Author - Linda Y. Leitz, CFP®, EA, CDFA

1
Top 10 Things You Need To Do This Tax Season
2
4 Financial Skills Everyone Should Master
3
How To Decide If You Should Convert to a Roth IRA
4
Splitting The House During a Divorce In a Recession
5
Holiday Spending During a Recession

Top 10 Things You Need To Do This Tax Season

10. Get your things organized and to your preparer as soon possible to avoid needing to file an extension.

9. If you owe a lot or are getting a big refund, adjust your with-holdings or quarterly estimated payments now.

8. If you can deduct an IRA contribution and owe tax, consider making a contribution before April 15 and getting it on your 2010 tax return.

7. If you have kids in college, and don’t have a  529 plan, set one up and put this year’s tuition in it now.

6. Start your file now for 2011 tax data.

5. …

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4 Financial Skills Everyone Should Master

The economy still isn’t out of the woods.  Many people still feel the pressure of a sluggish financial landscape.   As the year begins, it’s good to get some financial goals in place.  The fundamentals are a must to start with:

  1. Spending – Spend less than you make.  If you need to make adjustments in your spending, buckle down and do it.  Also, you’ll want to include in your budget the next three items.
  2. Debt – If you have credit card or other unsecured personal debt, work on paying it down.  Pay the biggest amount possible on the debt with
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How To Decide If You Should Convert to a Roth IRA

Congress lifted the income ceiling in 2010 for conversion of a traditional IRA to a Roth IRA. So lots of people are wondering if a conversion is a good idea.  The answer is – as it so often the case – that it depends.

What’s the difference between the two types of IRAs?  Contributions to a traditional IRA might be partially or fully tax deductable, so this type of retirement account has some or all of the balance subject to tax when the money is withdrawn.  Also, with a traditional IRA, you are required to withdraw a portion of the …

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Splitting The House During a Divorce In a Recession

Besides income and expenses, the house is another issue that sometimes has some aberrant circumstances in this recession.  During a “normal” economy, it’s pretty common for divorcing families either sell the home or one of them continues to live in it.  Seems pretty straightforward.  If neither of the spouses wants to stay in the house or can afford it, the house is sold.  Since the house is one of the biggest assets for the family, it can sometimes be tricky even in normal times.

But these are not normal times.  Money stress seems to be bringing more people to seeking

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Holiday Spending During a Recession

The holidays are upon us and many people are saying “Bah Humbug!”  There is a way to enjoy the holidays without overspending.  Here are a few tips:

  • Plan your shopping.  Don’t go out shopping without a list of what you’re looking for and the price range you have for each purchase.  No impulse purchases!
  • Make gifts.  Take a little time to put together gifts with materials you already have or are inexpensive.  It can be a knitted scarf, a photo collage, homemade bread, or a bird house.  The personal touch is better than anything money can buy.
  • Make
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