Fortunate Enough to Not Need Relief Funds---Best Place To Give
Date: Apr 06, 2020
Category: Goal Setting
For those of you fortunate to not need relief funds, here's an idea. Give it away. Where? Many local community churches have food pantries that will be in desperate need. Other types of food banks could also use the cash. These places often have deals with suppliers where every dollar they buy can get more […]
Learn MoreCOVID-19 TIPS FOR HANGING ON TO YOUR CASH--Restructure Student Loans
Date: Apr 05, 2020
Category: Goal Setting
Keep your cash close during this time. Put as many things as you can on credit. You can always negotiate with creditors, it is difficult to negotiate with landlords and lenders. One thing you can do is try to negotiate for student loan relief. According to Liz Weston of Nerd Wallet, if your loans are […]
Learn MoreTax Stimulus To Be Approved
Date: Mar 26, 2020
Category: Goal Setting
Up to $1200 per tax payer and an additional $500 more per child will be distributed to tax payers upon President Trumps approval of the Senate Stimulus Package…..It looks like for those lucky enough to have filed already with direct deposit, these funds could be directly deposited into your bank account, so keep a eye […]
Learn MoreFed Extends Tax Filing Deadline
Date: Mar 22, 2020
Category: Goal Setting
The IRS has extended the Federal tax dealing to July 15th for both filing (without an extension) as well as paying without interest or penalties accumulated. This is good for persons up to $1,000,000 and corporations for up to $10,000,000. Why file NOW anyway…Get your refund as soon as possible. Consider it in your strategy […]
Learn MoreWhen Is Alimony/Spousal Support Not Alimony/Spousal Support?
Date: Feb 22, 2020
Category: Goal Setting
When a spouse pays the other spouse spousal support, it is a deduction to the paying spouse and is income to the receiving spouse. Child support on the other hand is not deductible nor is it taxed. This is why many folks try to say their child support is actually spousal support. The IRS says […]
Learn MoreAnalyze Before You Refi Or Buy
Date: Feb 03, 2020
Category: Goal Setting
I just completed an analysis for one of our clients. They had just moved to the southeast and were currently renting. They had converted their west coast home in to a investment rental. They wanted to know the best way to fund their new home in their new area while keeping both their personal and […]
Learn MoreJanuary 29th, 2020
Date: Jan 29, 2020
Category: Goal Setting
I do not believe people appreciate what they get for free. I have first hand experience in that regard, but there is not enough space to tell that tale here. I do, however, believe in incentives. Right now, the various tax adjustments and credits for college expenses all have income caps (that are actually relatively […]
Learn MoreHealth Penalty Roll Back for Federal, Not for CA
Date: Jan 27, 2020
Category: Goal Setting
Under the Affordable Care Act, tax payers without health insurance were penalized up to 2.5% of the household's taxable income. That penalty is now reduced to zero under the new tax act of 2017. So this year if you are uninsured you won't face a Federal penalty on your IRS Form 1040. HOWEVER, California, which […]
Learn MoreTaking Auto Expenses? Be Prepared.
Date: Jan 20, 2020
Category: Goal Setting
If you drive your car for business (not commuting) than by all means, take the deductions you are allowed! Know though that mileage is frequently targeted for paper audits. A paper audit is a letter the IRS sends to you asking for documentation of your expenses. Typically, you just fax in your back up. To prove auto mileage expenses, […]
Learn MoreTop Seven Things People Spend Their Tax Refund On
Date: Jan 16, 2020
Category: Goal Setting
Some people want to "break even" at tax time. Others prefer to over withhold as a financial planning tool so they can save up for some thing big. That may work for some people, others not so much. These are the top 7 things my informal survey reveals people save their refunds for: 1) Pay Back […]
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