Financial Consultant
Income Taxes
It is US federal law that income tax has to be paid to the IRS. Knowing the basics, and understanding your own personal situation will help in reducing the risk of overpaying on your taxes. There are ways to reduce what you have to pay, making use of the current rules regarding taxes.
Reducing your taxable income is a easy way to reduce taxes. If you are employed by a company, you can maximize your 401K contributions or other registered retirement saving plans. If money is needed, you can borrow off of the 401K. Child care expenses should be tracked, as well as learning programs for children, which include sports, school and other expenses. Medical expenses should also be tracked, as if the income meets a threshold, it can be deducted. Self employed individuals should keep track of all business receipts.
3 Ways to Teach Your Kids Good Spending Habits
What would happen if you spent over half of your income on your “wants”?
You might be living a lot like a 9-year-old.
Money Management International conducted a Kids and Money survey in 2010 to discover how kids use their cash at different ages. Of surveyed children under the age of 10, the study found that:
While kids have us beat in the savings category—more than one-third of us aren’t contributing to any long-term savings programs—they could stand to learn a lesson or two when it comes to spending their money.
How you can teach your kids responsible spending habits?
Parents are responsible for making sure their kids enter adulthood with a good understanding of the value of a dollar. Here are
How to Avoid Nickel and Diming Your Way to the Poorhouse
We would love to start a great new experiment, where everyone would catalog all of their impulse purchases for the course of one year. Everything from that cheap pack of gum to the “whatsit” that we really don’t need would have to be recorded. At the end of the year, everything would be totaled up to see just how quickly we are all nickel and diming ourselves to the poorhouse. The old saying is true, “The rich are rich because they don’t spend any money.”
So, how can you put this to work in your life, without being excessively frugal? Chances are, you probably buy more than you realize and a lot of it is probably unnecessary. Impulse buys are the bread and butter of many industries and there is a reason that those little items are so easy to buy. It’s so eas
Tax Breaks: A Primer
Courtesy of Leonard Burman and Marvin Phaup. Sources: For tax expenditures as percent of gross domestic product, Government Accountability Office analysis of Office of Management and Budget, Analytical Perspectives, Budget of the United States Government, Fiscal Years 1985-2011; for count of provisions, Joint Committee on Taxation (annual tax expenditure compilations back to 1985), and authors calculations.
On Wednesday the Obama administration released its proposal to revamp corporate taxes, partly by cutting loopholes and subsidies that enable so many savvy companies to pay so little. The proposal also happens to add its own new loopholes and subsidies, most prominently for manufacturing companies.
Such loopholes and subsidies are formally called tax expenditures.
Congress Considers Impact of Accounting on Tax Reform
The House Ways and Means Committee held a hearing on the interaction of tax and financial accounting rules on tax reform.
“When companies report profits in their financial statements, the primary purpose is to convey information about a company’s financial condition to investors and creditors,” said House Ways and Means Committee Chairman Dave Camp, R-Mich., in his opening statement Wednesday. “Conversely, the primary purpose of tax accounting is to measure income for levying the federal income tax. These two functions are not necessarily consistent, and in some cases, may even be at odds. For pub
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