Over at the Retirement Planning site at About.com, I just posted an article about the best kind of tax deductions: those that come from saving.
Think about it. Most tax deductions require you to spend money in order to obtain the deduction. In my practice, the most common and largest deductions are:
state and local income taxes
mortgage [...]
Continue reading about The best kind of tax deduction – a deduction for saving
Schedules L & M are now available at the IRS web site, and post offices and libraries near you. You’ve never filed these forms before.
You: How do you know?
Schedules L and M didn’t exist before this filing season.
You: Correct.
Thanks.
You: What are these schedules?
You don’t know?
You: Of course I don’t know! I don’t get paid to [...]
Approximately half of all people cash out their retirement plan when they switch jobs.
You: Well, I wasn’t going to leave my retirement plan at my old company either. My boss was a real jerk.
I don’t know your boss, but –
You: He was a jerk. I jut told you that. Pay attention.
We’ve all had bosses who–
You: [...]
Continue reading about Just because you’re running doesn’t mean you should take the money
Due to the Worker, Homeownership and Business Assistance Act of 2009 signed into law on Nov. 6, 2009, the rules surrounding the first time home buyer tax credit have changed again. However, these rules only apply to homes purchased after November 6, 2009.
You: What if I purchased a home before November 6, 2009?
When did you [...]
On November 6, the first time home buyer tax credit was enhanced and updated. Here are the changes to the 2009 version of the first time home buyer tax credit resulting from the new legislation:
Deadline extended: Now you have until April 30, 2010 to establish a contract to purchase a home and June 30, 2010 [...]
Not so long ago, I wrote of some of the humorous parts of the tax code. Recently, I became aware that the federal government is now subsidizing the purchase of golf carts and I don’t find that funny at all.
You: Really? They’re subsidizing golf carts?
Yes.
You: How so?
Like any other subsidy, part of the cost is [...]
Continue reading about Golf cart subsidies – Why the government is subsidizing golf carts
You: You’re watching pre-season basketball?
No. Honestly, I might even watch golf first.
You: What’s wrong with watching golf?
I find it more boring than the prospect of playing it.
You: Wow. So what’s with the “fourth quarter” reference then?
I’m talking about the fourth quarter of the year, which begins today. For better or worse, many companies – especially [...]
Continue reading about Welcome to the fourth quarter: Five suggested tasks before New Year’s
You: Wait a second. This is a personal finance blog. Why are you weighing in on health care reform?
First, I’m not actually weigh in on what plan should be followed. Rather, I am reporting some observations about our behavior. Second, health care reform is very much a financial planning topic.
You: How so?
In several ways. Here [...]
It’s Friday, so it’s time for this week’s reader-submitted Q & A. (Two covered this week – I am so motivated!) If you’d like to submit a question, click here for more information or simply email a question.
I purchased a mobile home over 17 years ago for cash and have been paying rent for [...]
Continue reading about Friday Q & A: More on the first time home buyer tax credit
It’s Friday, so it’s time for this week’s reader-submitted Q & A. If you’d like to submit a question, click here for more information or simply email a question.
I purchased a home in Nov. of 2008 for $200,000. In July of 2009 I sold it for $265,000. If I am using all of the [...]
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