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

February 27, 2006

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



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


Most Recent Episodes

Dave Ramsey vs. The Money Guy: Which Strategy is The Best?

Dave Ramsey has an incredible legacy of helping folks get out of debt and take control of their financial lives. We agree on a lot of things, but there are a few points of contrast. In this episode, we’ll discuss differences between The Money Guy Show and Dave Ramsey...

Top 4 Financial Mistakes We Saw This Year! (2022)

We saw some wild financial mistakes this year during the bear market. From making extreme changes to portfolio allocation, chasing the hot dot, and using too much leverage, we’ll talk about some of the biggest financial mistakes we saw in 2022 in this episode.   In...

How Millionaires Build Wealth! (With Dave Ramsey)

Join us for a very special episode as we welcome personal finance radio host and influencer Dave Ramsey to The Money Guy Show! There’s so much misinformation out there about building wealth. We had the pleasure of having a great conversation about how millionaires...

Do These 4 Things with Your Finances BEFORE 2023!

There are unique financial opportunities available at the end of the year - especially this year with the market down. In this episode, we’ll talk about what you need to do with your money BEFORE 2023! In this episode, you'll learn: What you need to do with your money...

How to Win When the Financial World is Burning!

Lately it’s felt like the financial world is in chaos, with rising interest rates, a falling stock market, and high inflation. Let’s talk about how to focus on what you can control and how to minimize the time spent worrying about what you can’t control. In this...

Financial Advisors React to RIDICULOUS Money Advice on TikTok!

The most powerful time to get serious about building wealth is when you’re young. So, what is the younger generation learning? Financial Advice (good and bad) is being produced in massive rates across online platforms and TikTok is the new frontier. Is there good...

Loss Harvesting: Why Wealthy People Love It (And You Should Too!)

Tax-loss harvesting: what is it and should you be doing it? In this episode, we’ll cover everything you need to know about tax-loss harvesting, including whether it makes sense for you, how much it could save you in taxes, and how to eliminate the downside of loss...

The Market is Crashing! (Where Should You Put Your Money?)

The stock market has not had a great year so far. You might be asking yourself, “Since the market is crashing, where should I put my money now?” In this episode, we’ll discuss how to invest when the market is dropping and how to make the most of your money. In this...

Will Rising Interest Rates Tank the Economy?!

The Federal Reserve is raising interest rates to combat inflation, and many are concerned about how it will affect the economy. In this episode, we’ll discuss what rising interest rates means for your wallet and how to make the best of it. In this episode, you'll...

How to Be Wealthy By Age! (Can You Catch Up?)

How much does it take for you to meet your retirement goals by age, and what are some common traps your peers fall into? Learn more about how to be wealthy, mistakes to avoid, and exactly what a little extra saving can do for your retirement income. In this episode,...