A few weeks ago, I put a poll up on this site (you can still see it to the right) asking the question How do you feel about how much tax you pay?
While it’s admittedly a non-scientific poll, the same could be said about the voting for the final roster spot on Major League Baseball’s [...]
You: You mean there’s a choice?
Not really. While it’s possible to structure some of your financial affairs to lessen your tax burden, most high-income earners will still pay a lot in taxes while those at the lower end will pay far less.
You: So then why ask what the right amount of taxes to pay is?
I’m [...]
I just saw the article “Earn Tax-Free Income” over at Forbes. It’s a clever topic and the piece actually delivers. While some of the suggestions are not for those without resources (e.g., buy an apartment building), you may find that you already doing others (e.g., using a cash-back credit card). Yet it’s a comprehensive list [...]
Although Friday comes every week, Friday Q &A comes around only when someone submits a good question AND I have time to answer it. Both happened this week, so here we go. Want to ask a question? Click here for more information or simply email a question.
I plan on buying a home [...]
Continue reading about Friday Q & A: First Time Home Buyer Tax Credit
Line 10 of Form 1040 says “Taxable refunds, credits, or offsets of state and local income taxes.”
You: So?
So this is where most people put their income tax refund they received.
You: Isn’t that where it goes?
Yes, if it’s taxable.
You: Why wouldn’t it be taxable?
A few reasons actually. First let me explain the concept for why a [...]
Continue reading about Don’t just include that state income tax refund
Detroit or LA?
You: For basketball?
Back in the day, sure. Today? Not so much.
You: Then for what? Beaches?
I don’t think the shores of Lake Erie compete with the Pacific.
You: Cost of living?
I think the $8,000 house in Detroit buys you about one square foot in LA.
You: Then what?
TV. I was on TV in both Detroit and [...]
We continue to receive accolades (and new clients) for our tax preparation service which features a 30 minute consultation with me about anything on your financial mind. We’ve saved our clients thousands of dollars and seemingly routinely amend their prior year returns (those prepared by themselves or by another tax preparer) saving them money on [...]
Continue reading about Last weekend for early bird filing discount
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
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