So as you’re out merrily spending for the holidays…are you already thinking about how you’ll pay the credit card bills when they arrive? Maybe you’re thinking you’ll use that juicy tax refund you’re expecting - but wouldn’t it be nice if you had that money now? Sure, many individuals who are expecting refund checks have discovered services that give them an advance on their money. And while these services will give you the cash right at the time of filing for your taxes, the fees involved can take a hefty chunk out of your refund. So what’s a tax (over) payer to do?

The IRS can actually help.

When you think about it, getting a refund check means that you let the IRS use your money throughout the year without paying you any interest. Wouldn’t you rather have the money during the year yourself? Here’s how you do it. The IRS allows you to increase the number of dependants on your W-4 withholding form, meaning that less will be withheld for taxes from each paycheck. In the past, if you claimed greater than nine dependants, an explanation and approval may have been required. But the IRS has lifted this restriction, allowing you to voluntarily increase your dependants claimed.

This lets you have more money in each paycheck instead of “loaning” the money to the IRS and having to wait for a refund.

But let’s not go overboard…you should only lessen the periodic tax withholding to match the expected refund. This way you are taking your refund as you go; instead of letting the IRS hold on to it. There is even a nifty calculator the IRS has provided for free, which lets you see how a change in withholding will affect your paycheck.

Here’s the link to the free withholding calculator: IRS Bean Counter

And managing your withholding can also be a great tool if you are currently renting, but are about to buy a home. The new housing expense may be greater than the rent payments, but the new home will give you some important tax deductions. By adjusting your withholding when you buy a home, you can get the benefit of the new home deductions spread into each paycheck…which can make that new home payment a lot more comfortable.

Before you make any changes, you want to be sure you are balancing the amounts carefully and correctly, so it is always a good idea to check with your tax professional. And if you need a referral, just give me a call!

Courtesy of One Source Mortgage & Investments

Below is only another reminder to get referrals from people you know when it comes to getting money to buy the biggest asset that you own! Your Realtor always has a few lenders that he/she works with that are reliable and trustworthy. Usually, we have lenders that specialize in specific areas and we can connect you with the appropriate lender for your situation.

And, please know that realtors do not get “kick-backs” from lenders, it’s illegal. We simply have established solid working relationships with lenders that we can trust to get the job done right and on time, while providing outstanding client care and follow up.

LendingTree Sued in Nationwide Class Action Announces Teuton, Loewy & Parker LLP
Wednesday October 11, 8:58 pm ET

IRVINE, Calif., Oct. 11 /PRNewswire/ — The law firm of Teuton, Loewy & Parker LLP announced today that it filed a nationwide class action against LendingTree, LLC and its wholly-owned subsidiary, Home Loan Center, Inc., on behalf of consumers. The class alleges that LendingTree, LLC and Home Loan Center, Inc., which does business as “LendingTree Loans,” have engaged in unfair business practices and false advertising. The complaint was filed in Orange County Superior Court on October 11, 2006.

LendingTree’s familiar slogan is: “When banks compete, you win.” With this slogan, LendingTree styles itself as an online lending exchange that connects borrowers to a network of lenders that allegedly “compete” for the borrowers’ business. The lawsuit alleges, however, that in thousands and thousands of cases there is no such competition at all; rather, LendingTree uses its LendingTree.com website and false advertising to generate leads for its wholly-owned, direct-lending division, Home Loan Center, Inc.

Specifically, the lawsuit alleges that LendingTree’s website attracts over 70,000 potential borrowers per month by touting LendingTree as a loan origination service that is not a lender, and claiming that LendingTree’s “origination” service allows lenders to compete for borrowers’ business. The lawsuit further alleges that LendingTree secretly diverts many LendingTree.com leads to its subsidiary, where unsuspecting borrowers are sold loans at inflated prices based on the materially false representation that “competition” has occurred among lenders.

According to the lawsuit, borrowers are deceived into believing that they need not shop for a better loan rate because LendingTree has already done the shopping for them through use of its lender “network.” In truth, the lawsuit alleges, LendingTree uses the “when banks compete, you win” slogan as a gimmick to attract unwary borrowers and sell them loans through the company’s direct-lending division at inflated prices and without any such competition.

The class action seeks declaratory and injunctive relief, millions of dollars in compensatory and punitive damages, restitution, and attorneys’ fees.

A related lawsuit was filed on September 15, 2006 by Fadel Lawandy, a former mid-level executive of LendingTree who was fired for alleged “insubordination” after he complained about LendingTree’s business practices.

If you have any information about this matter, you may email Teuton, Loewy & Parker LLP at LendingTreeinfo@tlpfirm.com

Mark C. Teuton, Esq.
TEUTON, LOEWY & PARKER LLP
3121 Michelson Drive, Suite 250, Irvine, CA 92612
Tel: (949) 442-7100
Fax: (949) 442-7105
www.tlpfirm.com

Teuton, Loewy & Parker LLP (”TLP”) is a Southern California law firm. TLP is actively engaged in complex litigation, including class actions brought on behalf of consumers and employees. TLP’s capabilities in these fields are based upon the talents and extensive experience of its attorneys, who have litigated class actions in state and federal courts throughout the country.

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Source: Teuton, Loewy & Parker LLP

Septemeber 26, 2006 7:00PM
Once you register, you will be contacted with the exact North Scottsdale Location