When you own rental property you are essentially running a small business. Here are 10 primary tax deductions for rental property owners that you can use to reduce your rental income for income tax purposes. 1. Mortgage Interest Just as you would report your mortgage interest on your primary residence on Scheduled A of your … Read moreTop 10 Tax Deductions for Rental Property Owners
Because of the different ways the Internal Revenue Service (IRS) taxes certain types of investment income, some investments are better held in tax sheltered plans while other investments work better in non-sheltered plans. As a general rule, investments that provide predictable income streams, like interest and dividends, need to be in tax sheltered plans to … Read moreThe Best Investment Accounts for Different Asset Classes
This is a recurring debate – should you buy insurance on the cheap, through a term policy, or should you opt for whole life insurance with its cash value/investment feature and coverage for life? The answer will depend on where you are in life (often how old you are), but will usually favor term in … Read moreTerm Life vs Whole Life Insurance: Which One is Better for You?
We can all see the benefits of having a large retirement portfolio. If it’s big enough, it can provide you with a standard of living comparable to — or even higher than — the one that you have when you’re working. But let’s face it, not everyone will have a retirement portfolio that will be … Read moreShould You Pay Off Debt or Save for Retirement?
Not to be overly pessimistic, but when Wall Street starts setting records it’s time to start hatching an Investment Plan B. Stocks can continue to rise, but they can also either stagnate for a very long time, or they could start turning down. When ever markets hit new records, you should be preparing your investment … Read morePreparing Your Investment Portfolio for Volatile Markets
The tax year is over, so it’s too late to come up with ways to lower your tax bite. Or is it? Below are six strategies to reduce your taxable income, and all they will take is a closer look at expenses you had during the year, or even to create some now that will … Read more6 Strategies to Reduce Your Taxable Income
Having high credit limits can sometimes seem like a validation of our financial success. If these lenders allow you to borrow such a large amount, they must think well enough of you and you are therefore you must be successful. For younger adults, it can even be fun competing with your friends to see who … Read moreIs it Good to Have a High Credit Limit?
The chorus that can be heard from financial planners recommending against buying whole life insurance is deafening. Most strongly recommend that you instead use term life insurance. Not only is term life insurance much less expensive, but you can also duplicate the non-insurance features of a whole life insurance policy yourself for less money and … Read moreWhy Whole Life Insurance Works Better for Kids
The United States may be one country, but there are variations in the cost of living from one state to the next, and they can be substantial. Not everyone can afford to pick up and leave the state they’re living in to go to one where the cost of living is lower. But if you … Read moreStates with the Lowest Cost of Living by Category
When it comes time to buy a new car most of us default to trading in our old car rather than trying to sell it ourselves. It’s not that we can’t sell it, but just that we get kind of…lazy! Let’s face it, walking into a dealership and turning in the keys to our car … Read moreWhy You Should Sell Your Car Instead of Doing a Trade-in