The 2001 Bush Tax Cuts lowered estate taxes, phasing in rates that brought the existing estate tax rate from a maximum of 55% to 35% over 10 years. Under that deal, the 35% estate tax rate was to stay in effect through the end of 2009. Estate taxes were set to disappear altogether in 2010, […]
Obviously, the aftermath of taking advantage of fantastic deals all year long, is dealing with all the tax paperwork. We’re working on sifting through the tax impacts from each of our free money deals. Today we’re tackling 529 plans, and specifically my favorite, the Ohio College Advantage 529 plan. We previously covered taxes on credit […]
While the federal budget proposal has a big impact on all of our finances, it’s our state budget bill that is hitting close to home this week. Our new governor rolled out a budget proposal to increase pension and health care contributions and eliminate almost all of the state unions. For the second day in […]
Lots of our Free Money deals focus on sign-up bonuses or cash back rewards for credit cards. With tax season in full force, I asked Madison recently if sign up bonuses and credit card rewards are taxable. It’s sometimes surprising to see what counts as taxable income. Thankfully, the tax rules for credit card rewards […]
Obama’s federal budget proposal is in, and it brings back some some of the same tax increases that were rejected less than 2 months ago. It’s almost as if the ink on the 2011 Tax Deal isn’t even dry yet, and Obama is ready to change it back again in his new budget. Let’s take […]
When the Obama Tax Cuts were passed late last year, we assumed that all the expiring tax cuts were extended. Well, that’s not exactly true. Here are a few popular tax deductions from 2009 that you cannot claim on your 2010 tax return: Expired Tax Deductions $2400 Exclusion on Unemployment: For 2010 all unemployment compensation […]
Jill and I were discussing Lending Club tax reporting last weekend, and we thought it would be a helpful discussion for everyone, since many of you have taken advantage of Lending Club sign up bonuses. Is Lending Club taxable? How do you report interest earned on Lending Club loans on your taxes? What do you […]
Lately, my Discover More card has been getting a lot more use, with all of their current promotions. You can make out pretty well and earn a significant amount of cash back by mixing and matching all of their various bonus rewards programs right now. Here’s a summary of how I’m navigating the Discover card […]
The IRS estimates there is a $300 billion a year tax gap, or the amount owed by individuals and businesses versus the amount that is being paid in taxes. In looking to close this tax gap, the government wants to better track business transactions for tax purposes. Buried deep in the health care reform bill […]
I just stumbled on a great Free Money offer. It’s especially timely for those of you who are working on your taxes this weekend and want to add an IRA contribution for 2010. Since the ING Direct offer expires in the next few days, we’re featuring a special weekend edition of the Free Money series! […]
