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More than 60% of baby boomers are actively helping a parent and half of them also have children under 25. These members of the “sandwich generation” – those supporting their parents and their own children – may be able to claim the up to $3,650 qualifying relative exemption for supporting their parents.
For many members of the “sandwich generation,” balancing the needs of their children and parents is something they do every day. With their predecessors and descendants squeezing them in the middle like pastrami on rye bread, they seek relief wherever they can get it – even from the IRS.
Luckily, these tax breaks could relieve some of the financial burden and put more money in their pockets. [ continue reading… ]
There are plenty of ways to play the system in Europe and get cheaper train tickets. Booking early, traveling at odd times, and making use of bargain passes are all traditional ways of cutting a train ticket’s price dramatically. In the US, though, things are much less accommodating. In fact, since the government started subsidizing Amtrak, rail prices are equal – if not higher – than plane ticket prices, but there are still ways to save. [ continue reading… ]
It’s a fun game, isn’t it? Imagining you have won a million dollar windfall and trying to figure out what you would do with it. Or, a different scenario: you work your butt off for 40 years, saving and investing wisely, and eventually get to a net worth of a million dollars. Phew. Now what?
A Million Dollars Isn’t That Much!
I think we’re all very aware that a million dollars isn’t what it used to be. In either scenario, whether you have worked and accumulated a million dollars, or whether you’ve received a windfall, you absolutely cannot go crazy and start spending uncontrollably. Let’s take a look at what you CAN do with a million dollars. [ continue reading… ]
Doing your own taxes seems to get harder every year. It seems like there’s little reason to try to struggle through the process when inexpensive tax preparation services pop up like mushrooms this time of year and there’s even free software available online.
The Tax Code is Tough, Not Impossible
I’ve done my own taxes on occasion. These days, though, I don’t dare to try to go through the whole process without an accountant handling the tough parts. I simply don’t have enough time to spend on learning the details of every bit of tax preparation — although my situation is a little more complex than other folks’ might be. I have a company of my own, with income coming from several different sources. Let’s just say that I was very happy to be able to hand over the headache of preparing my taxes to someone else. [ continue reading… ]
One of the scariest things in finances is the tax audit. We all like tax refunds, but no one wants to be audited. However, consumer tax guide publisher J.K. Lasser points out that more than 1 million taxpayers are audited each year. When you consider the tens of millions pay taxes, you realize that chances are good you won’t be audited. However, it is still possible that you will be chosen for a tax audit. In some cases, it is only a matter of sending in some bit of documentation that is missing. Other cases, though, require a little more attention. Here is what you can do if you are audited: [ continue reading… ]
Buyer’s remorse is quite common. Many people feel sad, let down or guilty after making a purchase. This is true for impulse purchases as well as those planned for some time. In certain cases, the remorse will be so strong that the item will be returned, even if it is in no way defective.
If you suffer from frequent buyer’s remorse, examining your feelings can teach you a lot about your spending personality and give you the tools you need to make better choices. Understanding why we buy and how it makes us feel afterward gives us insight into our needs and values and where we fall short in fulfilling them. [ continue reading… ]
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