Skip to site content
The Show

February 27, 2006 Podcast from the Money Guy, J. Brian Preston, CPA, CFP®, PFS and Special Guest Co-host, Brandon Verner, CPA.

Articles of Interest

“The 12 Biggest Money Mistakes.” Monday, February 13, 2006 from Yahoo! Finance by Suze Orman.
“Trade With China: More Gain Than Pain for Americans.” Monday, February 20, 2006 from Yahoo! Finance by Ben Stein.

Other Useful Links

Salvation Army Valuation Guide
Verner, Perling & Company, P.C. Consumer Reports
Common Deductions That Too Many People Miss
1. Noncash Contributions:
Donated items such as clothes, furniture, etc. are tax deductible. Be sure to get a receipt and use tools such as the Salvation Army Valuation Guide to estimate the contribution amount.
2. New Points on Refinancing:
Any points you pay to refinance your home can be deducted on a monthly basis over the life of the new loan.
3. Old Points on Refinancing:
All unamortized points on an old refinancing are deducted in the year of a new refinancing.
4. Health Insurance Premiums:
Any health insurance premiums you pay are potentially deductible. However, they must be added to your medical expense pot.. If you’re self employed and not covered by any other employer-paid plan, you can deduct 100% of your health insurance premiums above the line.
5. Educator Expenses:
If you’re a qualified educator, you can get an above the line deduction of as much as $250 for materials you buy in 2005.
6. Miscellaneous Expenses:
Expenses such as investment advisory fees, tax preparation fees, and unreimbursed mileage or business expenses can earn you tax benefits, but they must exceed 2% of your adjusted gross income.

Homework/Additional Reading

 
0131888110.
Upcoming Financial Chaos Topic: Windfall Planning (In case you win the lottery or discover a rich uncle you never knew you had!)

Enjoy the Show?

Categories

Where You Can Watch and Listen:

Subscribe on these platforms or wherever you listen to podcasts for new episodes every Friday, live streams every Tuesday at 10am CT, and new highlight clips throughout the week.

Related Content

Free Resources

Financial Order of Operations®: Maximize Your Army of Dollar Bills!

Here are the 9 steps you’ve been waiting for Building wealth is simple when you know what to do and…

View Resource

Wealth Multiplier By Age

How much to save every month to become a millionaire.

View Resource

Car Buying Checklist

Here’s how to buy a dependable car that won’t break the bank.

View Resource

Articles

Can This Annuity DESTROY Your Retirement?

, ,

Read More

The IRS Just Changed the Rules About 401(k)s (What You Need to Know)

, ,

Read More

Wealth Multiplier Revealed: The Magic of Compound Interest!

, ,

Read More

Financial FAQs

Courses & Tools

How about more sense and more money?

Check for blindspots and shift into the financial fast-lane. Join a community of like minded Financial Mutants as we accelerate our wealth building process and have fun while doing it.

https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-book.png

Millionaire Mission (Brian’s Book)

Buy Now
https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-math.png

Know Your Number Course

Buy Now
https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-pencil.png

The Money Guy Net Worth Tool

Buy Now

Recent Episodes

It's like finding some change in the couch cushions.

Watch or listen every week to learn and apply financial strategies to grow your wealth and live your best life.

When Always Be Buying Goes WRONG

When Always Be Buying Goes WRONG!

Watch Now

Financial Advisors React to Horrible Tax Advice on TikTok

Watch Now
2025 Tax Changes

2025 Tax Changes You Can’t Afford to Ignore!

Watch Now