The AMT to be repealed?
A bill has been introduced into the Senate to repeal the AMT tax this week. If you’re not familiar with AMT, it is the Alternative Minimum Tax, created to keep higher income taxpayers from paying too little income tax. Unfortunately, the AMT has never been adjusted, so many middle income taxpayers have fallen victim to […]
50 Ways to Cut Health Care Costs
Just ran across the article 50 Ways to Cut Health Care Costs on CNNMoney’s website. As fast as health care costs are rising, I think it’s a good idea to educate yourself about your health care costs and how to cut them. #3 Pay up front, in cash – I have done this several times, […]
Beware the High Cost of Payday Loans
I noticed that a payday loan store moved into my neighborhood recently, then I looked around and realized there are several in my area. This made me wonder… how profitable are these payday loan places, that they are popping up on every street corner? I’ve heard that payday loans charge high interest rates, but I […]
PMI Insurance: New Tax Break Helps with Mortgage Insurance Premiums
Uncle Sam is now going to help you pay your mortgage insurance premiums! Mortgage insurance is typically required when home buyers purchase a new home with less than 20 percent down. The newest tax legislation allows taxpayers to deduct premiums paid for mortgage insurance. Mortgage insurance premiums typically range from $50 to $150 per month, […]
Emergency Fund: Why You Need One
As a financial planner, I encourage my clients to have an emergency fund. This is often met with the following questions: 1. Why do I need an emergency fund? and2. How much should it be? To answer the first question, you need an emergency fund for the following unexpected expenses or situations: * Car repairs* […]
Educator Expense Deduction Extended
If you are a teacher, you probably know about the $250 deduction that is allowed on your income tax return. While this is a very small tax break, every little bit helps. So, I was glad to see that Congress extended this deduction for two more years, until the end of 2007. If you’re not […]