Michael on September 18th, 2009
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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 [...]

Continue reading about Friday Q & A: Do I have to pay capital gains taxes when I sell my home? What if I just bought it?

Michael on August 26th, 2009
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According to 2007 IRS data and some highlights from The Tax Foundation, here are some facts about who pays what when it comes to income taxes:
The top 1% earn 22.8% of all the adjusted gross income. These people pay 40.4% of all the federal income taxes.  To make the top 1%, you must have earned [...]

Continue reading about Income Taxes – Who Pays How Much

Eight years ago, Congress passed the Economic Growth and Tax Relief Reconciliation Act. Numerous tax laws were changed as a consequence, many significantly.  Most of the changes were phased in over time and now, eight years later, most have.  But one of the biggest changes is right around the corner. I found that humorous.
You: [...]

Continue reading about Timing the death market and other humorous parts of the tax code

One of the best parts of the weekly personal finance carnivals, including this week’s carnival hosted by WiseBread, it the wide variety of personal finance topics covered.  In addition, I always take the time to enjoy an article or two that I’ve been meaning to write myself but just haven’t gotten to.  This week was [...]

Continue reading about What do extra loan payments, toilet paper, and Monopoly have in common?

Michael on April 22nd, 2009
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In response to the market turmoil Congress recently passed a one-year waiver on RMDs.
You: What are RMDs?
Required minimum distributions.
You: That didn’t help.
Shortly after you reach 70 1/2, you must begin to take a proportion of your money out of your qualified retirement plans annually.
You: Or?
You pay a penalty.
You: What if I don’t want to take [...]

Continue reading about No RMD in 2009 – have you told your ancestory?

Michael on April 10th, 2009
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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 was wondering if we qualify for a first time home buyer credit. We just bought our first house in Nov 2008. My husband purchased a [...]

Continue reading about Friday Q & A: First Time Home Buyer Tax Credit

The IRS released a notice recently concerning an obvious contradiction:

The deadline to purchase a home and potentially qualify for the 2009 first time home buyer tax credit is November 30, 2009.
You can claim this $8,000 refundable tax credit on your 2008 tax return.
Your 2008 tax return is due April 15, 2009.

You: So how can [...]

Continue reading about First Time Home Buyer Credit – Your options if you buy after April 15

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.
My husband and I have always claimed my daughter and granddaughter on our taxes.  She graduated college in 2008 and started a job in Sept of [...]

Continue reading about Friday Q & A: Stimulus payments and recovery rebate credits

Michael on February 23rd, 2009
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You: This economic stimulus – what’s in it for me?
There’s something for everyone (almost) in the economic stimulus package.  But it probably isn’t much.
You: Well, what is it?
Starting in several weeks, you’ll get about 13 extra bucks in your weekly paycheck (probably.)
You: Just thirteen bucks?  Didn’t the stimulus cost nearly a trillion dollars?
Yes and yes.
You: [...]

Continue reading about Economic Stimulus – What’s in it for me?