eloved, I pray that you may prosper in all things and
be in health , just as your soul prospers. - 3 John 1:2
be in health , just as your soul prospers. - 3 John 1:2
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| Copyright T Gordon 2007. Whole Souls Organization All rights reserved. Do not copy, distribute or use any part of this work without express, written permission from the creator of Whole Souls, T Gordon. |
| This section will provide you with information regarding your finances, including tips for saving money and shopping smart! |
Savings Tips
 | Just do it! Pay yourself first! |
| Gather all important financially-related documents and receipts to a central location. File them so you will | |
| be able to easily find the items you need in the future. Consider a computer based financial program so you can keep track of every dime you spend – financial control is a special form of power! |
| Spending every dime and more? Start by cutting back on a few items per week and putting away that | |
| money. Pay yourself first. Just say no to spending more than you have. |
| Ask for direct deposit at work if they offer it – you’re saving money, and you don’t even see it. A savings | |
| plan at work that pays you a “matching contribution” is the fastest way to save. Pay yourself first! |
| Do not use credit cards. Force yourself to pay cash so that you can track the dimes. You will never have a | |
| late payment (now as much as $75) and you will never pay interest to others at the very high rates credit cards charge. |
| Financial freedom will be worth everything you put into it. Don’t want to work forever – CHOOSE to | |
| save! |
| How to Stay Disciplined with Your Savings & Top Saving Mistakes |
| "You can't afford NOT to save!" "Take full advantage of your company's matching 401K or retirement plan" |
Top Saving Mistakes
 | Not modifying your spending habits and committing to save money. |
| Not taking advantage of your company’s match in a 401 (k) plan, or | |
| getting involved in a defined contribution plan. |
| Not appropriately/correctly allocating your assets to meet a specific | |
| goal or time horizon (diversification is important). |
| Not setting a specific dollar target or financial goal. |
| Not knowing how much you have, where you are spending your | |
| money, and how much you need to save for the future (failure to plan for retirement). |
| Cashing out your retirement plan – should roll over to an IRA or your | |
| new company’s retirement plan. |
Starting in May, the Treasury will begin sending economic stimulus
payments to more than 130 million individuals. The stimulus payments will go out
through the late spring and summer.
The vast majority of Americans who qualify for an economic stimulus payment will
not have to do anything other than file their 2007 individual income tax return to
receive their payment this year. They will not have to complete applications, file
any extra forms or call the Internal Revenue Service to request the payment, which
is automatic. The IRS will determine eligibility, figure the amount and issue the
payment.
Stimulus payments will be direct deposited for taxpayers selecting that option when
filing their 2007 tax returns. Taxpayers who have already filed with direct deposit
won't need to do anything else to receive the stimulus payment. For taxpayers who
haven't filed their 2007 returns yet, the IRS reminds them that direct deposit is the
fastest way to get both regular refunds and stimulus payments.
payments to more than 130 million individuals. The stimulus payments will go out
through the late spring and summer.
The vast majority of Americans who qualify for an economic stimulus payment will
not have to do anything other than file their 2007 individual income tax return to
receive their payment this year. They will not have to complete applications, file
any extra forms or call the Internal Revenue Service to request the payment, which
is automatic. The IRS will determine eligibility, figure the amount and issue the
payment.
Stimulus payments will be direct deposited for taxpayers selecting that option when
filing their 2007 tax returns. Taxpayers who have already filed with direct deposit
won't need to do anything else to receive the stimulus payment. For taxpayers who
haven't filed their 2007 returns yet, the IRS reminds them that direct deposit is the
fastest way to get both regular refunds and stimulus payments.
Basic Eligibility
The IRS will use the 2007 tax return to determine eligibility and calculate the basic amount of the payment.
In most cases, the payment will equal the amount of tax liability on the return with a maximum amount of
$600 for individuals ($1,200 for taxpayers who file a joint return) and a minimum of $300 for individuals
($600 for taxpayers who file a joint return).
Even those who have little or no tax liability may qualify for a minimum payment of $300 ($600 if filing a
joint return) if their tax return reflects $3,000 or more in qualifying income. For the purpose of the
stimulus payments, qualifying income consists of earned income such as wages and net self-employment
income as well as Social Security or certain Railroad Retirement benefits and veterans’ disability
compensation, pension or survivors’ benefits received from the Department of Veterans Affairs in 2007.
However, Supplemental Security Income (SSI) does not count as qualifying income for the stimulus
payment.
Low-income workers who have earned income above $3,000 but do not have a regular filing requirement
must file a 2007 tax return to receive the minimum stimulus payment. Similarly, Social Security recipients,
certain Railroad retirees, and those who receive the veterans’ benefits mentioned above must file a 2007
return in order to notify the IRS of their qualifying income.
The IRS emphasized that people with no filing requirement who turn in a tax return to qualify for the
economic stimulus payment will not get a tax bill. People in this category will not owe money because of
the stimulus payment.
Additional Payments for Parents and Others with Qualifying Children
Parents and anyone else eligible for a stimulus payment will also receive an additional $300 for each
qualifying child. To qualify, a child must be eligible under the Child Tax Credit and have a valid Social
Security number.
Limitation
To be eligible for a stimulus payment, taxpayers must have valid Social Security numbers. Anyone who
does not have a valid Social Security number, including those who file using an Individual Taxpayer
Identification Number (ITIN), an Adoption Taxpayer Identification Number (ATIN) or any other
identification number issued by the IRS is not eligible for this payment.
Both individuals listed on a married filing jointly return must have valid Social Security numbers to
qualify for a stimulus payment.
Eligibility for the stimulus payment is subject to maximum income limits. The payment, including the basic
amount and the amount for qualifying children, will be reduced by 5 percent of the amount of income in
excess of $75,000 for individuals and $150,000 for those with a Married Filing Jointly filing status.
Individuals who pay no tax and who have less than $3,000 of qualifying income will not be eligible for the
stimulus payment.
Special Circumstances for Recipients of Social Security, Railroad Retirement and Certain Veterans
Benefits
Individuals who receive Social Security benefits, Railroad Retirement benefits and certain veterans’ benefits
may have to follow special filing requirements in order to receive the basic amount:
Those who have already filed a 2007 return reflecting qualifying income of $3,000 or more do not have any
additional filing requirements and do not need to do anything more to receive their payment.
Those who have already filed a 2007 return showing less than $3,000 in qualifying income and did not list
their Social Security, Railroad Retirement or certain veterans benefits should file a Form 1040X to list those
non-taxable benefits and qualify for a payment.
Those who are not required to file a 2007 return but whose total qualifying income including Social
Security, certain Railroad Retirement and certain Veterans benefits would equal or exceed $3,000 should file
a return reporting these benefits on Line 14a of Form 1040A or Line 20a of Form 1040 to establish their
eligibility. Please note the form lines just mention Social Security, but use these lines even if your only
benefits were Railroad Retirement or veterans’ benefits.
Notices
Most taxpayers will receive two notices from the IRS. The first general notice from the IRS will explain the
stimulus payment program. The second notice will confirm the recipients’ eligibility, the payment amount
and the approximate time table for the payment. Taxpayers will need to save this notice to assist them
when they prepare their 2008 tax return next year.
Anyone who moves after they have filed their 2007 tax return should notify the IRS by filing Form 8822,
Change of Address, and also notify the Post Office.
For Additional Information visit: Economic Stimulus Payments Information Center
The IRS will use the 2007 tax return to determine eligibility and calculate the basic amount of the payment.
In most cases, the payment will equal the amount of tax liability on the return with a maximum amount of
$600 for individuals ($1,200 for taxpayers who file a joint return) and a minimum of $300 for individuals
($600 for taxpayers who file a joint return).
Even those who have little or no tax liability may qualify for a minimum payment of $300 ($600 if filing a
joint return) if their tax return reflects $3,000 or more in qualifying income. For the purpose of the
stimulus payments, qualifying income consists of earned income such as wages and net self-employment
income as well as Social Security or certain Railroad Retirement benefits and veterans’ disability
compensation, pension or survivors’ benefits received from the Department of Veterans Affairs in 2007.
However, Supplemental Security Income (SSI) does not count as qualifying income for the stimulus
payment.
Low-income workers who have earned income above $3,000 but do not have a regular filing requirement
must file a 2007 tax return to receive the minimum stimulus payment. Similarly, Social Security recipients,
certain Railroad retirees, and those who receive the veterans’ benefits mentioned above must file a 2007
return in order to notify the IRS of their qualifying income.
The IRS emphasized that people with no filing requirement who turn in a tax return to qualify for the
economic stimulus payment will not get a tax bill. People in this category will not owe money because of
the stimulus payment.
Additional Payments for Parents and Others with Qualifying Children
Parents and anyone else eligible for a stimulus payment will also receive an additional $300 for each
qualifying child. To qualify, a child must be eligible under the Child Tax Credit and have a valid Social
Security number.
Limitation
To be eligible for a stimulus payment, taxpayers must have valid Social Security numbers. Anyone who
does not have a valid Social Security number, including those who file using an Individual Taxpayer
Identification Number (ITIN), an Adoption Taxpayer Identification Number (ATIN) or any other
identification number issued by the IRS is not eligible for this payment.
Both individuals listed on a married filing jointly return must have valid Social Security numbers to
qualify for a stimulus payment.
Eligibility for the stimulus payment is subject to maximum income limits. The payment, including the basic
amount and the amount for qualifying children, will be reduced by 5 percent of the amount of income in
excess of $75,000 for individuals and $150,000 for those with a Married Filing Jointly filing status.
Individuals who pay no tax and who have less than $3,000 of qualifying income will not be eligible for the
stimulus payment.
Special Circumstances for Recipients of Social Security, Railroad Retirement and Certain Veterans
Benefits
Individuals who receive Social Security benefits, Railroad Retirement benefits and certain veterans’ benefits
may have to follow special filing requirements in order to receive the basic amount:
Those who have already filed a 2007 return reflecting qualifying income of $3,000 or more do not have any
additional filing requirements and do not need to do anything more to receive their payment.
Those who have already filed a 2007 return showing less than $3,000 in qualifying income and did not list
their Social Security, Railroad Retirement or certain veterans benefits should file a Form 1040X to list those
non-taxable benefits and qualify for a payment.
Those who are not required to file a 2007 return but whose total qualifying income including Social
Security, certain Railroad Retirement and certain Veterans benefits would equal or exceed $3,000 should file
a return reporting these benefits on Line 14a of Form 1040A or Line 20a of Form 1040 to establish their
eligibility. Please note the form lines just mention Social Security, but use these lines even if your only
benefits were Railroad Retirement or veterans’ benefits.
Notices
Most taxpayers will receive two notices from the IRS. The first general notice from the IRS will explain the
stimulus payment program. The second notice will confirm the recipients’ eligibility, the payment amount
and the approximate time table for the payment. Taxpayers will need to save this notice to assist them
when they prepare their 2008 tax return next year.
Anyone who moves after they have filed their 2007 tax return should notify the IRS by filing Form 8822,
Change of Address, and also notify the Post Office.
For Additional Information visit: Economic Stimulus Payments Information Center
| GOOD NEWS! The government has come with an economic stimulus plan to provide some form of financial relief for EVERYONE who is eligible. Here are the facts! |