Archive for category Personal Finance
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 [...]
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.
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 [...]
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 However, the earnings from your principle cannot normally be withdrawn under age 59½ without paying the 10% early withdrawal penalty. Earnings can generally be withdrawn without penalties after age 59½, provided you meet the 5 year rule.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 [...]
Should you pay for your child’s college education? Or should your child find the financing? It depends on who you ask.
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 [...]
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 [...]
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. [...]