I have been searching for some new PF blogs to read and incorporate in to my weekly recaps. This post is evidence of that I think as it has lots of PF blog links. Fear not lots of tax stuff in here too. If you need more tax info then Tax Carnival #75: TaxtoberFest 2010 is out and full of great articles.
10 tax tips for 10/10/10 - I’m not a numerology freak. And I don’t have any particular financial superstitions. But I just couldn’t let the 10th day of the 10th month of 2010 go by unmentioned.
My favorite post this week is:
‘Sex therapy’ is not a medical deduction – A New York state tax appeals board has denied a retired Brooklyn lawyer’s attempts to claim hundreds of thousands of dollars he spent on prostitutes, massages, pornography and other sex-related activities as deductions for “medical expenses.”
No Kay we should have to keep saying this, but it wont stop people from trying even though they know.
EFTPS Scam On the Rise – Scammers and phishers are becoming much more clever these days. That’s why it’s important to be smart – and informed. The most recent scam making the rounds appears to be a phishing scam. An email is circulating with the subject line: Your Federal Tax Payment ID: 010363124 has been rejected.
What Does “Financial Independence” Really Mean? – “Financial independence” is a phrase often bandied about by people without any sort of consistent meaning.
REGULATION DOES NOT PREVENT FRAUD – Regulating “unenrolled” tax preparers, while a good idea which I support, will not prevent tax fraud. Regulating CPAs does not prevent tax fraud. Here is an example of the tax advice given by a CPA from a recent blog post by a tax attorney. . .
Withdraw from your IRA with no Penalty? – With all the RothMania spreading, especially since the income limits for converting from a traditional to Roth have been removed, I’m afraid that the needed discussion regarding the Traditional IRA has been neglected
KEEP IT SIMPLE – Still work on extensions RDF has a minute to get us this post. Lets Freeze it shall we?
Good, Better, Best – According to Twitter, which I realize is in no way verified, John D. Rockefeller said: “Don’t be afraid to give up the good to go for the great.”
Trends and the Tax System – The Home Mortgage Interest Deduction – Today, USA Today reported on a trend of more people renting their homes than buying them, apparently due to both the economy and benefits of renting rather than owning. See Should you rent or buy your own home? by Christine Dugas. The article refers to a survey indicating that even some that can afford to buy a home are renting instead and fewer think it is part of the American dream to own a home.
New tax breaks for the 2010 tax planning home stretch – The 2010 tax year is three-fourths over for most of us. By now, we should have a decent idea of what sort of year we’re having, so it’s time to get serious about our year-end tax planning.
New Employer Plan Internal Roth Conversion Rule Falls Short – I wrote about a new Roth Conversion provision in the small business tax bill that everyone has been waiting for, the ability to convert pre-tax dollars in an employer sponsor plan to the designated Roth portion of the employer sponsored plan. These plans are 401k’s, 403b’s and government 457b’s. The blog entry is more in depth here. That was the good news, however lots of people are still not eligible to directly rollover their 401k, 403b or 457b money to a Roth IRA or designated Roth account while tax rates are low and time is on their side.
Should I Really be Doing my own Taxes? – This isn’t a bad thing… if your taxes aren’t going to be complicated. What do I mean by ‘not complicated,’ you ask? Ask yourself these questions if you are considering doing your taxes yourself this coming year:
The World of Twitter Can Get Mean – I consider Twitter like an huge ongoing conversation or maybe with 5,600 conversations going on it is more like a giant cocktail party. I will say for the skeptics that from a marketing standpoint it does work, because I have found new business from Twitter.
Do I Qualify for the IRS Offer in Compromise Program to Settle Back Taxes Owed?
Tips to Becoming Independently Wealthy – . . . we pay our obligations and we are left with a goose egg. There is a fundamental problem with this, and the truth is that 98% of us are so concerned with being good little bill payers and having a good credit score that we miss the boat on our most important piece, our income-producing asset column.
Got W-9? How New Health Care Bill Form 1099-MISC Requirement Will Drown You in Paperwork – Just what you need – one more administrative task put on the backs of small business owners. Starting in 2011, any vendor or independent contractor payment that aggregates to more than $600 in a year gets a Form 1099-MISC. In the past, we’ve only had to give Form 1099s for services and to unincorporated entities. Now everybody gets a Form 1099, corporations included, and for all payments – services AND goods.
Family LLCs as estate beneficiaries: an Iowa inheritance tax trap – The Iowa inheritance tax lives on even after the (temporary) death of the federal estate tax. It has many exemptions and rarely applies.
How to use PayPal for Marketing
Quicken 2011 Review and Giveaway – Interested in receiving Quicken 2011 for free? Read this article in full. This coming Thursday, October 14, Quicken 2011 will be released to the public. This is the latest version of the most popular desktop software for managing your personal finances. I’ve been using Quicken for six years, and I have eight years’ worth of financial data in my files
Tax Fraud: Top 3 Ways You’ll Go Straight to Jail! – Can you go to jail if you don’t pay your taxes? The short answer is “Yes”, not filing your taxes and committing tax fraud are Federal Offenses. You may have dodged the IRS for now, but eventually, you will get caught.
A Deeper Look at the “Percentage Budget”
Why do things like this never hit the KC area? Get Free Help at a Financial Planning Day Near You – During October, CFP Board is part of a group offering Financial Planning Days nationwide. A Financial Planning Day is a free one-day educational seminar held on a Saturday and open to the public. Professional certified planners volunteer their time at these events and cover a variety of financial topics.
More People Need Tax Relief for IRS Back Taxes Than Ever Before – Find Out Why! – We are in a recession. This is no news. But you may be surprised to know that the IRS is taking the current poor economic state as an opportunity to double and triple their efforts to collect taxpayers’ back taxes and outstanding debts.
Why?
Bad economy + lost jobs = no or low income and less tax money for the IRS
Should You Merge Finances With Your Spouse? – Financial management is one of the most serious considerations that married couples have to plan for. Without proper planning, financial stress can put a significant strain on a marriage. Money is such a hot button issue that a 2004 study issued by Redbook magazine found that 70% of married couples talk about money every week. Clearly, this is a sign that couples aren’t taking the necessary steps to determine what financial arrangement works best for them
New Tax Breaks- And What They Mean for You! – The Small Business Jobs Act of 2010 was enacted this past week. Learn what this means for you!
Why You Need to Learn to Invest in 2010 – You can learn to invest in 2010 or you can invest with the crowd. Invest like most folks and you might not be a happy camper. Here’s why now is the time to learn to invest. Consider what follows to be your personal financial stimulus package for getting up to speed and on your way to financial success… with a financial education.
12 Tips to Prevent Identity Theft – Identity theft offenders steal some one else’s identity to meet their own ends; either for economic purposes or for committing some other sort of crime. These criminals make use of your social security number, bank account or credit card number, telephone calling card number and similar identity data. The thieves usually get information by methods such as stealing your wallet, mail or purse. They may also get personal information from you by posing as credit card companies or legitimate companies. They may even steal information from businesses or use bribes to get the information. Some identity theft victims have claimed that the theft was done by people known to them. This is why you need to be very careful.
Branding Your Freelancing Business: Personal Name vs Business Name – When you build your business, at some point the question of branding will come up. What do you want to call your business, and what image do you want to project?
Facebook does 5-for-1 stock split – Facebook’s shares won’t have a clear market value until the company goes public — a move that’s not imminent. Prominent Silicon Valley investor Peter Thiel, an early Facebook backer, said at a tech conference last week that he doesn’t expect the company to IPO until 2012 at the earliest.
Key Business Changes in the Small Business Jobs Act – The recently enacted 2010 Small Business Jobs Act includes a wide-ranging assortment of tax breaks and incentives for businesses. Here’s a brief overview of the tax changes in the Small Business Jobs Act.
Tax Policy Nerds Try to Debunk Each Other’s Debunking Over “The Largest Tax Hike in History” – You may have seen some tax-hating, freedom-loving types waving flags, flying planes with banners and screaming from the rooftops that if the Bush tax cuts expire that it will be “the largest tax hike in history.” The argument has been made and questioned . . . felt the urge to prove the point once again that this will be the largest freedom-hijacking ever:
Welcome to Generation App – How about giving the opposable thumbs a rest and joining the real world? No, I’m not advocating renouncing your phone forever. (God knows, I’d be lost without my iPhone.) But I am suggesting that buying apps is financially illogical. With each purchase, you’re training yourself to do what you should never do: buy on the fly. In short, you’re becoming a full-fledged member of Generation App.
I’m Sick Of Hearing It’s For The Kids – Ever run across someone that gives their children everything? And then you find out the parents are struggling to keep their heads above water financially. Not “we’re just getting by.” No. I mean one month they don’t pay cable, another month they miss the electric bill; the rent gets paid late; always something and always “it’s for the kids!”
Homemade Gift Series #4: Homemade Beer
Corporate tax reform: a dividends paid deduction? – A withheld tax on distributions to tax-exempt entities would keep the income from avoiding tax altogether. A dividends paid deduction would also eliminate the bias for debt over equity in corporate capital structures.
Check For IRA and Roth IRA Excess Contributions To Avoid a 6% Tax Penalty – Even though the average IRA contribution is $3,798, many Americans are still contributing too much to their traditional IRA or Roth IRA account without realizing it. The combined limit for a traditional and/or Roth IRA accounts is $5,000 ($6000 if you are over 50). For married couples, the combined limit is $10,000 ($11,000 if only one of you is age 50 or older or $12,000 if both of you are age 50 or older). If you find that you have made excess contributions, you must remove them before year end or face a 6% penalty for excess contributions
Last week I wrote about 529 plans. Here is another piece from a PF blogger. 529 College
Savings Plan Parent Overview – The 529 college savings plan can be a great way for parents to save money for college for their kids. If you’ve been delayed in saving for college here are some tips from the Financial Planning Association to help you get started saving with a 529 plan.
I just found Money Blue Book.
2 ways to stay afloat during financial storms – According to the National Association of Colleges and Employers (NACE), only about 25 percent of college graduates who completed job applications in May 2010 actually found work, compared with half who did so three years earlier. And the unemployment rate among college graduates aged under 25 is running at nine percent. The news isn’t much more cheerful for those who do find work. Salaries fell for those with bachelor degrees from the class of 2010 when measured against those of their predecessors in 2009.
How Much To Save and How To Do It – Walter Updegrave, a senior editor of Money Magazine, stated “As much as I’d like to be able to tell you to save 10%, 15%……the percentage of income that’s appropriate for you will depend on your income, age, the amount of money you’ve already saved, your employment prospects and, most important, how much you’re willing to forgo immediate gratification for current and future financial security.” Although a general target and good starting place is 10%, some might be able to put away more whereas others might be hard pressed to save 5%.
Practical Economics: Incentives Shape Our Decisions – Incentives prod us or repel us in our decision making process. We regularly choose an economic course of action based on our belief that the result of that decision will benefit us, alleviate pain or grief, benefit a cause we believe in, or otherwise bring us pleasure.
It’s (Not) Inconceivable! – Ask someone under 25 to listen to Kid Rock’s song All Summer Long, and chances are pretty good that when it gets to the “We didn’t have no internet” line they’ll look at you and say… “No internet?! What did you DO?!”
Gen X & Gen Y – Dialing Financial – Six Reasons Why Gen X & Gen Y Need Some Serious Financial TLC.
Social Security Planning: It Can Be Easy To Understand With These 7 Tips. – Social Security is a hot topic these days… …and if you don’t understand it, it can get pretty confusing!
In order to understand the hot topic centered around this issue of social security being around when you retire, you must understand its beginning.
In 1935 the Social Security Act was signed into existence, with the full retirement age at 65 and life expectancy at only 62.
At What Retirement Age Can I Claim My Social Security Benefits? – Knowing your full retirement age is the first step… This is the 1st tip in a series entitled “The Nuts & Bolts of Social Security in 7 Easy Tips.”
The discipline of fiscal and physical fitness - Life is full of choices. You can decide to work out instead of couch surf, or save for a down payment instead of buying designer sunglasses. When you really start to think about it, the same kind of fiscal discipline that applies to living on a budget also rings true for keeping up with a physical fitness regime:
© 2010, Bruce Mc. All rights reserved.
