Category Archives: Taxes

Rules You May Not Know About When You Use Your Home As An ATM

The state of California recently reviewed a sample of state tax returns which claimed large mortgage interest deductions and found that 75% of the tax returns had claimed excessive interest deductions. There are rules that limit how much interest you … Continue reading

Posted in Debt, Housing, Taxes | Leave a comment

Minimum Wage Increase & Tax Changes

On May 25, President Bush signed a bill that included a minimum wage increase as well as a few tax provisions. Federal Minimum Wage Increased: The federal minimum wage will increase to $7.25/ hour over the next two years. The … Continue reading

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Creative Ways To Reduce Child Care Costs

A huge financial challenge which many working couples face is the cost of child care. If the only reason that both parents are working is for the extra money the second income provides, you may want to take some time … Continue reading

Posted in Making Money, Personal Finance, Saving Money, Taxes, Work | 6 Comments

What To Do With Retirement Funds After Retirement? (Your Advice)

When it’s time to leave a job you have more than the loss of income to think about in regard to your personal finances. You also need decide what you will do with the accumulated money in retirement plans at … Continue reading

Posted in Investing, Personal Finance, Retirement, Taxes | 4 Comments

Basics To Figuring Out Your Tax Bracket

When talking about taxes, the issue of tax bracket often comes up and it’s an important factor in deciding what tax options are best for your situation. The problem is that the average person probably doesn’t know which tax bracket … Continue reading

Posted in Taxes | 10 Comments

Financial Advice For Moms

Some good, basic financial advice for both working and stay at home moms in this short clip from CBS News Early Show and financial advisor Ray Martin. There are a lot of working moms out there these days: approximately 70% … Continue reading

Posted in Personal Finance, Taxes | 1 Comment

Tax Free Free Investment Gains From 2008 – 2010

Just when you think the tax code couldn’t get more complicated, we approach 2010, when a multitude of taxes are waived and taxpayers are given large breaks (e.g. estate taxes repealed in 2010). There is one newer tax provision, however, … Continue reading

Posted in Investing, Taxes | 18 Comments

Two-Income Trap: Why Many Couples Shouldn’t Both Be Working For The Money

No doubt you have heard of the Two-Income Trap. I think a major issue that is often overlooked with the Two-Income Trap are taxes. I come from a situation where when it came down to having kids and wanting a … Continue reading

Posted in Budgeting, Making Money, Personal Finance, Taxes, Work | 39 Comments

Kiddie Tax

I’ve been noticing a lot of confusion on the kiddie tax rules lately so figured it was time to break it down. Too many parents are deciding not to put a token amount of money in their kids’ name in … Continue reading

Posted in Taxes | 2 Comments

Investment Strategy – Another Way To Donate Money

Donating appreciated stock to charity is a very common tax tool for the wealthy. When you donate stock that you have held for more than a year (through direct transfer of the stock to the charity) you get a tax … Continue reading

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Maxing Out Retirement = Saving Too Much?

I came across an interesting online discussion the other day, about how maxing out both a 401k and an IRA was simply a lot of over-saving. The discussion was based on some article about a single adult male who maxed … Continue reading

Posted in Personal Finance, Retirement, Saving Money, Taxes | 15 Comments

Putting Patents On Saving Money – Spend Every Dime

Putting Patents On Saving Money: This is an interesting article that totally blew me away. Apparently you can patent ways to save money on taxes and if you create tax savings in a way that someone else has patented, you … Continue reading

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Taxes Have Political Correctness Issues

In the spirit of political correctness, the IRS long ago did away with the old designations of “husband” and “wife” on individual tax returns, and replaced them with “taxpayer” and “spouse.” The result of this change has led to many … Continue reading

Posted in Taxes | 6 Comments

How To Extend Your Tax Return

As April 17th approaches, the inevitable question is, “Have you filed your taxes yet?” Hopefully you are all on the ball and if you had a refund due, you filed back around February 1 and if you owed, you are … Continue reading

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When Should You Opt For A Professional Tax Preparer?

Well, we all know it is that time of year. If you haven’t had your taxes done by now, maybe you are still trying to decide how you will go about getting them done. I did a recent article on … Continue reading

Posted in Taxes | 3 Comments

Bogus IRS Websites and Scams

The IRS website and many state government websites can provide information on the status of your income tax refunds. But at the same time, they request very personal information such as your social security number and your income, in order … Continue reading

Posted in Taxes | 1 Comment

Tax Rap Contest

Yes, you read that title correctly and I’m still shaking my head a bit. It appears that Turbo Tax has launched a tax rap contest worth $25,000 to the person that can come up with the best Turbo Tax inspired … Continue reading

Posted in Taxes | 4 Comments

IRS Free File – The Key Is State Taxes

By now, you’re probably well aware that you can Free File your federal taxes through the IRS Free File program. What hasn’t been discussed a lot is that which of the programs you should choose to do your federal taxes … Continue reading

Posted in Taxes | 2 Comments

Why Are Bonuses So Heavily Taxed?

You’ve probably wondered why your bonuses are so heavily taxed. It’s all in the tax law. There are two methods to determine bonus withholding. One method is called the Percentage Method; the other is the Aggregate Method. Which method is … Continue reading

Posted in Personal Finance, Taxes | Tagged , , | 34 Comments

Charitable Tax Deduction Donantion Changes

There are a number of new tax laws in recent years when it comes to charitable contribution deductions. These are some pretty significant changes, so keep in mind the following as you do your taxes in regard to the cash … Continue reading

Posted in Taxes | 2 Comments