paying your taxes

I recently heard an interesting discussion on Dave Ramsey’s radio show about the length of time you need to live in a home in order for it to make sense going through the process and expense of purchasing it. It’s a rare occasion that I disagree with Dave Ramsey, but in this instance, I [...]

iPhones are often criticized as expensive and ostentatious. Why buy a smart phone when you can make calls from a $10 pay as you go phone? It may seem like a waste of money, but used properly an iPhone can be a powerful tool in your personal finance arsenal. Here is just a small sampling of [...]

Prior to 2010, individuals were permitted to convert a traditional IRA to a Roth IRA under the tax law for Roth IRA conversion.  There were only two stipulations that governs the conversion: (1) you have to pay taxes on the converted money and (2) you must be within the income limit which determined your eligibility [...]

The first step to buying a used car is choosing a vehicle, or at least narrowing your options. Ask yourself: How many passengers do you regularly carry? What sort of trunk or cargo space do you need? What is the minimum gas mileage a car has that will stay within your budget? What would your [...]

As the year draws to close, it’s time to take stock of what you are doing to increase your overall tax efficiency. If you are looking to get a few more deductions, this is the time to do so, whether you are paying points for a mortgage or donating to charity. And another way you [...]

Filing an unfiled tax return or even multiple years of unfiled tax returns isn’t as big of a deal as you may believe. Even if you cannot pay the taxes that are owed with the return it isn’t that big of a deal. It is a big deal if you keep waiting longer and longer [...]

If you pay estimated taxes, you may find yourself facing a tax debt when you come to fill in your tax return. As estimated tax payments are predominantly based on your income for the previous tax year, you can easily be crippled with a tax bill that is more than you anticipated if your income [...]

Understanding the many tax deductions can be nothing short of a minefield, and many taxpayers are unaware of the many deductions that can be used to legally reduce your tax bill. This article highlights just a few of the tax deductions that you can claim if your circumstances lend themselves.
Standard Deductions
A standard deduction varies depending [...]

We’ve all heard the stories of lotto winners who win millions, think they’re set for life, and then go broke within a decade. Or people who inherit large sums of money and end up in financial ruin, family feuds, or both. The word “windfall” can mean different things to different people — if you’re young [...]

Saving more money is a goal most of us share, but many Americans find that they have very little saved at the end of the month. The recent recession saw Americans saving more than we have in years, up to nearly 7% at one point. In recent months though, that number has been falling back [...]