Ten for Tuesday, January 31, 2012

1. Tax Breaks that Expired in 2012

Write-offs for sales/state income tax has expired. That means those with state income taxes have to pay tax on that money twice?


2. Stop Buying Stuff & Refurbish Things

Interesting ways to re-use old things. For the author, it serves two purposes: saving money and allowing her to have “new” stuff when that spending money urge strikes


3. I Was in a Facebook Fist-Fight

Who knew extended warranties on cell phones were a controversial topic? “People think there is a 50% chance of them damaging their phone when, in all actuality, it’s closer to 5%.”


4. Credit is Not the Enemy – You Are

Best quote: “People need to stop placing the blame on others, including credit issuers, and recognize that they are their own worst enemy.”


5. 3 Rules for Hitting the Target

“Plan one month at a time.” – Breaking a larger goal into smaller ones has definitely helped us stay on track. 


6. Get Your Children Off to the Best Financial Start

A few good tips for teaching kids to save money.


7. Five Reasons to Give Up Goal Setting

Should you give up setting goals?


8. Additive vs. Multiplicative Thinking About Money

This isn’t the most practice article, but it is an interesting article on the way we think about money.


9. 10 Ways to Protect Your Financial and Personal Information When Shopping Online

Best tip: “Don’t click on links when you don’t know the source of the email, social media message or e-card.” If you’re not sure, don’t click it!


10. Why Aren’t People Applying for Mortgages

With mortgage rates so low right now, an interesting article about why people still aren’t applying for mortgages.

7 thoughts on “Ten for Tuesday, January 31, 2012”

  1. Those expiring tax breaks are for 2012, which would be realized on your April 2013 filing. Pretty bad to speculate on that sort of thing because Congress has been famous for extending those breaks — it allows them all to campaign and say: “Look, I lowered your taxes.”.

    I don’t think there has ever been a year where Congress didn’t pass the AMT “patch”.

  2. state income tax deduction did not expire, just the option of deducting state sales taxes. the impact of that deduction being lost is felt in states with no income tax, like the lone star state.

  3. hal) I’m reading the “2011 Instructions for Schedule A (Form 1040)” and it says:

    Line 5: You can elect to deduct state and local general sales taxes instead of state and local income taxes. YOU CANNOT DEDUCT BOTH.

    What am I missing? I don’t remember the mess from previous years, but for 2011 income tax returns — you can in fact deduct state sales taxes in Texas (as long as you meet all the other restrictions for filing Sched-A).

  4. hal) oh, nevermind — I see now that you are talking about for 2012 (filing in 2013). Yeah, it looks like only the state ‘sales-tax’ part is expiring (not state ‘income-tax’) — what a crock — they two should be interchangeable. But, hey, who said our tax code was fair?

  5. I clicked on link 2 about refurbishing stuff thinking it might lead to something interesting, like rebuilding an old car from the ground up. A sofa on a bicycle? Bleah.

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