fbpx
U

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

 

0131888110.

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

FILED UNDER: Podcasts
TAGGED WITH:

Connect

Subscribe

Most Recent Episodes

Financial Planning 101 (By Age) 2023 Edition

Throughout every decade, there are different areas of your financial life that come in and out of focus. In this episode, we'll discuss what you need to focus on by age, pitfalls to watch out for, and how to know you're doing it right. In this episode, you'll learn:...

Is the 2023 Housing Crash Around the Corner?

Housing prices skyrocketed after the pandemic to all-time highs, and mortgage rates have more than doubled since 2020. Homes are harder to purchase for more Americans, which means it’s more important than ever to make sure you are ready to buy before purchasing. In...

Watch This Before Rebalancing Your Investment Portfolio!

85% of Americans don’t rebalance their 401(k). Are they making a huge mistake? In this episode, we’ll discuss the “why” behind rebalancing, how to do it, and the data on whether or not rebalancing can increase your return. In this episode, you’ll learn: What...

Don’t Make This HUGE 401(k) Mistake!

Americans are making a HUGE mistake in their 401(k) that could cost them thousands by retirement. We’ll talk about why this is happening and how you can avoid making the same mistake in this Q&A episode! For more information on how to make the most out of every...

Alex Hormozi’s Top Money Advice! (Financial Advisors React)

In this episode, we react to Alex Hormozi's financial advice. Enjoy the Show? Sign up for the Financial Order of Operation (FOO) Online Course! Sign up for our Know Your Number Course! Check out our Net Worth Tool! Get FREE downloads full of financial advice from...

Everything You Need to Know About Finances in Your 20s

In this episode, we discuss everything you need to know about finances in your twenties. In this episode, you’ll learn: The top financial advice for your twenties How to start building wealth and the steps you should take Enjoy the Show? Sign up for the Financial...

The Most Valuable Asset in Building Wealth!

This episode will show you how to maximize the most valuable resource you have - starting right at this moment. What is it, you may ask? It’s TIME. If you give your money time to grow, you’ll be amazed at how much your dollars can become - it’s incredible! How wild is...

Financial Hacks and Habits of the Top 1% (By Age)

Who wouldn’t want to have a high enough income and net worth to be considered part of the top 1%? In this episode, we’ll tell you exactly how much you need to be considered part of the top 1% and the habits and hacks those in the top 1% used to get there.   In this...