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Posted
Sep 30 2009, 01:02 PM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
This guest post comes from Frank Curmudgeon at Bad Money Advice.
There was a pretty good post over at Wise Bread the other day on how if a credit card company forgives some of what you owe, what was forgiven is income you have to pay taxes on.
On the one hand, this is a point worth repeating because it seems to surprise most people. On the other hand, the post neglects to mention an important exception, and, moreover, feeds into the belief that this is an irrational fluke of the tax code. It isn't. It makes sense.
You owe Credit Card Corporation (CCC) $5,000. Realizing you are unlikely to pay them back in full, and now regretting lending you the money to begin with, CCC agrees to settle the debt for $2,000 cash. You sell your PEZ dispenser collection on eBay and send them a check.
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Posted
Aug 17 2009, 02:27 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
 Is this an idea whose time has come? A new bill in the U.S. House would allow pet owners to deduct up to $3,500 for "qualified pet-care expenses" for household pets, including vet bills.
Would the so-called HAPPY (Humanity and Pets Partnered Through the Years) Act give pet owners a break they deserve? Would it encourage more people to adopt abandoned or neglected pets? Would we finally be able to list some dependents on our income tax return? (Others have attempted -- unsuccessfully -- to use their pets as deductions.)
Bing: New tax deductions
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Posted
May 12 2009, 02:31 PM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
Millions of retirees are receiving an extra $250 check as part of the federal government's economic-stimulus plan. (And, the government asks, Please, no calls about "where's my check?" until June 4. It's going to take awhile to get about 50 million checks and direct deposits out.)
But if you're one of those recipients and you're still working, Kevin McCormally of Kiplinger.com has what may be a surprise for you: You're going to have to give that money back when you file your taxes next year.
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Posted
Apr 01 2009, 11:21 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Many smokers aren't finding the cost of cigarettes a laughing matter. The federal tax on a pack jumped Wednesday -- April Fools' Day -- from 39 cents to $1.01. The tax increase is so big, it's being called "historic."
Higher federal taxes apply to other tobacco products, so even those smokers who have taken to rolling their own to save money can't escape them. (To see how your preferred product is affected, click here.)
The tax -- passed to fund an expansion of the State Children's Health Insurance Program -- is expected to prompt about 1 million smokers to quit.
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Posted
Mar 16 2009, 04:25 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This guest post comes from Andy H at Bankling.
As Web searches have recently shown, Americans are very worried about the economy. So it wasn't a moment too soon that the Obama administration announced the launch of Recovery.gov. A week later, he also mentioned it in a widely syndicated speech, so I'm guessing thousands of Americans are now logging on to the site to see what's up.
Let's take a look under the Recovery.hood, shall we?
My first impressions of Recovery.gov are actually pretty good. I'm not one to praise the government for anything (no, really), but I have to admit that federal laws governing accessibility standards of government Web sites make for a quality end product. The home page text and navigation are clear, concise, and to the point -- and how many Web sites can claim that these days? I'd also like to say that I think Recovery.gov was a good pick for the domain name -- much superior to Bailout.gov or CanadaRelocationGuide.gov.
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Posted
Feb 18 2009, 01:56 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Joe the Salesman returns to his hotel room in Virginia for the night and clicks on a pay-per-view movie. We know what that movie is about (wink, wink).
Pretty soon that movie may very well cost a little more.
Today, the Virginia House of Delegates sent to the governor's desk a 10% tax on pay-for-view movies watched in hotel rooms. Of course, not all pay-per-view movies are adult entertainment. But it's just one way states are looking to tax porn to fill mounting budget gaps.
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Posted
Aug 01 2008, 03:24 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Kay Bell at Don't Mess With Taxes has the skinny on an event we're unfamiliar with (we live Montana, where every day is a sales tax holiday): Many states are waiving sales tax on purchases of school supplies, computers and clothing this weekend or later this month. Often, the holiday applies to local sales tax as well. The celebration doesn't stop there. During the Friday and Saturday after Thanksgiving, South Carolina is waiving sales tax when people buy handguns, shotguns and rifles. And another round of tax-free days is coming up for energy-efficient appliances and other products in a few states.
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Posted
Nov 23 2007, 03:33 PM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
It's one-stop shopping at Moolanomy if you're looking for " 22 money-maximizing moves ." Disclaimer: He's not a financial adviser, but he is a thirtysomething guy with a $200,000-plus investment portfolio, and his list of ideas to consider is comprehensive. It includes ways to reduce your 2007 taxes , such as buying business equipment, paying vendors before the end of the year, and increasing your 401(k) and IRA contributions . He also describes several creative approaches to charitable contributions . Did you ever think about donating your old car? It's time to use up your flexible spending account, he reminds us. Why not conduct annual reviews of your insurance coverage and asset allocation ? It's also a good time to use rewards from your credit card.
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