Archive - 2015

1
Year-End Tax Tips for Investors
2
Social Security Ground Rules
3
What is the Kiddie Tax?
4
Mark Zuckerberg Fool or Genius?
5
5 Ways to Avoid Overspending for the Holidays

Year-End Tax Tips for Investors

USA Today offered year-end tax tips and some of the most interesting information they provided was for investors.

Cutting your losses: Consider your investments—have you sold any stock at a loss? Were you aware that “…you can claim investment losses even if your losses exceed your gains or you don’t have any gains at all. In this case, your taxable income can be reduced by the amount of your losses.”

To take advantage of this, some people review their investments at the end of the year and decide to sell investments that are not performing well.

Mutual funds: …

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Social Security Ground Rules

Social Security Owners Manual 4th Edition(In celebration of the release, here is an excerpt with some extras, from A Social Security Owner’s Manual, 4th Edition.)

There are certain rules that will be helpful to fully accept as facts while you learn about your Social Security benefits. If this is your first reading of the list, skim through before moving on. Don’t expect to fully understand these rules on the start – but keep in mind you may need to refer back to this list of Ground Rules from time to time so you can keep things straight.

Basic Social Security Rules

  • The earliest age
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What is the Kiddie Tax?

What is the Kiddie Tax?

The kiddie tax is a set of tax laws which force unearned income over a small amount to be taxed at the higher tax rate of the parents. For 2015, the kiddie tax limits allows $1,050 to be received without being taxed and the next $1,050 to be taxed at the child’s rate, while any unearned income in excess of $2,100 is taxed at the parent’s top marginal rate.

The kiddie tax was first added to the tax code in 1986 and subjected children under 14 to their parent’s marginal tax rate. In 2006, the law increased that age to …

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Mark Zuckerberg Fool or Genius?

You may have read that Facebook founder, chairman and CEO Mark Zuckerberg has announced plans to gift substantially all of his Facebook stock to a philanthropic entity called the Chan Zuckerberg Initiative, named after himself and his wife Priscilla Chan.  The gift would be worth $45 billion, instantly becoming one of the largest philanthropic pools in the world.

The donation is remarkably tax-efficient.  By making the gift in shares rather than cash, Mr. Zuckerberg will get a charitable contribution deduction on Schedule A of his 1040 form, with the deduction based on the fair market value of the shares.  At… Read More

5 Ways to Avoid Overspending for the Holidays

Tis the season! With just over three weeks until Christmas day arrives there’s still plenty of time to get your Christmas shopping done and be able to do so without breaking your budget. To help individuals manage their Holiday spending, here are five tips to keep your Holidays budget from exceeding your limits.
  1. Set a budget. This can be done by setting a budget per family you are giving to, or per child in your home. In addition, you could also set a budget regarding how much you’ll give to charity as well.
  1. Stick to your budget. A budget is
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