We have finally said goodbye to the year 2010, and that means it’s time to organize your financial documents so that you are ready for tax time — and so that you can clear things for 2011. It can be an overwhelming task to get your financial information and documents together. You don’t have to do it all at once, though. Break it down into smaller tasks over the course of a few days to make it manageable.
Figuring Out What You Have
First of all, it helps to figure out what you have. Find out what documents you need for your 2010 tax return. This includes receipts that document charitable donations and business expenses, as well as documents such as mortgage interest rate statements and investment account statements, as well as W-2s and 1099s. Consider what documents apply to your situation, and make a list of what you will need to back up any credits and deductions that you have. [.....]
Well, for those who did not know it, the tax rates for 2010 will be carried on for the next two years, covering the 2011 and 2012 tax years. The passing of the Tax Relief Act of 2010 has signed in the law the proposed extension of the current tax rate schedule for the coming two years. This means that the rates will be subject to revision in 2013 unless new legislation is passed to further extend the changes. For those who don’t quite grasp the rating system, it might be good to go over them right now. This will help you understand the value of the Tax Relief Act. Here is a breakdown on the Federal Tax Rates of 2011. [.....]
For anyone with children there comes a new fear. What you would do to provide for them if something happened to you? Naturally, that is why many people get life insurance; that’s why I did.
Others start planning their burial arrangements or they take other measure to ensure their final expenses are covered and they have something to give their children, too. Personally, I haven’t done the pre-funeral arrangements yet; just a bit too morbid for me since I’m still only in my 30′s.
Of course, there is one social benefit for minors that is often overlooked by concerned parents and one that I forget. It is the Social Security Death Benefit. This benefit is actually a type of fund that can set up to automatically garnish your wages for a certain amount. This money is then turned into credits that are deposited in a Social Security-operated fund. If something were to happen to you or your spouse, your dependents, including children, would be eligible to collect the funds so they can meet their basic living needs. [.....]
I filmed this video right after I completed the Men’s Health Urbanathlon in Chicago last fall. It was a blast! The following (below video) is the transcription. Beware! Plenty of grammatical errors.
Right now it is a few days after I have competed in the Urbanathlon up in Chicago. I am in the office and just wanted to share a recap of how the race was and also a few tips of how I should have trained for the Urbanathlon. If you recall I really did any training other than my CrossFit workouts. Anyway, I just wanted to share my experience for anyone else who might be interested in competing in the next event so that they have a pretty good heads up what they are in store for.
Banks are fond of promoting products that “small businesses”, in general, supposedly need. As an actual business owner, you know better. For one thing, no two small businesses are exactly the same. Even companies in the same industry can have different cost structures, cash flow situations or payment terms – all of which make different banking products a good or bad deal for them. In order to intelligently select banking products you’ll actually benefit from, you need to know how to evaluate them. [.....]
Most college students are on a tight budget. They can’t even afford to hire butlers! For the most part, college students are aware of the basic money saving tips like getting a free checking account, buying used textbooks, avoiding the use of credit cards, using coupons, using Skype for long distance phone calls, and so on. Are there any other money saving tips that college students may not be considering? There sure are! [.....]
You know that your credit score is one of the most important bits of financial information about you. Where you fall on the credit score scale is often considered to be a way of determining what kind of person you are when it comes to managing your money. Lenders — and plenty of others — use your position on the credit score scale to make decisions about how they will treat you in money matters. [.....]
When you’re at the point in your life where you are adding to your Roth IRA in order to help plan for a stable and enjoyable retirement, it makes sense to have all of the current information regarding the current IRS regulations concerning the Roth. Plus, you want to have a grasp of the current IRA rules for a given year. At this point, people are looking forward to 2011.
In some cases, you might have taken the maximum contribution amount into your Roth for 2010 and you’re thinking about saving for next year’s contribution. Perhaps, you’ve got your eye on the tax season. No matter what, you want to know enough before you start making decisions about your IRA. [.....]
You always hear that you need to “Save, Save, Save” for retirement, but is it really possible to save too much? When it comes to contributing to your IRA, it can.
Individual Retirement Accounts (IRAs) have annual contribution limitations that indicate how much you’re allowed to contribute. Anyone, regardless of income level can contribute to Traditional IRAs, but in addition to having a maximum contribution amount for a Roth IRA, you’ll also need to have annual income within limitations in order to contribute, at all.
It’s always best to prevent over contributions into IRAs, whether you have a Roth IRA or a Traditional IRA, so consult a tax professional if you have any questions about your allowed contribution amounts each year. If you do contribute more than you are supposed to, also consult a tax professional for advice on how to remove the overage to avoid penalties and tax implications. [.....]
One of the most popular gifts during the holiday season is the gift card. Recipients can buy what they want, and it simplifies the process for givers. However, it is important to realize that sometimes gift cards are far from a great gift. Depending on the terms and conditions associated with the gift card, fees and expiration dates may apply. While the recent rules have gone into effect to limit the problems associated with fees and expiration, there are still some things that you need to be aware of: [.....]
One thing that is an exciting process for me is when I can actually take a step back from my day-to-day activities and really focus on where I want to be a year from now. Many people talk about the “things” that they want to accomplish and the “things” that they want to do, but they hardly make any effort to actually get there.
Someone once told me that if you have a goal or desire, you have a 90% greater chance of success of achieving it if you actually write it down. Is it true? Heck if I know, but it sounds good to me.
Every year I do some type of goal planning, but I felt that this year that I really needed to take it one step further. I wanted to take it to the next level and put my goals out there for everyone to see – to hold me accountable, hence this blog post.
Why the need to make it public? Because I want to make 2011 my year. What do I mean by my year? That’s where the fun begins…..
Right now I have a lot of things on my plate that I know I can get done. I know that with a few sacrifices (can’t watch every single St. Louis Cardinals game – doh!) and with a lot of extra hard work, I can pull it off. (I think I can. I think I can. I think I can.) [.....]
