Jul
21
How Long Should I Keep Credit Card Statements?
July 21, 2008 | Leave a Comment
… important criteria. Do you use your credit card for business expenses ? Do you have any tax deductible purchases ? If you answered yes to these questions, you'll need to hold onto your credit card statements for 7 to 10 years.
However, if you only use your credit for normal expenses than you'll only want to keep your paper statements for a year at the most. Most Americans can safely shred their credit card statements after a year.
Business Expenses
I suggest you use a …
Jul
11
What Happens to My Stimulus Check If I Move?
July 11, 2008 | 8 Comments
Expecting your stimulus check but you've moved since you've filed your taxes ? There are a few things you need to do to make sure you get your stimulus payment.
According to rumors on the internet, the post office is not supposed to forward mail from the IRS. However I have yet to find an authoritative source that supports this.
If you've moved since filing your return, you should put in a change of address with the post office ? You can change your …
Comment by Chris: … that money as a tax credit on your 2008 taxes. That's …
Jul
9
The Stimulus Payment Was a Ridiculous Political Stunt
July 9, 2008 | 4 Comments
… What about the cost of printing and sending the checks themselves?
The bill itself cost taxpayers $152 billion. However, it just shifted government money from other programs. So in reality there is no net gain to the economy.
In the end, the Economic Stimulus Package of 2008 was a political stunt. An attempt to bribe voters in an election year. I hope voters, especially those that had problems with the stimulus payment, remember this lesson when the politicians try to …
Jun
30
How Wealthy People Spend Their Time
June 30, 2008 | 1 Comment
… Kahneman says that wealth and work are strongly related.
Shocking. I wonder how much of our tax money went to pay this egg head to figure out you need to work to get rich? It seems much of what passes for science these days is really just the verification of common sense.
On a positive note, Kahneman recommends that instead of watching TV and dreaming of getting rich, people "should think of spending a lot more time working and commuting and a lot less time engaged in passive …
Jun
27
Searching for a Safe Short Term High Yield Investment
June 27, 2008 | Leave a Comment
… percent interest. So on $1000 you make $1 per year. Like I said, ridiculous.
I looked into tax exempt bond funds. Vanguard has a few tax free bond funds. Tax exempt bonds would provide a nice tax free stream of income. However, as you can see on the Vanguard site, may of the returns have been negative for the year. As Warren Buffet says, never lose money.
Considering these low rates, what can I do with short term money ? I define short term as money I want access to …
Jun
26
When Will I Get My Stimulus Check?
June 26, 2008 | 40 Comments
The IRS is sending checks to taxpayers through the Economic Stimulus Package. The IRS sent the first wave of payments via direct deposit. Now the IRS is sending out stimulus checks via mail to those who didn't qualify for the direct deposit. Now some people are asking, " where is my stimulus check? " I'll help you find out.
Check the Payment Schedule
Your stimulus check will be mailed based on the payment …
Comment by Chris: … you've filed your taxes first. Grab a copy of your tax …
Jun
25
Should I Pay Off My Mortgage? The Easiest Test Ever
June 25, 2008 | 4 Comments
… we trust to offer financial advice have a vested interest in mortgages.
Too Many "If's" in the Tax Code
Talk to someone about paying off your mortgage and the first thing you'll hear is " what about the tax advantages ?" Yes, what about the tax breaks?
Here's the trick. There is something called a standard deduction. This is the fixed amount of money you can deduct from your taxes if you don't itemize. You have to itemize in order to deduct your mortgage interest. Most …
Jun
20
Retired and Veterans Need To File For Stimulus
June 20, 2008 | 2 Comments
… people or know someone who is, here is what you need to do to get the stimulus check.
File Taxes
In most cases it's as easy as filing taxes. Many retired people and veterans don't file taxes because their benefits are not taxable. However, for the stimulus payment, the IRS uses your tax return to qualify you for the rebate.
You Can File for Free
If you are filing specifically to get the stimulus check, the IRS allows you to file for free. Please see this article …
Jun
16
IRS Withholds $842 Million in Stimulus Payments
June 16, 2008 | 17 Comments
… proud of that," he added.
Of the remaining money most will go to student loans and back taxes.
How Do You Know if Your Money is Withheld?
You should receive a notice (letter) from the IRS stating how much will be withheld and why. You should receive the letter around the time that you receive your other stimulus payment notifications. These notices are supposed to go out before the date you're scheduled to receive your stimulus payment.
The IRS is part of the US …
Comment by Chris: … end up owing taxes? I would talk to a tax pro about …
Jun
10
6 Ways to Spend Your Stimulus Money
June 10, 2008 | Leave a Comment
… not? Well the only way that mortgage is going away is by you paying it off. Forget about the tax deduction that most people can't take, that's a real estate industry marketing ploy. Paying off your mortgage frees up your cash flow for other things. Imagine how much you could save and invest if you paid of your mortgage.
Make an Extra Car Payment
Do you have a car payment? Number one, may I say that's stupid. Now we all know how dumb it is to make payments on depreciating …