We cover the basics and more about personal finance, answering frequently asked questions about credit and debt, identity theft, saving for college, retirement, estate planning, insurance, taxes, job hunting, and raising money-savvy kids. Check out the articles, columns, blog posts, radio shows and videos for tons of personal finance advice.
Do I Need to Pay the Alternative Minimum Tax?
Once upon a time (back in 1967), there were 155 taxpayers with incomes over $200,000 (more than $1.3 million in today’s dollars) who paid no income tax at all. Twenty of them were millionaires. Because the government needed to fund its programs—including the Vietnam War—the Alternative Minimum Tax (AMT) was born as part of the [...]
What Is the Retirement Savers Credit?
Saving money for retirement can be difficult, especially if you’re living paycheck to paycheck. Every dime counts, and putting $50 into savings can feel like a punishment when you know that money could go toward something you need or want now. But what if there was some incentive—other than retirement—that could inspire you to save, [...]
Last-Minute Tax Tips for 2014
The deadline to file your 2013 taxes is right around the corner. Whether you’re doing your taxes yourself or making a last-minute appointment with a tax professional, here are some things to consider this year: Your Must-Have 2014 Tax Filing Checklist It’s important to be thorough and correct when finishing up your return—even if you’re [...]
3 Ways to Trick Your Brain into Spending Less
Money can be a real pain. About 24 percent of people admit that the “pain of spending” turns them into tightwads, while about 15 percent admit to being spendthrifts, where they experience so little pain when spending that they spend more than they should. When I say pain, I mean it rather literally. Researchers Scott [...]
Tax Facts: 6 Tax Deductions to Remember This Tax Season
This tax season, even tax professionals are appalled by the complexity of some of the new taxes we’re facing. Visualize 50 nearly-bald CPAs and EAs running screaming from a seminar room, tearing out what’s left of their hair. Me? I just sat there crying. Here’s a look at some tax deduction changes you should remember [...]
One Rule That Can Instantly Boost Your Investments
Have you heard of the Rule of 752? For those struggling to save money, this one’s for you. We always hear that by cutting out small expenses, we can save big (I even have an eBook touching on 10 expenses that can kill your savings). We know those $3 daily lattes add up. But it [...]
Five Simple Steps to Help Prevent the IRS from Auditing You
At the start of my tax career, I was like most people: terrified of an IRS audit. But due to the nature of my clients’ activities in real estate partnerships, I had to face audits head-on. (For example, there was the time a client bought a three-building apartment complex in Canada and one of the [...]
How Married Same-Sex Couples Should File Federal Taxes to Get the Best Refund
Many Americans are facing tax issues this year that they’ve never experienced before. Whether it’s because of a marriage, a home sale or new federal and state rules, questions arising this close to the April 15 tax deadline can be stressful. One big new rule this year is that the federal government is recognizing same-sex [...]
Four Tips for Building Your Retirement Portfolio
Planning for retirement is overwhelming, and figuring out how to manage your retirement investments can be the most daunting part of it all. The days of companies offering full pensions and reliable Social Security support are, unfortunately, a thing of the past. The cost of living is higher, and with continued advances in healthcare, people’s [...]
In Debt? Consider a Debt Management Plan
The economy is continuing to improve, and many people who saved diligently during the recession to pay off debt are now feeling comfortable enough to borrow again for homes, cars, and other big purchases. As a result, U.S. household debt is climbing at its fastest pace in five years. Consumer household debt rose 1.1 percent [...]