10 ways to dump your debt in 2010

–(www.FinancialNewsUSA.com)– 01/01/2010 – Taxes industry news provided by Financial News USA. A great deal has changed in the past year, and even more has changed over the decade since we ushered in 2000. I recall that the world as we knew it might have ended due to us being unprepared for the dreaded Y2K bug, lurking in our computer networks!

Well, that never materialized and neither did our more positive resolutions to cut back on our debts. Now that we are a decade into the new century, it is appropriate to offer 10 new tips for the next year that will help you get that debt devil under control.

Here are my top 10 ways to get rid of consumer debt in 2010.Know what you owe.To get where you need to be, you need to know where you are starting. Gather up all your statements and determine how much you owe in total. [Read the full article]

Dear Tax Talk,I held some Series HH bonds jointly with my mother. When she passed away, the bonds became mine. I have since cashed them. Will I be responsible for the interest the bonds made while I had them? Will I have to pay taxes on the original investment even though they were originally under my mother’s Social Security number? Did she have to pay the taxes on the Series EE bonds before she rolled them into the HH bonds?– June

Dear June,If I understand correctly, you and your mom jointly held Series HH bonds, which mom obtained by converting EE bonds that you did not own jointly. After your mom died, you cashed the HH bonds.

The advantage of Series EE bonds is that you could defer paying interest on them until they matured. At maturity you could defer paying the tax on the accumulated interest if you reinvested in Series HH bonds. Series HH bonds are no longer available. When the Series HH bonds are redeemed, tax is paid on the deferred interest from the Series EE bonds. [Read the full article]

In another ominous sign for state budgets nationwide, state and local governments reported another drop in overall tax revenue on Tuesday.

General sales tax, individual income tax and corporate income tax were all down in the third quarter of 2009, resulting in an overall 6.7% drop in total tax revenue, compared to the same quarter in 2008, according to the U.S. Census Bureau.

The one bright spot was property tax collection, which showed a slight increase of 3.5%, compared to the same quarter in 2008.

Total taxes collected in the third quarter were $266.5 billion compared to $285.6 billion during the same quarter in 2008.

States are wrestling with some of the worst budget deficits since the Great Depression. Rising unemployment has wreaked havoc on their vital revenue streams of personal income, corporate profits and sales taxes. [Read the full article]

Kentucky could be facing a budget shortfall of more than $1.5 billion over the next two years because of the economic recession, Gov. Steve Beshear said Tuesday.

“We face a challenge much greater than many had anticipated,” Beshear said at a Capitol news conference. “Obviously, this is going to require, more than ever before, a cooperative, bipartisan working relationship between the legislature and the governor’s office if we are going to continue to move this state forward.”

The Democratic governor didn’t rule out the possibility of furloughs or layoffs among the state’s nearly 34,000 employees.

Senate President David Williams said he believes personnel cuts will be necessary to deal with the shortfall, though he differed with the governor on the amount of the budget gap. Williams said he considers the shortfall, which he estimated at $900 million, “manageable” and vowed to work with the governor to resolve it. [Read the full article] About Financial News USA

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