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”…
TaxSmack
Bringing Financial Planning to the 99%
Category: Tax Planning
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…
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…
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