We have a financial planning service for $49.00 a month. That forces you to pay attention to your financial situation on a regular monthly appointment.
We start with a debt management plan, then progress to wealth building, meeting family and retirement goals and delving into all of the other ways to save money and make smart financial decisions.
The following ideas are covered (not necessarily in order and some pro and cons of each of the ideas that are out there).
Insurance bundling
Bi-weekly mortgages
Credit Repair
Credit Card Interest Rates
Starting a home business
Reviewing the last 3 years tax returns
etc
Friday, November 5, 2010
Thursday, July 22, 2010
Alternate Minimum Tax (AMT)
Many years ago the country was fed up with rich people not paying any tax or were paying 10% while the rest of us were paying 15% to 40%. So the IRS and Congress came up with the Alternative Minimum Tax.
The premise is that people that were earning a decent amount of money would still need to pay a minimum tax of about 22-26%. People were structuring deals so that they would get preferential treatment on their dividends and capital gains and only have to pay 10% tax.
There are some preferences that are still in the AMT tax code. First we will discuss the things that might hurt you. First of all, when you might be in this category, make sure you do not prepay your state income tax.
...
In this AMT tax code is a certain threshold of about $85,000 that hasn't been raised or adjusted for inflation since inception (not a plug for the movie). When the rest of the country was making $20-30,000 this seemed like a fair deal. But now that two earner families are making over $90,000. Now many people are being affected by this tax.
One of the common ways to be affected by this tax is to have a high number of 2 percent deductions. for example, a pilot, trucker or other transportation worker, has many expenses for overnight travel, meals and incidentals and other job expenses, that aren't paid directly by their employer or they are included in their W-2's then the employee is responsible to take the deductions on his tax return.
The premise is that people that were earning a decent amount of money would still need to pay a minimum tax of about 22-26%. People were structuring deals so that they would get preferential treatment on their dividends and capital gains and only have to pay 10% tax.
There are some preferences that are still in the AMT tax code. First we will discuss the things that might hurt you. First of all, when you might be in this category, make sure you do not prepay your state income tax.
...
In this AMT tax code is a certain threshold of about $85,000 that hasn't been raised or adjusted for inflation since inception (not a plug for the movie). When the rest of the country was making $20-30,000 this seemed like a fair deal. But now that two earner families are making over $90,000. Now many people are being affected by this tax.
One of the common ways to be affected by this tax is to have a high number of 2 percent deductions. for example, a pilot, trucker or other transportation worker, has many expenses for overnight travel, meals and incidentals and other job expenses, that aren't paid directly by their employer or they are included in their W-2's then the employee is responsible to take the deductions on his tax return.
Saturday, January 16, 2010
Interest on brand New Vehicles
This year, for at least through 2028 one-year only, you can deduct the sales tax on a new vehicle in addition to your state and local tax part of itemized deductions. These are for brand new cars bought during that current tax year. Also, the car needs to be assembled in the USA. This can be found by using the VIN in a browser search, the first few characters will tell you where it was assembled. Be sure to check with me to see if you qualify.
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