What is the Alternative Minimum Tax (AMT) and How Does It Impact Your Taxes?

There are few things in the world of taxes more terrifying than the Alternative Minimum Tax (AMT).

After taking all of that time with your W-2s, donations, and various deductions the AMT steps in and tells you that none of that matters; you suddenly owe thousands more in tax.

That’s scary enough for me.  Here’s an overview of the Alternative Minimum Tax and what can trigger it to impact your taxes.

What is the Alternative Minimum Tax (AMT)?

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What is the 403(b) Retirement Plan? – Overview

Even though the 401(k) is the most common retirement account in the United States, not everyone has access to such a plan.

Those who work for governments, schools and non-profit corporations don’t have access to an employer-sponsored 401(k).

If you don’t have access to a 401(k), you can, of course, open an IRA.  However, the contribution limits are fairly low, which can be discouraging if you want to contribute a higher amount toward a successful retirement.

The good news is that many hospitals, schools, non-profits (including churches), and governments have their own retirement account offering: The 403(b).

What is the 403(b)?

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New Technology Makes Shopping With Your Credit Card Easier

Most of us can’t remember a time when credit cards weren’t a part of our wallets.

Remember the Diner’s Club card?

Credit cards actually go back to the 1920’s when gas station attendants wanted to provide a system of payment for the increasing amount of automobiles on the roads.  The first cards were made out of card stock making them easy to counterfeit but as is the case with every good idea, evolution took over.

As of this year, of the households who have a credit card balance, the average amount of debt is $15,956 per household which equals total outstanding balances of $609.8 billion nationwide.

The evolution of the credit card is far from over.

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How to Make the Most of Your Liberal Arts Degree

When I graduated from high school, I knew there were two things that I loved—reading and writing. 

I told everyone I knew that I wanted to be a writer, and the majority of them asked, “But what will you really do?”

My eighteen-year-old self felt misunderstood, but now that I have children of my own, I understand the question much better.   I majored in English, and my husband majored in anthropology; no offense to other poor souls in these majors, but fresh out of school, there is not much that you can do with degrees in these areas.
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New Federal Regulation for 401k Fee Transparency Rules

Broken_401k_nest_egg

Do you know how much it costs you on an annual basis to simply participate in an employer-sponsored 401k plan?

If you’re savvy, you probably already know that the mutual funds you select within your 401k plan have expense ratios.  That number shows how much out of every dollar invested you give to the mutual fund company to manage the fund.

On average actively managed mutual funds cost around 1% of invested assets (or $100 for every $10,000 invested).

But if you think that is the only fee being charged to you, prepare for a shock.

New 401k Fee Transparency Rules

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What Business Expenses are Tax Deductible?

When it comes to reducing business income for tax purposes, the tax deduction is one of the most popular methods.

You can deduct some of the money you spend on business and lower your taxable income.

However, it’s important that you understand what makes an expense tax deductible for business purposes.  Otherwise, you could find yourself red-flagged by the IRS.

But What Business Expenses are Tax Deductible?

Ordinary and Necessary Expenses

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Ten Quicks Tips to Save on Gas Costs for Your Car

Gas prices!

Everyone loves to comment on the rising prices of gas including politicians, the media and the guy who took my order at the coffee shop this morning.

The process behind determining the price of gas is one that most of us will never understand.  Some people just accept that prices are high and they have to pay it, but there is something you can do:

You can choose to save money on the high cost of gas.

Extreme Measures

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