Financial Planning Guid...

In addition to having been a professional or semi-professional musician throughout my entire adult life, I’ve also served as a life insurance advisor and retirement planner for other musicians. Unfortunately, I have found that most musicians are not very savvy at financial...

10 Reasons Why You Shou...

For many students, going away to college is the first time that they will live away from their parents or hometown. University life affords freedom, independence, and an opportunity to gain life skills that will be used throughout life. However, while this is certainly a major event,...

The Lack of American Ge...

Money Magazine shared the average deductions for charitable giving by adjusted gross income in its December issue. Here are the results: Adjusted Gross Income: $50,000 – $100,000; Average Charitable Deduction: $2,700 Adjusted Gross Income: $100,000 – $200,000; Average...

Reader Profile: MS...

The following is the latest post in my “Reader Profiles” series. Each post in this series details the financial situation and challenges of an FMF reader. The purpose of this series is to help us all identify with people like us (in similar situations — not all will be,...

What Is the Fair Tax Ac...

After the first time trying to prepare and file personal taxes, most Americans learn the same lesson: The American tax system is complex and difficult to understand. Many people also feel that corporations, wealthy individuals and families, and special interest groups have unfair access...

Reader Profile: TJ...

The following is the latest post in my “Reader Profiles” series. Each post in this series details the financial situation and challenges of an FMF reader. The purpose of this series is to help us all identify with people like us (in similar situations — not all will be,...

Investment Expense Tax ...

If you have investments, such as stocks or mutual funds, you might be missing out on a commonly overlooked tax deduction. When you itemize, you can add investment fees and expenses to your miscellaneous deductions down at the bottom of Schedule A (line 23). You can only deduct...

How Long to Keep Old Ta...

Wise Bread offers the following advice when it comes to dealing with old tax records : The basic period for IRS tax review is three years. Yes, that means that even if you filed your taxes this year, got your refund or paid your taxes due, the IRS can audit you for up to three years. If...

H&R Block Income Ta...

If you’re handy with finances, you might have helped some of your family or friends do their taxes. Want to get paid for it? If you take the H&R Block tax course, you’ll learn a lot about how taxes work and get an opportunity to work for H&R Block during tax season. This...

Deducting Health Insura...

The cost of healthcare has been growing much faster than inflation. In fact, medical expenses are rising more quickly than most household budgets can handle. You can’t solve the healthcare crisis, and you can’t necessarily stop premiums from going up while benefits go down....