Over the past year or so we’ve been talking on this site quite a bit about the 2001 and 2003 Bush tax cuts, and whether or not they would be renewed in some form before they expire on December 31st. We looked at what would happen to the tax rates if they weren’t renewed, and […]
President Obama Appoints Geithner and Lew To Negotiate A Resolution To Bush Tax Cuts
As the end of the year comes ever closer, and Congress gets ready to adjourn for the year, there has still been no action on the expiring 2001 and 2003 bush tax cuts. If the tax cuts were to expire on December 31st, we would see tax increases for everyone who pays taxes. Neither the […]
Decision On Extension Of The Bush Tax Cuts Pushed Off Until The Last Minute
I‘ve written several times on this site about the expiration of the 2001 and 2003 Bush tax cuts, and how if they aren’t renewed for all taxpayers before the end of the year, we could be seeing an increase in tax rates for everyone across the board. While both parties have been making overtures about […]
What Money Issues Does Our Lame Duck Congress Need To Address?
Now that election day has come and gone, and because there will be some drastic changes in the makeup of the congress, we’re in a sort of limbo – the lame duck congress. Despite the fact that many of these politicians won’t be returning, there are still a ton of things that really need to […]
Taxpayers Could Face A Tax Increase As Congress Delays Vote On Taxes
We’ve written about the Bush tax cuts several times in the last few months, and how if Congress doesn’t act, the tax cuts will be expiring for everyone, not just the wealthy. While I still think it’s a remote possibility that the tax cuts won’t be renewed, and that congress will just blame it not […]
Nearly A Quarter of Fidelity’s 401(k) Accounts Have Loans Against Them. Why This Is A Bad Idea.
A while back I wrote an article about 401k loans and taking early withdrawals from your retirement account. I talked about the penalties you could face, and explained why I think it’s a bad idea. This week I was reading some economic news and came upon an article on Reuters.com that gives a startling statistic […]
How I Keep Track Of Blog Income And Expenses And Why It’s Important
When you start making any kind of income for your blog, it’s important to start tracking the income and expenses so that you can pay taxes on that money. Here’s how I do it.
New 1099 Reporting Requirements In Obama Health Care Plan: A Small Business Paperwork Nightmare?
When The Obama Health Care law passed this year few people actually knew what was fully contained within the bill’s thousands of pages. Only now after the law has been passed are we finding out the details about some of the provisions within the law that could affect us. A lot of people aren’t happy […]
No Estate Tax In 2010 Means George Steinbrenner’s Family And Others Will Save Millions In Taxes
There are two things that are sure in life – death and taxes. And when you die, those two things could intersect. If your estate is worth $1 million dollars or more – your estate could be taxed up to 55% starting in 2011. Many people like to call it the “death tax”. This year […]
Will The 2001 Bush Tax Cuts Be Extended, Made Permanent Or Allowed To Expire?
A month or so back we talked briefly about how the 2001 and 2003 Bush tax cuts are expiring at the end of this year. Since then there has been a lot of additional talk about whether or not the Obama administration will be renewing the tax cuts before the end of the year. The […]
$8,000 and $6,500 Homebuyer Tax Credits Extended Again Through September 2010 Via H.R.5623
Last month I wrote about how many people were in danger of being left out in the cold with their first time homebuyer or current owner homebuyer tax credits. Because of the large number of homes being purchased, and the slow pace that many banks were taking on homes being bought that were short sales […]
The Bush Tax Cuts Are Expiring. Will The 2011 Tax Hikes Bring On A Double Dip Recession?
At the end of the 2010 there will be a tax increase for all taxpayers, if something isn’t done. Back in 2001 the Bush administration helped to get an across the board tax cut passed that effectively lowered the marginal tax rates for all people paying taxes. (If you didn’t pay taxes, it doesn’t matter […]
When Will I Get My $250 Medicare Part D Donut Hole Check?
Earlier this week President Obama spoke with seniors at a town hall meeting in regards to the Medicare Part D prescription benefit, and talked about how many of those seniors would be receiving a $250 check in the mail as a result of the health care reform passed earlier this year. Today I thought I […]
2011 Federal Income Tax Brackets: IRS Marginal Tax Rates
The 2011 tax year promises to be one where there will be some significant changes to the marginal tax brackets. What those changes exactly will be still remains to be seen. There seems to be a couple of scenarios that people think are more likely to happen. The 2001 Bush tax cuts could be allowed […]