Taxes

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Five Tax Tips for Military Families

It’s tax time again, and that means my phone will be ringing with friends who ostensibly want to say “hello” but in reality have a tax question. Sit for the CPA exam and see if you don’t get the same treatment! Being a military family offers some tax advantages, but...
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The 9th Wonder of the World

I’ve been told that Albert Einstein stated that compound interest was the 8th wonder of the world. My 6th-grade teacher, Mr. Rast, helped demonstrate that to me more than a few years ago. He asked me if I would prefer $100,000 or one penny doubled every day for a month....
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Tax Preparation, or How I Learned to Stop Worrying and Love My Computer

It’s tax time again, which means the countdown to April 15th is on. According to a recent government survey (reported in Forbes magazine), taxpayers will spend a whopping 6.1 billion hours “complying with the tax code.” If you believe the latest census, that’s the equivalent of every man, woman, and...
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It’s the Most Wonderful Time of the Year…

Now that Thanksgiving is behind us, you can start thinking about the upcoming season…Tax Season that is. I know, I know this is REALLY the Holiday Season, but you can also do a few things to reduce your taxes this year if you take the time now. Here are 3...
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Advance Pay: The Payday Loan That Isn’t

Your PCS orders have finally arrived! Look out! Here comes your “friend” to give you the inside track on how to make a little money at the government’s expense. “Advance pay, man! It’s an interest-free loan from Uncle Sam! Invest it, dude, or get that computer you’ve been looking for. ...
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The Thrift Savings Plan: What Is It and Why Do You Need It?

What is Thrift Savings Plan (TSP)? TSP is an account similar to a 401(k). Federal employees (including those in uniform) may participate in the TSP. Military members put pre-tax money into an account, and have the right to take the money out of the account at a certain point in...
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Doing Some Last Minute Shopping? Don’t Buy a Tax Bill

As the year comes to a close, there are a lot of different reasons why you might be considering investing in (buying) a mutual fund. Perhaps you got that Christmas Bonus…o.k. I know you’re on Active Duty and Uncle Sam hasn’t found it in his heart to give Christmas bonuses yet,...
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There Are Really Only Four Ways to Cut Your Taxes

That is right. I said it. There are really only four ways to cut your taxes. When you look at all the things out there, they break down into four different areas. So, let’s take a look at each area and the pluses and minuses. Spend a Dollar to Cut...
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3 Things You Should Know About the Military Spouse Residency Relief Act

The Military Spouse Residency Relief Act of 2009 (MSRRA) is now law. Unlike some laws (gravity, for instance), MSRRA is not necessarily very easy to understand. Hopefully most states have already gone through their “growing pains” in adapting to and adopting the MSRRA, but that does not mean there aren’t...
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Shake, Rattle and Roll… What Are the Insurance and Tax Implications?

Not too long ago, I was working in my home office when I was sure that the washing machine upstairs was completely unbalanced. As I started up the stairs I realized that the washing machine was off and I was going through an earthquake. I spent a few years in...
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