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IRA Info

Do you have an Individual Retirement Account? A listener recently asked if an IRA is considered a savings plan or an investment. My answer depends on what you do with the money. You can put IRA funds to work in the stock market through mutual funds and other investments, or in CDs and savings accounts. […]

Crazy Money! – Musicians Sell Catalogs For Millions

It’s Crazy Money Day! Bob Dylan sold the rights to his music for $500 million. At nearly age 80, with six children, perhaps he’s doing some estate planning, or he’s hoping to avoid the proposed increase in capital gains tax! RollingStone reports that Bruce Springsteen, Stevie Nicks, and others are selling their music rights, too. […]

The IRS and Refund Delays

Have you filed your taxes yet? Last month, the Treasury Department officials said that the IRS has so many challenges this year that tax refunds could be delayed. They’ve had budget cuts and a greater workload due to stimulus checks from the last two years. Their staff has decreased 25% and they ended the year […]

Savings Day – Prep for Higher Property Taxes

Do you own your home? Homeowners have to pay property taxes. It’s the largest source of state and local government tax revenue. They vary widely by location. New Jersey and Illinois carry the highest property tax rates in the nation. My property tax bill has been the same for eight straight years. However, I’m bracing […]

Check Your Withholding Tax

The average tax refund last year was $2,800.  If you’re expecting a tax refund this year, review your W-4 and consider adjusting your withholdings. If you earn an income, you probably pay taxes. A W-4 form determines the amount based on allowances you claim. Withholding too much from paychecks causes tax refunds. If you don’t […]

Crazy Money! – Taxes and Charitable Giving

It’s Crazy Money Day! The federal government expects to collect about $4 trillion in taxes this year with nearly half of it collected through individual income taxes. That’s crazy money! The apostle Paul said in his letter to the Romans that everyone is subject to the governing authorities. They’ve been instituted by God. Because of this, we […]

Modern Monetary Theory Part 2

Business Insider published an article titled the Trouble With Modern Monetary Theory. The article reports that “…the government cannot just spend and spend and spend, or the extra dollars in the system will chase too few goods and drive up prices. I totally agree. It’s important to understand that the government cannot just spend recklessly. […]

Absolute Integrity

My Dad’s faithful use of money set an example of integrity for me.   My Dad grew up in poverty but escaped through hard work and integrity. After high school, he served in the military then earned a college degree in business. Dad prepared income tax returns for extra income. He typically worked on those while […]

Tax Prep Attitude

What’s your attitude when preparing your income taxes? The investment of a few hours can help reduce your tax expense and possibly create a refund. So work with a good attitude! It’s important to claim all the tax deductions and tax credits that you can. Simply read the IRS rules and see if you qualify. […]

Tax Prep Tips

According to J. Paul Getty, “If you get up early, work late, and pay your taxes, you will get ahead — if you strike oil.”  Few of us will strike oil, but most of us will file tax returns. To make it less painful and more productive, I’ve gathered some tips for you. First, be […]

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