Archive for category Personal Finance
Ten Important Facts About Capital Gains and Losses
Posted by brumley in Income, Investments, Personal Finance, Tax on February 24, 2011
Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When a capital asset is sold, the difference between the amount you paid for the asset and the amount you [...]
How to Avoid Identity Theft During Tax Season
Posted by brumley in Credit, Identity Theft, Tax on February 21, 2011
Scams involving the impersonation of the IRS usually take the form of e-mails, tweets, or other online messages to consumers. Scammers may also use phones and faxes to reach intended victims. Some scammers set up phony Web sites.
Are Your Social Security Benefits Taxable?
Posted by brumley in Income, Retirement, Tax on February 15, 2011
The Social Security benefits you received in 2010 may be taxable. You should receive a Form SSA1099 which will show the total amount of your benefits. The information provided on this statement along with the following six facts below will help you determine whether or not your benefits are taxable.
Tips on how to save at the grocery store
Posted by brumley in Budgeting, Personal Finance on February 13, 2011
If you’re serious about slashing household expenses, it’s important to focus on costs you can control. Some items — such as mortgage and utility payments — may claim a large slice of the budget pie, but they’re either fixed or relatively inflexible. Banks, for example, expect regular mortgage payments; landlords frown when you don’t pay [...]
Roth IRA withdrawal Rules
Posted by brumley in Personal Finance, Retirement, Tax on January 12, 2011
In general, you can make tax and penalty free withdrawals of the principle (contributions) at any time. However, the earnings from your principle cannot normally be withdrawn under age 59½ without paying the 10% early withdrawal penalty. Earnings can generally be withdrawn without penalties after age 59½, provided you meet the 5 year rule. Roth [...]
Qualifying for Social Security
Posted by brumley in Personal Finance, Retirement on January 7, 2011
Not everyone qualifies for Social Security when they retire. If you do not qualify, you will receive nothing. To check if you are qualifying, you need to understand how many credits you are earning.
Who should pay for your child’s college education?
Posted by brumley in Education Funding, Personal Finance on November 26, 2010
Should you pay for your child’s college education? Or should your child find the financing? It depends on who you ask.
What you should know about debt collectors
Posted by brumley in Budgeting, Personal Finance on November 26, 2010
With the economy still climbing out of recession and unemployment hovering near 9%, a lot of folks are behind on their payments. They owe money to banks for auto loans, hospitals for medical bills, and credit card issuers for everything from electronics to clothing to home appliances. This mountain of unpaid debt has provided a [...]
Tax strategies investors should consider at year-end
Posted by brumley in Investments on November 22, 2010
As year-end approaches, take a closer look at your investment portfolio. There may be some tax-saving strategies worth considering. For example — Wash sales. Thinking of selling a security before December 31 to take advantage of a capital loss? To make sure the loss is deductible, refrain from buying a substantially identical security during the [...]
Having Trouble Making your House Payment?
Posted by brumley in Personal Finance on November 18, 2010
There are two government programs that can help. One is called HARP (Home Affordable Refinance Program), the other called HAMP (Home Affordable Modification Program). Interest rates are at an historic low, but many homeowners find they cannot refinance because the value of their home has dropped to low and they don’t meet the equity requirements. [...]
-
You are currently browsing the archives for the Personal Finance category.
Appointments
Book a meeting with me
Send me a Fax
About Us
T Scott Brumley CPA
With more than thirty years experience in accounting, tax, finance, auditing, technology and business management, T Scott Brumley, CPA rolls up his sleeves and works with his clients to solve their complex business problems.
