 Many of my clients come to me totally perplexed by the state of their finances. Where do I begin to help them sort things out? With the way they spend money, or their budget.
Then I quote them the following saying by Charles Dickens, which is, I
think, one of the smartest things ever said about money:
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 When settling debt on a home or credit card, you need to know the rules.
Just because you are able to pay less to a lender, they can still send
you a tax form indicating the difference in what you owed and the
actual settled amount and declare it to be 1099 income. This
difference is taxable!
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I read Peter's blog with interest and thought I'd add my own take on the American millionaire mindset....
Did you know that the average wealthy American has $1.4 million in
assets, and $275,000 in debts, for a net worth of $1.1 million?
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 vFew people today consider hanging on to a house or a job for two or
three decades…but that’s exactly how some of the nation’s millionaires
became so wealthy. They bought a house 30 years previous and hung onto
it until it appreciated into a half a million dollar asset, then sold
it.
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 There’s nothing more disturbing to me that watching some of my clients
feel obligated to take care of every financial need their child has.
I’m not surprised by this behavior, however, because I think it stems
from a cultural expectation that began with the Baby Boomer generation
around the end of World War II. It’s my belief that young couples who
began having childrenv
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 In today’s economy, the need to make more money is paramount. But most
people I talk to feel trapped in their W-2 jobs, either having taken a
pay cut, dissatisfied with the amount they make and knowing that salary
increases are unlikely,
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 Following are some specific tips for minimizing self employment tax on
a company organized as an LLC (Limited Liability Company):
1. Organize your LLC such that it has two or more members, with yourself as the Manager.
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According to  Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It has also authorized a tax credit of up to $6,500 for qualified repeat home buyers.
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The IRS has announced its new mileage rates for taking tax deductions for use of an automobile for business purposes:
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Continuing with my series of blogs on tax information for the 2009 tax filing year:
Stock day traders report income on Schedule D and expenses on Schedule
C. This status is determined by the volume of activity. If a taxpayer
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