If you have an IRA, you probably know that withdrawing before you are 59.5 is a no-no. This is because you will be hit with a 10% penalty for early withdrawal. However, there are some ways you can avoid the 10% penalty. The IRS (in publication 590) offers a number of exceptions to the rule. Here are 5 of them that you should definitely know about:
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The recent post about how to have a baby on a budget gave me a small chuckle. Don’t get me wrong, new babies are expensive and it’s great to give new parents advice on how to keep costs manageable, but as a mom of five, I’m afraid I have to tell you the expense only goes up as they get older. The good news is that you can give your child a rich, happy childhood without breaking the bank. All it takes is some creativity and legwork on your part.
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The emotional weight associated with prom night is difficult for an adult to appreciate. The price tag, however, is a totally different story. As a parent you want your child to enjoy themselves and maybe make a few precious memories, but you also want to avoid taking out a second mortgage to afford the evening. So what to do? Here are a few suggestions.
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As a reader of this blog, I’m sure you value frugality. If personal finance is of enough interest to you that you regularly read a personal finance blog, or search for personal finance topics on the Internet, then you’re probably a fairly frugal person, and you’re probably proud of it!
But can a person take frugality too far? Is there a point where being frugal turns into being a tightwad?
I can think of several examples where in an attempt to save, people act funny, go too far, or even deprive themselves of basic comforts. Will you go through my list and see if you agree? Are these people taking frugality too far?
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Finding new movies on VHS is becoming pretty difficult. It’s becoming a somewhat obsolete format. Sure, you can still find the occasional VHS player and tapes — Amazon even sells a few. But most players are actually combined with DVD players at this point. Most of us with any VHS tapes are coming to a point where we’ll have to buy a new copy of the same movie on DVD (or Blu-Ray or some other digital format) or convert the tapes ourselves. Every time a new format rolls out, money comes out of our pockets. No media is safe — some people are already feeling a need to replace printed books with ebooks.
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One of the best things you can do for your tax efficiency is to take advantage of tax breaks at the end of the year. Before 2010 closes out, it is a good idea to consider your eligibility for the following five tax breaks:
1. Green Home Improvement Credit
You can get a tax credit for making green home improvements through the end of this year. You can get a 30% tax credit, up to $1,500, for making small energy efficiency upgrades such as adding insulation, replacing windows, getting duct seals and adding energy efficient doors. If you make a big upgrade, such as solar panels or a wind turbine, you can get a 30% tax credit — no limit to how much.
You should also check with your state government, as some states have their own tax credit programs related to energy efficient home upgrades.
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