I have done it. I have decided to confront one of my greatest fears head on. Why, you might ask? Because I believe it is the next major step in my journey. More about that in a little bit. First, many of you know I have been writing quite a bit this last year. That was a little scary for me, but I took the plunge and I am loving it. It all started with me writing my newsletter last January. I was writing monthly at that point. Then, the opportunity came up to become the Sacramento Personal Finance Examiner at Examiner.com. That required me to write articles three to four times a week. There was definitely a little trepidation on my part when I decided to do that. However, that was when my butterfly wings really decided to come out. That is when my true inner beauty really started to shine for the world. It started out as discomfort, but then it turned into therapy. One little baby step lead to the next. I was starting to see the impact I was having on people.

Now, I have decided to write a book. Quite a bit more trepidation on that decision. I have to be completely honest with you, I have been getting in my own way with the book. Subconsciously I keep finding other “more important” things to do. I know in my heart there are people out there that really need to read what I have to write. But subconsciously I realize that is putting myself in a very vulnerable and uncomfortable position. That, however, is still not my greatest fear.

My greatest fear is speaking. I have always been very nervous in front of a room. I fumble over words, I use a whole lot of filler words, I wring my hands, I can barely breathe, I stumble on my words…very uncomfortable. But, I know I have a very important message that people really need to hear. And, it is not about me. I need to get over myself and realize I can really help people…lots of people. With that in mind, I decided to join Toastmasters here in Roseville. Yes, right at the beginning of tax season. I am not going to let myself get in my own way. Tax season is a very busy time, however, being a professional speaker is a dream of mine…a very scary dream, but a dream none the less.

I am very proud of this tiny little baby step I have taken and I hope it will inspire some of you to keep taking baby steps toward your dreams. No matter what life throws your way, you have to keep your eye on the prize and somehow take one tiny little baby step at a time. No matter what.

You know it is definitely time to start saving for college and you keep hearing about the 529 plan. What is it and why should I start one? Today I wanted to give you some straight forward information about the most popular of the college savings accounts, the 529 plan.

Choices…One of the things that distinguishes us as humans is the fact that we are able to make choices. Have you ever noticed when you make the harder choice…eventually there is a great payoff? Like in poker, the more risk you take, the higher the payout? Now, I am not telling you all to start gambling, so, put those poker chips away. I am talking about life decisions. 

Most taxpayers have already filed their federal tax returns but may still have questions. Here’s what you need to know about refund status, recordkeeping, mistakes and what to do if you move. (From www.irs.gov)

Refund Information

You can go online to check the status of your 2008 refund 72 hours after IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after you mail a paper return. Be sure to have a copy of your 2008 tax return available because you will need to know the filing status, the first SSN shown on the return, and the exact whole-dollar amount of the refund. You have three options for checking on your refund:

• Go to IRS.gov, and click on “Where’s My Refund.”
• Call 1-800-829-4477 24 hours a day, 7 days a week for automated refund information.
• Call 1-800-829-1954 during the hours shown in your form instructions.

What Records Should I Keep?

Good record keeping allows you to prepare a complete and accurate income tax return. You should keep all receipts, canceled checks or other proof of payment, and any other records to support any deductions or credits you claim.

Normally, tax records should be kept for three years, but some documents — such as records relating to a home purchase or sale, stock transactions, IRAs and business or rental property — should be kept longer.

You should keep copies of tax returns you have filed and the tax forms package as part of your records. They may be helpful in amending filed returns or preparing future ones.

Change of Address

If you move after you filed your return, you should send Form 8822, Change of Address to the Internal Revenue Service. If you are expecting a refund through the mail, you should also notify the post office serving your former address, which will ensure your check makes it to your new address.

What If I Made a Mistake?

Errors may delay your refund or result in notices being sent to you. If you discover an error on your return, you can correct your return by filing an amended return using Form 1040X, Amended U.S. Individual Income Tax Return. Here are five reasons to file an amended return:

1.You did not report some income,
2.You claimed deductions or credits you should not have claimed.
3.You did not claim deductions or credits you could have claimed.
4.You should have claimed a different filing status. Taxpayers who filed a joint return cannot choose to file separate returns for the year after the due date of the return. However, an executor may be able to make this change for a deceased spouse.
5.If you bought or are thinking of buying a home, you may be able to file an amended return to claim the First Time Home Buyer Credit. Taxpayers who purchased a qualifying home can claim the Homebuyer Credit on the 2008 return without waiting until next year to claim it on their 2009 return.

Visit IRS.gov for more information and Frequently Asked Questions regarding refunds, record keeping, address changes and amended returns.

Did you know that money is the number one cause for divorce!? I read that the other day and was shocked, but oddly not surprised. Some people say that money is the root of all evil and I counter with “only if you let it be”. In these times of financial crisis, it is important to pull together when it comes to money. Here are some practical steps to help you do that.

Set up a time to discuss finances with your spouse. The last time you want to discuss finances is when you are in a heated argument. A neutral time and place work best.

Have all of your paperwork at hand. You want to pull together bank statements, credit card statements, even your credit reports. This way you have all the pertinent information in front of you to have an intelligent conversation.

Prepare to put a plan together. Just discussing your situation with your spouse will not move you forward. Come to the table with solutions at hand. Be specific about how much you need to save, etc.
Compromise. Marriage is all about compromise. Don’t go into this with the intention of attacking the other person. Discuss areas you can both work on.

Set up “progress” meetings. You will want to set up follow up meetings to check your progress. They can be weekly or monthly. It is very encouraging to see yourselves taking steps and making progress in the right direction…together.

Don’t just make this meeting about money, make it personal. Bring your hopes, dreams and goals to the table to share with your spouse. This way, you can learn about and with each other. Talk about how money was handled in your home as a child. This can be important insight on both sides.

My husband and I did this a few months ago and it was an eye opening experience for both of us. Because of what I do for a living, I was always the one that paid the bills and handled all the money. This created stress on both sides, I was overwhelmed and he felt like he was in the dark. Now, we have a weekly meeting to pay the bills together. He is taking an active role in our financial lives and I don’t feel like I am carrying the burden on my shoulders alone. It has worked out great!

In that same initial meeting we set up some strict guidelines about how we wanted to handle money going forward. For example, no more credit card use…period. Or, we would like to save 10% of our income every month. People laugh at me when I tell them this, but we both signed and dated it. To us, it is an official legal document. Should we ever start to argue about money, we can pull out that piece of paper and refer back to it. What a nice foundation to have to refer back to when circumstances present themselves.