You’re not going to like this. But now — mid-November — would be a really smart time to start thinking about your 2010 taxes. Yes, going to the gynecologist sounds like more fun. And, sure, right now the only taxes you’re thinking about are the sales taxes on your holiday purchases, but consider this: with a little bit of planning this winter, you can save yourself a lot of stress when you file your 2010 tax return. For tips on how to get your files organized before you file, we talked to Lee Molotsky, managing partner of The Molotsky Tax Advisory Group and co-host of “THE MOLOT$KY MONEY HOUR” radio show. You will thank us. Keep reading »
Men are insecure when it comes to a woman running their finances. Trust me — I know. As a tax accountant, I have seen more grown men cry over their tax situations than at a funeral home. Perhaps it’s that they don’t take care throughout the year to monitor their tax situations. Then again, maybe it’s that they don’t like the idea of a woman having better financial ideology than they do. Although there are likely many reasons why men are intimidated, I have some theories of my own.
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The U.S. tax code has over seven million words in it. Seriously — seven freaking million! Amongst all those pages and phrases are a variety of tax deductions that you can use to reduce the bite that Uncle Sam is taking out of your hard-earned wages. The good news: there are loads. So, if you’re in the dark, consider these suggestions from Manisha Thakor, personal finance expert for women and author of On My Own Two Feet: A Modern Girl’s Guide to Personal Finance. Keep reading »
If you’re like us, you probably spent the better part of the week ripping out your hair as you collected and combed through bank statements, pay stubs, and W-2s to get your taxes finished on time. (You sent in your taxes by yesterday, right?!?!) Since we don’t want to experience a similar last-minute meltdown next April, we asked Regina Leeds and Russell Wild, authors of One Year to an Organized Financial Life, for advice on what we can do now to make next year a lot less painful. Keep reading »
There was a time in my life when I actually looked forward to tax season. Like most people, I had taxes withheld from each paycheck, so that when tax time rolled around each year, I was guaranteed a nice little refund. I’d collect my W-2s, spend an hour or so filling out paperwork on a cold February afternoon, and voila: a few weeks later I’d have a check from the government I’d quickly blow on impractical shoes, a haircut and half a month’s rent. If I was feeling really responsible, I might sock away half the refund for a “rainy day,” which for my 20-something, job-hopping self meant impetuously quitting a boring job without having another lined up, because, Hey! I’m rich! I just got my tax refund, which is basically the same thing as winning the lottery! Keep reading »
Money matters are one of the most common topics couples disagree on, so if you’ve never done taxes with your honey before, you might want to brace yourself. Since April 15 is right around the corner, we asked Ryan S. Himmel, CPA and founder of the personal finance website BIDaWIZ, for advice on how to do taxes as a couple without killing one another. Keep reading »
Although the worst part of every paycheck is seeing how much has been taken out for taxes, the best part of every year is getting a chunk of those funds back all at once. It’s like Christmas in April and, really, what’s Christmas without the presents? Nothing but a bit of good cheer and a fat dude in an unflattering suit, that’s what. It’s hard not to imagine remedying the giftless-ness of tax season by taking that check and splurging hardcore. And although we probably won’t actually spend our entire tax returns on one particularly amazing item, it doesn’t hurt to dream, right? Personally, I’ve been eying a black leather Proenza Schouler PS1 bag pretty hard. What one awesome piece of clothing/bag/shoe heaven would you spend your tax return on if you weren’t, you know, “being responsible” and stuff? Keep reading »
I’ve already said that I love Michael Jackson’s music and am very sad that he passed away at far too young of an age. I think it’s terribly sad that his children, who have already led such bizarre lives, at least out in public, now have lost their anchor. Which is why it was heartbreaking to see Paris Jackson speak at her father’s televised memorial yesterday, saying (with prompts from the Jackson clan to “speak up, sweetheart, speak up”), “I just want to say ever since I was born, daddy has been the best father you could ever imagine. And I just wanted to say I love him, so much,” eventually collapsing into her aunt Janet’s arms.
I agree wholeheartedly with Jessica Grose at Double X, who says that while Paris’ emotions seemed genuine and the Jackson family said it was her desire to speak, they should not have allowed her.
I’m all for public grieving, and for Paris to have spoken at a family funeral would have been entirely appropriate and I’m sure cathartic. But having her grieve in front of the entire world felt incredibly exploitative…. To allow this child to put herself out there in this manner just seemed wrong.
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There’s a follow-up to a story we told you about the other day. Alina Percea, the 18-year-old who auctioned her virginity to a wealthy Italian businessman for $13,600, may have to give 50% of her earnings to the government who say her act was “tantamount to prostitution.” The Romanian-born teenager lives in Germany where prostitution is legal, but heavily taxed. “It is not a moral standpoint but a fiscal one,” an official said. “Prostitution is not an illegal act in Germany, but not paying tax on earned money is. Consequently we are assessing her case and it looks likely she will have to pay around half of the sum she gained.” Alina may also get stuck with a big VAT bill (value added tax), which would work out to another 19% tax, leaving her with only $4,700 for the sale of her virginity (she’d hoped to make at least $75,000 to help pay for school). So, let this be a lesson to you virgins out there: skip the auction block and just give it up the old-fashioned way — slightly drunk and to some guy you feel so-so about! [via DailyMail] Keep reading »