How Long To Keep Your Tax Returns and Records

Snow Covered MountaintopBefore I started doing my taxes myself, I had a CPA and each year I would receive a manila folder from him that was almost an inch thick containing a copy of my tax return and all the supporting worksheets. I think that was his way of justifying how much I was paying him for tax services. That folder would join the other folders from previous years in a big file cabinet never to be taken out again… until last fall when I had to move the cabinet to paint the room.

Maybe you are in a similar situation and have years or even decades of previous tax returns and receipts taking up your shelves and are wondering how long you need to keep them around in case you need them.

Read More

Why The Solo 401k Is The Best Self-Employed Retirement Plan

Solo 401k Retirement PlanAs a self-employed individual for the majority of my adult life, I’ve found there are many perks of self-employment. But one thing that may keep some people from taking the leap to being their own boss is the lack of an employer-sponsored retirement plan such as a 401k.

Enter the Solo 401k, a tax-advantaged qualified retirement plan for the self-employed individual. The Solo 401k not only allows a business owner to save money for retirement; it also makes it extremely easy to supercharge one’s contributions for maximum tax-benefits and retirement savings over all the other self-employed retirement plans and even the traditional 401k.

Read More

How Paying Your Taxes With A Credit Card Can Earn You Hundreds

Income Tax TimeIt’s that time of the year again that no one looks forward to. 1099’s are showing up in the mailbox which means tax season is right around the corner.

If you have a big tax bill due to the IRS, there is something you can do to lessen the blow to your wallet by paying your taxes with something that’s currently in your wallet. No, I don’t mean pocket lint. I’m talking about paying your taxes with your credit card.

Read More

Amazon Prime Prices Are Going Up and What You Can Do

Cats Love Amazon Prime TooLast Friday Amazon made headlines after announcing they will be increasing the price of monthly Prime memberships by 18%. They will be bumping the subscription fee up from $10.99 to $12.99 a month. This comes out to $156 a year or a $24 increase.

This new pricing will take affect immediately for new subscribers. Current Amazon Prime members who are on the monthly payment option will renew at the new price starting February 19.

Read More

The Real Cost of Commuting

Evening Commute Traffic JamA few weeks ago I found a nice desk on Craigslist that someone was giving away for free. It was perfect for the office my brother was planning to lease, so we headed out to pick it up. The person who was giving it away lived about 30 miles away and Google Maps showed that it would take 50 minutes to drive there. Only it was 6 PM and the middle of rush hour. By the time we got there it was over an hour and a half later with a lot of time sitting in bumper-to-bumper traffic.

This is an all too common occurrence in many cities every morning and again later in the evening. According to the U.S. Census Bureau, in 2016 the average American spent 26 minutes in their car commuting from home to work. As a nation we are wasting billions of hours of our lives sitting in our cars.

Read More

Why Warming Up Your Car On Cold Mornings Is Harmful

Cold Winter Deep Snow Covered CarFor many people, starting up their ice cube of a car and letting it warm up a bit is something that we don’t really think about because it was something that’s always been done. Our parents did it because their parents did it or you hear how someone had a friend who didn’t warm up their car and the engine blew up and so on.

It turns out in modern vehicles, the practice of idling your car during the winter is no longer needed. In fact, most manufacturers and auto experts recommend driving off gently after about 30 seconds. You are actually hurting the engine, wasting gas, and polluting the environment when warming it up for much longer than that.

Read More

How To Save Hundreds By Buying Your Prescription Glasses Online

Buying Eyeglasses OnlineIn our daily lives it’s hard to imagine there is anything that we use more than our eyes. For those of us who don’t have perfect vision, eyeglasses are a must-have item that we put on first thing in the morning and only take off when we climb back into bed at night.

Buying your next pair of eyeglasses online can save you hundreds of dollars for the same quality of glasses you would have gotten at the store.

Read More