Posted 1 day 11 hours ago by Xin Lu
To all the Americans out there, happy Independence Day! I think this a great day to reflect upon how personal finance and patriotism is so intertwined in America. So I dug up a few tidbits from American history and summarized them here.
Posted 2 weeks 1 day ago by Xin Lu
Yesterday Paul Michael wrote an article comparing the income tax policies of McCain and Obama and suggested that he would vote for Obama because Obama's tax policy would benefit everyone but the uber-rich. In the comments on the article there are many great comments about the candidates' tax policies and how it is not so simple to say that Obama's plan is better. One particular comment that stuck out to me is about Obama's stance on doubling capital gains taxes, and I think that is possibly the worst tax policy ever, and here is why.
Posted 4 weeks 1 day ago by Xin Lu
Yesterday I read a news item that stated the House and Senate are considering another tax benefit for homebuyers and homebuilders. The idea the House is considering is basically giving a tax credit of $7500 to people who have not owned a home in three years. In the Senate, the version of the bill gives buyers up to $7000 for purchasing a foreclosed home. It sounds like free money, right?
Posted 6 weeks 1 day ago by Xin Lu
Yesterday I was talking to a friend and he mentioned that his company just started offering the option of investing in Roth 401ks. He was wondering if he should stick with his regular 401k or switch to the new option and we talked about the pros and cons of each for a little bit. Here are my conclusions.
Posted 7 weeks 3 days ago by Xin Lu
I received my Social Security statement this week and it was a useless piece of paper to me since I do not qualify for retirement benefits yet. I always hear critics of Social Security say that it is a government sanctioned Ponzi scheme, and today I did a little research into why this comparison is often made.
Posted 9 weeks 2 hours ago by Kate Luther
As America’s love affair with self-investing continues to grow, so does our fascination with tax-free accounts. Don’t believe me? See for yourself. The next time you’re in a conversation, try working the words “tax free” into your conversation and watch the ears perk up. Admit it. We despise taxes. We loathe them. So much so in fact, that Uncle Sam made not paying those taxes a crime. So the idea that we can legally earn a buck without sharing it with our dear old uncle is well, deliciously criminal.
Posted 10 weeks 3 days ago by Xin Lu
After the recent interest rate cuts by the Federal Reserve many of my bank and money market interest rates plummeted. Now the best yield I have is on my Series I Savings Bonds issued by the United States Treasury. These bonds are also known as I-Bonds and their yields fluctuate according to inflation. Currently, the yield is 4.28% and that beats all of my other cash investments. Here is some information on the interest rate on I-Bonds and the advantages of owning these bonds.
Posted 11 weeks 3 days ago by Xin Lu
My parents always told me that buying a timeshare is a bad idea because of the inflated upfront cost and perpetual maintenance and exchange fees the timeshare companies pile on. It is also quite difficult to sell a timeshare you no longer want because there is usually a giant supply of them on the market. If you do want to get rid of a money sucking timeshare, donating it may be the most economical option.
Posted 13 weeks 2 days ago by Xin Lu
When I was single, I thought that getting married would reduce my expenses greatly, and after I got married I realized that in some instances married life is actually more expensive . In general, divorces are extremely costly and detrimental events, but ironically there are so many laws pertaining to marriage and finances that could make a divorce financially advantangeous for a committed couple. Here are some of the bizarre examples I have read in the news recently.
Posted 13 weeks 5 days ago by Will Chen
H&R Block is giving five of our lucky readers a copy of H&R Block TaxCut 2007 Premium. To enter the drawing, please enter a comment on the H&R Block giveaway thread in our forum.
Posted 14 weeks 4 days ago by Philip Brewer
This is really a non-issue, if you work a regular job: Your employer withholds taxes. It's also not much of an issue if you're self-employed and your income is reasonably steady through the course of the year: You estimate your annual tax bill and send in quarterly estimated tax payments. If your income is unpredictable, though, it is an issue. Happily, the IRS does not demand that you be able to predict the future.
Posted 14 weeks 5 days ago by Philip Brewer
I wasn't looking forward to doing my taxes this year. They were going to be more complicated than in years past, because I left my regular job and started working full-time as a writer. I also had some other new complications. TurboTax handled it all without difficulty.
Posted 15 weeks 2 days ago by Philip Brewer
Surely by now everyone has heard of the economic stimulus tax rebate. What may not be universally known is that one of the little tweaks the Democrats added were some rules under which even many people who don't pay taxes can get a rebate. To get it, though, you have to file a return.
Posted 17 weeks 5 days ago by Julie Rains
What's certain about life: death, taxes, and changes in tax laws. So my best tax advice is "keep up with tax laws." Coasting along with financial vehicles and investment strategies aligned with outdated tax laws may be dangerous. Stir in frequent changes to your personal circumstances and you’ll cook up some not-so-great decisions. I'll discuss some rules that have changed for parents, homeowners, business owners, borrowers, investors, and anyone with plans to retire.
Posted 19 weeks 1 day ago by Nora Dunn
Enjoy this lighthearted anecdotal story illustrating the North American tax system.
Posted 20 weeks 3 days ago by Xin Lu
My favorite cheap TV character is Julius Rock from Everybody Hate Chris. Julius is a character based on Chris Rock's father and in almost every episode of the show his frugality shines through and here are some highlights of his wisdom and lessons he has learned. (May contain some spoilers!)
Posted 22 weeks 2 days ago by Paul Michael
As you’re no doubt aware, President Bush has created an economic stimulus package in the hopes of stalling the impending recession (or if you believe some, depression) that’s on the horizon. It’s not approved yet, but it has already passed its first major hurdle – The House Of Representatives approved the $146 billion dollar deal. Want to know how much you'll get?
Posted 22 weeks 5 days ago by Philip Brewer
The kind folks at Intuit have given us some free copies of TurboTax. I snagged one that I'm going to use to do my taxes, and once I'm done, I'll post a review and tell you how it worked for me. In the meantime, here's a brief rundown of the latest features, together with a chance to win a free copy yourself.
Posted 27 weeks 18 hours ago by Julie Rains
The Quiet Millionaire author and Certified Financial Planner Brett Wilder states that “Most ‘normal’ people think that the subject of taxes is an absolute bore and would much rather spend their free time thinking about more interesting, stimulating, and happier aspects of life.” Thankfully, I would be considered normal by this measure. Thinking about avoiding taxes, the focus of Chapter 6, however, is mildly exciting. I've selected some ideas and insight that I found particularly useful.
Posted 29 weeks 5 days ago by Nora Dunn
If you are doing a good job, your employer will want to keep you. And to do so, they know they might need to woo you or otherwise entice you to stay if your skills are marketable and you are in demand. Here is a list of things you can try asking your employer for, either at the negotiation table before you take a new job, or at an annual review when you have demonstrated that you are an excellent employee.
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| Posts | Cmts | |
|---|---|---|
| Fred Lee | 3 | 19 |
| Julie Rains | 5 | 21 |
| Linsey Knerl | 11 | 28 |
| Margaret Garcia-Couoh | 2 | 6 |
| Myscha Theriault | 6 | 50 |
| Paul Michael | 7 | 15 |
| Philip Brewer | 12 | 32 |
| Xin Lu | 9 | 21 |
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