If you are an investor, you need to know how to calculate cost basis. That’s not because cost basis is relevant to your investment decisions – it isn’t, as you’ll see below. Cost basis is critical for investors because you need to track it in order to prepare your tax returns. In a nutshell, cost […]
5 Rewards Credit Card Tricks and Gimmicks You Didn’t See Coming
This is a guest post about credit card tricks. Laura Edgar is a personal finance specialist at NerdWallet, an unbiased credit card comparison website dedicated to helping you find the best credit cards. In many ways, a rewards credit card is fairly straightforward and it’s not tough to maximize your credit card reward points. You’ll […]
An Amortization Definition You Can Understand and Use
Amortization is a key concept in your financial life. If you don’t have a clear amortization definition, you’ll find it difficult to understand how a mortgage works. And amortization is also critical if you want to budget effectively (much more on that shortly). Can you think of any more important financial concept? There aren’t many. […]
Roth vs. Traditional IRA: Once You Retire, Which Is Best?
How does a retired person approach the issue of Roth vs. Traditional IRA? Dave sent an e-mail asking this very question: Why should I assume I will be in a higher tax bracket in retirement? I am planning (with luck!) to have minimal expenses in retirement (hoping to pay off mortgage, etc by then) so […]
FEDERAL ESTATE TAXES – Smart Strategies in 2012 and Beyond
You might think you don’t have to worry about federal estate taxes anymore. Current laws exclude the first $5 million in your estate for estate tax. And to make it an even sweeter deal, a couple (if both are American citizens) can exclude up to $10 million. Does that mean you don’t have to worry […]
Do I Need a DBA to Open My Small Business?
If you want to run a successful business, you have to come up with a strong business name. And if you run your business under a name that’s not your own, you need a “DBA” (“Doing Business As”). The good news is that if you create a DBA, you can use just about any name […]