they earned throughout the year—whether it be through serving jury duty, dog sitting, getting a $50 bonus for opening up a new bank account or whatever. It happens. This is why I've learned that organization is crucial—helps with "remembering." If you forget, hopefully you won't get audited like I did. But if by some off chance you happen to remember about the extra income before tax filing season is over, or you remember about a deduction that you qualify for, you should definitely file for an amendment tax return. It can save you a lot of financial turmoil in the end or give you a bigger return.

So how does one do this? You'll need to have all of the documents you used to file your taxes, including the amendment form—a 1040x. It may seem a little confusing at first but it's fairly easy to fill out. All you need to do is find the difference between the original tax return, and the new one. If this is difficult to do because let's say you never received your 1099, call the facility (in my case it would’ve been the radio station) and request that they send you a copy. If you can't get a hold of the proper personnel, then be prepared to estimate its value.

You will then need to explain in the box provided what specific changes you are making and why. Don't make it drawn out and long winded. Get to the point, and add-in the value in your explanation as well. Sign and date it. Include your check if you own the IRS more money. If you're now expecting a larger tax return due to new deductions, then you'll just have to play the waiting game. Make copies of everything.

Then you'd simply mail in your amendment. Remember that while you may have been able to e-file your original return, amendments must be sent through traditional mail. If you don't think it'll be delivered in time, go ahead and file for an extension—although you have up to three years to file an amendment.

About the Guest Author
Mariana Ashley is a freelance writer who particularly enjoys writing about online colleges. She loves receiving reader feedback, which can be directed to mariana.ashley031 @gmail.com.

Disclaimer
This is a guest post. PFStock.com does not provide specific tax advice. If you have questions about amending your tax return, please contact a qualified tax advisor.

Do I Need to Report the Motorola Spinoff on My Taxes?

I have been a long time holder of Motorola stock. In 2011, there were two significant events that are related to Motorola: 1) At the beginning of 2011, Motorola Incorporated was split into two companies: Motorola Solutions (NYSE: MSI) and Motorola Mobility (NYSE: MMI). The old stock symbol MOT was retired at that time. 2) In August 2011, Google Inc. announced that it plans to acquire Motorola Mobility (MMI) for $40 per share in cash. This transaction is expected to close in early 2012.

If you owned shares of Motorola in 2011, this post will try to explain what you have to report on your taxes. Let's start with the spin off. The Motorola spin off was a bit more complicated than the usual spinoff. First, holders of the old Motorola Stock (MOT) were given 1 share of Motorola Mobility (MMI) for every 8 shares of MOT that they owned. Then, the remaining MOT shares underwent a 1-for-7 reverse split and the remaining entity was renamed Motorola Solutions (MSI). If this sound confusing, I have written a post that describes the Motorola Spinoff.

I've seen that people often do web searches using terms like "Motorola cost basis" or "Motorola spinoff". Unfortunately, you won't be able to find your cost basis in this way as everybody's situation is different. Your own cost basis has to be calculated for your personal situation.

In most cases, you will end up with fractional shares of either MSI or MMI after the spinoff. (The only exception is if the number of original MOT shares you owned was a multiple of 56 shares.) In the case of fractional shares, there is also a small portion of the cost basis that may be paid out as "cash in lieu" (CIL) of fractional shares. For cash-in-lieu, this distribution may or may not be reported by your broker on a 1099-B form.

Motorola investor relations has a webpage with additional information about the spinoff. It is located here: http://investors.motorolasolutions.com/separation.cfm

My brokers, TD Ameritrade and Morgan Stanley Smith Barney, calculated the cost basis for me. In both cases, there was a slight difference between what my the basis would be if I calculated using the method above. My suggestion is that if your broker already calculated the the basis for you, you should go with that number unless you believe that they made a mistake in the process.

As for whether the cash-in-lieu (CIL) distribution is taxable, in general CIL received for fractional shares of stock is a taxable event. However last year, after Verizon spun off Frontier, I received 6 cents in CIL that was not reported. A broker is not required to report a CIL distribution unless it is for $20 or more. Specifically, I got this message from my broker: "A cash-in-lieu payment is reported on Form 1099-B if the payment exceeds $20. If your payment was less than $20, it is not reportable."

As for the Google acquisition of Motorola Mobility (MMI), this deal has not yet closed. So unless you sold MMI in 2011 there is nothing additional to report beyond the possible cash in lieu.

Disclaimer: This article is provided for illustrative purposes only. PF Stock does not provide tax advice, and I encourages readers to consult with a tax adviser if they have specific questions about tax reporting.

PFS

Top 3 Gold Online Buyers

In today’s tight economy, it is fairly common for full-time employees to seek out extra income. Whether they’re working part-time freelance jobs, running small online businesses, or selling old valuables, they’re taking precious time out of their already hectic schedules to earn a few extra bucks. So, for the sake of all you double-booked earners, I’m here to make your jobs (well, your second jobs) a bit easier by filling you in on a lesser-known moneymaking venture.

Selling old gold is an especially lucrative trade right now. In general, gold prices rise in times of economic hardship, and today is no exception. But finding a gold buyer can be tricky, considering tight-budgeted local gold dealers, intimidating auctions and gold scammers. Trustworthy online gold dealers offer the safest and most convenient options for selling your gold, while ensuring high cash returns.

So where do you find these seemingly mythical, high-returning, trustworthy, online cash for gold dealers? Check out a list of the top 3 online buyers!

Sell Your Gold
Ranked the #1 online gold buyer by NBC’s Today show, Sell Your Gold is a credible choice for your online gold trading needs. The company, owned by 50-year-old veteran gold-buying company, John Galt Refining, has been operating with an A-rated BBB accreditation since 2008.

In addition to a competitive payout, Sell Your Gold offers a higher payout percentage for large volume orders. All your questions and concerns are readily addressed by Sell Your Gold’s knowledgeable customer service agents, easily available by phone or live chat.

Sell Your Gold offers unmatched shipping rates and insurance packages, covering up to $1000 for smaller orders and the entire worth of larger orders.

Cash for Gold USA
As a result of an undercover investigation, FOX News reported that Cash for Gold USA has a return rate three times greater than its competitors.

A-rated by the Better Business Bureau, the company offers a two-week satisfaction guarantee on all transactions and the packages you send them are insured up to $1000. Service is quick and easy, providing sellers with a prepaid envelope for shipping their precious metals at no cost.

Cash for Gold USA accepts gold and gold jewelry of all conditions and karats, as well as sterling silver, diamonds, platinum, palladium, dental scrap, and electronic scrap.

Empire Gold Buyers
This 15-year-old, A+ rated company has been featured on CBS news as a premier gold buyer. Empire Gold Buyers has a favorable payout for buyers, offering 90% of the spot price of gold for transactions up to 3 ounces, 96% for transactions from 3 to 25 ounces, and up to 98.5% for transactions 25 ounces and above. Empire Gold Buyers blows other insurance packages out of the water, with coverage up to $25,000.

If you’re looking to make extra cash from your old gold, be sure to select an online dealer that offers free shipping and handling, a comprehensive insurance package, efficient customer service, and a guaranteed high payout. If you decide to stray from this list, always research online dealers for their reputability before mailing in your precious goods!

Disclaimer
This is a sponsored post. PFStock.com does not specifically recommend or endorse any product or service mentioned above.

Comparison of Popular Online Tax Software

Tax season is here: it’s a phrase that few Americans welcome with any joy. Tax-paying Americans must submit their federal tax returns to the IRS by April 15 (for this year, the deadline is April 17, 2012), and many of us are looking at the approaching deadline with understandable anxiety. But the days of mailing multiple paper tax forms to the federal government are long gone with the advent of online tax filing (or e-filing) software programs affiliated with the IRS. Most of these online tax filing software programs offer to file your taxes with the federal government for free or a nominal fee, and the process to file with them is undoubtedly faster and cheaper than doing so the old fashioned way. And when you e-file your tax returns, you almost certainly receive your tax refund (if you received any) at a faster rate than had you filed via paper mail. The only problem is that there are so many e-filing sites; it’s hard to determine which one is the best fit for you. I have offered a brief overview of 5 of the biggest e-filing sites.

TurboTax
TurboTax has long held a position as the most popular e-filing site for American taxpayers. They offer a free version of their services to individuals with relatively simple tax returns (no children, one job, no investments, etc.) and they charge a small fee (starting at $19.95) for more comprehensive returns. TurboTax would be a good place to start for people completely unfamiliar with e-filing because the website allows users to nearly complete an entire form before asking you to submit a username and profile with the service. So you can essentially go through TurboTax’s entire e-filing process and estimate your tax refund or before officially signing up with the service. The site also has an extensive customer service team reachable online or via phone to help you through any concerns with the program or your taxes should you have them.

There are few drawbacks to using Turbo Tax because the service is so well established in the e-filing industry. Users have complained about a slower-than-advertised refunding process, but that may be due to the high volume of returns that the site processes during tax season. All in all TurboTax is an ideal site for people with simple to moderately complex tax returns.

H&R Block
H&R Block is the e-filing service often mentioned in comparison with TurboTax. H&R Block also boasts a large following of users who have filed with them for years, and they have a great track record for providing people with quick and accurate returns. The H&R Block At Home website has an easy to understand, no-frills interface that’s perfect for people unfamiliar with e-filing their tax returns. The site asks you a series of questions like "Do you own a home?" or "Are you a dependent?"  to help determine what tax forms you need to fill out in an effort to streamline the process. The website also offers free filing for users with easy tax returns.

H&R Block also has physical locations, something that none of the other e-filing websites can claim. So if you have concerned about your tax return or if you want to work out some detail about your taxes before you e-file, you can speak to a representative about it in person at an H&R Block location. H&R Block would be the wise choice for people faced with a more complicated tax return than the average person. Some sources even say that it’s better for big-time investors who want to save on their returns.

TaxACT
TaxACT is a third consideration beyond the previous two, offering the same free e-filing service that savvy taxpayers have come to expect from online tax filing software. TaxACT software in particular is known for its aptitude in determining small errors and irregularities in tax returns. Think of TaxACT as the quiet champion of the e-filing system: while everybody knows about TurboTax and H&R Block, it seems like those who know about the benefits of TaxACT keep it to themselves, as if guarding a well-kept secret. TaxACT will also e-file the tax returns of small businesses, making it a tempting proposition for entrepreneurs who don’t want to hire an accountant to handle their taxes.

CompleteTax
CompleteTax has more free e-filing plans available than the previous three sites, and allows users to import their previous tax documents for free, even if the documents were filed through other e-filing sites. The CompleteTax.com site might seem a little dated when compared to those of its competitors, but don’t let looks deceive you. The team at CompleteTax is dedicated to giving their customers the best e-filing service possible, and they do so by guaranteeing that they will offer the best tax refund of any service. They also offer a guarantee that the information filed on your electronic tax return will be submitted to the IRS with complete accuracy. Not bad for a small scale service.  Drawbacks to CompleteTax include a dearth of options for small business taxes and a support center that only takes requests via email.

FreeTaxUSA
As the name suggests, FreeTaxUSA offers a completely free experience to users submitting their tax returns electronically (although they charge $9.95 for state tax returns). The site boasts that it has submitted over 7 million tax returns since its inception, and it also claims to be among the fastest e-filing services available. While the service is reliable, it seems like the outfit is better suited for people with uncomplicated tax returns. I assume they also get a good deal of business from people who decided to look for other e-filing options beyond the big 3 companies. Like CompleteTax, FreeTaxUSA allows the user to import previous tax documents from prior e-filing services at no extra charge. The customer support for TaxFreeUSA can only be reached via email after you’ve logged into the service, so make sure you already have an account if you intend on asking any questions.

About the Guest Author
This is a guest post by Eliza Morgan who is a full time blogger.  She specializes in writing about business credit cards. You can reach her at: elizamorgan856 at gmail dot com. If you are interested in writing a guest post, please contact PF Stock at the Email address listed in the sidebar.

Note to Commenters: If you represent a company such as Intuit, H&R Block, TaxACT, CompleteTax, FreeTaxUSA, Microsoft, etc., please leave your contact information or send pfstock an Email (the Email address is listed in the sidebar) to let me know that you left a comment. If I cannot determine that your comment is authentic, it will be deleted.

How Multiple Savings Accounts Keep Your Life in Order

I have come to the realization that multiple savings accounts is the kind of thing that is so naturally intuitive and refreshing that, on first glance, the idea seems too obvious or too good to be true. I simply find it surprising that it took me so long to stumble across this idea and that most people I know haven't really caught on to the idea yet.

I think this attitude stems primarily from this blasé notion of banking that much of America seems to share. My guess is that people have this idea that Bank of America is probably the best they can have, so they often miss opportunities from other banks like ING Direct, FNBO Direct and Ally Bank. Each of these online banking institutions offers the ability for you to create multiple savings accounts with ease and at no expense. You don't even have to create multiple logins.

How It Works
You don't often realize the beauty of having multiple savings accounts until you actually have them and get to mess around and experiment. Before having multiple accounts, I (like many other people I presume) had a checking and savings account. Mine were both held by Bank of America. The idea of having multiple savings accounts didn't even occur to me for the first couple months after switching to ING savings; I just signed up for the higher interest.

It wasn't until I finally had my emergency fund the way I wanted it that I realized a need for multiple accounts. I had never been much of a saver before (by virtue of being very poor), so after reaching my goal of saving a certain amount for an emergency fund, I quickly thought of other things I wanted to save away for. But it became pretty difficult managing which savings goals I had and what amount of my funds in my savings account went to which goal.

This all simplifies magnificently with multiple savings accounts because you can designate each account for a particular goal. Best of all, once that goal is completed and you spend the money you saved, you can rename the account nickname to suit a different financial goal of yours. And all of this account maintenance comes free of charge, of course.

For any of you who use Mint.com, you will be happy to know that multiple savings accounts pair seamlessly with Mint's goal system. Right now, I have an "Emergency" goal (which is already met, but I keep the goal there just to remind me it's there if I need it), "Europe Trip" goal, and "Big Purchase" goal. Each of these goals are separate accounts, but all manageable through the same ING login, and I know exactly what track I am on the completing this goals.

All of this organization within my savings has made me more savings-conscious. I have been budgeting better because I have a very clear idea what I am saving for and when I will reach that goal. Every long-term expense has become that much more in reach, all thanks to the organization I get from multiple savings accounts.

About the Guest Author
This guest post is contributed by Angelita Williams, who writes on the topics of online courses She welcomes your comments at her email Id: angelita.williams7 @gmail.com.
If you are interested in writing a guest post, please contact PF Stock at the Email address listed in the sidebar.