Browse by Tags
-
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.
Read More...
-
Posted
Sep 17 2009, 05:14 PM
by
Teresa Mears
Rating:
Money Blog: Smart Spending Blog - MSN Money
Is it time to tax sugary drinks?
Another group is saying yes. In a paper published in the Sept. 16 issues of the Journal of the American Medical Association, a group of public health experts is advocating a tax of one cent per ounce on sugary beverages, The New York Times reported. The tax would apply to soft drinks, energy drinks, sports beverages and many juices and iced teas -- but not sugar-free drinks.
According to this group's research, a beverage tax would lower consumption of soda and other sweet drinks, leading to a small weight loss and better health for many Americans.
Read More...
-
Posted
Sep 15 2009, 07:26 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from Jim Wang at partner blog Bargaineering.com.
One of the biggest challenges in almost anything you do is knowing where your blind spots are. In simpler terms, you don't know what you don't know.
So, today I'll point out four money mistakes you might be making that you don't even realize you're making. Hopefully, you're making none of them. If you are making one of these, don't beat yourself up over it. Now you know you're making it and you can take steps to fix it.
Paying too much tax too early. Would you give the government several hundred dollars a month, for no reason, just for the government to write you a check in April? Would you give the government a zero interest loan? Probably not (if you would, feel free to send me money). However, that's exactly what you're doing when you get a tax refund in April.
Read More...
-
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
Read More...
-
Posted
Jul 28 2009, 09:33 AM
by
Teresa Mears
Money Blog: Smart Spending Blog - MSN Money
The first back-to-school tax-free holidays start this weekend, enabling residents of participating states to buy school clothing, supplies, books, and other goods free of local and state sales taxes. That's a savings of roughly 6% to 9% in most areas. Some states set a cap on how much individual items can cost to be included. Some states even allow computer purchases tax-free during the holiday.
But the economic hard times for state and local governments mean that several states, including Florida and Maryland as well as the District of Columbia, aren't having the tax-free days this year. Massachusetts, which also decided not to do a sales tax holiday this year, estimated the state lost $14.9 million in revenue last year, The Associated Press reported.
Read More...
-
Posted
Jul 23 2009, 10:13 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Are you familiar with those companies that get paid to enforce traffic lights? Their cameras snap a picture as you drive through a red light, and a ticket arrives in the mail.
Now one of them, American Traffic Solutions, has ventured into another type of enforcement in Baton Rouge, La., TheNewspaper.com reports:
Under first-of-its-kind initiative, city workers will drive around photographing neighborhoods with special cameras hooked into a global positioning system (GPS) satellite tracking device. The workers will be looking to capture homes that might have litter, weeds or trash on their lawn so that a hefty fine can be imposed.
Wait! There's even more: "Residents will also be ticketed for putting out garbage cans before 4 p.m. or failing to retrieve them before 6 a.m."
Read More...
-
Posted
Jun 19 2009, 05:28 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog The Dough Roller.
The 2009 economic-stimulus package is perhaps best known for the stimulus payments many will receive in 2009 and 2010. But the stimulus bill has other very significant tax savings for those who want to take advantage of the opportunity.
One of those opportunities is a generous tax credit for energy-efficient home improvements. Whether it's new doors and windows, insulation, a roof, or even a solar water heater, you can earn a tax credit of up to 30% of the cost of the improvements.
As with any tax credit, you need to make sure in advance whether the home improvement will qualify. For example, not all Energy Star-rated products qualify for the tax credit. To get you started, here is a summary of home improvements covered in the 2009 stimulus package. This information comes from the Energy Star Web site, which has a wealth of information on the available tax breaks for energy-efficient home improvements.
Read More...
-
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.
Read More...
-
Posted
Apr 23 2009, 03:05 PM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
"Mr. ToughMoneyLove" says the IRS rewards whistleblowers who can provide the IRS with solid information about other people's tax fraud.
In other words, don't call the IRS if you just have a hunch. The IRS Web site says:
The IRS is looking for solid information, not an "educated guess" or unsupported speculation. We are also looking for a significant Federal tax issue -- this is not a program for resolving personal problems or disputes about a business relationship.
Would you feel right doing this? Mr. ToughMoneyLove seems to love the idea. (We can hear his malevolent gleeful snicker.) "Do you know of any likely suspects?" he writes. "Maybe an evil supervisor (think ‘The Green Mile' or ‘Office Space') or that jerk of a brother-in-law?"
Read More...
-
Posted
Apr 14 2009, 02:20 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
On the eve of tax day, we turned to our favorite tax site, Don't Mess With Taxes, to see what was on blogger Kay Bell's mind.
Among her excellent posts about last-minute tax filing tips was this little item -- about a sin tax that wasn't adopted. While state lawmakers and/or Uncle Sam have raised taxes on other less-than-stellar behavior, Nevada lawmakers just said no to a state brothel tax.
Read More...
More Posts Next page »
|
