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Using Charitable Trusts to Reduce Income Tax, Provide For Retirement and Provide For Your Children
[Finance:Taxes]
How would you like to simultaneously provide for your retirement and and receive a large charitable tax deduction? How would you like to simultaneously provide for your children and receive a large charitable tax deduction?
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New Tax Rules Concerning Gambling Activities
[Finance:Taxes-Income]
The Internal Revenue Service (IRS) has historically required that gambling winnings and gambling losses be separately accounted for. The reason for this has to do with the way gambling losses are deducted for tax purposes.
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Four Steps to Find Your Passion and Create Unlimited Financial Success
[Self-Improvement:Success]
Unfortunately, the majority of individuals dislike or are bored with their job. Most have little, if any, passion for what they do for a living. As we grow older the idea that life is passing us by without anything to show for it begins to take root. Some react in strange ways and it may be brushed aside as a “mid-life crisis”.
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Tax Rules For Authors-Writers
[Finance:Taxes]
What’s the difference between $100,000 in royalties received by by an author on: 1. Your one and only book or 2. Your third book in three years? About $15,300 in additional tax, if you are in the second category.
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US Income Tax Rules For Citizens-Residents Working in Another Country
[Finance:Taxes-Income]
Uncle Sam wants to tax your income, no matter where you earn it. As a general rule, all income received by a U.S. citizen or resident is subject to U.S. income tax, no matter where it is earned.
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Top Ten Business Mistakes That Cripple a Business
[Business:Management]
Business mistakes, upon reflection, stand out like missing teeth in a smile. They are so obvious after the fact. You wonder how you could have ever been so dumb. But making mistakes is part of being a successful business.
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Uncovering Fraud in a Small Business
[Business:Small-Business]
It’s hard enough managing a small business but when your small business is confronted with fraudulent activity by an employee, it is almost crippling. Five percent of a typical businesses revenue is lost to fraud each year. This five percent adds up over time and unless the fraud is uncovered, it can create cash flow problems down the road that jeopardize the equity you have built up in your small business.
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Creating Opportunity Luck and Wealth Through Career-Related, Self-Improvement
[Self-Improvement:Success]
In my five-year study of the daily success habits of wealthy individuals one important discovery I made was that wealthy individuals are fanatics when it comes to daily career-related, self-improvement. I uncovered four ways in which wealthy individuals engage in such self-improvement: Reading, Writing, Speaking and Doing. Each one gets you higher up the ladder of financial success.
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Small Businesses Can Benefit From Research & Development Credit
[Finance:Taxes]
Technically the R&D credit expired on December 31, 2009. But fear not. There is much talk in Congress and among professional tax experts resident in Washington, D.C. that the R&D tax credit will be reinstated, retroactive to January 1, 2010. This article will help you, the small business owner, to gear up for the reinstated R&D tax credit.
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Key Facts Regarding the HIRE Act Tax Credit
[Finance:Taxes]
The Hiring Incentives to Restore Employment Act (HIRE Act) was signed into legislation by President Obama in another effort to stimulate jobs growth in this still very sluggish economy. The Social Security Tax Credit portion of the HIRE Act is effective in 2010, with a maximum credit capped at $1,000 available against the employer’s share of each eligible employee’s Social Security Tax. The act also grants a $1,000 Retention Credit (general business tax credit) for employees hired in 2010 who are retained at least 52 consecutive weeks. Here are some of the key facts:
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Unique Tax Characteristics of Exchange Traded Funds
[Finance:Taxes]
Exchange Traded Funds (ETFs) represent a bundle of assets that look a lot like a mutual fund, only they may be traded during the day just like ordinary stocks (mutual fund units may only be redeemed at the end of the day). ETFs have gained a reputation as a low cost, tax efficient alternative to mutual funds. The only problem with this perception is that it may not be accurate. ETFs that invest in currencies or commodities can create bizarre tax ramifications to which the capital gains tax rate rules simply do not apply. This article will address the tax implications of investing in three forms of ETFs: Plain Vanilla (bundles of company stocks), Currency and Commodity ETFs.
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Financial Success and Self-Improvement
[Self-Improvement:Success]
In my five-year research project studying the daily habits of wealthy individuals one of many of the startling discoveries I made was in the area of career-related self-improvement. Wealthy individuals are fanatical when it comes to career-related self-improvement. Day in and day out wealthy people engage in career-related self-improvement.
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Understanding Luck – Learning How to Become “Lucky”
[Self-Improvement:Success]
In my role as a CPA and Certified Financial Planner I help my clients manage their taxes and their wealth and, thus, I am privy to the inner workings of the world of the wealthy. In my other role as a financial self-help author I have, through years of research, gained a very unique understanding of how mere mortals create immense wealth. As a consequence of my two roles I am often asked by those struggling financially how the wealthy make their money. I codified these wealth creation activities into what I call, “rich habits”.
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Divorce Financial Planning Strategies
[Relationships:Divorce]
In my role in divorce planning I have heard more than once, clients articulate that they would prefer death over another divorce. The stress takes years off one’s life. The scars take a lifetime to heal. Typically it takes the average divorced couple seven years to recover financially from a divorce.
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President Chris Christie – 2012
[News-and-Society:Politics]
I know what many of you are thinking. “You are getting way ahead of yourself.” Maybe. But maybe not. A vacuum was created within the Republican party after GW Bush abandoned Reagan principles in favor of unrestrained deficit spending and fruitless tax credits that did nothing substantive to create long-term jobs and promote capitalism.
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Small Business Tax Implications of Health Care Reform For 2010
[Finance:Taxes]
On March 23, 2010 President Obama signed into law one of the largest and most controversial pieces of legislation called the Patient Affordable Care Act (aka Health Care Reform Bill). This new legislation is so complex that it will take nearly eight years to fully implement. The first stage takes effect in 2010 with four distinct provisions. This article will address one of those provisions, The Small Business Tax Credit.
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Single Premium Immediate Annuities (SPIAs) And IRAs
[Investing:Retirement-Planning]
A single premium immediate annuity is an annuity contract with an insurance company in which the contract owner contributes one lump sum (single premium) and immediately begins to receive annuity distributions either monthly, quarterly, semi-annually or annually from the insurance company. Oftentimes the agreement with the insurance company is to receive a specified amount for life pursuant to the account holders life expectancy. Commonly referred to as a SPIA, this annuity has no accumulation period, or period of time in which the annuity grows in value due to appreciation of the underlying assets and/or due to future contributions (future premium payments).
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The Election of President Obama – America’s Wake-Up Call
[News-and-Society:Pure-Opinion]
I believe the Obama administration and Congress have greatly underestimated the shift to the right this country has taken. Certainly the Tea Party movement has been instrumental in highlighting this (not driving the shift, but highlighting the shift). America is divided right now. It is divided between the Producers and the Consumers.
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The Four Stages of Financial Success
[Self-Improvement:Success]
Successful individuals understand that success is a process. The good news is that anyone can process success into their life. Yet so few understand what that process should be or how to even begin. In my five-year research study on the daily habits of wealthy and poor people I was shocked by one discovery I made: financially successful people did not understand exactly why they were successful.
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Lessons in Living – Tiger Woods’ Fall From Grace
[Self-Improvement:Success]
The road to success is paved by these four interdependent stages. All successful people move from each one of these stages to the next in their lives.
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The Costly Differences Between Socialism and Capitalism – California Vs Texas
[News-and-Society:Economics
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There is a little known laboratory experiment being conducted in the United States pitting two economic systems against one another. Those systems are Socialism and Capitalism. This experiment is taking place in two of the largest states in the country, California and Texas, with California representing the big government, high taxes, Socialist economic system and Texas representing the small government, low taxes, Capitalist economic system.
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Gaining Control Over Your Anger Can Be Financially Rewarding
[Self-Improvement:Anger-Management]
The most financially successful individuals recognize the importance of controlling their emotions. The strongest emotions are love, anger, fear, depression/sadness/self-pity, jealously/envy, happiness, worry and grief. When we allow our emotions to take control of us, we allow life to control us and thus we lose all control. Perhaps the most costly of all emotions, when it comes to our ability to make money is anger.
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Teaching Our Children to Be Financially Illiterate – The Failing of the American School System
[News-and-Society:Pure-Opinion]
There is no course, that I know of, taught in our nation’s schools on how to be financially successful in life. Our children, the country’s future generation, are not being educated on matters of finance and money. Instead our schools are teaching our children to study hard, get good grades, get a college degree, get a job, work hard, buy a home and mortgage.
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Networking Can Make You Rich – Top Ten Networking Tips
[Business:Networking]
My most successful clients are master networkers. They are engaged in networking on a daily basis. They seek out opportunities to network. Accumulating wealth and networking are joined at the hip. You cannot create wealth with poor networking skills.
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Filing a Final Income Tax Return For a Deceased Family Member
[Finance:Taxes-Income]
Filing a final income tax return for the year in which a family member dies presents many unique and challenging tax rules. When someone dies they are referred to as the “Decedent”. The decedent’s final income tax return includes income and deductions through the date of death. It is the responsibility of the decedent’s executor or personal representative to file the decedent’s final form 1040. The purpose of this article is to highlight some of the unique tax rules that family members need to be aware of.
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President’s 2011 Proposed Budget Sets Wealthy at $190,650
[Finance:Taxes]
The definition of a wealthy American according to President Obama just keeps changing. In the 2008 Presidential race, then candidate Obama, stressed that those making under $250,000 would not see any tax increases. Well, folks, he lied. If you make $190,650 or more you are being targeted as “wealthy” in President Obama’s 2011 Proposed Budget.
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Reduce Taxes by Making Energy Efficient Improvements to Your Home
[Finance:Taxes-Income]
Thanks to the American recovery and Reinvestment Act of 2009 you can now receive a tax credit of up to $1,500 on energy-efficient improvements made to your home in 2009 and 2010. The credit reduces your personal income tax dollar for dollar. Eligible improvements include the following…
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Questions to Ask When Choosing a Continuing Care Retirement Community
[Home-and-Family:Retirement]
Continuing Care Retirement Communities (CCRC) are communities that offer a blend of services to meet the needs of the elderly. The attraction of CCRCs is the “one-stop shopping” they offer for many senior living needs. Careful planning needs to go into evaluating each CCRC. This article will address the many questions that need to be asked in order to minimize the risks associated with CCRC living.
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How to Fix a Failing Congress
[News-and-Society:Politics]
Approval ratings for Congress are at an all-time low. Seventy percent of Americans surveyed believe Congress is doing a poor job.
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Social Security Disability Benefits Claims Process – Bureaucracy at it Worst
[Finance:Personal-Finance]
You’re disabled. You know it, your family knows it, your employer knows it, your doctors know it. Everybody agrees that you are disabled. So why does it take an average of three years to get approval from the Social Security Administration?
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Why Are Business Losses Sometimes Not Deductible?
[Finance:Taxes-Income]
You just got off the phone with your CPA and he tells you that your S corporation business has a loss of $20,000. You say, “great, that should reduce my personal taxes. Hey, do you think I’ll get a big refund?” Then your CPA lays the bomb on you. “Nope. These losses are not deductible on your personal return.” He goes on to tell you something about “basis” and “at-risk limitation” and you hang up the phone and scratch your head because you still haven’t the faintest idea what your CPA just said and why the losses are disallowed.
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Stevia – A Healthy, Powerful Alternative to Sugar
[Health-and-Fitness:Weight-Loss]
There are many sweeteners out there in the marketplace, but there is one natural sweetener that ranks among the best in terms of healthy, low calories and that is Stevia. Stevia is a plant filled with low calorie sweetness that has no effect on blood sugar levels, making it one of the best low calorie, natural sweeteners available. It makes a perfect alternative to artificial sweeteners, such as aspartame and sucralose.
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When is a Business a Hobby and Why Does it Matter?
[Business:Small-Business]
Generally, if an individual engages in a business with the objective of making a profit, they can claim all their proper business deductions. If their business deductions exceed income for the tax year, businesses can claim a loss for the year. In a regular “C” corporation, these losses become net operating losses and may be carried back two years and then carried forward twenty years.
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Eliminating Future Federal Budget Deficits Permanently by Reforming Social Security and Medicare
[News-and-Society:Pure-Opinion]
With President Obama’s latest federal budget proposal it is no surprise that years of entitlement, pork barrel spending and outright waste are forcing drastic fiscal measures. The fact is, entitlements are destroying the U.S. from the inside out, like a form of stomach cancer, eating away at the very core of our country.
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Roth IRA Conversion – Pros and Cons
[Investing:IRA-401k]
Effective January 2, 2010, Roth IRA conversions are no longer limited by an earnings test. With this earning test eliminated many financial professionals are advising individuals to convert their traditional IRAs into Roth IRAs. But is a Roth IRA conversion right for everyone? In this article we will explore the pros and cons of doing a Roth IRA conversion.
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A Wish is Not a Goal – The Anatomy of a Goal
[Self-Improvement:Goal-Setting]
Far too many individuals fail to achieve their goals. Many who fail to achieve their goals simply give up on goal setting altogether out of frustration or a loss of confidence in the goal-setting process. Why? Why do people fail to achieve their goals? The heart of the problem lies in the fact that many who set what they think are goals are not setting goals at all. They are, instead, making a wish. Wishes are not goals.
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The American Dream and Capitalism – Integral Parts of Our Constitution
[News-and-Society:Pure-Opinion]
It is no accident or manifestation of random luck that the United States is the single greatest economic power ever to grace the planet as a sovereign nation. It is no accident, because our founding fathers had a vision of a nation in which government played a very small role in commerce and an even smaller role in the lives of its citizens. The necessity for a small federal government and independent sovereign states/governments, kept together by a voluntary agreement that became our constitution, was crucial to the success of the country.
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Calculating Expected Family Contribution for FAFSA
[Reference-and-Education:Financial-Aid]
It’s that time of year again when college parents across the country are forced to grapple with the complicated process of completing the FAFSA application in order to determine how much federal financial aid they may be eligible for. This aid takes the form of grants (Pell Grants, Federal Supplemental Educational Opportunity Grants, SMART Grants and TEACH Grants) or loans (Perkins Loans and Subsidized Stafford Loans) and is determined by the following formula:
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Series Limited Liability Companies – The Latest in Organizational Strategies
[Business:Strategic-Planning]
There’s a new celebrity in town in the world of business legal entities and it’s called the series LLC. Begun nine years ago in the great pro-capitalistic state of Delaware, these new sophisticated darlings of the business world are beginning to explode within the financial departments of many major businesses across the country. Their draw? More limited liability protection of valuable business assets and better strategic planning opportunities.
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Kiddie Tax Rules and Planning Strategies
[Finance:Taxes-Income]
At one time, long, long ago, a common tax strategy was to shift investment income from a parent to their child (children) to take advantage of the child’s (children’s) lower tax bracket/rate. This planning strategy was eliminated with the introduction of the kiddie tax. Like every other stopgap measure, CPAs and tax attorneys, around the country, found loopholes and strategies to get around the original kiddie tax rules. In response, Congress continues to tweak the kiddie tax rules. Here are some of the current rules/tax planning strategies regarding the kiddie tax.
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The Theft of the American Dream
[News-and-Society:Pure-Opinion]
The Stamp Act, Tea Act, Sugar Act, Quartering Act, Sedition Act and a number of other legislative enactments, were catalysts which spurred on the American Revolution. Through the enactment of these laws, Britain sought to impose bureaucratic tyranny over the colonies in order to exert “big government” control over them. Our brave forefathers fought back. A new country was born and a new ideal became the bedrock that supported this great new nation. The American Dream was born.
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Special Tax Rules on the Sale of Your Home
[Finance:Taxes-Property]
If you sell your home the IRS rules permit you to exclude up to $500,000 of the gain ($250,000 if you are single) on the sale. In order to qualify for this exclusion you must have owned and used your home at least two years out of a five-year period ending on the date of the sale (known as ownership & use tests). The best part about this gain exclusion rule is that it is not a one-time exclusion.
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Structuring IRA Distributions to Avoid Penalties – Safe Harbor Planning
[Finance:Taxes]
Individual Retirement Accounts (IRAs) distribution rules are a mine field. One wrong move and you can find yourself faced with high taxes and penalties that can wipe out years of savings and investment. Complicating matters is the Darwinian evolution of IRAs that have taken place since the first IRA was introduced in 1974 with the enactment of the Employee Retirement Income Security Act (ERISA ). Since 1974, IRA rules have changed dramatically and legislation was enacted to severely punish those who do not follow the rules, to the letter of the law. IRAs come in many flavors but, for purposes of this article we will focus on the two main types of IRAs: Traditional IRAs and Roth IRAs.
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Educating Our Children on How to Be Financially Successful in Life
[Self-Improvement:Success]
According to the Internal Revenue Service, only 5% of all individuals who file an income tax return make $150,000 or more per year. That works out to approximately 7.5 million individual tax filers. This 5% group is responsible for paying the majority of the personal income tax the IRS receives each year. This is also the group that has adequate retirement savings, six months worth of monthly income savings for emergencies, little to no debt, college costs funded for their children and/or grandchildren, take nice vacations, have significant home equity in their modest to above average homes, good health insurance coverage and adequate life insurance in the event of death. It is this 5% that many in America call the rich.
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How the Federal Deficit Spells Doom For the US
[Finance:Taxes]
Most economists now believe the U.S. Federal deficit is at a tipping point. China & Japan agree. So too, do many Americans. Politicians agree. David Walker, former head of the Congressional Budget Office certainly agrees. The U.S. is not the only one attending this deficit-driven economic meltdown party. Just about every industrialized western country is facing unprecedented deficits
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Top Ten Factors in Running a Successful Construction Contractor Business
[Business:Construction-Industry]
It is not easy running a construction business. There are many pitfalls and ways to lose money but if you follow some basic steps you can not only make a living but become very wealthy. Many successful construction contractors have learned there are certain things you absolutely must do right all the time and certain skills you must have or acquire in order to make it in this very competitive industry. In this article I will summarize what it takes to be a successful construction contractor in their order of importance.
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The Impending Collapse of Our College Education System
[Reference-and-Education:College-University]
The combination of the near economic collapse of our financial system in September 2008 and the worst job market since the Great Depression will soon create the perfect storm for many colleges throughout the nation. College costs have increased an average of 5% per year over the past twenty years. According to recently released reports from the College Board, most students and their families can expect to pay, on average, from $172 to $1,096 more than last year for this year’s tuition and fees, depending on the type of college.
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What is Confidence, Why is it So Important & How Do You Get Some? Top Ten List
[Self-Improvement:Success]
Wealthy people always seem so confident and self assured. Leaders exude a confidence that creates followers. How do they do it? Are they born confident? Is it their upbringing? Their schooling? Why are financially successful people and leaders able to present an image of total self confidence?
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Protecting an Inheritance From Creditors and a Divorcing Spouse
[Finance:Estate-Plan-Trusts]
If you have a sizable estate one of your primary objectives may be transferring your estate assets to your children and only your children. The idea of anyone else having access to your hard earned estate assets is frightening and disturbing. But there is a way to ensure that the inheritance your child (children) receives is preserved for his/hers (their) entire life as well as the lives of your grandchildren. It’s called a dynasty trust. A dynasty trust is designed to remain in existence for a child’s entire lifetime, as well as that child’s children’s (your grandchildren) lifetime.
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How to Survive a Job Loss – Steps You Need to Take Now!
[Finance:Personal-Finance]
If you have recently joined the ranks of the unemployed there are things you need to do right now to get through this difficult period. Since the job market is not improving and, in fact, is getting worse, the reality is that you may not find a job as quickly as you expect. There are certain things you can do right now that will best enable you to ride out this difficult employment market and keep you from spiraling into insolvency.
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Using the Law of Averages to Create Unlimited Financial Success
[Self-Improvement:Success]
Wealthy people know about the Law of Averages and use it each and every day in bringing more wealth into their lives. Once you understand how the Law of Averages works in creating unlimited financial success you will kick yourself for not applying this common sense technique to your every day life in order to improve your chances of financial reward.
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Hiring a Foreign National – Understanding Visa Programs Available
[Legal:Immigration]
Work visas authorize employment in the U.S. on a temporary basis. The process should begin about five months before the employment start date of the foreign national employee. While there is a vast array of temporary work visas available below are the ones with which you, as the prospective employer of a foreign national, will most likely require:
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Why Conservatism (Now) Is Necessary to Save the American Idea
[News-and-Society:Politics]
We are seeing a rebirth of the American idea right before our very eyes and it is only possible because over two hundred years ago a few very wise men (our Founding Fathers) had the insight and vision to incorporate into our Constitution the ability to force revolutionary change in our great society, not by guns and civil war, but by the simple, peaceful process of democratic change we take for granted in this country. The right to vote.
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Year-End Tax Savings Strategies
[Finance:Taxes]
With the year end fast approaching it’s time to give serious consideration to tax savings strategies that could save you thousands of dollars in income tax. Below are some of those strategies…
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How to Become Wealthy by Reinventing Yourself
[Self-Improvement:Success]
Do you constantly worry about money? Do you worry about paying your mortgage every month? Are you worried about being able to afford college costs for your children? Do you fight about money with your spouse? Are you stretched financially? Do you feel constant stress regarding your financial situation?
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Benefits of Health Savings Accounts
[Insurance:Health]
Health Savings Accounts (“HSA”) are often called the IRA for medical expenses. HSA medical insurance plans are similar to your traditional medical insurance plans but they do have certain unique features.
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How to Network and Build Relationships in Order to Make More Money
[Business:Networking]
The recipe for financial success has many ingredients. Hard work, focus, good daily habits, attention to detail. productivity, completing tasks on time. The list goes on and on. Some ingredients are more important than others. But there is one ingredient that all wealthy people put in their success recipe all the time and in abundance.
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Open Letter to President Obama Regarding the Economy
[News-and-Society:Economics]
I am, every day, in the trenches advising clients on business and personal financial matters. I am seeing firsthand the devastation current economic conditions are having on small businesses. I have, I believe, a much better understanding of the economy and the tax system than most, just as a soldier on the front line would have a better comprehension of the battle being waged.
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How Wealthy People Overcome Procrastination
[Self-Improvement:Goal-Setting]
Everyone procrastinates. Some more than others, but rest assured everyone falls victim to this bad habit to some extent. The key to financial success is to limit procrastination as much as you can. Procrastination is a bad habit. It directly affects your ability to achieve financial success in life. When you procrastinate, your work product suffers, you impair your relationships, you lose credibility, and your self-esteem is negatively impacted.
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Why You Should Invest in International Funds
[Investing:Mutual-Funds]
While it is true that the United States is by far the 800 pound gorilla in terms of the size of its economy and its market capitalization, there are many countries who are experiencing growth that dwarfs that of the U.S. China now ranks second in terms of market capitalization, followed by Japan, Britain, France, India, Russia and Brazil. The increases in stock market capitalization of these countries reflect the higher rates of economic growth that has taken place over the past ten years.
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Low-Risk, Inflation Beating Investments For Your 401(k)
[Investing:IRA-401k]
As a result of the meltdown of many 401(k) plans since 2008, many 401(k) owners are looking for more stable, less riskier investments to include in their 401(k) investment plans. Stable-value funds may be the solution for such investors.
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Senate Finance Committee Health Care Bill Key Provisions
[Health-and-Fitness:Healthcare-Systems]
The Senate Finance Committee has just approved landmark health care legislation that could transform the entire country’s health care industry, which represents 1/6 of the total economy’s Gross Domestic Product. Many of the provisions in this legislation would penalize businesses and employees as well as unions with superior health care coverage. Following are the key points, as set forth by the Congressional Budget Office.
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Defined Benefit 401(k)s Set to Make Their Debut
[Investing:Retirement-Planning]
With a defined benefit plan (DBP) employers make contributions based on employee salary, age and years of service. The downside of DBPs has always been the fact that employers carry the entire cost of such plans. No employee contributions are made into DBPs. With safe harbor 401(k) plans, the employer and employee share the cost of funding.
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Roth IRAs Poised to Surge in 2010
[Investing:IRA-401k]
Roth IRAs are about to experience a surge due to a long-awaited tax-law change that will finally take effect January 1, 2010. It is expected to open the floodgates for wealthy and upper-middle class taxpayers.
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Reduce Employer and Employee Taxes With a Salary Reduction Plan
[Finance:Taxes]
Many employees are reimbursed by their employers for business expenses. The employer gets a tax deduction for the reimbursement and the employee is exempt from taxation on the reimbursement. In cases where employers do not reimburse employees for business expenses, the employees’ only option is to deduct those expenses as a miscellaneous itemized deduction subject to the 2%-of-AGI limit. Very often this 2% threshold translates into $0 tax benefit for the employee.
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Generous State & Local Government Pensions Showing Signs of Collapsing
[Finance:Personal-Finance]
For years taxpayers have lost the battle to numerous government employee unions, who have exacted generous concessions on pensions and health benefits. The by-product of these large concessions has been higher and higher property taxes, income taxes, sales taxes or a combination of numerous tax increases. With most Americans struggling financially, there simply is no more money to give the government. Taxpayers are hanging by a thread.
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How to Give Your Employees Tax Free Achievement Awards
[Finance:Taxes]
There are very few tax loopholes these days that allow an employer a deduction which is tax free to employees. Health insurance is one such tax free employer provided benefit. But there is another which is overlooked by employers. Achievement awards.
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The Secret to Financial Success Revealed
[Self-Improvement:Success]
You may be following all of the debate that has been raging in the news lately regarding health care reform, the economy, unemployment and taxes. Everyone, it seems, is either advocating for or against taxes to pay for government reforms and large government programs. But Americans are struggling financially thanks to the economy and over taxation. Americans simply have no more money to give the government. This lemon has been squeezed thoroughly dry.
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Tax Benefits For the Unemployed
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[Finance:Taxes]
The U.S. is mired in the worst recession since World War II with nearly 15 million people unemployed today. There are numerous tax provisions that are available to help the unemployed and also help mitigate the costs of finding new employment.
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How Loan Modification Affects Your Credit Score
[Finance:Credit-Tips]
With the current economic downturn, many recently unemployed are struggling to make ends meet. Many of these same individuals were making their debt payments and had good credit scores until they found themselves standing on the unemployment line. Unable to stay current on their mortgage, credit card debt and/or student loans, they are beginning to see their credit scores drop precipitously. At a time when credit is what they need most they are unable to secure any additional credit. To mitigate this, many are scrambling to modify their debt.
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Federal Programs Available to Assist Homeowners With Their Home Mortgages
[Real-Estate:Mortgage-Refinance]
In response to the unprecedented collapse of the residential real estate market and in response to current catastrophic unemployment, the Federal government has created several initiatives to help homeowners. Here is a summary of the various initiatives…
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Understanding Reverse Mortgages
[Real-Estate:Mortgage-Refinance]
Sometimes the best-laid plans just don’t pan out. You spend almost a lifetime struggling to put away as much money as you can for retirement or savings but then life throws you some curve balls. Perhaps you find yourself short of cash for your child’s semester tuition payment, or your daughter’s wedding requires funds you just don’t have or medical expenses put you in debt or a you lost your job or credit card debt has gotten out of control or so on and so on.
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Why Goals Are Important to Success
[Self-Improvement:Goal-Setting]
Successful people are goal oriented. They create goals all the time. Daily goals are represented in their daily “to do” lists. Long-term goals are broad initiatives to be accomplished at specified points in their lives. Successful people focus on work at work and leave their family and personal matters outside the office, in an effort to achieve their business goals.
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How to Lose Weight Forever
[Health-and-Fitness:Weight-Loss]
Do you feel like you are on a perpetual diet? Gaining weight, then losing weight. Again and again repeating this cycle. Let’s face it, it’s hard to stay on any diet. Everyone seems to jump on a new diet idea when it gets enough press, only to be exactly where they started six to twelve months after giving up on the diet.
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Is the Time Right to Refinance Your Mortgage?
[Real-Estate:Mortgage-Refinance]
Mortgage interest rates are about as low as they can get. With such low interest rates it may make sense for you to consider refinancing your existing mortgage and save hundreds of dollars per month in the process. But how do you know when it is the right time to refinance your mortgage? To find out if the time is right there are a few analytical steps you need to take.
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Understanding Permanent Life Insurance
[Insurance:Life-Annuities]
No one likes to deal with the topic of life insurance. It brings up too many realities that we all try to avoid thinking about, such as our own mortality, depressing thoughts of providing for our families if we die prematurely and lastly, money. You will die. I will die. We know this but we don’t want to consider it. When you consider that seven out of ten people are underinsured in this country you get the point that life insurance is something we just ignore or defer action on.
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Green Tax Incentives Overview
[Finance:Taxes]
In the past two years there have been five pieces of tax legislation that have included tax provisions targeting energy conservation. Through these tax incentives, the federal government is trying to change (socially engineer) the way people and businesses act with respect to energy use. Here is a summary of each one of the five tax incentives recently legislated:
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It’s Time to End Our Current Tax System
[News-and-Society:Pure-Opinion]
As a country we have reached the end of the line. The revenue generated by our current tax system, according to most experts, is no longer sufficient to meet the voracious need of politicians who spend our hard earned money.
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Why We Need Stupid People
[News-and-Society:Pure-Opinion]
Stupid people are important. They are important to our economy, religion, businesses, the local community. They are particularly important to politics, local government, state government and very, very important to national government. Without stupid people we would all be screwed. They buy into stupid ideas, schemes, ideologies, political parties. They befriend other stupid people and help them along. Quite frankly it is the stupid people that are the bull work of our very existence. The most important thing stupid people do is make it easy for the smart people to make money. Here is a list of things that require the undivided commitment of stupid people:
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Investing in US Savings Bonds and US Treasuries – Key Points
[Investing]
Recent economic conditions have forced an education on investors concerning inherent risks of investing in the stock market. Exploring alternate investments such as US Savings Bonds and US Treasuries requires a basic understanding of some of their rules, which are addressed in this article.
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Factors to Consider in Deciding Where to Retire
[Home-and-Family:Retirement]
There are approximately twenty-nine million baby boomers either at retirement age or poised to retire. Thanks to the recession, many boomers’ retirement accounts have lost thirty to forty percent of their value in the past fifteen months. This is causing many to reconsider or delay retirement.
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Cash For Clunkers Program
[Automotive]
If you have been considering a new car purchase but fear doing so during this economic downturn, the recent Cash For Clunkers Program may be just the push you need. If you qualify, the new “Cash For Clunkers” legislation provides a tax-free discount on the purchase of either $3,500 or $4,500 depending on the difference in mpg savings.
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Teaching Our Children the Value of Money
[Finance:Personal-Finance]
As parents we all want to give our children everything we could never have in our young lives. Sometimes childhood emotions surrounding money have a profound impact on us as adults; driving us to do things that may not be in the best interest of our children, such as spoiling them. Take a look around and you will see ten, eleven or twelve year olds walking around with cell phones, iPods, Prada bags. Underlying this is, I believe, our desire to provide our children with a better life. We all seem to want for our children what we could not have, ourselves, as kids. But where does this leave our children? Will they grow up being spoiled and self indulgent, expecting from society rather than being grateful for what society has given them? Is our parental need to make up for what we lacked in our adolescent lives going to hurt our children, and if so, how do we mitigate this?
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America at a Crossroads – States on Fast March Toward Socialism Through Increased Taxation
[News-and-Society:Pure-Opinion]
In a down economy, the last thing any governmental apparatus should be contemplating is increasing the tax burden on those who miraculously still do have jobs or produce jobs. Increased taxes hurts the overall economy by reducing consumption and corporate spending and thus, stifles job growth. Current federal and state tax legislation trends are actually the opposite of what is required. The need to reduce spending, taxes and the size of government during the current economic climate are the only logical solutions in a down economy. Ronald Reagan knew this, President Obama does not.
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Understanding Education Tax Benefits and Incentives
[Finance:Taxes]
For many parents it is has become very difficult to save for or pay for your child’s college education. Recognizing this, the federal government has stepped up its efforts to provide education tax benefits and incentives. While that is a good thing, understanding the myriad of education tax benefits and incentives out there can be frustrating and confusing to the average person. Lately, it seems every time you turn around there is some additional tax legislation in the area of education.
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Maximizing Deductions on Your Real Estate Rental Property
[Real-Estate:Property-Management]
Do you own rental property that’s been producing a marginal profit or a loss the past few years? Short of raising the rent again, you’re fighting an uphill battle as your expenses continue to grow. But one way you can maximize your rental dollars is to squeeze every last tax deduction from your activities.
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The Business of Running a Bed and Breakfast
[Travel-and-Leisure:Bed-Breakfast-Inns]
Running a Bed and Breakfast (“B&B”) sounds great at 5pm rush hours in the streets of Manhattan during the cold of winter. The fact is it can be a real job. Let me give you a taste of what it’s like in the life of a typical B&B owner.
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Getting a Divorce – A Very Taxing Matter
[Finance:Personal-Finance]
I have come to the conclusion that the process of going through a divorce can oftentimes be, emotionally, more catastrophic than a death in the immediate family. That’s a statement that is not easy to make, but I believe it is true. Ask anyone who is going through or has gone through a divorce and they will tell you it is or was the most stress they have ever experienced in their lives. I see this stress in the face of many of my clients. Divorce can break a person, plain and simple.
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America’s Ideological Economic Battle
[News-and-Society:Economics]
You may not know it but there is an ideological battle waging in America surrounding our very economy. This is a battle between two economic schools of thought: Adam Smith’s Laissez-Faire economic theories and John Maynard Keynes managed economy theories.
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Why You Must Have a Will For the Sake of Your Children
[Legal:Elder-Law]
Many people never get around to preparing their will or updating it as circumstances change. Oftentimes, the excuse we hear from our clients for not having a current will is the perceived cost in time and money to have an attorney draft one. I also believe there is a fear of confronting our individual mortality that causes many of us to put off this necessary task. Not writing your will and failing to do even the most basic estate planning can have a disastrous effect on your loved ones and their survivors.
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The Best College Savings 529 Plans
[Finance:Personal-Finance]
One of the smartest ways to save for college is through a 529 Plan. 529 Plans are college savings plans that are funded with after tax dollars (net pay) which grow tax-deferred and allow tax-free withdrawals for the express purpose of paying qualified education expenses (tuition, room & board) for secondary education purposes (i.e. post-high school education) such as college, graduate school, trade schools or vocational schools.
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Understanding Social Security Retirement Benefits
[Home-and-Family:Retirement]
Each day I receive more and more questions from my baby boomer clients who are confused about Social Security benefits and taxation. Social Security benefits come in three flavors: Retirement benefits, survivor benefits and disability benefits. The questions I receive primarily involve questions regarding the retirement benefits area. With 365 baby boomers turning 62 each hour, since January 1st 2008, I have no doubt that the frequency and diversity of these questions will grow. Fortunately, most of the questions are very similar and I will address, in this article, the most common issues I am regularly confronted with.
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How to Become Wealthy by Creating Luck
[Self-Improvement:Success]
In my role as a CPA and CFP I have the honor of advising many clients in matters of personal finance, taxes, insurance and wealth creation. Some clients are wealthy but most are just getting by. The fact is that only five percent in this country make enough money to be considered financially secure. Ninety-five percent are just getting by and have difficulty meeting their financial obligations in life.
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The Law of Attraction’s Dirty Little Secret – It’s All a Myth
[Self-Improvement:Attraction]
“Ask and it shall be given”. This pithy biblical verse from Matthew 7:7 is the very foundation of The Law of Attraction. This terse biblical verse is used as a prop to validate the principles behind The Law of Attraction. “Ask and it shall be given”, sounds nice. It makes us feel good because what it is really saying to us is “wish and you’ll get what you want in life”. This is what makes the Law of Attraction so compelling. The idea that you can think something into your life. It plays very well to the human frailty we all possess, which is the desire to get something by doing nothing. This human trait is the reason why the lottery and gambling are so rampant in our society. The Law of Attraction is no better than buying a lottery ticket.
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Is There a God?
[Self-Improvement:Spirituality]
Each one of us, at one time or another during our lives, has considered this question. From Pope to drunk, none of us is immune from questioning the existence of God. Conversely, it is hard not to believe in God. We see the existence of God in the face of every mother looking upon their newborn child. We see God every time a starving person is fed by a stranger. We see him when tragedy strikes and we come together to help those in need. When cancer goes into remission, there is God. When failure turns to fortune, it is God at work. God is everywhere we look.
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Why You Fail Financially
[Finance:Personal-Finance]
Are you struggling financially? Do you have difficulty paying your monthly bills? Are your savings inadequate? Do you have little, if any, college savings for your kids? Are your credit card debt payments strangling you financially?
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Long Term Care Insurance – Act Now Before it is Too Late
[Insurance:Long-Term-Care]
We generally do not think about long-term care until and when we experience it in our lives. Oftentimes it takes the form of a loved one (typically a parent) who becomes suddenly disabled and the family (typically the children) steps in to assist.
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Understanding Your Incentive Stock Options
[Investing:Stocks]
If you receive stock options as part of your employee compensation package then you are one of the lucky ones. This article is intended to shine a little light on how one of these options, incentive stock options, works from an employer incentive standpoint and how they function for tax purposes.
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Life Insurance For Parents
[Insurance:Life-Annuities]
On 9/11 two families I knew from my swim club lost their husband/father. There aren’t enough adjectives to describe the emotions we all felt not only for those poor, young families. There was, however, also a sense that many of us (the members) dodged a bullet, for it could have been any one of us who lost a family member. I remember telling my wife, shortly after 9/11, that I was just sitting in a seminar in the towers two weeks before. My friend had a 9 a.m. business meeting in the towers the week before. Another friend had to cancel a meeting on 9/11 for personal reasons. Any one of us could have been “them”. So where are these struggling families now? Every summer I still see them at the swim club. The kids are getting bigger. They run around with my kids and my friends’ kids, smiling and laughing and living. I see the mothers at various little parties at the Tikki Bar, drinking and laughing and living. Their lives are certainly different. Their Dads are missing from the picture. But there they are living the same lifestyle they had before 9/11.
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Exchange Traded Funds
[Investing]
Exchange Traded Funds, or ETF’s as they are commonly referred to, are quickly becoming the new darlings of Wall Street. The first U.S. ETF was the Standard & Poor’s Depository Receipt, or “Spiders”, which was introduced on the American Stock Exchange in 1993. Since then they have grown in number. ETFs grew from 100 ETF funds at the beginning of 2006 to over 400 funds by the end of that year. Their original design was intended to compete with index funds.
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The Best Affordable Places to Retire in the US
[Home-and-Family:Retirement]
In my capacity as a financial advisor I am often called upon to evaluate a client’s financial condition in order to assist them in making the transition from worker to retiree. Oftentimes, the underlying reason for meeting is a fear that my clients all share…can they retire with the assets they have or expect to have? More often than not the answer is yes you can retire, just not in New Jersey.
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College Financial Aid 101
[Reference-and-Education:Financial-Aid]
Many parents have just completed the daunting task of filing out college application forms and are breathing a well-deserved sigh of relief. I know, in my home, that sigh was very loud. I have been advising clients for years on college financial matters, but until you actually have gone through the process yourself, you don’t have any idea what it entails.
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Rich Habits
[Finance:Personal-Finance]
I have been servicing the needs of wealthy clients for over twenty years and during this time I have done my best to try and understand what makes wealthy clients so different from everyone else. Let’s face it, we all desire, at some level, to be rich. Being rich provides one with many benefits such as the best health care money can buy, adequate college funds, sufficient retirement money, the ability to do things when you want, freedom from most financial worries, and so on. It’s just all around good to be rich. So the question is: What do rich people do to become rich?
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Job Change? Time For A Rollover
[Investing:Retirement-Planning]
One of the many questions I get peppered with from clients sounds something like this: “I just changed jobs. What do I do with my old employer retirement plan?” Almost invariably the correct answer is to roll over the funds to something called a “Rollover IRA”.
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How to Settle an Estate
[Finance:Estate-Plan-Trusts]
The sad news of a loved one recently passing away is still weighing on you and your family when the discussion turns from the logistics of the funeral arrangements, to which family member is going to handle the estate matters. If there is no will, oftentimes a “responsible” sibling or family member steps up to the plate to take on the role of Executor or Executrix (A.K.A. “Personal Representative” or “Estate Administrator”).
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Variable Annuities And Why They Make Sense
[Investing:Mutual-Funds]
Annuities have so many advantages over other investment vehicles, including mutual funds, that it makes one wonder why everyone doesn’t consider them more often. When you think about variable annuities think about mutual funds on steroids.
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