While catching up on old news, I heard a story about bartering on the Marketplace Money podcast. It’s called a Time Bank. Basically you do something for someone else and earn some Time Dollars. Then you use your Time Dollars for services you want from another person. It’s an indirect bartering system because direct bartering […]
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Retirement Plans Galore: 401(a), 401(k), 403(b), 457, SEP, SIMPLE
A reader sent me an e-mail some time ago about the interplay between a 401(a) plan and a Roth solo 401(k) plan. You probably heard of 401(k), 403(b), and 457 plans. The names of these plans come from the section numbers in the tax code which specify the rules for these plans. 401(k) plans are […]
Tax Deductions: Above-the-Line, Standard, Itemized, and Miscellaneous
I wrote about tax credits last week. This time let’s look at tax deductions. First a recap of the difference between a tax credit and a tax deduction: A tax credit directly reduces your tax dollar for dollar. If you are supposed to pay $5,000 in tax, a $500 tax credit reduces your tax to […]
Refundable Tax Credit and Non-Refundable Tax Credit
Don’t confuse a tax credit with a tax deduction. If you are not sure about the difference, it’s a good time to clear up some tax terms. For the sake of length, this post will only cover tax credits. I cover tax deductions in Tax Deductions: Above-the-Line, Standard, Itemized, and Miscellaneous. A tax credit directly […]
Tax Cuts in Fiscal Stimulus Package
Update on Feb. 14: The stimulus package has been passed by both the House and the Senate. The President is expected to sign it shortly. See the follow-up post for updated information.
One-Time Credit Card Numbers for More Security
The sixth largest payment processor in the country Heartland Payment Systems disclosed recently their system was compromised by hackers with a piece of data sniffing software watching credit card data pass by between Heartland and credit card networks. That system processes 100 million transactions a month. This had gone on for months until Visa and […]
How Long Can You Live On Your Credit Cards?
It’s old news that credit card companies are cutting people’s credit limits. I also read on FatWallet some banks paid people more than $500 for paying down their balance. I checked my three cards. None of them cut my limits. Maybe they just haven’t got to me yet. Besides merchant fees, they are not getting […]
Deferred Interest Payment Plans Banned
I wrote on Monday about 0% APR, Same As Cash, and No Interest No Payments. Upon closer reading of the final rules adopted by the federal regulators in December, I realized that deferred interest payment plans like “same as cash” or “no interest no payments” are actually banned after July 1, 2010. Good riddance! I […]
I Received a Parking Ticket That’s Not Mine
Right before Christmas I received an overdue parking ticket in the mail. It has my name and license plate but it’s really not mine. I have never been to the location noted on the ticket. The vehicle description has the right make but the wrong color. Why did they think it was my car? I’m […]
0% APR, Same As Cash, and No Interest No Payments
Do you know the difference between “0% APR for 12 months” and “12 months same as cash”? What about “no interest, no payments for 12 months”? If you are offered all three payment plans, which one do you prefer? If you pay off the balance within 12 months, all three work pretty much the same. […]