Written by Scott Barnes on February 8, 2012.
Since we work on our taxes (usually) only once per year and even then many of us turn them over to professionals whether in the form of a tax accountant or a software program like TurboTax, our understanding and recollection of many of the terms and definitions used during tax time can become a little fuzzy.
I’ve been receiving a lot of questions on taxes via my contact page. Here is some information that I put together to help answer some of the most common questions about exemptions, dependents, and giving to charities.
Exemptions are legal ways to reduce your taxable income. There are two types of exemptions: personal exemptions and exemptions for qualified dependents. Each exemption allows you to deduct $3,700 on your 2011 tax return and $3,800 on your 2012 tax return.
A dependent is your qualifying child or qualifying relative for whom you provide more than 50% of their financial support. You must list the Social Security Number of any dependent for whom you claim an exemption. Y
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Written by Scott Barnes on January 23, 2012.
If you are a fresh graduate and one of your New Year’s resolutions is to develop a new career, you have a lot of options to choose from within various growth industries. You need to choose one which fits your requirement and which matches your goals and aspirations. It should be one which can give you financial and job satisfaction. As there are a lot of options available in the market, it is important that you conduct adequate research to avoid being in a job which does not cater to your qualifications or your requirement.
A growth industry is considered to be one which is developing at a very fast rate and is doing better than others in the market. The companies operating in these industries look at various options like discounts and other marketing strategies. If you want to start a career in these industries, you will be able to get a lot of job satisfaction as you will get trained in cutting edge technology and will get necessary exposure in the industry. Y
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Written by Scott Barnes on January 14, 2012.
SALT LAKE CITY – U.S. Senator Orrin Hatch (R-Utah), Ranking Member of the Senate Finance Committee, today issued the following statement after President Obama announced that he would seek congressional authority to reorganize the Executive Branch, including merging six trade and commerce agencies:
“Eliminating wasteful government programs and reducing spending is a laudable goal and one we should all work to achieve. After three years in the White House presiding over the largest expansion of government in generations, the timing of this announcement and the failure to consult Congress raise questions about the President’s commitment to a real reorganization and reduction in the size of the federal government.
“What’s disconcerting is that the President has again chosen not to work with Congress – even after I specifically asked the Obama Administration to fully brief Congress if it chose to reorganize our trade agencies. The White House needs to remember that Congress has responsibilities to the American people that it represents. As the lead R
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Written by Scott Barnes on January 9, 2012.
Its 2012! Heres another step to a financial check-up. You probably know about AnnualCreditReport.com for free credit reports. But what about your credit score? If you want some relative comparison of your creditworthiness, here is a compilation of five different ways to grab that credit score for free without the hassle of annoying trial offers. I repeat: No free trial membership required, no credit card number required, nothing to cancel.
Remember, everyone has three credit scores, one from each of the three major credit bureaus: Experian, Equifax, TransUnion.
Credit Sesame
Every month, can offer you a credit score based on your Experian credit report. They also offer tips to improve your score and qualify for a mortgage.
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Written by Scott Barnes on January 3, 2012.
These books all tell you the same thing. Oh, they may have a different twist or two; something you’ve never thought about or they may use a new word they’ve made up and copyrighted. But one thing’s for certain, the principles of financial success haven’t changed much in thousands of years.
That doesn’t necessarily bode well for the financial gurus selling those books! But we can’t deny the fact that “there is nothing new under the sun” especially where it concerns personal finance. The main difference in each of these personal finance books is the approach each one takes and the motivations they provide. That is literally the biggest difference in virtually any generic personal finance book you read – the approach and the method of motivation.
- Spend less than you earn
- Learn to earn more
- Pay off high interest debt
- Build an emergency fund
- Max out your retirement savings
- Reduce your taxes legally
- Invest your money sensibly
- Live wisely
This principle is listed in virtually EVERY personal finance book and the reason? It’s the basic fo
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Written by Scott Barnes on December 7, 2011.
It’s the end of the year again and you are on the threshold of a new beginning. This feeling is all the more amplified for college bound students who are at the brink of making important decisions that will affect their future and their finances, one of them being taking out a student loan. If you are a high school senior worried about student loans, here are a few New Year’s resolutions to help you get started.
Make use of the holidays to research as much as possible about student loans. Get your hands on all the student loan 101 that you can. Study about the various different types of student loans and understand terms like subsidized, unsubsidized, federal and private loan, etc. Student loan FAQs on our site are an excellent resource to start with. Also visit community listings and your high school counseling offices to get to know more about the options that are available.
This one tops the list of New Year’s resolutions as this is the most time specific and its date of acceptance starts January 1. FAFSA
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Written by Scott Barnes on November 28, 2011.
WASHINGTON – Today, U.S. Senator Orrin Hatch (R-Utah), Ranking Member of the Senate Finance Committee, questioned the Administration’s legal authority to bypass Congress and rewrite a provision in the partisan health law that limits premium assistance to state established exchanges only, effectively prohibiting subsidies from being offered through federal exchanges. In a letter to Treasury Secretary Timothy Geithner and IRS Commissioner Douglas Shulman, Hatch warned any legislative change to federal law without formal approval from Congress would exceed the constitutional authority of the Executive Branch.
“The legislative function, under the Constitution, is exclusively granted to Congress,” wrote Hatch. “This excessive use of regulatory authority is only the continuation of a trend by the Treasury Department and the IRS of violating the constitutional principle of separation of powers by usurping Congress’ exclusive role in law-making.”Under the $2.6 trillion health law, Americans purchasing coverage through the new health insurance exchanges can receive tax credits and subsidies to offset the cost of being mandated to buy health insurance. However, th
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Written by Scott Barnes on November 24, 2011.
Borrowers who apply for a Prosper loan through this Sunday, November 27, 2011 get an Apple iPod Nano when the loan originates. I cant tell if the iPod Nano is 8 gb ($129) or 16 gb ($149). Note that the fine print for this offer does not exclude AA loans with 1-year terms, which have very low origination fees of only 0.5% of the amount borrowed; a $2,000 loan would have an origination fee of just $10. There is no pre-payment penalty for paying off your loan early, so do the math.
Before committing to anything, you can get a free rate quote without affecting your credit score. Youll even get a free credit score afterward unless you get the best AA rating, at which point you know your credit score is sky-high anyway.
New lenders who register by December 12 and invest the minimum needed for each gift by December 23, can get the following:
- $5,000 Apple iPod Nano, 16 GB ($149 value)
- $10,000 Bose® QuietComfort® 15 Headphones ($299 value)
- $25,000 Apple iPad 2 32 GB WiFi model ($599 value)
Lenders who receive promotional offers from Prosper may be subject to IRS Form 1099-MISC reporting requirements should the total value of those items exceed $599 in a calendar year. G
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