Oct
3
Back To Basics
October 3, 2008 | 1 Comment
… I have a pretty good job, a lot of savings. My stock market investments may go down, but they'll recover at some point.
Sep
24
Bailout Sounds Like Bad Spam Email
September 24, 2008 | Leave a Comment
… the Treasury Paulson is the most powerful man in the world and he is ready to scam every American taxpayer including your great grandchildren.
Here's an excerpt:
Dear American:
I need to ask you to support an urgent secret business relationship with a
transfer of funds of great magnitude.
I am Ministry of the Treasury of the Republic of America. My country has had
crisis that has caused the need for large transfer of funds of 800 billion
dollars US. If you would assist me in this …
Sep
17
No Second Stimulus Payment Yet
September 17, 2008 | 1 Comment
… pain of their stupidity. The CEO's should not receive a golden parachute especially if the US taxpayer is paying for it.
In the end the little guy will get screwed. Small investors and taxpayers will foot the bill while the smartest guys in the room get bailed out (again).
Aug
21
Spending More on Luxuries Than Necessities
August 21, 2008 | Leave a Comment
… It always amazes me that these "poor" people drive better vehicles than I do. They get a tax refund ( Earned Income Tax Credit ) even though they don't pay taxes. They have cell phones. They get their hair and nails done. It's all about priorities.
Aug
11
Should I Buy a New House?
August 11, 2008 | 4 Comments
I've been struggling with a decision. Should I stay in my house or sell it and either move into a condo or buy a new house ? There are pro's and con's for each.
I live in a rather modest home (especially compared to today's standards). We have one child and we could use a little more room.
I've been considering a larger home but my wife doesn't want a new larger house. She feels that a …
Comment by Jeff: … the appreciation tax free so long as you sold it within …
Aug
6
… costs could be as high as thousands of dollars a year (or more).
Fact: Your must pay property taxes on your home each year. Local governments are always trying to raise property taxes.
Fact: Your mortgage company will require you to carry home owner's insurance.
Fact: You'll put a lot of labor into your home or you'll pay someone else to do it.
Fact: If you don't put down 20% of the cost of the house, you'll pay Private Mortgage Insurance (PMI).
Fact: Your house will …
Comment by Jeff: … to paying property tax, maintenance, home insurance, etc.
Aug
4
Track Home Improvment Expenses for Tax Purposes
August 4, 2008 | Leave a Comment
… keep track of your expenses (and receipts ) from home improvement projects? What are the tax consequences?
Taxes
Generally, there are no tax breaks for most home improvement/remodeling projects (excluding those projects that qualify for some type of tax break based on energy savings) in the year that you make the improvements.
From Jackson Hewitt :
The terms repairs and improvements can be confusing as it applies to the value of your home. A repair or maintenance …
Aug
1
Should You Buy a New Car for Better Gas Mileage?
August 1, 2008 | 2 Comments
… It would be pure insanity to trade in a vehicle and assume the costs of a new one (sales tax, dealer profit, etc) just to save on gas.
What If the Cost of Gasoline Doubles?
Let's double either the gas price or the miles driven. That puts me at $150 per month for gasoline. Is a new vehicle worth it at that point?
No. I purchased a new vehicle I would have to pay excise (sales) tax and get it titled (licensed). Excise tax in this state is 3%. If I spent $10,000 it would …
Jul
30
The Real Reason I Paid Off My Mortgage
July 30, 2008 | 3 Comments
… right now, there doesn’t seem to be a short-term low-risk investment that will return an after tax return in excess of most 30-year fixed mortgage interest rates. About a year ago, several online savings accounts were offering 6% APY, and PenFed had a 6.25% CD promotion. Those might have tempted some of the more risk adverse people, as they were probably safer than paying down your mortgage.
Jeff is making a good point here. Interest rates (for investors/savers) are terrible. That …
Comment by Jeff: … get an after tax return of 1.625% on extra money I …
Jul
29
More Reasons to Pay Off Your Mortgage
July 29, 2008 | 4 Comments
… your money work for you compounding at 8-12%, instead of using it to avoid your ~6% mortgage?
2. Tax Benefits
Although trivialized by this blog, the mortgage interest tax deduction is a substantial benefit received by millions of Americans each year. You appear to argue since only 35% of Americans itemized their deduction, that this tax benefit should be completely discounted. This statistic, however, is not persuasive and it provides no insight into the number of homeowners that have …
Comment by Jeff: … return an after tax return in excess of most 30-year …