News and other tidbits that Chad Cloman finds interesting enough to share
The linked article explains, in layman’s terms, how the largest bankruptcy in history occurred. I figure we, the taxpayers of the United States, should know something about AIG since we now own the company. And for those who want a more general explanation of “What the #$@(&* happened to our economy, there’s this Freakonomics article.
Mental Floss is holding a contest for students, where five winners will each receive $10,000 to be applied towards tuition. Even if you’re not eligible for the prize, the site is one that I regularly read and recommend.
With the stock market chaos, and with the surge of bankruptcies/government takeovers in the financial industries, you may be wondering if it’s time to drain all your accounts and store the cash inside a mattress. The linked article helps reduce the confusion by explaining exactly what is and what is not insured by the FDIC.
Link: http://consumerist.com/…
The linked article explains some rights and responsibilities of credit card ownership.
Link: http://consumerist.com/…
Due to the massive increase in the price of gasoline, the Internal Revenue Service has raised the standard mileage deduction. As of July 1st, it is $0.585 per mile instead of $0.505. The new rate applies to travel performed from July 1st to the end of the year. Note that the old rate still applies from January 1st to June 30th, 2008.
Link: http://www.irs.gov/…
(via The Consumerist)
This guy took advantage of the fact that when you set up an online brokerage account, the brokerage company will “test” your bank account by making a small deposit. So he wrote a script that opened thousands of accounts linked to a few bank accounts. He was able to collect about $50,000 before getting caught. Although illegal, this was absolutely ingenious. I’m a bit jealous I didn’t think of it first.
Link: http://blog.wired.com/…
(via digg)
If you’re looking forward to your economic stimulus payout, The Consumerist has details on when your deposit/check should arrive.
Link: http://consumerist.com/…
When the US Internal Revenue Service first came out with e-filing, I was annoyed that you had to buy tax preparation software or pay for tax preparation in order to e-file. This is no longer the case. If your adjusted gross income is $54,000 or less, you can use a free e-filing service called Free File. The linked article has a list of services from which to choose—I’ve used the H&R Block TaxCut Free File for two years now, with no problems. Sure beats mailing in those returns. Note, however, that this only applies to federal taxes, and that you may get marketing emails from the service that you choose.
Link: http://www.irs.gov/…
Astute Chad’s News readers have heard about the US government’s economic stimulus plan. The linked article has the facts. Essentially, the law creates a one-time tax cut for the 2008 tax year (the cut is in the form of a tax credit). The credit will be estimated, based on your 2007 tax return, and will be distributed this May. Then, when you file your 2008 return, you’ll have to determine the actual credit amount. There is also a rebate calculator to determine how much you’ll receive—looks like mine will be $600.
Link: http://www.consumerismcommentary.com/…
(via The Consumerist)
A computer glitch in a Kmart credit card approval system, that approved anyone who applied, led to a riot. The thing I find most interesting, however, is that they considered the credit card to be “free money.”
Link: http://www.wisn.com/…
(via The Consumerist)
For the first time in 30 years, a Canadian dollar is worth more than a US dollar. The linked article looks at the pros and cons of a weak dollar, and it’s not necessarily as bad as one might think.
Link: http://www.csmonitor.com/…
(via digg)
The US treasury is redesigning the $100 bill again, this time with a nifty effect that will be difficult to counterfeit.
Thanks to Josh for this topic.
Link: http://www.foxnews.com/…
