Tatum Business Management

PSA: Last-minute taxpayers unable to file their returns online because of an IRS computer problem got some welcome news Tuesday: You will now have until midnight Wednesday. -USA Today https://www.usatoday.com//irs-website-suffers-t/524612002/

Ty's Tuesday Tip: Often times we under-utilize our home-owner and renter's insurance coverage because we simply don't want to go through the hassle of filing a claim or maybe thinki if we do file a claim our rates will increase. Nonsense...we pay good money for insurance protection and we should reap the benefits. Home-owner and renter policies cover just about everything from theft to casualty loss that people often only consider during times of fire or flood devistation.... However, did you know that your policy may have what is known as "Loss of Use" coverage? Loss of use covers losses that you experience from not being able to use something due to unforseeable circumstances. During a major storm outtage you are not able to USE your refrigerator or freezer, and as a result a loss of food is sustained. What most peole do is simply go out and spend money out of pocket to replace their food. This loss is generally covered under your policy. Depending on what your deductible is and the amount of food you loose, filing a claim can save you hundreds of dollars. Example: A family of 5 has a refrigerator in their kitchen, a 9 cu. ft. deep freezer in the garage and another refrigerator in the basement...all full of food. Their avg grocery bill is $320/week. They just purchased groceries for their home, was planning for their daughter's 13th birthday party that required an additional $350 in food and estimate about $200 in frozen meets in the deep freezer. Without considering any other food, they already have a loss of approx. $870. If they have a deductible of $250, the insurance company will send them a check for $620. Now I'd say that's winning! #tips #finances #accounting #householdfinances #savings #costcutting #costsavings #business #businessmanagement #insurance #renters #homeowners #coverage #policies #insurancepolicies #premiums #tatumbusinessmanagement See more

Ty's Tip Tuesday: Utility bills too outrageous? Don't just sit, struggle with them and jeopardize your credit history. Contact your providers, explain to them you are not satisfied with your current rates and inquire as to whether they can assist you with better ones. If the initial CSR (Customer Service Representative) can't assist you, ask for a manager. If the manager can't assist you, ask to be transferred to the retention department. It is the job of the retention depart...ment to keep your business, so they will do everything in their power to satisfy you...even if just for a few months...especially if you're a customer in good standing. This works best with cable, internet and cell phone providers. You may also use this tactic with your credit card companies by asking for/requesting a reduced interest rate. Making such demands can be a bit aggravating and time consuming, but your pockets and bank account will appreciate it in the end. See more tips, tax and accounting advice on my business page Tatum Business Mangaement. #finances #utilities #budgeting #negotiating #reductions #costcutting #planning #moneymanagement #money #household #spending #business #accounting #management #tatumbusinessmanagement See more

Important information regarding the Earned Income Tax Credit (EITC). Many EITC filers will receive their refunds later this year than in past years. That’s because a new law requires the IRS to hold refunds claiming the EITC and the Additional Child Tax Credit (ACTC) until mid-February. The IRS cautions taxpayers that these refunds likely will not start arriving in bank accounts or on debit cards until the week of Feb. 27. Taxpayers claiming the EITC or ACTC should file as soon as they have all of the necessary documentation together to prepare an accurate return. (Source: IRS Newswire, Jan 23, 2017) #taxseason2016 #EIC #refund #income #taxes #returns