Category Archives: Taxes

Is Putting a 20% Down Payment on a House Realistic?

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 … Continue reading

Posted in Budgeting, Debt, Housing, Investing, Personal Finance, Retirement, Saving Money, Taxes | 31 Comments

Student Loans: How to Pay Them Off and Build Wealth

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 … Continue reading

Posted in Budgeting, Debt, Education, Investing, Personal Finance, Taxes | 37 Comments

Employee Retirement Options

By David John Marotta Putting all of your retirement eggs in one basket is easy to carry, but risky. Most workers are putting all their retirement assets in the basket of their employer’s retirement plan. They are depending on one … Continue reading

Posted in Investing, Personal Finance, Retirement, Taxes, Work | Leave a comment

Kiddie Tax Loophole Dead – UGMA & UTMA Now a Poor Choice for College Savings

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 … Continue reading

Posted in Personal Finance, Saving Money, Taxes | 4 Comments

Should You Be Saving Those Home Improvement Receipts?

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, … Continue reading

Posted in Housing, Taxes | 7 Comments

10 Ways Working Can Cost You

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 … Continue reading

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

The Student Loan Tax Break Information Loan Brokers Won’t Tell You

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 … Continue reading

Posted in Debt, Education, Taxes | 6 Comments

Why Giving A $10,000 Tip Is A Bad Idea

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 … Continue reading

Posted in Personal Finance, Saving Money, Taxes, Work | 8 Comments

Why You’re Likely To Be In A Higher Tax Bracket When You Retire

Something has been bugging me about IRAs lately. Most of the time I read an article or discussion about Traditional IRAs, as opposed to ROTH IRAs, I see that it is a pretty common assumption that income tax rates will … Continue reading

Posted in Investing, Retirement, Taxes | Tagged , , , | 8 Comments

Why The Poor Are Crazy To Save Money

Here’s a question. You don’t have a whole lot of money and I want you to save more. So I create a plan where for every dollar you save, I will take away $2.60 worth of benefits from you. How … Continue reading

Posted in Retirement, Saving Money, Taxes | 29 Comments

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

Posted in Taxes | 1 Comment

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 | 17 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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