Taxes

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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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TRICARE Young Adult-Prime Available 1 Jan…But Should You Take It?

Although not specifically part of the Patient Protection and Affordable Care Act, legislation passed by Congress allows families eligible for TRICARE to purchase coverage for “dependents” that are under 26 years old. Previously TRICARE coverage ended at age 21 or 23 if the dependent was a full-time student. Like TRICARE, TRICARE Young...
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Military Tax Break: Sale of Primary Residence

Let’s face it. If you are in the military and have purchased a house, often times the real estate market and your PCS orders don’t always agree with each other. Sometimes you’re forced to move when it just doesn’t make sense to sell. Many of you (and myself in the...
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