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 [...]
With many states hurting for income the threshold for paying estate taxes will rise in an attempt to stem the tide of retirees leaving for greener pastures. The following is a list of states that will increase their estate tax exemption in 2015: MARYLAND: Increase from $1 million to $1.5 million. MINNESOTA: Increase from $1.2 [...]
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 [...]
The following is a summary of the most common items relevant to the majority of American taxpayers. Complete information written in the IRS tax speak we know and love may be found here. 2015 income tax brackets STANDARD DEDUCTION: Singles and married persons filing separate returns may clam a deduction of $6,300 (up from $6,200 [...]
It’s always interesting to note how excited we can get over trivial things. Scotchguard the seats in my new car? Only $500? Sign me up! (Note: As of this writing a can of Scotchguard will set you back $8 on Amazon.) Taxes present the same trapping. Jump through hoops to save $5? It’s a deal! [...]
Beginning January 2015 an employee will be able to contribute up to $18,000 pre-tax into his or her 401(k). This article details the change plus provides additional information regarding COLA adjustments to IRAs, etc.