From the category archives:

Taxes

Whistleblower Dilemma: Would You Do 3 Years in Prison for $20 Million?

There are few things people won’t do for money. Would prison be one of them for you? What if a multimillion dollar payday awaited your return? That’s the exact situation faced by a UBS Securities whistleblower who unveiled the Swiss banking secrets that have been guarded for decades. While he may not have known going [...]

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7 Year-End Tax Tips You Can’t Miss!

Here are several year end tax tips that you should consider and a few things you may want to wait on until next year to optimize your tax deductions overall. I’m doing several of these, I hope you are too – and would love to hear what else you’re doing to snag any last minute [...]

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Should the US Adopt a “Bonus Tax” Like Europe is Enacting?

I was rather dismayed but not surprised when I saw the news that the United Kingdom was enacting a “bonus tax” which is to be a one-time tax on bonuses of bankers in excess of $40,000. As the circus spread its influence, France signaled that it will enact a similar policy and Germany’s chancellor referred [...]

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Yes, You Can Deduct Your New Car Sales Tax This Year!

I was helping my mom buy a car last month and I came across an article on the car sales tax deduction for 2009 that I must have missed in the plethora of bailouts, TARPS, TALPS and other acronyms that I wish were never invented. Regardless, the IRS offers some useful Q&A on what the [...]

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FICA Tax Rates 2009, 2010 – How They Work and Why They Matter

FICA Tax – What is it and why’s it matter?
Anyone that has inspected their paychecks for the myriad taxes and deductions from their paychecks has surely noticed the FICA Tax line on there. The Federal Insurance Contributions Act (FICA) tax is a federal tax on both employees and employers to fund Social Security [...]

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Cash for Appliances Details Emerging – State by State

Cash for Appliances, the son of Cash for Clunkers, (and now, the father of cash for caulkers) is a more widely diverse state by state stimulus program whereby consumers can enjoy rebates up to a few hundred dollars while obtaining assistance on disposal of old appliances like refrigerators in some states. The problem is, there [...]

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The “Wash Rule” in Investing and How it Applies to You

What is the Wash Sale Rule? This is an infrequently asked question, but an important one nonetheless (especially this year while investors are likely sitting on large capital losses) since traders violate it somewhat routinely without even being aware of the rule – and if challenged by the SEC, they could face some pesky consequences. [...]

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Cash for Appliances is Coming – Hold Off on that Purchase!

Cash for Appliances, the sequel to Cash-for-clunkers (and now, the predecessor to cash for caulkers) is just around the corner. The US Department of Energy will be unveiling the Energy Star Appliance Rebate Program, which is projected to be a $300 Million stimulus package meant to further stimulate the economy. The government indicated that by [...]

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How Does Deferred Compensation Work?

I first heard of a deferred compensation plan a few years ago when one of my old bosses left my company and within a few years, quickly became a high-flyer in the organization, overseeing operations in several countries and managing thousands of employees with a global biopharma. Evidently, many things went right for him, and [...]

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