Passing the week. . .

Posted by Bruce Mc on Aug 10, 2008 in Opinions, Taxes, Week in review | 4 comments

Paying off your mortgage – what would you do with the spare cash? A great question, that is explored by Andy @ $aving to Invest. I like his first two ideas, not sure I’d need an up-grade, and there is no way I could be a landlord, to much work. But those are his thoughts, and they are very good ones. He even shows that his thoughts are of possible tax implications for paying off a mortgage to early.

Frugal Zeitgeist has a great post. Although she is talking to women in her post Career tip for twenty-something women, I can say with all honesty that this isn’t just gender and age specific. Men and women of all working age groups should take this lesson to heart. In some ways, so should I. After reading some of her post, this might be one to follow. Go check out her blog.

Didn’t get your midyear finances evaluated? Don’t panic. There’s still time to make some moves that can help you cut your tax bill when you file your return next year. Kay Bell fills you in with her post “Just past midyear tax moves”. If you haven’t done it yet, read what she has to say then get to it. (Tax carnival Monday)

And if it hasn’t hit home, it is past time for midyear planning. 10 MID-YEAR TAX MOVES from THE WANDERING TAX PRO.

So many confused clients on the rules for deducting cash or cash-equivalent charitable contributions. So hard to let everyone know what is going on, with all the changes. Tax Info Blog copy and pasted what the IRS has published in a resent update. If you are contributing, read this.

Kay Bell looks into the new proposed new driving deductions in her post Mileage related tax legislation popping up. If you haven’t heard about this, where have you been?

A home inventory is an important item to have, just in case. We hope we never need it but it is a must have. So Where to Store Your House Inventory Documentation  posted at No Debt Plan is a must read.

I’d like to welcome Cash Money Life to my blog roll.

            I push a lot for my clients to be thinking about their retirement, thus I push 401’s and IRAs along with savings accounts and other such related items. 1040 FYI: IRA BASICS from THE WONDERING TAX PRO is a great read. I would also hope that you’d check out his other 1040 FYI post. You’ll find much need information.

I would also like to thank Robert for some assistance he gave me last week. I am not much for preparing 1041’s for clients and do so only in a need to situation. This form is not something (using his word) solicit. I have done them in the past and with no issues. However I am currently involved in a new situation with one and after asking local associates (other “tax preparers” in their own companies) for small guidance or reassurance that I was indeed correct. They, all for different reasons (mostly their own), were unable to help. I was about to give up and I decided to ask Robert his thoughts and he gave me the guidance I needed. (The answer to the problem I was having pointed to “I was right”)

Despite the outcome of this, it has left me wondering about a sign I have in my office. It reads:

“No, I don’t know everything. . .

but, I know where to find it.”

Now this situation has me wondering should I keep the sign or get rid of it. Am I still just a Padawan, not yet ready for the trials to be a master (Pro). A debate I should have held within, but as my clients all know, I hide nothing.

                        On this, let you know, I will.

Regardless of the fun silliness I just showed,

Thank you Robert, I hope someday I will be as much help for you as you have been for me.