blogs

Its tax time again — and as an education professional you have some special tax saving benefits available to you. While taxes can be a dry topic, it literally pays to know the ins and outs of allowable deductions and credits, as they can have a big impact on the amount you will owe come April 15th.

Our first lesson is that not all tax savings are created equal. (more…)

From time to time, I expect that questions will arise from readers regarding my blogs posts. When that happens, I will do my best to respond through the blog so that other readers will benefit from further explanation or additionally provided resources. (more…)

Just like Kramer on Seinfeld, some folks cannot resist the siren’s song of warehouse or club shopping. Who wouldn’t want quadruple size or multi-pack versions of their favorite grocery item? The question to ask yourself is, “Are you really getting a better value?”

Many times if you look at the cost per ounce you pay for the same product at the bulk stores compared to your local grocery store, you may find you’re only getting more of an item, but not paying less. And if you can use coupons at your grocery store and not at the warehouse store, the difference is even greater. (more…)

There has been a lot of talk about the changes to the tax laws that take effect this year surrounding Roth IRA conversions. What’s all the brouhaha the about? Well, the biggie is that the $100,000 income ceiling limit for conversions from traditional IRAs to Roth IRAs is permanently repealed and married individuals who file their taxes separately can convert now, as well. (Notice this change affects only conversion limits, not the previously discussed Roth contribution limitations. Those stay the same.) Therefore, these changes benefit mostly higher income individuals who wouldn’t otherwise be eligible for a Roth.

If you’re thinking about converting, you should definitely discuss it with your financial planner or tax advisor, first, to understand all of the benefits/consequences. Here are some questions from Financial Planning magazine you should consider in preparation for giving them a call. (more…)

2010 brought with it not only cold weather to the East Coast, but some new tax laws changes. One change which is getting a lot of attention has to do with IRA conversions. To understand why that’s important, let’s start first by looking at the similarities and differences between traditional and Roth IRAs. (more…)