Taxes
Five New Financial Normals
Monday, August 23rd, 2010
Writing about the “new normals” brought on by the Great Recession has become, well, a new normal for many media outlets. Adding to the conversation, Fortune magazine has come up with five new normals that it believes really will stick. Here they are, along with my thoughts. 1. Long-term unemployment. For those who have jobs, ... [Read more]
A Reverse Bailout
Tuesday, March 23rd, 2010
While Uncle Sam gets all the press for its various bailouts, every year millions of taxpayers give the U.S. governmenet something of a bailout in the form of income tax overpayments. Over 70 percent of taxpayers get refunds each year, and according to USA TODAY, this year’s refunds are averaging over $3,000. That’s up over ... [Read more]
Extra Credit for Homebuyers
Tuesday, June 9th, 2009
One element of the Obama administration’s economic stimulus package is a tax credit for first-time homebuyers of up to $8,000. As described in an LA Times article, the credit recently got even more valuable when it was made available to help cover closing costs or for use as part of the down payment. For those ... [Read more]
An Unsettling Approach to Debt
Tuesday, May 12th, 2009
The New York Attorney General’s office has announced an investigation into 14 debt settlement companies across the country, which it says “often prey upon consumers who find themselves unable to keep up with credit card payments in these difficult economic times.” In a recent press release, Attorney General Andrew Cuomo described debt settlement as a ... [Read more]
Free Filing For All
Tuesday, January 27th, 2009
If you’re anticipating an income tax refund this year, the fastest way to get that money is to file your tax return electronically and have the refund automatically deposited. The process takes as few as 10 days. This year, the IRS has expanded its e-file program, making it possible for nearly everyone to file electronically ... [Read more]
Multiplying Your Tax Rebate
Thursday, April 24th, 2008
With rebate checks soon to start showing up in people’s mailboxes, retailers are eager to see us spend the money in their stores. For a limited time, several are offering to add 10 percent to the value of your tax rebate if you use the full amount to purchase gift cards at their stores. The ... [Read more]
Story Follow-Ups
Wednesday, March 12th, 2008
In a recent post I summarized an article about appealing your property assessments. One reader wondered what implications a successful appeal might have on his homeowner’s insurance coverage. In another article I had commented on the importance of married couples using joint financial accounts wherever possible. A reader wrote to say that even though many ... [Read more]
Getting Ready for Your Rebate
Wednesday, March 12th, 2008
Are you among the 130 million taxpayers who will receive a rebate as part of the government’s economic stimulus plan? (Check eligibility requirements here) If so, with the government poised to begin sending checks in May, now would be a good time to decide what you’ll do with the money. Single tax payers will receive ... [Read more]
Appealing Your Property Taxes
Friday, February 22nd, 2008
Fewer than two percent of homeowners try to appeal their property assessments, according to an article in Money magazine. However, the National Taxpayers Union reports that 60 percent of properties are overvalued. The Money article said an appeal will require five to 20 hours of work and most of the time you won’t need a ... [Read more]
Taxing Questions
Wednesday, January 23rd, 2008
Wondering if the cost of your pet pot-bellied pig qualifies as a medical deduction because having it around is so therapeutic? As reported by FiLife.com, until the end of this month, the folks at Turbo Tax are standing by to answer your tax questions–no matter how ordinary or odd–for free. Just submit the question via ... [Read more]
Boost Your Take-Home Pay
Thursday, January 10th, 2008
If you usually get a tax refund, why not make this the year to stop giving Uncle Sam a free loan? The IRS withholding calculator, now updated for 2008, helps you estimate how much you should pay in taxes. It just takes a few minutes, so run the numbers and then compare your results with ... [Read more]
