Has Your Employer Made Any Cuts Lately? Mine Did!

The economy seems better than it was two years ago. The Dow Jones has hit the 12,000 points mark and unemployment rate seem to be going down as the months passes by. On a recent statistics by BLS, the unemployment has dropped to 9% in January. However, there are still a  lot of companies that […]

The 457 Retirement Plan Hardship Withdrawal

On my previous post, I talked about making a hardship withdrawal on your 401k and 403 (b) but now let’s take a look at the 457 retirement plan, which is a deferred contribution retirement plan for the government employees. It should be noted that some government employees may actually have both the 401(k) plan and […]

Tax Issues For The Unemployed Individuals

During the economic downturn for the past couple years, millions of Americans have lost their job. However, as part of the American Reinvestment Recovery Act, the government made sure that even the unemployed are also taken care of by offering numerous benefits such as extending the unemployment benefits, exclusion of up to $2,400 of income, […]

Miscellaneous Items You Can Deduct On Schedule A

There are really two kinds of miscellaneous deductions that can be deducted on your itemized schedule: items that are subject to the 2% of AGI limitation, which will be discussed on this article and the ones that are not such as gambling losses, casualty or theft losses, etc. Miscellaneous Section Subject to the 2% of […]

Schedule A: Interest Expense You Can Deduct

Interest expense is the amount of money you pay for the use of borrowed funds. Certain types of interest expense may be deductible depending on where you use those borrowed money. Most consumers have various debts such as home mortgage debt, auto loans, credit card balances, student loans, business loans, and investment loans. Most of […]

Defined Contribution Plans For Government And/Or Non-Profit Employees

Government employees retirement plans are very similar to the private sectors because the tax contribution are deductible, the interest earned are tax deferred, and there are matching contributions provided. The difference probably is how it is named in the tax code. You are probably very familiar with the 401(k) plans because most companies have these. […]

Types of Retirement Plan: Employer Sponsored Plans

Retirement plans are now all over the place as more people become aware of the importance of them. The government has been supporting this by providing various tax breaks because they are letting us know that we cannot rely on social security benefits alone. If you are self-employed, there are retirement plans for that. And […]

Determining How Much You Need for Retirement

Experts say that you would probably need around 70% to 80% of your annual pre-retirement household income to retire comfortably. The retirement goal is a moving target because you just never know what you’re going to do. Below are the two factors that you need to consider when determining your retirement goals: Personal Factors Your […]

Why It Makes Financial Sense To Buy A House

I believe people want to buy a house because it is still considered one of the American dreams. People seem to associate home ownership with the standard of living. We somehow see an improvement on our living status after we bought the house. We also feel that we have a sense of financial security knowing that we own something of value. To top it off, it also comes with the following financial benefits:

Some Valuable Tips We Used When We Establish Our Emergency Fund

Now that you know why you need to establish an emergency fund, here are some tips on the important things to consider when establishing one.

Why You Need To Establish An Emergency Fund

Remember the times when our parents used to tell us, you need to save for the rainy day! The big question is, “Have you been following that advice?” Well, sometimes it is easier said than done especially if we have to consider all the other expenses and savings such as retirement and kids education. But you know what, we really need to include saving for an emergency fund as part of the budget in order to be ready for any unforeseen circumstances beyond our control such as:

Financing Options for Your Home-Based or Small Business

While most of home businesses require a very low start-up cost, however, there are still a lot of home based businesses that require some start-up capital to use for working capital and to purchase inventory and equipment. Check the various ways to finance your home-based business or small business.