Category Archives: Taxes

Cancellation of Debt May be Taxable Income

Cancellation of Debt May be Taxable Income

I learned a very interesting lesson today that I thought I’d share with everyone.  It is not a new lesson in fact I remember it from Federal Income Tax class but haven’t heard about it in years.  It was years, until my brother grabbed me in between my 8th and 9th beer on the 4thContinue Reading

Tax Mechanics of Intra-Family Loans

This post was inspired by a post titled, “Lending Money to Family and Friends” on a great blog fivecentnickel.   What are the Tax Mechanics of an Intra-Family Loan? Let me say this first: This is not a post about whether one should make loans between family members or friends, as such you may find itContinue Reading

The Government may owe YOU Money – Be careful when doing your 2009 Taxes

While reviewing The Wall Street Journal’s Personal Finance Site, I came across a great article written by Tom Herman titled, “Early Filers Piles on Errors.”  Mr. Herman highlights Most people who got a payment last year won’t qualify for an additional credit on their 2008 return. But millions of people who didn’t get anything, orContinue Reading

Increase Federal Taxation on Gas? What the Hell!

Increase Federal Taxation on Gas? What the Hell!

This is not so much a personal finance post but rather a rant about those ridiculous people in Washington which will eventually affect every reader’s wallet.  I am not sure where I heard it first but it seems that some smart people in Washington think nowis the time to increase the federally imposed tax on each gallonContinue Reading