Sunday, May 23, 2010

Tax and Finances for those making less than six figures?

As many of you know, I work in tax. With my background and just general desire to make smart use of my money, I have acquired a decent amount of strategies that are useful for this stage of my life: being poor and young.

For those of you who read this blog, I'm curious if you would have interest in tips and advice on taxes and finances in general. There's a lot of cool things you can do while you're poor that I think a lot of people do not realize. I'm not looking to make money off a blog or anything. I just love talking about this stuff as many of you may already know. Here's some ideas that have come to mind:

-Health Savings Accounts (HSA's)
-The Earned Income Credit (EIC)
-Investing for retirement when you're poor
-Tax credits, deductions, and strategy
-Current and proposed tax legislation - whether it's right or wrong, all these bills being passed have tax implications
-How to pay off debt when you're in debt
-Budgeting
-Insurance - Health, Auto, Life, AD&D, Disability
-Anything else you might be interested in...

I was thinking I could even have some guest postings from people I know who have more experience in the field. Honestly, there's so much out there to know that unless you have a background in accounting or finance, you might not really understand, especially if you're still in college or just started in your career. The blog would not just be informational, but I would also give my opinion on what I think most people should do.

Let me know if you have any thoughts or interest. If you are interested, tell me your top 3 areas of interest in order.

-Ben

11 comments:

  1. yes please! I hate feeling so helpless in the tax arena and would love to hear little tax-saving tips! and the first four areas you mentioned are right up my alley...

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  2. Your tip about in-home businesses and the tax advantages/disadvantages of writing of the office space was great. That's a topic I'd be interested in learning more about.

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  3. I'd love to find out more about 529 college savings plans.

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  4. sounds good to me....I have serious amounts of debt from med school and I'm going to acquire more.

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  5. I'm with Bryan. I start medical school this fall and will have a ton of debt. Any advice would be great. Thanks Stays :)

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  6. I am tax stupid. Jayce and I would love to hear your advice on all of the above pretty much. I'd rank stuff, but I don't even know what my top picks should be.

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  7. Sign me up. We're interested in getting out of debt while in debt (having just received a significant loan for grad school). Future planning advice would be awesome (retirement, kids' college fund, etc.) General tax strategy would also be helpful. Thanks.

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  8. Ben... how to pay off debt while you're in debt--grad school loans are killer.

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  9. I say please discuss current tax bill legislation...I think we all need to know how certain laws are going to affect us, an sometimes I'm not sure how they will according to which tax bracket you fall into.

    Also, I would love to hear what other young people do to successfully invest, when they start life insurance and how much, how much to contribute of your income to a 401k and how to choose the mutual fund your 401k is involved in.

    Of course I'm always interested in other investment strategies too:)

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  10. Bring it on!

    Tax credits, deductions and strategy

    Investing for retirement when you're poor

    The Earned Income Credit

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