We finally passed an update to the budget.
Well, not really.
What Congress passed was a “pass the buck” bill- an agreement to keep the government functioning, while our Congress folks ostensibly try to determine how much money each federal department will be allocated. One should note that half the year has already passed and we still operating using last year’s appropriations.
If you are still putzing around with your taxes, it’s probably because you don’t have the funds to pay your obligation- and you’re stretching your imagination to come up with deductions. Sorry-you don’t have a TV show, so that $ 70K for Self-Styling Adorn to keep your one strand of hair curled about your head is not going to be a viable deduction.
Continue reading Really? You are still doing your taxes?
I’m trying something new today. Just a chart.
This flowchart can help you evaluate what is the best purpose for your government check(s).
For those of you who have been invested in GE for years, mostly because of its generous dividend, the times have changed. No longer will GE be providing a 4 to 5% return on your stock holdings. No, it now will be closer to a 2% dividend rate. Which is among the several reasons the stock price has tanked recently.
I recently “met” this interesting fellow, just entering what used to be called middle age. He writes about some interesting stuff. Last week (as of this writing; so by the time this is published, it’s probably last month), he wrote about turning his fiscal life around.
Continue reading Get Out of Debt
Don’t you just love it that when the Democratic Party is in power, all the GOP can discuss is the increasing debt. And, once the GOP takes power, they forget all about the debt and suggest a tax reduction for the rich that will add trillions of dollars to our debt and render the budget inflows to be a small percentage of the budget outflows.
Continue reading What Can We Do About Taxes?
This question comes up about once every six months. A client arrives at our door and wants help. They are overwhelmed with debt. Sometimes, it’s because they have this business that is not performing as they hoped/wanted/expected (often, because they need the structure and systems to make it so), other times because of an accident or a sudden illness. But, no matter what the cause, we need to work together to make the situation tenable.
Continue reading Drowning in Debt?
For those Americans who have come upon hard times, the choice to end their problems is almost always bankruptcy. Individuals who earn about the median for their area and can’t repay their debts can file Chapter 7. Assuming there is no lying or subterfuge in the application, one’s debts can be adjudicated and the taxpayer gets a clean slate. (Clean in that they owe no money- but they no longer have access to credit cards [for a few years, at least] and their credit history will reflect the bankruptcy.) Of course, one’s assets (over a certain value) are used to satisfy [that’s a legal term, you can bet the credits are NOT satisfied not receiving all that they owe) the creditors’ demands.
Boy, was I surprised. Here I am advising all of you (but especially my clients) of all the changes that happened to affect tax filings this year. And, I missed one. A big one.
Continue reading Oops. Another Tax Change. That Affects Most of Us.
I’ve asked a well-respected bankruptcy attorney- my brother, Neil H. Ackerman, Esq- to add a few facts and comments on the bankruptcy issues I discussed yesterday. (You can learn more about his practice here.)
Continue reading When all else fails?
