There are so many different ways to earn extra money with your brain, the best question isn’t how can you earn extra money but how can you earn the most money the fastest. The place to start is determining which of your skills or specialized knowledge you have that you could turn into extra income. [...]
You’ve probably heard the saying that “we’re all in business for ourselves.” This statement resonates with me. Everyone is, in effect, an entrepreneur. You may be an entrepreneur with a narrow set of expertise and only one client: an employee, in other words. Yet you are not a permanent part of your employer’s company. As [...]
If you read brip blap via RSS, you might want to visit the site and see the new theme; if you like it, it’s the frugal theme and if you buy it through that link, you help support brip blap.
the 5 o’clock test is an original article from the website brip blap.
You can achieve a great wardrobe makeover even if you’re on a budget. Here are some ideas on where to get cheap clothes online and anywhere else.
My clothing budget is one of the lowest you’ll see around. I simply do not spend much money on clothes. I figure — if it’s [...]
I’ve been very bullish on Palm phones in this space and in person. I have found that multitasking adds so much to the smartphone experience. You can’t currently get that out of the box with the Apple IPhone. Google’s Android devices allow for that, but from what I’ve read on Lifehacker, Google [...]
Related posts:
** mark link from amended tax return**
Do you have any students in your family, or are you a student yourself? If so, then the American Opportunity Tax Credit may help you decrease your tax obligations for 2009 and 2010. Like the Hope Credit, you can claim this new tax credit for tuition and certain fees you pay for higher education either last year or in 2010. But there have been some changes to the benefit of students and those who claim students.
Below is a list of the new changes.
In order to claim this tax credit, you will need to fill out form 8863 and attach it to Form 1040 or 1040A. For further information, check out the IRS website.
Written by Amanda
Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!
It’s common knowledge that everyone should save for and prepare for retirement. Most parents would like to be able to save towards their children’s future college costs as well. Problem is, in today’s economy, the vast majority of household budgets are stretched so incredibly thin, that there’s usually not even two cents left to rub [...]
Original Post on The Sun’s Financial Diary
Special bonus offers
Today’s frugal fashionistas know a thing or two about creating an enviable wardrobe at a fraction of the cost of buying retail and they do this in a number of ways. Some shop deep discount outlet malls to pick up their brand name attire while others dig diligently through the racks of the secondhand store in [...]
About the Author: Jeremy is a retirement planning specialist and founder of Generation X Finance and the guide to Financial Planning at About.com. To learn more, follow Jeremy on Twitter.
This is the first article in a series on Roth IRA conversions this week.
As you probably know, there are no longer income limits for future retirees hoping to convert traditional IRAs to Roth IRAs.
Previously, only those with income under $100,000 could take advantage of the superior tax treatment of a Roth. Today, the Roth IRA conversion rules allow anyone to convert existing funds, even if you make too much to contribute new savings to a Roth IRA.
A Roth IRA is the Cadillac of retirement plans. It is funded with after-tax dollars and allows you to:
If you are the owner of a traditional IRA, you may want to convert all or part of the funds to a Roth. The Pension Protection Act of 2006 also allows you to convert assets from 401(k)s or similar employer plans directly to a Roth IRA. You will have to pay tax on any deductible contributions. However, once the conversion is done you will never pay taxes on any eligible withdrawals!
If you are under 59.5, Roth IRA contributions generally have to remain in the account for 5 years after conversion before they can be withdrawn. So you should not convert any amount you might need in the next 5 years.
Converting to a Roth IRA is simple. It requires a little paperwork with your IRA account manager and reporting to the IRS. Specifically, you should take the following steps if you are interested in a conversion:
Check back for articles on special 2010 conversion rules and specific situations when a Roth conversion makes sense!
Written by Jill
Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!
As I have setup a corporation to hold my online business, I’m learning the ins and outs of how taxes work within a corporation. More specifically, how to effectively extract money from a corporation in a tax efficient manner. For example, the dividend sprinkling strategy allows effective income splitting for shareholders within the family.
One thing I’ve [...]
As parents hoping to raise financially savvy kids, one of the best things we can do is expose them to banking concepts at an early age. Savings accounts for children offer many great personal finance lessons such as the importance of saving money, the magic of compound interest, and the basic mechanics of banking.
Photo by [...]
Post by Frugal Dad
If you’ve decided to get your first credit card, there are a few things to keep in mind. I believe that credit cards are a great financial tool when used responsibly. So whether you’re a college student just starting to receive credit card offers in the mail or you’re seeking to build your credit [...]
The flexible spending account deadline is one that you don’t want to miss if you still have funds from last year in your FSA. As you’re probably well aware, you lose any money left in your flexible spending account that’s not spent by the FSA deadline.
Flexible Spending Account Grace Period
A few years ago the IRS [...]
Online Tax Software Giveaway
Time for a bit of housekeeping. It’s been a while since both giveaways started, but I’m only now getting around to sorting through the winners. A quick summary, both UFile and QuickTax are convenient and cost effective ways to file your taxes online. There are 10 winners of UFile, and 5 winners [...]
I’m jumping the gun on something I’ll write about more next week, but I attended a very interesting function this week. It was a launch party for a magazine in which I was a contributing writer, and most of the attendees were entrepreneurs, small business owners or reps of banks and other service companies (payroll, [...]
If you read brip blap via RSS, you might want to visit the site and see the new theme; if you like it, it’s the frugal theme and if you buy it through that link, you help support brip blap.
linklings, small business energy edition is an original article from the website brip blap.
If you’re a first time investor, it’s best to start investing with mutual funds. Mutual funds offer a simple way to garner near instantaneous diversification, the liquidity to buy and sell whenever you want (within limits), along with professional management. In particular, you should consider index funds for their low-cost and tax efficient approach. [...]
ETF Investing: Why Exchange Traded Funds Are Part of My Portfolio
It’s still more than a month away from the 2010 tax deadline, April 15, 2010. If you haven’t finished your tax return yet, there’s still plenty of time to get it done before the deadline, so it may be a little early to talk about tax extension. However, if for any reason that you believe [...]
Original Post on The Sun’s Financial Diary
Special bonus offers
This week’s Free Money Friday is a really great one! SunTrust is offering a $150 bonus for becoming an online banking customer with them!
Madison is working on opening an account with SunTrust this week. Here are some additional tips she had about this promotion:
Written by Kate
Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!
This article is by Adam from Money Relationship. He recently found a way to keep his sandwiches from getting soggy.
I have been thinking a lot about our financial future and where we are headed. When your looking that far ahead though, you’re assuming that you are going to continue to generate an income. Well, what [...]
Post by Frugal Dad
Imagine that you’re in a financial bind: would you be able to resist those ubiquitous ads around the web that entice you to “get a fast cash loan”? You may be one of those wondering how to get a personal loan in these tough economic times. These days, many people with little to [...]
I had never been to Washington D.C. Recently my wife had the opportunity to go for work and I figured this was a good opportunity for me to see the sights. She was able to get a couple of days off of work and on her first day she suggested we go on [...]
Related posts:
H&R Block at Home is some of the best tax software available for consumers who want to prepare their own taxes. I was able to ask Julie Markey, a Vice President at H&R Block, some questions about the software via email. Julie’s the managing director of digital tax solutions so she’s very familiar with the software’s capabilities [...]
Apparently, I don’t get out much. This weekend, Hubby and I decided to go out with another couple for dinner and a movie. 4 hours and $70 later I was in the car on the way home with a stunned expression on my face trying to figure out where it all went wrong.
You know, I [...]
Original Post on The Sun’s Financial Diary
Special bonus offers
When Jill wrote about how to fix your credit after a foreclosure, a reader, Marke, left the following comment:
I am right now considering whether I should walk right now.
Since millions of homeowners are in a situation where their house is worth less than they owe on their mortgage, I’m guessing that Marke isn’t our only reader facing this dilemma.
Marke suggested the white paper on “Underwater and Not Walking Away: Shame, Fear and the Social Management of the Housing Crisis” from the University of Arizona.
I found the paper very interesting. Strategic foreclosure is obviously a very hot topic for many people right now. Based on economic data, they calculate that:
Millions of U.S. homeowners could save hundreds of thousands of dollars by strategically defaulting on their mortgages.
They give a good example where it might take a couple over 60 years to recoup their lost equity. Many families are in similar situations and are staying put.
Mathematically, on paper, it makes sense for many homeowners to walk away from their home. But in large part, they don’t. They discuss many underlying reasons including feelings of guilt, fear, irresponsibly, shame, etc.
Deep down, I think we all know the message:
The majority of Americans who believe that voluntarily defaulting on a mortgage is immoral.
Since we focus on the financials here, I thought it would be a good exercise. Let’s try to take the emotion out of it. Can you do it?
I tried very hard to envision what I might do if I were in a similar situation (which, thankfully, we are not). Would I walk away from my home if I was $10,000 underwater? No. Would I walk away if I was $600,000 underwater? I’m not sure.
Even though I spend ridiculous amounts of time racking up $100 here or there, doing free money deals, you dangle $600,000 in front of me and I can’t honestly tell you if I could accept it. It’s very hard to isolate a hypothetical example, without letting my feelings take over.
Marke and I would like to hear your thoughts! Try as hard as you can to look at it from a purely financial viewpoint.
Would you walk away from your home? And if so, at what point?
Written by Madison
Click here to leave a comment on this article.
© My Dollar Plan
Get free subscriptions to hundreds of popular magazines!
Working Remotely is the Holy Grail for Many Workers
Travel is liberating. It allows us to experience places and cultural happenings beyond our wildest imaginations. It puts things in perspective and gives us countless stories to recant to friends and family members who want to know what it feels like to dip their toes in the [...]
About the Author: Jeremy is a retirement planning specialist and founder of Generation X Finance and the guide to Financial Planning at About.com. To learn more, follow Jeremy on Twitter.
A couple I know recently welcomed their first child. The husband, an engineer by profession, was the sole breadwinner. He lost his job in this economic downturn and has been unemployed for the last few months. So? There are probably hundreds of thousands of people in a similar situation i.e., single income families, with a [...]
