How do you really know what your savings would be? Also, the tax preparation program costs money as well. Will that save you money. And which method Protects you the most in case of error?

We are going to find the review sites and provide links to the various comparison sites which evaluate digital tax preparation programs. If you have used one of these products, or a specific tax preparation company. Please leave a comment on how well of a job they did for you.

First are the Tax Preparation programs. You can find a few reputable sites that compare and/or rate the programs. Most programs on the popularity list are free. But usually have some limitations. Here are 3 sites that list or compare programs.

About.com – Comparison.
http://taxes.about.com/od/preparingyourtaxes/tp/freefile.htm

IRS.com – List of Websites.
http://www.irs.gov/app/freeFile/jsp/index.jsp?ck#Company1

onsumerSearch.com – Comparison.
http://www.consumersearch.com/www/software/tax-preparation-software/

They list the top 8 Tax Programs with pricing and features, as determined by www.About.com

About’s Top 8 list.

1. Turbo Tax Freedom Edition (FREE File Edition) – Most states are free as well. This program is designed for those making simple return with an income of 30k or less.

2. H&R Blocks TaxCut – (FREE File Edition) – Adding the state return is $24.95

3. TaxACT – (FREE File Edition) – Adding the state return is $12.95

4. CompleteTax – Federal $29.95, State $14,95

5. TaxEngine – Fed or State $19.95 – Fed & State $29.95

6. TaxSlayer – Premium $19.95 – Classic $9.95 – Free Online Filing

7. OLT – Online Tax Preperation – Federal $7.95 – State $7.95

8. EFileTaxReturns – Federal $29.95 – State $19.95

The following sites are NOT recommended.

FreeTaxUSA
123EasyTaxFiling
CitizenTax

The following sites are just painful to use.

Average1040
ezTaxReturn
FreeTaxReturn
eSmartTax
TasSimple
average1040

Personally I have only used TaxCut. Simply because they were once owned by Kiplingers Magazine. Which is a well respected financial magazine. Then they were purchased by H&R Block. Still a good program and I give my own personal recommendation.

Readers, I ask your thoughts and opinions on any of the Tax Programs listed here.

There typically exist two types of bankruptcy proceedings. A liquidation by filing a Chapter 7. Which is the most common type of bankruptcy. This involves an appointment of a trustee, to handle a sort of escrow. Taking non-exempt property, selling it and distributing it to creditors.

Chapters 11, 12, 13 include the rehabilitation of the debtor, to allow them to use future earnings to pay off creditors.

The biggest factor of a bankruptcy is that once filed, creditors, mostly, can’t seek debt collection outside of the bankruptcy proceedings.

The passage of the “Bankruptcy Prevention & Consumer Protection Act”, done in April 2005, changed the game a little. Outlining modified guidelines governing dismissal or conversion of Chapter 7, 11, and 13 proceedings.

No one wants to have to file for bankruptcty, but in some cases it’s your only protection. However, that protection is not what it used to be. Before you make any kind of bankruptcy decision, you need to know all the facts. So, take a moment to read about the Act.

“Bankruptcy Prevention & Consumer Protection Act”

Also, if you feel that you need to file for bankruptcy because of debtors. You need to know that there is a statue of limitations for debts in each state. If the statue has passed, then you can no longer be hounded for the debt.

However, if you pay, even a small “good faith” amount of money to the creditors, the payment will reset the statue calendar and be back at square one. Also, you must be careful dealing with a online payday loan company. They will have access to your bank account. They can and will take any payments they want and you will have no recourse, aside from the goodwill of the cash advance company.

Find out more about what debt collection agencies can do here: Debt Collection Agencies – How to Deal with them.

Check the state limitations here: Debt Collectors – Statute of Limitations by Every State

For privacy rights information, go to: Privacy Rights

For more financial advice, go to:

www.ConsumerReference.Info

What are the differences??

First difference is ownership. Banks are owned by investors and have to answer to those investors, who plan on making money.

Credit Unions are owned by it’s members. If you are a member, that credit union is part owned by you. So if you have say, a credit card from your credit union. That card would be working for you and not some group of investors.

Next thing is profits. Banks are out to make money. Credit Unions are Non-profit. The profits go to lower rates for loans and higher interest savings accounts.

Loans. While both entities offer loans, the credit union should have lower interest rates. But neither of them offer short term, or small payday loans. For those you would have to find a short term lender. Though some credit unions do have short loans. None loan for just a few weeks. For a short term loan, you would have to find a payday lending company.

If you are worries about your account being insured. All federal credit unions are FDIC insured.

Personal service. Credit Unions tend to give better personal service, since most offices are smaller and cater to a smaller group of people.

For more information about Banks, Credit Unions and Payday Lending companies, check out these links.

Federal Banks – Federal Banking Industry
Federal Credit Unions – National Credit Union Association
Payday Loan Services – Community Financial Services Association of America

All in all, Credit Unions are looking a little better during this financial crisis. I think that most of us don’t have to worry about our money though, since we don’t have more then the FDIC insured limit in our accounts.

At least not this starving writer.

You can see the Full article here:
USA Today

By Ken Dilanian, USA TODAY

WASHINGTON — During last week’s presidential debate, John McCain and Barack Obama sparred over what caused the financial crisis.

“The match that lit this fire,” McCain said, came from the government-sponsored mortgage companies Fannie Mae and Freddie Mac, which backed risky home loans “with the encouragement of Sen. Obama and his cronies … in Washington.”

Obama shot back: “The biggest problem was the deregulation of the financial system. … Sen. McCain, as recently as March, bragged about the fact that he is a deregulator.”

It was a classic example of Washington finger-pointing. McCain and the GOP blame Fannie and Freddie — which were taken over by the government last month — because the troubled mortgage agencies’ biggest backers were Democrats who said they wanted to increase access to homeownership.

Meanwhile, Obama and other Democrats highlight Republicans’ longtime focus on limiting regulations for the financial industry.

No single government decision sparked the crisis, but collectively the candidates had a point: Both parties in Congress played important roles in setting the stage for the ongoing financial meltdown.

They did so in moves that reflected not just their ideological priorities, but also the wishes of special interests that have spent millions aggressively lobbying Washington and contributing to lawmakers’ campaigns.

By not reining in increasingly risky investments made by Fannie and Freddie — and by keeping complex financial instruments known as derivatives free from most government oversight — Congress chose not to impose barriers that economists widely agree could have helped stave off the crisis that continues, even after lawmakers approved a $700 billion emergency bailout package for Wall Street.

Here is a look at how Congress’ actions on two key fronts became significant factors in the financial crisis:

1. Not checking derivatives
2. Protecting Fannie, Freddie

Here is a list of the TOP Officials taking over one hundred thousand dollars from Freddie Mac and Fannie Mae:

Dem – Dodd, Christopher J $165,400
Dem – Obama, Barack S $126,349
Dem – Kerry, John S $111,000
Rep – Bennett, Robert F $107,999
Rep – Bachus, Spencer $103,300

For more information about Credit and Credit reporting. Check these government websites:

Wiki Definition – Fair Credit Reporting Act

Federal Trade Commission – Free Annual Credit Reports

Federal Trade Commission – Access to Free Credit Reports

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Should those who received the most payments from Mae and Mac be investigated for collusion?

Ultimately we put ourselves in this position, didn’t we? We signed those papers, didn’t we? The papers that allowed us to own the SUV we drive and then can’t afford the gas, gas is too expensive. (Was that the problem? The price of gas?) The papers that got us into this house that’s too big, the payments made for just the interest so that we could pay against the loan later…and boy, are we *paying* later (now)!?! The papers that allowed us to use that big screen TV today and not have a payment for 6 months-6 months is now and we can’t seem to collect the first payment. We signed the papers/receipts for that extravagant dinner (a year ago) that we thought we deserved and we are still paying for it.

It’s really sad because all the nation is looking for the government and the leaders to bail us out. Our nation is trillion (?) dollars in debt and they’re going to bail us out. We’re going to have our kids pay for OUR debt. We’re using all our natural resources and expect our kids to pick up the slack. How selfish is that?!

For more information on debt protection make sure to do your research. Check sites such as:
Fair Debt Collection Practices
and
Debt Collection WorkShop

My wish is that each and every one of us own up to our responsibilities. You signed the loan papers to your car, pay your monthly debt each month. You signed your home loan papers, pay your mortgage. If you have to, look into refinancing, look into something. Don’t look to the government, don’t look to bankruptcy. Get through it, buckle up and take one step, one payment at a time. Go to a financial advisor and get some good advice. Own up to it, people.

Consumer Reference Blog is not affiliated with any source, company or entity.  We are just here to offer a clear cut critique for the consumer at large.

There are a plethora of websites out there that do offer this sort of insight into companies and products.  But we are a little different.  We rely solely on the company itself, as well as their clients.  Companies may ask us to blog on their purpose or mission statement.

We then ask their clients to come and comment on their services.

A consumer reference for consumers.