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 457 retirement plan at the same time, so this may be a … [Read more...] about The 457 Retirement Plan Hardship Withdrawal
Taxable Income
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, and subsidizing the COBRA health … [Read more...] about Tax Issues For The Unemployed Individuals
7 Income People Think Are Taxable But Actually Are Not
Taxes are really very confusing. There are some deductions that people think they can claim but in reality, they can't. I'm sure that you've been hearing different stories from your friends or co-workers regarding the deductibility of some deductions. It works the same way with reportable income: Determining which income is taxable or not can really be very confusing for a … [Read more...] about 7 Income People Think Are Taxable But Actually Are Not
Why It Makes Financial Sense To Buy A House
Home ownership will always be a dream for majority of us. We seem to associate home ownership with the standard of living. Thus, some of us would feel a sense of  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. Of course, you don't totally own it yet because more than … [Read more...] about Why It Makes Financial Sense To Buy A House