* Jim Blankenship
talks about “The Designation Everybody Should Be Aware Of” at GETTING YOUR
FINANCIAL DUCKS IN A ROW.
That designation is
your beneficiary – both primary and contingent.
Jim reminds us -
“It’s important to review and if necessary
update your beneficiary designations ion your IRAs, 401(k), 403(b), life
insurance and other savings and brokerage accounts. This is especially important if you’ve recently
had a divorce, or your primary beneficiary has passed away.”
* THE SLOTT REPORT
explains “What is Compensation for Making an IRA Contribution”.
* Russ Fox reviews
the recent testimony by the new IRS Commissioner before Congress regarding the
IRS scandal and tells us about the proposed “The Dog Ate My Tax Receipts Act”
in his post “I Don’t Think an Apology Is Owed” at TAXABLE TALK.
* A tweeted “Tip
for Tax Cheats” from @SamAntar (of “Crazy Eddie” fame) -
“If the IRS audits you and subpoenas your
emails, explain that they were lost in a computer crash. They'll understand.”
* Kelly Phillips
Erb, FORBES.COM’s TaxGirl, addresses “Raking It In At Summer Yard Sales” and answers
the question “Does Uncle Sam Get A Cut?“.
In my opinion, more
often than not yard or garage sales are really not worth the potential for
agita inherent in the activity. As I
have said before, do you really want the great unwashed masses tramping through
your yard or garage, and possibly your house as well? This activity usually
wastes at least a full day and in the end you never get what your stuff is
really worth. During the last hour of the sale you often end up almost giving
away what is left just to get rid of it.
I believe a better
idea, if you are able to itemize on Schedule A, is to donate your unwanted, but
still usable, items to a church or charity. With this method you may ultimately
end up with about 1/4 to 1/3 of the current market value of the stuff in your
pocket (depending on your federal and state tax brackets) – which is probably
not much less than you would end up in a yard sale anyway – you avoid the
agita, and you get to help out a needy cause.
Earlier this year I
discussed “Deducting Non-Cash Contributions” at MAINSTREET.COM.
* Kay Bell reminds
us that “Taxes Matter in Retirement” at her BANKRATE.COM blog.
TTFN
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