As the economy worsens, many people are looking for ways to either make money or save money. Here is Black Voice's list of ideas that may seem tempting to try, but should be avoided. Save yourself -- and your money!

Government Grants Infomercials -- These late night infomercials mislead you into believing that grant money is easily available to almost everyone. The truth is that most of the millions in government grant money is given to local organizations and community development agencies who then distribute the money to individuals. There is a lot less grant money available for individuals and the requirements are very strict. But these organizations charge you hundreds of dollars for booklets that basically steer you back to the government agencies that you can access for free. The website grants.gov even warns about the infomercials!!!

Tax Refund Loans -- Also known as "refund anticipation loans" or "rapid refund," these products that have been offered by companies like H&R Block and Jackson Hewitt for years carry heavy fees that add up to outrageous interest rates of up to 200% on an annualized basis. With most e-filers receiving their refund check within 10 days, it makes sense to wait 10 days and get ALL of your refund instead of giving a good portion of it away.

According to the report, Patterns of Financing: A Comparison Between White and African-American Young Firms:

About 55% of white-owned firms have debt financing in their start-up year and in the follow-up years, while only 47% of black-owned firms have the same; white-owned businesses have more than $80,000 of initial capital on average, while black-owned businesses have less than $30,000 in start-up capital; black-owned businesses rely much more on owner equity than do white-owned businesses -- 56% compared to only 34% in white-owned businesses; and, outsider debt (informal investors, venture capitalists, etc.) accounts for more than 40% of the white-owned business financing, but makes up just 27% for black-owned businesses.

In an interview, Daryl Williams, director of minority entrepreneurship programs at the Kauffman Foundation told Black Voices:

"It is time for black people to understand that the investment in their community is not just the function of banks," Mr. Williams said. "Maybe faith-based organizations, professional organizations and individual investors are going to have to step up and provide alternative types of funding for businesses."

He also said that black entrepreneurs must embrace the challenge of proving that their businesses deserve financing, and of thinking outside the box to find funding from non-traditional sources.

"If you are an entrepreneur, don't be wedded to what you are doing now," Mr. Williams urged. "There may be a lot more lucrative opportunities that become available over the next two years."

For example black entrepreneurs might look to start businesses in areas that are more likely to receive funding based on demographic trends or national and international demand.

If you have debt eliminated or reduced due to a mortgage modification or foreclosure, in some cases the IRS may consider the amount forgiven as income given to you unless you apply for an exclusion under The Mortgage Debt Relief Act of 2007. This special form of tax relief applies to mortgage debt during tax years 2007 to 2012, and with the record number of foreclosures last year, many taxpayers may be able to benefit.

Normally, debt forgiveness is counted as taxable income on your tax return. In the case of mortgage debt, your lender will send you a year-end statement Form 1099-C, which will show the amount of debt forgiven and the fair-market value of the foreclosed property. To not have the forgiven debt counted as income, you must fill out IRS Form 982, Reduction of Tax Attributes Due To Discharge Of Indebtedness.

According to the IRS tax tips on mortgage debt forgiveness, to qualify:

"The debt must have been used to buy, build or substantially improve your principal residence and be secured by that residence. Refinanced debt proceeds used for the purpose of substantially improving your principal residence also qualify for the exclusion."

For more details on this provision and other circumstances that may qualify you for tax relief of mortgage debt forgiveness, check out the commonly asked questions about the Mortgage Debt Relief Act of 2007, and IRS publication 4681 -- Canceled Debts, Foreclosures, Repossessions, and Abandonments.

With all the negative news about Wall Streeters taking bailout money provided by taxes from the general public, it's nice to know there are some on Wall Street receiving honors for giving back to their community. Raymond McGuire, the co-head of Global Investment Banking at Citi received an award for humanitarian leadership from the Council of Urban Professionals (CUP) in New York City just recently. Humanitarians on Wall Street? Yes, it's true.

Mr. McGuire was lauded along with Massachusetts Governor Deval Patrick and Chancellor of D.C. Public Schools Michelle Rhee at an event that raised $400,000 for CUP's program for generating access to capital for minority businesses and providing leadership training. Through this fund, CUP also provides fellowship opportunities for minority professionals. Mr. McGuire himself has mentored many aspiring Wall Street executives over his career.

What does this mean for you?

The fact that a non-profit organization could raise $400,000 during the worst economic conditions in memory is the best endorsement for why you need to join similar professional organizations now. Professional organizations can provide a conduit to cash in any number of ways -- from networking opportunities with well-connected executives such as Mr. McGuire, to access to intellectual capital in the form of mentorship and advice that can save you time and money as you pursue job opportunities and entrepreneurial ventures.

As he addressed the sold out event, Mr. McGuire talked about his passionate belief that economic empowerment should be the next major pursuit of the African American community:

"While we have achieved the pinnacle in the world of politics," he said, referring to Barack Obama's presidential victory, "there is much to be achieved in the world of commerce."

Are you a member of a professional or entrepreneurial organization? Here's why you should be.

If you plan to use a tax filing software program this year like Turbo Tax, make sure your decision to do so will get you the most for your money. After all, the purpose of filing your tax return is to get the largest possible return (without cheating the government of course) and with time winding down until April 15th, it's important to weigh the pros and cons of different programs.

Most people are drawn to tax filing software because it is generally inexpensive to use, which is a definite plus. The deluxe version of Turbo Tax is available on its website for $49.95, and it allows you to itemize federal and state returns so you can take as many deductions as possible. But a free version of the software is also available for filing federal taxes for those who don't have to itemize and can file the 1040EZ form. Turbo Tax does include audit support that is "downloadable" from its audit support center, but that means the support is from online information -- not from a live person.

A premium version of H&R Block's Tax Cut is available on its website for the same price of $49.95, but unlike Turbo Tax deluxe, Tax Cut includes one free session of tax advice and audit support from a tax professional. H&R Block also has a free federal 1040EZ form version for those who don't have to itemize.

Independent software provider TaxACT sells an "ultimate" version of its software for $16.95, which includes federal and state forms and free help with a tax consultant. But the Web site doesn't mention anything about audit support.

All of these programs will save you money (versus using a professional tax preparer or accountant), but is there anything else to consider when using software programs to file your taxes?

Perhaps a bigger consequence of the current economic downturn is the widening wealth gap between white people and people of color in America. A recent column by Meizhu Lui in the Washington Post highlighted the growing disparity:

"The gap between the wealth of white Americans and African Americans has grown. According to the Fed, for every dollar of wealth held by the typical white family, the African American family has only one dime. In 2004, it had 12 cents."

The gory details behind this statistic are outlined in the Federal Reserve's Survey of Consumer Finances, which uses financial data acquired through 2007. But what's worse is that with thousands of African Americans having lost jobs due to layoffs and lost homes due to foreclosures since 2007, the wealth gap could potentially be even more dire than the numbers from the Fed report suggest.

There are things African Americans can do about this unfortunate trend, but we have to act now.

As layoffs continue nationwide, it's important to make a plan for how you want to leave your present job should the ax fall your way.

According to news reports, as many as 45 million Americans were laid off or left their jobs in 2008, and you can expect millions more to lose there jobs this year as the economy continues to struggle. Because many workers will lose jobs due to no fault of their own, there may be a lot of anger and resentment when the pink slips start to fly. Despite your strong feelings, it's important to resist the urge to lash out. After all, most layoffs are strictly business decisions, so it's critical that you remain professional, especially at a time of crisis. How you handle being let go can become an indication of your character, which can cost you money and prestige if you react unprofessionally.

During this recession in particular, many very talented and experienced employees are being downsized, so the competition for the jobs that are left in your industry may be more intense. Leaving your job in the right way can insure that you receive a good reference from your former employer and keep you in good standing if the company begins hiring people back in the future. Leaving a job without anger or drama also leaves open the opportunity for you to approach your former employer to work as a consultant or on a freelance basis -- something they won't consider if you curse them going out the door.

If you haven't filed your tax return yet, you may be able to file it for free. There are a number of options that filers with the appropriate incomes can use to have their returns prepared at no cost by professional tax preparers or online.

The Internal Revenue Service offers a "Free File" service on its website that allows individuals with adjusted gross incomes of $56,000 or less in 2008 to file their federal tax returns online, or with tax software programs from selected vendors. If you choose to use the tax software, you can also file your state tax returns, but the software provider will charge a fee. The IRS also offers a "Free File Fill-able Forms" option that allows taxpayers in any income category to pull up IRS tax forms on the website and prepare their federal tax return themselves -- all for free. And since both options are filed electronically, taxpayers can receive their refunds in as little as 10 days if they opt for direct deposit.

If your tax situation is not complicated and you are filing the 1040EZ federal tax return, Turbo Tax offers a free version of its tax preparation software on its website. The return can be filed electronically for free to decrease the wait for your refund check. If your tax return is more complicated or you want to file a state return, you'll have to pay for software to handle those. There are other free tax preparation software options for simple returns, but stick with more well known names like TaxACT or H&R Block's TaxCut to avoid tax scams.

Unemployed workers who are finding it hard to secure a new job in this economy might want to consider starting a small business instead. Whether you become an independent contractor, a consultant providing similar services to clients who might have used your former employer, or you turn your hobby or secondary set of skills into a money-making enterprise, the best way to get a job in these tough times might be to create your own.

More and more Americans have opted to start small businesses during this decade, which has featured two major recessions. In a 2008 report titled 'The Small Business Economy,' The U.S. Small Business Administration said that the number of nonemployer firms increased from 16.5 million in 2000 to 21.1 million in 2007. The SBA also noted that black self-employment rose 27.6% between 2000 and 2006. With the massive number of layoffs recently, the increase in the number of small businesses and the growth of black self-employment is likely to continue. CNN.com recently reported how many people were using the bad economy as a reason to pursue careers they always wanted to.

The Obama administration is encouraging small business growth by taking steps to increase lending targeted at small firms. Earlier this month, the White House announced a plan to unlock credit to small businesses that includes guarantees of up to 90% of the value of loans made to qualifying small businesses and the temporary elimination of fees the SBA charges on loans to small businesses.

There are also a number of organizations prepared to help aspiring small business owners get started.

You might be overlooking some tax deductions you are entitled to -- deductions that are not well-known, but could save you thousands of dollars on your tax bill.

The Texas Society of Certified Public Accountants has put together a very informative list of 16 lesser-known tax deductions that everyone should try to take advantage of. During such difficult economic times, every dollar that helps increase your potential tax refund can be critical. For instance, did you know that as much as $2,500 of the interest you pay on student loans is tax deductible as an adjustment to gross income? Those who took out loans to pursue additional skills through education last year could benefit greatly.

And for self-employed individuals who pay for their own health insurance coverage, the cost of the premiums to cover themselves and their families are also fully deductible. That can be very comforting for the many workers who transitioned from employee to independent contractor status last year.

What many people forget is that even the fees you pay for tax preparation are deductible -- so there is a deduction on this list for everyone. All you have to do is remember to take them as you file before April 15!