Taxes

"Cash for clunkers" bill passed by Congress - what does it mean for consumers?

Posted 2 weeks 1 day ago by Xin Lu

Frugal Living, Taxes, Cars and Transportation

A few months ago I wrote about several car buying incentives that were floating around. This was before the bankruptcy of Chrysler and GM and there was a rumor going around that the government would push consumers into buying new cars with a trade in program. Now it is official that a "cash for clunkers" bill has passed by both the Senate and the House. This $1 billion program was attached to the $106 billion war spending bill and offers vouchers to consumers who trade in their gas guzzlers. Here are some details on the program.

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$8000 housing tax credit can now be turned into cash at closing according to FHA

Posted 3 weeks 3 days ago by Xin Lu

Personal Finance, Taxes, Real Estate and Housing, Consumer Affairs

As part of the Obama stimulus plan passed in January, first time home buyers in 2009 are entitled to a tax credit of up to $8000 that they do not have to repay. This tax credit was supposed to be given to the taxpayer after they file their 2009 taxes in 2010, but it seems that a new set of FHA guidelines is allowing many to take the money during closing. Here are some of the details.

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The Disaster Known as the California State Budget

Posted 6 weeks 1 day ago by Margaret Garcia-Couoh

Budgeting, Taxes

Live in California? Fed up with the budget crisis? If you could whisper a suggestion in your state reps ear or our illustrious governor, what would you suggest?

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Do Americans really want to "Go Dutch"?

Posted 8 weeks 2 days ago by Xin Lu

Lifestyle, Taxes

I just read a very interesting article by an American expat named Russell Shorto in the Netherlands titled "Going Dutch - How I Learned to Love the European Welfare State". The author describes his shock at a 52% top income tax bracket and his eventual acceptance of the social benefits of living amongst the Dutch. Here are some highlights of his experience and my thoughts on the subject.

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A Stimulating Debate That Just Might Boil Down To Perception

Posted 11 weeks 1 day ago by Fred Lee

Taxes

How you perceive your tax rebate could go a long way in determining whether or not you’re going to spend it.

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What can you do if you cannot afford to pay your taxes

Posted 11 weeks 2 days ago by Xin Lu

Personal Finance, Taxes, Credit Cards

Today is April 15th, also known as the dreaded Tax Day in America. Due to the recession many people may find that they do not have enough money in the bank to pay what they owe. Instead of marching in the various "tea parties" happening today, this is what you can do if you find that you do not have enough money to pay Uncle Sam.

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Will these car buying incentives get you to buy a new car?

Posted 13 weeks 3 days ago by Xin Lu

Personal Finance, Taxes, Consumer Affairs, Cars and Transportation

This week President Obama rolled out an initiative for the failing American automakers to restructure. The plan proposes several consumer incentives to jumpstart auto sales. Here are some details on the financial incentives you can expect if you buy a new car this year.

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Did Your Parents Give you a Whole Life Insurance Policy? Here's What to do With it.

Posted 14 weeks 1 day ago by Nora Dunn

Taxes, Investment

For many of us 30-somethings (and some of us both younger and older), our parents took out whole life insurance policies for us when we were kids. When we became income-earners and were deemed responsible enough, a ceremonious transfer of papers occurred, where we were told gravely that this policy is to be kept paid up, as it will be worth a lot of money. Sometime.

What is this insurance all about? Why will it be worth a lot of money? Should I just cancel it and take the cash? Or is there something else I don’t know?

If you have any of these questions, read on. You may discover that your whole life insurance policy is worth much more than you thought.

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AIG employees - Why you should donate your bonuses instead of returning it

Posted 14 weeks 2 days ago by Xin Lu

Personal Finance, General Tips, Taxes

Lately many top AIG employees who were targeted by Congress in the $165 million "Bonusgate" incident have returned their bonuses. Some people are still holding out, and in my opinion, they would be better off if they simply donated their bonuses instead of returning it to AIG. Here is an open letter to these employees and others who may be targeted and threatened with confiscatory taxes.

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Could you profit from Obama and Geithner's toxic assets plan?

Posted 14 weeks 3 days ago by Xin Lu

Personal Finance, Taxes, Real Estate and Housing, Investment

This week the United States Treasury announced the Legacy Loans Program. The program is meant to be a partnership between the government and private investors to clear "toxic" assets off the books of banks. Some large financial firms have expressed that they may set up mutual funds to buy these assets. Could you possibly profit by buying these funds as an individual investor?

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