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GoSee: Thriveal’s Three on Thursday

March 11, 2010 in GoSee, THINK | No comments

1. Rules that Warren Buffet lives by – GoSee

2. GelaSkins lets you design your own art cover for your iPhone, gaming console or MacBook – GoSee

3. Bye, bye desktop (so says Google) – GoSee

Thanks, Jason M. Blumer

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Tags: Bye Bye Desktop, GoSee, Rules Warren Buffet Lives By

Tuesday Tax Time: Crime Does Pay (or at least get you a tax deduction)

March 9, 2010 in THINK, Tuesday Tax Time | No comments

Image via Wikipedia

The Tax Court recently allowed a dentist to deduct restitution payments (plus interest) on his Schedule C during tax time. His wife bilked insurers out of money for services he never rendered. She went to Women’s Prison and he paid everybody back. The payments were paying back the insurers for lost funds (as opposed to being punitive payments), so the doc got to deduct them on his tax return. Pretty cool.

And the write off was so big, it caused a net operating loss he used to create a refund. So there, wife.

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Monday Morning Message

March 8, 2010 in Monday Morning Message, THINK | No comments

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“It is absurd to hold that a man ought to be ashamed of being unable to defend himself with his limbs but not of being unable to defend himself with speech and reason, when the use of reason is more distinctive of a human being than the use of his limbs.”

Aristotle

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Tags: Aristotle, Defend with Speech and Reason, Monday Morning Message

GoSee: Thriveal’s Three on Thursday (the “Save a Buck” Edition)

March 4, 2010 in GoSee, THINK | 2 comments

1. My wife coupons and gets about $200 – $250 in groceries per week, but pays about $70 – $80 per week for them. And it ain’t only pop-tarts. Apparently it’s catching on… – GoSee

2. 51 quick money saving tips from doughroller.net – GoSee

3. Check out GIMP, the free version of Photoshop (learned about it in #2) – GoSee

Thanks, Jason M. Blumer

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Tags: Don't Pay For Groceries, doughroller.net, GIMP, GoSee

Tuesday Tax Time: No “First Time Home Buyer” Credit for You

March 2, 2010 in THINK, Tuesday Tax Time | No comments

Image via Wikipedia

Did you know you can’t get the First Time Home Buyer’s credit if you buy your new home from a relative? And the IRS recently said (in a Private Letter ruling) that if you buy your home from an estate (and you are an heir to that estate), then you don’t get the credit either.

And the credit doesn’t count if you inherit the home… because it just doesn’t. So there.

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GoSee: Thriveal’s Three on Thursday

February 25, 2010 in GoSee, THINK | No comments

1. Startup advice… in three words – GoSee

2. 8 great ideas for small businesses – GoSee

3. Track your time for free with Toggl (and on your iPhone) – GoSee

Thanks, Jason M. Blumer

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Tags: 3 Words of Advice for Small Businesses, 8 Ideas for Startups, GoSee, Toggl

Tuesday Tax Time: Time To Pay Up

February 23, 2010 in THINK, Tuesday Tax Time | No comments

: Image by chadinbr via Flickr

Remember? Remember when the government coerced you to buy a house in 2008 to stimulate the economy? Remember the $7,500 credit you got, and how ticked you were when everyone else waited and got an $8k credit? And it was so bad because you have to pay your $7,500 back, and they get to keep their $8k. Bites.

Well, that payback starts this year. Did you forget? Starting in 2010, you have to put $500 in taxes on your tax return for 15 years until you pay back the $7,500 to the government.

Details:

1. Put this payback on your 2010 return (due by April 15, 2011),

2. Use Form 5405 to give the government back their money – $500 per year,

3. If you sell your home before the 15 years is up at a loss, the debt is forgiven,

4. If you sell your home before the 15 years is up at a profit, you will be taxed on the lesser of your profit or the balance of the credit.

Have fun.

Thanks, Jason M. Blumer, CPA

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Tags: $7500 Housing Credit, Form 5405, Tuesday Tax Time

GoSee: Thriveal’s Three on Thursday

February 18, 2010 in GoSee, THINK | No comments

1. Cool business cards… – GoSee

2. Introducing Google Buzz – GoSee

3. Google is a broadband company now? – GoSee

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Tuesday Tax Time: Haiti Relief

February 16, 2010 in THINK, Tuesday Tax Time | No comments

: Image by Beverly & Pack via Flickr

Here are the details on the Haiti Relief tax write offs:

1. Donations to charities helping the Haiti earthquake victims can be made in 2010, but deducted on your 2009 tax return

2. The charity you are giving money to has to be a qualified charity (search for eligible charities here), typically foreign entities will NOT count

3. You have to make the cash donations (as opposed to property) before March 1st of 2010 to qualify

4. It’s just like any other charitable donation – you have to itemize first before it will actually help you (it doesn’t apply to you if you claim the standard deduction)

5. You have to have a receipt for your donation, and if you texted “haiti” to the Red Cross and gave some cash through text message, then that is deductible too (but keep your phone bill as a receipt)

Thanks, Jason M. Blumer, CPA