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The Social Security Meltdown: A $35 Solution

By: Stephen L. Nelson, CPA Retirement Planning Views: 6786 | Comments: 0 | Votes: 0

Stephen L. Nelson, CPA

I've been thinking about those regular benefit statements we all get from Social Security. You know the ones I mean. They report on your lifetime earnings. And then they also say that about the year 2038, the system will have to cut benefits by 27% to stay solvent. The Problem A benefit cut sucks, of course. Yikes. Sound crazy? Maybe it is. Seattle accountant Stephen L. More

Phantom Tax Relief bill signed into Law

By: Antonio Vega-Pacheco Real Estate Views: 6651 | Comments: 0 | Votes: 0

Antonio Vega-Pacheco

Until now (12/07), if the value of your house declines and your bank/lender forgives a portion of your mortgage (via a short sale or deed in lieu), the tax code treats the amount forgiven as ordinary taxable income.  For a borrower already financially strapped, this makes a bad situation worse. More

Correcting Credit Reports

By: Art Of Saving Banking Views: 6486 | Comments: 0 | Votes: 0

Art Of Saving

It is very important to get a copy of your credit report from each of the three major credit bureaus at least once a year to check for any errors. Errors on credit reports are common, but can usually be corrected fairly easily without seeking outside help. Make sure you keep a copy for your records. Agencies are required by law to respond to your inquiry within 30 days. Address. More

Watch the mail Box for these forms!

By: Kerry Freeman EA Tax Planning Views: 6437 | Comments: 0 | Votes: 0

Kerry Freeman EA

Watch the mail Box for these forms!   January is not your mail carrier's favorite time of the year. Every U.S. Postal Service delivery bag is overloaded with statements from employers, banks, stockbrokers and other institutions and agencies that were involved in taxpayers' financial lives last year. Each of these groups has, by law, until Jan. When they arrive, check them! Mr. Mr. More

State Farm Cancels Insurance Policy of Investigative Reporter

By: Frugal World Insurance Views: 6399 | Comments: 0 | Votes: 0

Frugal World

Lee van der Voo tells Romenesko readers: I was just informed by State Farm here in Oregon, where I’m an independent investigative journalist that they are dumping my office rental policy because of the kind of journalism I do. I own a house and insure it through State Farm, along with the three cars I’ve owned over the last 12 years. More

Life Insurance For Estate Planning

By: WiseSaver Estate Planning Views: 6395 | Comments: 0 | Votes: 0

WiseSaver

There are many reasons to put together an estate. One of the main reasons for those who already have grown children is to ensure that their assets are divided and distributed equally among all the heirs. This is not wise. If you list your estate as the beneficiary, then the proceeds of your life insurance policy will first have to go through probate. This could make your estate taxable. More

Just stop paying your mortgage

By: Peter Schiff Home Loans Views: 6389 | Comments: 0 | Votes: 0

Peter Schiff

If you are a mortgage holder who is either struggling with crushing payments, bitter for having overpaid for your home during the bubble, or who has extravagantly refinanced when prices were rising, the government's landmark $700 billion bailout package has an important message for you: stop making your mortgage payments . . . immediately. Here's why. More

What is “Bad Debt” and How Can I Claim it for My Business?

By: Tax Advisors Tax Planning Views: 6388 | Comments: 0 | Votes: 0

Tax Advisors

Credit enables many customer transactions that would not otherwise be possible. If your business offers customer credit, you’ve most likely had someone unable to repay their debt. If you report these sales as income but cannot collect, the IRS calls this “business bad debt.” In these cases, the IRS allows you to deduct those debts to decrease your federal tax liability. More

Make the most out of your 401(k)

By: Bogie Boric Retirement Planning Views: 6372 | Comments: 0 | Votes: 0

Bogie Boric

This year (2007) you can contribute up to $15,500 to your employers' 401(k) plan. If you are older than 50 add an extra $5,000 in catch-up contributions for a total of $20,500. If you are eligible to participate and your employer offers matching contributions there is no reason for you to say "no" to this free money. The important point is that this is tax-deferred growth. More

If wedding bells ring this summer, do not forget taxes

By: Steven Leibold, EA Tax Planning Views: 6342 | Comments: 0 | Votes: 0

Steven Leibold, EA

Will wedding bells be ringing for you or a family member this summer? If so, add tax updating to the long list of things to do. Here are some of the tax concerns newlyweds need to take care of. Check the effect marriage will have on your tax bill. If both spouses work and earn about the same income, you may pay higher taxes due to the "marriage penalty." Steven C. More