The average age of first time home ownership in the United States in the last 10 years has varied from 30 to 32 years of age, depending on the economy (Economists Outlook). My guess is that it might also depend on the area of the country people reside in. Certainly buying a house in rural Iowa is...
Published on Mar 08 2013
// TaxesPerhaps you were surprised to find that you would be receiving a gift from Uncle Sam in the form of a hefty tax return. Or maybe you planned it this way all along. So how do you spend your tax return now that you have it?
If you’re like most Americans, your first instinct is to take a trip to Vegas,...
Homeowners are familiar with real estate tax largely because real estate tax may take a chunk of their money every year, but did you know that property tax is not always the same thing? Many people use the terms interchangeably, but they are not exactly the same. Part of the confusion is because...
No one likes to owe the IRS money, in fact many of us will find every loophole possible to avoid having to pay in to the IRS come April 15th. Maybe this year you weren’t so lucky and the IRS will be looking to collect money you don’t have.
In today’s economic climate many of us are cash strapped...
Published on Feb 01 2013
// Taxes
Tax season can be a nightmare even if you have done all the right preparation. The key to avoiding a stressful tax season is to start preparing NOW for the returns when you file taxes next year. Putting simple steps into action and you will get the best return with the least amount of stress that you...
At the end of 2012, much to do was made about the Fiscal Cliff and the fact that many of the Bush era tax cuts were set to expire. However, after some last minute wrangling from our Congress men and women, many of those tax cuts were extended, to the relief of many taxpayers.
Many homeowners who were...
Like it or not, tax season is here. You may be gathering all of your documents in one place in preparation for filing your own taxes or visiting your accountant.
However, make sure not to forget the paperwork necessary to receive the Retirement Savings Contribution Credit, now known as the Savers’...
It’s probably been argued for as long as they’ve been around: when it comes to taxes, is it better to give than to receive? In an ideal world, it would be easiest if you could just guarantee that you wouldn’t owe any taxes or receive any refund. The personal finance community and most...
Let’s say you save X million dollars in your combined retirement savings plans—you’ll be all ready for that retirement in the tropics you’ve been planning most of your life. Maybe you’ll even be able to work in an early retirement too. You’re on a roll and everything is working according...
Published on Aug 29 2012
// TaxesWe’re nearing the end of August 2012, and recent reports suggest that house prices have on average fallen again in the last month. A trend that seems to have stretched back over the last 4 years or so, turning the once safe haven for investment, into a struggle to break even.
There are a handful of...
A small business will go to great lengths to save money. Some ambitious entrepreneurs will sell their car and ride a bike to work. In sunny locales, a few have gone the Vespa route and visit the gas station once every few weeks.
For a company that relies on cars for delivery or sales routes, thinking...
United States citizens are responsible to pay a yearly income tax based on their taxable income, which is their net income minus allowable deductions. Many citizens are responsible for paying national, state and local income tax. Interestingly, there are several states including Texas, Alaska, Nevada,...
Much like individuals are charged income tax on their income, businesses are charged corporate tax on their net profits. Businesses are often charged at the federal, state and local level. Currently the maximum businesses pay in taxes within the United States for federal tax is 35%. State taxes...
Currency conversion taxes are those taxes utilized in the financial sector for financial transactions as opposed to taxes on consumers for purchases and other consumables.
One of the currency conversion taxes is the Tobin tax, named for James Tobin who won the Nobel Memorial Prize in Economics in 1981....
Excise taxes, also known as indirect taxes, are those charged to the manufacturer on the production of items for sale with the expectation that the manufacturer will recoup the tax expense in the sales price of the item. By raising the price of the item, the manufacturer shifts the burden of the excise...
Ad valorem taxes, from the Latin, according to value, are ones that you must pay on the assessed value of real estate and other personal property. These taxes are different from sales tax because sales tax is based on a purchase transaction, while ad valorem taxes are based on owning an asset. Likewise,...
