Most of us know charitable contributions are (usually) an itemized deduction for income tax purposes. Less commonly known is that out-of-pocket costs may be deductible. Unreimbursed expenses incurred that are incidental to volunteer work are deductible. Examples are transportation to the place where services are rendered, postage, stationary/supplies, phone calls, etc. Substantiating documentation is required [...]
The NY Times give us this great article about passwords (as much as we hate them) and how they reflect deeper meaning - our hopes, dreams and memories. As the subtitle points out passwords unlock more than our accounts.
You want some truth John Lennon? (How's that for an obscure reference?!) Here are 25 of them that may lead to a sane, peaceful and fulfilling life. Remember, financial planning isn't an end - it's the means.
“I'll rise and fall, let me take credit for both.” That’s a lyric from Pearl Jam’s Satan’s Bed. What’s it mean? Songs are personal. The listener can decide. Why do we think of it today? The two sides of the proverbial economic coin come to mind. This morning’s headlines are blaring about Japan falling into [...]
Can someone selling a product be looking out for the best interests of his/her customer? One’s individual intentions are irrelevant. What’s inherent in the business model is what drives behavior. MorningstarAdvisor provides this article explaining rather clearly how consumers of financial advice must take caution in determining where they get their information and the motives/incentives [...]
NOTE: Name removed to prevent embarrassment. Last Thanksgiving I had the (insert adjective) of listening to a family member opine about stores that are open on holidays. “It’s a shame people have to work on Thanksgiving.” If only there was a way to resolve this. What could it be? Hmmmm...DON’T SHOP ON THANKSGIVING!!! If one [...]
Life is hectic. How many times has, “I’m just really busy” been the answer you’ve received when asking a friend how they’re doing? We handle the time crunch with shortcuts. We like our apps, AAA diamonds, three out of four star movie reviews, Yelp and the like. But there are times when shortcuts are due [...]
Estate planning has always been a tricky exercise. On one hand is the objective – who inherits what, when, in what form and what’s the tax impact. On the other hand is the subjective – mostly family dynamics such as prior marriages, desire to benefit kids/grandkids (and, likely, treat them ‘fairly’), disliked relatives, deep-seated resentment, [...]
The time to plan for charitable contributions that will qualify for an income tax deduction is before making them. Here’s a nice primer on what goes into proper contribution/deduction planning.
While not an exhaustive discussion this article is a great conversation starter. There's a huge gap between what we hope will happen at our deaths and what the law allows. Similarly there's no guarantee that what we ask of our family and friends will be implemented. With millions of animals dying in shelters each year it's important [...]