Financial Regrets From This Past Year and What I’ll Do Differently In ‘09
[from ]
Although we are financially secure and tend to make wise decisions regarding our finances, we still screw up sometimes and do things that we later regret. We’re human. However, while we may have regrets I choose to look at them as learning opportunities. Whatever we regret from this past year is something that can be […]
Financial Lessons from my Creditors
[from ]
It’s become quite fashionable to attack credit card companies or banks who hold our mortgages, especially with the recent turmoil in the financial market. While talk of increased regulation and pointing the finger of blame may each have their place in how we deal with such situations, both psychologically and fiscally, they can quickly overwhelm […]
Do You Really Save Money on Tax Free Weekends?
[from SavingAdvice.com Blog]
By Jennifer Derrick
Now that back to school season is upon us, my state and many others are promoting their upcoming tax free weekends. These are the weekends where you can buy items from certain categories and escape the state and/or local sales taxes on those items. The rules vary by state, but typically the items […]
How to Avoid Taxes on Your IRA
[from washingtonpost.com - Personal Finance]
Are charitable donations of IRA money permitted after tax years 2006 and 2007?
Taxes on 401(k) and IRA Withdrawals
[from washingtonpost.com - Personal Finance]
Is that true when you withdraw your money at retirement that you pay less tax for a traditional IRA than a 401(k)?
Coupons Are Taxable - Why Do We Have To Pay Sales Tax on Them?
[from SavingAdvice.com Blog]
By Shannon Christman
It seems everything is taxable — even coupons! I never questioned the small print on the coupons I use, at least not the part about the customer paying sales tax. (I don’t understand why a manufacturer can say a coupon shouldn’t be doubled when it’s the retailer that makes a doubling […]
Trimming Your Property Taxes
[from washingtonpost.com - Personal Finance]
During the housing boom, property taxes soared along with home values. Now that home prices are retreating, you’d think that tax relief would be around the corner.
Taxes In Divorce
[from washingtonpost.com - Personal Finance]
If you’re going through a divorce, the last thing you may have on your mind is how the breakup will affect you and your ex-spouse on your next tax return. But whether you’re structuring a property settlement, choosing how to split up retirement savings or simply figuring out what your filing status…
Death and Taxes
[from washingtonpost.com - Personal Finance]
Death and taxes may be equally inevitable, but the taxman demands the last word. Death does not excuse a final accounting with the IRS. In fact, taxes can further complicate the lives of survivors. Federal estate taxes could be due, and state inheritance taxes could come into play, too. Here,…
Taxes 101: Graduating from College
[from washingtonpost.com - Personal Finance]
You’ve got a newly minted diploma and high hopes for landing your first job. But before you climb that first rung of the career ladder, there are some basic rules to understand about income taxes. Think of it as Taxes 101.
Should You Take One For The Team?
[from SavingAdvice.com Blog]
By Cortni Marrazzo
“Falling housing market.” “Possible recession.” “Troubled economy.” These phrases have been buzzing around lately in the media. Real estate prices were going up and many people decided to buy more house than they could afford with unconventional mortgage terms. Now the house prices are falling in many areas and […]
Just Call Me Unpatriotic
[from SavingAdvice.com Blog]
By Jennifer Derrick
If you haven’t heard, the government is devising an “economic stimulus package” to jump start the economy. While the details aren’t yet final, it appears that the majority of American workers and retirees will be getting some rebate money from Uncle Sam. The latest figures to be tossed around are $1,000 per couple, […]
And So It Begins - Time To Start Ye Olde Tax Return
[from No Credit Needed]
Tonight, I’m sitting down to file my taxes. I’m still waiting for a few 1099s to arrive in the mail, so I’ll probably just enter my basic information and get a feel for where we stand.
Last year, I managed to fully-fund my 403b account. By doing so, I have reduced my overall taxes. But, I […]
Are Friendships and Family Relationships Taxable?
[from SavingAdvice.com Blog]
By Shannon Christman
Before money existed, people exchanged goods and services through bartering. Even after money became the logical solution to the problem of finding someone who could offer what you wanted and wanted what you had to offer, bartering remained a viable alternative way to do business.
Today, as the Internet has […]
Tax Rebate And Economic Stimulus Plan - What Will You Do With Your $300 - $1200 Check?
[from No Credit Needed]
It looks like the President and various members of Congress have agreed to the details of a new economic stimulus plan.
For more information about the plan, read this article from the NY Times.
Basically -
If you made $3000 in 2007 (or more) - you should receive a rebate check of $300 (or more).
If you are marred […]
Is the Fair Tax Really Fair?
[from SavingAdvice.com Blog]
By Cortni Marrazzo
I recently stumbled upon the idea of a different tax system that some are advocating our country change to called The Fair Tax. I don’t know if my head has been in the sand about this or if many other people have never heard of it as well. It was an […]
Payroll Tax Exemptions ($10 Question)
[from SavingAdvice.com Blog]
When it comes to how much money the government keeps out of your paycheck, there are often a lot of questions. You don’t want to be giving the government a free loan of your hard earned money, but at the same time, you don’t want to owe a lot of taxes when April 15 […]
Selfish Reasons to Give Money Away
[from SavingAdvice.com Blog]
By Shannon Christman
One basic fundraising rule is to tell potential donors what’s in it for them. It sounds strange that charities would appeal to donors’ sense of self-interest rather than to their sense of charity, but that’s what they do, albeit subtly, so as not to suggest that donors are selfish. While I […]
Is Putting a 20% Down Payment on a House Realistic?
[from SavingAdvice.com Blog]
By Cortni Marrazzo
I understand the argument behind the advice of putting at least a 20% down payment on a house purchase. No one wants to pay private mortgage insurance and the idea of getting two different loans to avoid it isn’t that great either. I imagine if you are a previous […]
A Bit About Taxes - Understanding Effective Tax Rates For 2007 - Planning For 2008
[from No Credit Needed]
I will be the first to admit - I know very, very little about taxes. So, in an effort to learn a little bit more about ‘tax rates’, I did a search of the IRS website and I found this page - 2007 Federal Tax Rate Schedules. (Please visit the IRS site for […]
Student Loans: How to Pay Them Off and Build Wealth
[from SavingAdvice.com Blog]
By David John Marotta and Beth Anderson Nedelisky
The average college student graduates with almost $20,000 in student loans. While this is a daunting sum, it is still possible to build wealth even while paying off student debt. But earning the degree and paying for the degree require two different kinds of smarts. In fact, […]
Kiddie Tax Loophole Dead - UGMA & UTMA Now a Poor Choice for College Savings
[from SavingAdvice.com Blog]
By David John Marotta and Beth Anderson Nedelisky
Income-shifting is one of several tax planning tools families have used to lower their tax bill. Historically, parents could save a bundle by transferring highly appreciated investments to their children who are in lower tax brackets. However, this year, Congress has made income-shifting a dream of the past, […]
Why You Pay Social Security Benefit Taxes
[from washingtonpost.com - Personal Finance]
I see Jack Woodard almost every Sunday when I pick up my mother at her apartment building. Woodard works at the building one day a week, and for several months, he’s been asking me a question I couldn’t answer.
Democrat Proposes Overhaul Of Taxes
[from washingtonpost.com - Personal Finance]
Setting the stage for a bitter election-year battle over the direction of U.S. tax policy, the House’s chief tax writer yesterday unveiled a broad proposal that includes repealing the alternative minimum tax as well as reducing taxes on an estimated 91 million mostly lower- and middle-income…
Should You Be Saving Those Home Improvement Receipts?
[from SavingAdvice.com Blog]
By Shannon Christman
A few weeks ago, I discovered a hardware store receipt among some papers my in-laws had given us. Because my father-in-law works in maintenance, I called them to see if he needed the receipt for reimbursement from his job. No, my mother-in-law told me, it wasn’t a work expense; it was […]
10 Ways Working Can Cost You
[from SavingAdvice.com Blog]
By Amy L. Fontinelle
You’ve probably heard before that it doesn’t always make sense for both adults in a household to work because the second spouse’s income is all taxed at the marginal rate. When childcare costs are factored in, there can be little-to-no financial motivation for both parents to work. But did you know that […]
Personal Finance 101: Capital Gains Tax
[from The Simple Dollar]
A reader wrote in wanting a simple explanation of a very hairy topic: capital gains and capital gains tax. I’m going to take a crack at explaining it in very simple terms, leaving out some of the specific vagaries of the United States tax code.
Whenever you buy something, then sell it for a higher […]
The Student Loan Tax Break Information Loan Brokers Won’t Tell You
[from SavingAdvice.com Blog]
By Teri Newton
I think almost every week I hear someone who makes over $70k a year mention their wonderful student loan interest tax deduction. It’s time to take a few minutes to educate the masses about the student loan interest. Plain and simple, if you make a good wage you will not qualify for the […]
Why Giving A $10,000 Tip Is A Bad Idea
[from SavingAdvice.com Blog]
There is a story making it’s way around about a waitress that received a $10,000 tip and what a wonderful gesture it was. No doubt about it, except that because of the way it was given, the waitress is going to have to pay taxes to the IRS for it.
Granted, if the person giving the […]
Predicting the Future: Where Will Tax Brackets Go In Thirty Years?
[from The Simple Dollar]
I try very hard to avoid political discussions on The Simple Dollar because it often winds up in partisan bickering, but I feel that a discussion about the future of taxes and their impact on your personal finance decisions today is vital.
First of all, why is it important to think about future tax […]