Why Is It Taking So Long To Get My Tax Refund

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Over the last few weeks I have been receiving a lot of reader questions, many tinged with a hint of desperation, around why IRS tax refunds are taking so long and what can be done to get refunds sooner rather than later. Here is a sampling of comments: Help me please. I filled February 4th [...]

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The Dow Hits All Time Highs – What This Means and Beware The Risks

6 comments

The market continued on its rampage reaching an all-time high, surpassing levels last seen before the 2008 financial crisis. This is despite Congress and the Obama administration squabbling about the impacts of sequestration and who would be blamed for a potential economic calamity due to the inefficiency of Washington. Looks like tax cuts (rises for [...]

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2013 Housing Market Outlook

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My realtor who helped with buying my home a few years ago occasionally sends me newsletters on the state of the US housing market. For the most part this is marketing material looking for referrals and to keep her in mind if when I decide to sell or upgrade. But a recent newsletter she sent me had an [...]

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IRS Tax Tips – Tax Benefits for Parents Plus Facts about Dependents and Exemptions

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The IRS has published two bulletins which contain useful information that applies to many of my readers. I have summarized the key points below. Tax Benefits for Parents (IRS Tax Tip 2013-11) Dependents. In most cases, you can claim a child as a dependent even if your child was born anytime in 2012.   For more information, see [...]

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How Long Will it Take To Become a Millionaire?

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If you are an American, the answer is about 20 years. For Mexicans it’s over to 300 years. As you can see from the graphic below, based on a  country’s median income, America still provides the best opportunity for the average Joe to get to millionaire status within their lifetime.  The calculation for the table below is rather [...]

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Creative Ways to See Your Financial Belief System in a New Light

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We, as human beings, have a set system of beliefs embedded in our personalities: political beliefs, religious beliefs, moral and ethical beliefs. These have been formed within us since childhood by our upbringing, our experiences, and our environments. It’s tough to change these beliefs, and for that reason, when you decide to strive for a [...]

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Free Wi-Fi Across America? No thanks if you are Verizon, AT&T or T-mobile. Yes for Google, Microsoft, Facebook and Consumers

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A pretty important debate is taking place at the highest levels of influence in America and it is around the roll-out of free Wi-Fi across the nation. The Federal Communications Commission (FCC) supported by major technology companies wants to create a high-speed Wi-Fi network across the nation that will allow consumers to surf the net for [...]

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Roth IRA Early Withdrawal Rules For After Tax Contributions, Traditional IRA Conversions and Investment Earnings

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A Roth IRA can provide a great way to build up savings for retirement. These accounts allow funds to grow on a tax-free basis. And, provided that the account owner meets just a few requirements, all the money contributed and earned in a Roth IRA account may also be withdrawn without taxation at retirement. Oftentimes, however, [...]

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Would You Be Considered Poor Based on Federal Poverty Levels?

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How much does your household income need to be under to be classified as poor in America? The answer of course depends on how big your household is but for the average American household of four people, the answer is $23,050.  The Census Bureau and Department of Health and Human Services (HHS) which publishes official federal poverty levels, [...]

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Who Can I Claim As a Dependent For Exemptions, Tax Credits and Head of Household Status

5 comments

I have received a number of questions of late regarding eligibility rules for claiming someone as a dependent on their tax return. Obviously this is an important topic because being able to claim someone as a dependent provides a number of tax benefits/exemptions and ultimately a lower tax bill. Further, tax payers may also get access to tax credits [...]

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