Category: Tax Planning

No One Can Afford to be Poor

Hey Paul: What is the “ghetto tax”? I heard this mentioned on a blog about poverty in cities and how the poor are taxed more than others. Do we have a ghetto tax in Jessamine County? The name “ghetto tax”

Posted in Home Mortgages, Tax Planning, The Poor

Refinancing is Worth a Look

Hey Paul: What do you think will happen to mortgage rates this summer? We have a 30-year mortgage that we have 22 years left paying on. Our mortgage rate is 4.75%. Should we refinance our home?  The refinance question comes

Posted in Home Mortgages, Tax Planning

Seven Quick Money Fixes

Hey Paul: What are some of the easiest (and free) ways to improve our financial picture?  I like your approach to tackling what may be big financial challenges by starting with the quick, simple and free actions. These small steps

Posted in Children, Debt, Tax Planning, The Poor

Who Needs a Financial Advisor?

Hey Paul: We are a middle-class family with three children the oldest headed off to college next fall. We are halfway through a 30-year mortgage but otherwise do not have any debt. All our retirement savings of about $300K is

Posted in Debt, Education, Estate Planning, Health Insurance, Home Mortgages, Social Security, Tax Planning

Prepare to Plan Your Taxes or Plan to Pay More

Hey Paul: What is the difference between “tax planning” and “tax preparation”? Are they the same thing? These two terms are closely related and I suppose could mean the same thing to some people. For those who are procrastinating doing

Posted in Health Insurance, Retirement Planning, Tax Planning

Your Tax Bracket is Likely Zero

Hey Paul: My accountant told me that I’m in the 15% tax bracket. What does that mean? Am I paying 15% of my income to the IRS?  Bracketed in Nicholasville The concept of tax brackets doesn’t come up too often

Posted in Tax Planning

The Taxman Pays People to Live in America

Hey Paul: As a single Mom of two kids and a modest income I don’t have any taxes withheld from my paycheck. I won’t receive a refund as I didn’t pay any taxes. My total income for the year was

Posted in Tax Planning, The Poor