Starting this year, you will need to have actual receipts for all charitable cash donations to claim them as a deduction.
Flexible Spending Accounts
Make sure you take advantage of your FSA if you have one through your job. You can use it for both medical expenses as well as child care expenses. While you can claim the child care credit on Form 2441 when you do your taxes, you will likely save more money if you take the payroll deduction with the FSA (unless you have a very small amount of taxable income). The Form 2441, only allows you a 20% credit on child care expenses if your income is $43,000 or higher. If you take the payroll deduction with the FSA, you will save your Federal and State income taxes as well as FICA taxes (6.2% plus 1.45%).
Useful Money Website
www.bankrate.com Great information on interest rate trends and tools to search for the best rates.
Young People and Retirement
If you're in your 20's start saving for retirement now! Even if you think you can't afford it, put a small amount of money away. Do it this week!
See the following for a brief explanation of saving when you're young.
http://getrichslowly.org/blog/2006/05/23/how-compound-interest-favors-the-young/
Managing Debt
If you need help managing your debt, this Federal Trade Commision site offers lots of useful information.
www.ftc.gov/bcp/conline/pubs/credit/kneedeep.htm
How to Choose a Credit Counselor
Be very cautious when choosing a credit counselor. There are some very good, legitimate services that can help you. There are also some you should avoid.
www.ftc.gov/bcp/conline/pubs/credit/fiscal.htm