Money & Taxes 2009

Money is a stressful topic for everyone these days, and the best way to regain control over your money situation is to create a smart budget from scratch. Make a new plan, and you'll find your money stress decreasing simply because you know where your money is going. It's the most responsible first step to your family's money health.

The current economy is forcing families to watch their day-to-day spending, so it comes as no surprise that for many, lengthy vacations have become a thing of the past. However, good times don't have to cost a bundle. In fact, sometimes all it takes is a good imagination to provide some great family fun.

Want to know what's really going on with the economy? Check your dad's underwear drawer. Ragged underpants indicate a tanking economy.

In a perfect world, we all would live happy, healthy, accident-free lives until one day, when we're old and gray, we pass on with our families at our sides. Sometime later, each family would gather again, only this time in an attorney's office, listening as the properly planned will is read. After the assets were divided and the deceased laid to rest, each family would emerge stronger, bound by the shared memories of the loved one

Breathes there a soul who hasn't quaked upon receiving a letter from the Internal Revenue Service? Could it be the dreaded tax audit, and if it is, what do you do?

Many people are struggling in today's economy. People want to have their money "work" for them. When it comes to choosing a bank, Thomas L. Bartram, president and chief operating officer of First County Bank, headquartered in Stamford, Conn., says, "When considering a banking relationship, one of the most important services that a consumer should consider is the breadth of products that

After tax day, you feel as if you've cleared a hurdle. But wait! Not so fast. What's that stack of papers on the counter? Maybe it's time to get your important financial papers organized and clear out those you no longer need. Here's a handy guide with suggested time frames that will help you decide what to keep and what you can safely shred: TAX RETURNS: To be safe, keep copies of your tax returns and supporting documentation for seven years. The Internal Revenue Service has three

Nobody likes to think about death or divorce or being wiped out by a money-draining emergency or natural disaster. But that doesn't mean you shouldn't plan ahead financially for a bump (or, in some cases, several bumps) in the road of life.

Teaching your teen to be financially independent? It's not impossible. "It begins by teaching kids the difference between needs and wants," says Karyn Hodgens, who is a teacher and the creator of Kidnexions, a money management software program for children. "You do this by putting money into their hands on a regular basis and allowing them to make choices. When it's their money on the line, the difference between needs and wants takes on a whole new meaning."

Whether you're expecting a few hundred dollars or a few thousand, don't let that tax refund slip away. Should you save it? Invest it? Pay off your credit card bill? In these frugal times, it's crucial to make a wise choice.

For so long, 401(k) plans seemed like a dream come true; you contribute to your 401(k) plan, and your employer matches your deposits, all tax-deferred. These days, though, as the recession tightens wallets, many companies have suspended the company-matching plan. But some continue their matching programs. So your task as a wise and informed master of your own financial planning is to assess where your 401(k) stands and which changes, if any, you wish to make.

When it was first established, Social Security was intended to provide security for the elder generations, but of late, the word "security" seems far from the topic.

The recent roller-coaster ride of the stock market has left many investors stunned and aching, with many wondering whether it's safe to "get back in the water" of investing. After all, a lot of money has been lost in the plummet of many sectors, as you probably have heard on the news. Every day.

The bills are stacked unopened on the counter, and phone calls from collectors are dodged on a daily basis. There isn't enough money to pay for all of the debt, and the steps to take are unknown and scary. How can this be brought under control?

You've been doing your own taxes for years. Still, there's that nagging feeling you've overlooked a big deduction or underpaid or overpaid the feds. You may be ready to turn to a pro, but finding the right accountant to straighten out that financial mess isn't as simple as it sounds. "People use unorthodox methods of choosing an accountant, such as how large a refund the accountant has gotten for someone they know, the

If you want your kids to grow up to have good money management skills, it's best to start teaching them early. Follow these tips to teach them good money habits while leading by example.

In these difficult economic times, we all could benefit from some advice on improving our finances. Here are some tried and true tips to keep your wallet from running on empty.

While social concern about debts is rising, so is the dollar amount on public debt. Here is a look at the total debts in recent years.