You’re looking at serious IRS trouble if your spouse doesn’t file a tax return. Not only that, it could be a bad omen of things to come. Here’s a question I received not long ago from “B,” an anxious reader who was facing this exact situation: My husband is self-employed and has not paid […]
Tax Strategies
A big part of accumulating wealth is to make sure you don’t give it away needlessly. There are a number of provisions in the tax code to help you grow your wealth and reduce tax payments and penalties. These are not complicated. They are not hard to understand or take advantage of. But they are important.
In this category I’ll explain the most important tactics you can utilize to minimize your tax so you can put as much as possible towards building your own future.
How to Declare Bankruptcy and Not Lose Your Home Equity
You can declare bankruptcy and not lose your home equity. Let me illustrate how by answering an e-mail I received from “B.” My husband and I run a small real estate business. We thought this was one of the best business ideas we could come up with. But when the “housing bubble” began to burst […]
9 Tax Tips for Self-Employed Folks Like Me
If you are in business for yourself, here are some tax tips for self-employed people you must understand. This is an important guest post that I want everyone to read – even if you’re not self-employed. The reason is that many CPAs forget or overlook these simple ideas. You have to remember that your tax […]
What is the Difference between Chapter 7 and Chapter 13 Bankruptcy?
Even if you don’t owe a dime to a soul, it’s important for you to understand the difference between chapter 7 and chapter 13 bankruptcy . Why? Because somebody might owe you money and you better understand what happens if they declare the “Big B.” A loyal Pilgrim reader happens to be a very friendly […]
Free Software – “ItsDeductible” – Should You Use It?
“ItsDeductible” is an online software package that’s free and pretty useful. Tax deductions are great for everyone, especially if you are self-employed. Even if you aren’t self-employed, this software could be helpful. That goes for people who want to retire now or who are retired already. ItsDeductible helps you track the charitable donations you made […]
Conversion to Roth IRA When You Are Over 60. Smart?
Is conversion to a Roth IRA always a good idea? This is an excellent question – especially now. Roth IRA conversions are taking off in 2010. But could the reason behind the jump be sinister? Could fund companies and advisers be pushing the move to boost their own profits rather than to help you? Ya […]