Quote of the Day
“Someone stole my wife’s credit card. Didn’t report it stolen. Thief spends less than my wife.”
– twitter.com/stevemcaloon
Top 5 Financial Cash Bonuses
Everybody loves free money, right? Here are the top Free Money Bonuses that I’ve found:
Intuit QuickBooks Simple Start $80 Rebate
Intuit offered an $80 dollar rebate for this product at the same time that Office Depot dropped their price down to $50. Intuit later emailed me saying that the rebate was not good with the special pricing, however, they would honor it to ensure customer satisfaction. Sure enough, $80 was deposited into my account less than ten days later. Net cash = $30!
Offer expired
Bank of America Free $35 Cash Bonus (current as of 10/26/2009)
To qualify, you must be a current BofA customer who hasn’t made an on-line bill payment in the last 6 months. After signing up you must make 3 on-line billpays within the next 30 days to qualify
Bank of America Free $100 Cash Bonus
For new free checking account customers who open an account with a $250 deposit. BofA pays you $75 for opening up the account plus another $25 for making two on-line bill pays. It was a great deal, but BofA took forever to pay me!
Chase Free $100 Cash Bonus for new free business checking
I loved this deal! It was rather strange because I only heard the advertisement on a local radio channel just a couple of times and nowhere else. Plus you had to have a registered business (business license, tax ID, articles of incorporation, etc) and make an initial deposit of $500. But, I received my free $100 within 10 days. Offer expires 12/31/2009.
Offer expired
Update! This offer is back! Looks like the earlier summer offer may have been a trial run? For details and the required coupon visit Chase’s site below
Chase Free $100 Cash Bonus for new Checking Accounts
Chase also has a $100 cash bonus for opening up a new personal checking account. You will need a unique coupon code found on various promotions – either sent to your email or found on a flyer. Each code is unique and only good once. I have a flyer with code 3582153792421178 – first one to grab it can use it. Initial deposit of $100 and a monthly direct deposit needs to be started within 60 days. The good news is that there is no minimum amount required on your direct deposit. Checking account is free with direct deposit. Check out full terms and conditions at link below. Offer expires 12/26/2009
FlagStar Bank Free $100 Cash Bonus
FlagStar Bank is offering a $100 cash bonus for opening up a new checking account. Initial deposit of $100 required plus a monthly direct deposit of at least $250. Check out full terms and conditions at their site.
Bank of the West Free $100 Cash Bonus
Another great cash bonus for opening a new checking account from Bank of the West. Also previously offered last summer, this deal has been extended until 12/11/2009. Offer valid for new free checking account customers with a minimum of $250 /month direct deposit or 10 online bill pays. Deal expires soon, so hurry and check it out.
Do you know of a great bank cash bonus deal? Let us know about it.
Settle Your IRS Tax Debt for Pennies on the Dollar!
Have you ever wondered about all those commercials from companies claiming that they can save you thousands of dollars on your tax debt? They show clients claiming that their tax bill was whittled down from $20,000 to $3,000! Or some other similar amount. Is there any truth to the claims?
The services that tax settlement companies offer are based upon the IRS’s Offer in Compromise program. An Offer in Compromise (OIC) is “an agreement between a taxpayer and the Internal Revenue Service that settles the taxpayer’s tax liabilities for less than the full amount owed”
It is also the last option the IRS will allow after they’ve determined that they would be unlikely to recover the full amount from you. If you have sufficient income to pay the debt or assets, such as a vehicle, real estate or a cash value life insurance policy, then your chances of qualifying for an OIC are unlikely.
Max Hoopla, on on-line contributor at Yahoo Answers offers this formula. The IRS will calculate:
- 80% of the value of any assets that can be readily sold
- plus the monthly payment amount that they believe you can submit based upon your finances for 48 months.
If the above amount is greater than your tax debt, then it is unlikely that you will qualify for an OIC. The example that Max quotes is:
“For example, if you had a car worth $10,000 and owed $5,000 on it and nothing else and IRS said you could make payments to IRS of $100 per month you would have to offer 80% of the $10,000 minus the $5,000 owed; that’s $3,000 PLUS 48 times $100 = $4,800 for a total lump sum payment of $7,800 on whatever you actually owed. If you can’t come up with the $7,800 (or whatever number shakes out for you) you are not in the game.”
As for those offers to settle a tax debt for pennies on the dollar? The IRS has posted this warning.
From the IRS’ website, “in most cases, the IRS will not accept an OIC unless the amount offered by the taxpayer is equal to or greater than the reasonable collection potential (RCP). The RCP is how the IRS measures the taxpayer’s ability to pay and includes the value that can be realized from the taxpayer’s assets, such as real property, automobiles, bank accounts, and other property. The RCP also includes anticipated future income, less certain amounts allowed for basic living expenses.”
You will still be paying even with an Offer in Compromise. In addition to the $150 fee, you are required to pay 20% of the tax amount due when submitting your application. The IRS will keep this and apply it to your tax debt whether or not they choose to accept the OIC.
Still thinking about calling up a tax settlement company? Perhaps you’re flat broke, are drowning in debt, and have no assets? Be wary. Too many unscrupulous companies charge you substantial fees upfront without any guaranteed of delivering results. And while they are collecting their fees, you’re sinking deeper in debt. Many consumer sites such as RipoffReport.com and Complaintsboard.com have numerous user complaints against such companies.
If you find yourself in such a dire financial situation then perhaps your best bet is to contact and negotiate with the IRS directly. Remember, if they believe that you’re unable to pay the debt based upon their RCP calculations, then you may qualify for an Offer in Compromise. The conditions and forms required can be found here.
If your financial situation is complex and you find yourself over your head, than your best bet is to contact a tax accountant or tax attorney. You can find many legitimate ones who will do an initial review of your case free of charge. Their assessment should include a checklist to see if you meet the requirements for an Offer in Compromise program.
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