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The best way to have a good idea is to have a lot of ideas.
Linus Pauling Categories
Author Archives: Eileen AJ Connelly
Family Finance: Disaster plans save time, money
When Delores and Harry Haynes evacuated from New Orleans’ Gentilly neighborhood as Hurricane Katrina headed their way in 2005, they made sure to grab the Ziploc bags in their file cabinet. Those bags contained their homeowners and flood insurance policies and other vital financial information. Even before they were able to come back to see the damage to their home of 30 years, television reports made it clear the news wasn’t good. Read More
Money lessons behind the wheel
Molly Helm didn’t want to give her oldest son a brand-new car when he first started driving. So the Enid, Okla., mom spent $500 on a 1990 Chevrolet Suburban. Read More
Believing tax myths can be a costly mistake
Filing your taxes can be confusing. Even though it’s an annual ritual, there’s so much bad information out there that you can easily be led astray. Add a few myths to your adjusted gross income, and you can find yourself facing an unexpected bill — or worse, shortchange your own refund. Read More
Tax myth: The ‘death tax’ will get you in the end
MYTH: Without careful planning before you die, your heirs will have to fork over a big part of their inheritance to cover the “death tax.” Read More
Consumers still pay credit cards before mortgages
It’s not just mortgages that are upside down. People are staying current with their credit card payments even when they are behind on their mortgage, continuing a trend first seen three years ago. Read More
Document donations or they don’t count at tax time
If you used a text message to send cash to the Red Cross after the Haiti earthquake, or donated credit card points for relief efforts after the temblor in Chile, you may claim those donations on your 2010 tax return like any other charitable offering. Read More
Debunk the money myths jeopardizing your future
“I’m OK as long as there’s money left at the end of the month,” is not a long-term financial strategy. It may be tempting to believe that setting aside what little extra is left is all that’s necessary. But the truth is that a well-devised plan is the surest way to make dreams become reality.
And that holds true at any age, whether your dreams involve traveling the world, starting a business or being able to put kids through college without compromising your retirement. Read More
AMT creates alternate reality for some taxpayers
Three little letters can cause as much confusion and consternation as thousands of pages of tax code: AMT.
The Alternative Minimum Tax, is a separate tax system designed to prevent the wealthy from avoiding income taxes by using loopholes and excessive deductions. But there are flaws in the system created in 1969, which means that now it’s possible for individuals who earn modest incomes to fall into the pool of those subject to AMT. Read More
Unemployed during 2010? These tax tips may apply
If you were among the millions out of work at any point in 2010, your tax return may look quite different this year.
Many people fail to realize that they must pay taxes on unemployment benefits. For 2010 all unemployment benefits received will be considered taxable income. That is a big change from 2009 when a temporary exemption was granted for the first $2,400 received. Read More
Taxing decisions: do-it-yourself or pay a pro?
Are you afraid to prepare your own tax return? Or do you wonder each year why you paid for someone else to do it for you?
What’s the best way to decide if you can handle your 1040 alone or if you need some help? “I don’t know if there’s a bright line test that applies to everyone,” said Melissa Labant of the American Institute of CPA’s tax team. “It’s going to vary from individual to individual.” Read More
Family Finance: Investment scams target seniors
Bernie Madoff is the name everyone remembers, but shady investment “advisers” don’t have to bilk billions to do real harm.
In just the last two weeks, The Associated Press reported on at least a dozen cases in which advisers were accused of stealing, on average, just over . . . read more Read More
Family Finance: When frugal is all in the family
Anne-Marie Faiola remembers resenting working in her mom’s garden as a teenager while her friends were out having a good time. But if she wanted spending money, she had to work for it. She also recalls grousing about how she had to pick an economical . . . read more Read More
IRS to end release of taxpayer debt information
NEW YORK (AP) — The Internal Revenue Service said Thursday, August 5, it will end its policy of releasing information about back taxes and other debts taxpayers owe in the coming tax season.
The information, called debt indicators, has been included on acknowledgments . . . read more Read More
Credit Cards: 10 questions to test your IQ
What’s better, a low interest rate or generous rewards points? Does it matter how often you use your credit card, or is it how much credit you have available that’s important? Take this short quiz and find out some important information about using and managing your credit cards. . . . read more Read More
