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MR Cache 2011 April 10: Taxes, Tigers and Ligers Oh My

Weekly Thoughts:

Augh!  Taxes was horrible this year, or at least stressful.  The most stressful part was accounting for stock ticker “EVEP”!  It’s an energy, limited partnership kind of stock, and it was very confusing to fill out the tax information (1099 K-1).  Turbo Tax helped out tremendously, but it was still a stressful exercise!

This spring break week, We went to an indoor amusement park, and there we watch a “Big Cat” performance.  It was the first time that we ever saw a young Liger!  It was an awesome looking cat with a lot of pep!  I have since read up on the animal, and it states that this crossbreed takes the best from both the male Lion and female tiger parents.  It also become bigger than both parents in size.  Fascinating creature!

Top Pick of the Week:

  • Little House in the ValleyClaiming a Canceled Debt as Income- This is one of those “Never been there, haven’t done it” scenarios!  I’ve known that tax law says that you need to count “Forgiven Debt” as income for tax purposes, but I didn’t realize that the rule didn’t apply to short sellers of their homes.  Check this great eye-opening article out!

 

My Favorite Reads of the Week:

  • Budgeting in the Fun Stuff: Our House and Mortgage BIFS and her husband is doing exactly what my wife and I did with our finances 11 years ago, except perhaps a little better!  Nice job Crystal!!!
  • Frugal ConfessionsSuze Orman Gives Dave Ramsey the Financial Smackdown: Whose Side are You On?- I like Suze, but I think she’s really picking on the wrong guy in this scenario!  Dave Ramsey has helped tons of people and should finger wiggled at on his technique for getting out of debt!  Shame on you Suze for a picking a fight with such a heavyweight!  Fight decision IMHO goes to Dave Ramsey!
  • Consumer CommentaryThe Saver’s Dilemma- Interesting take on saving behavior people take when interests rates are high vs low.
  • Money Smart LifeRenters Insurance 101- While in college, I know about this but never followed through!  Now that I’m wiser, if I were renting today, I would buy renter’s insurance and here is why!
  • PF Firewall: Life As A Landlord – Lessons Learned- A must read personal experience story on life as a landlord!
  • Financial SamuraiGas Prices Are Out Of Control And People Love It! – Gas prices are going out of Control!  In Europe, gas prices are very high, but I have a feeling most of the people over there live very close to where they work (just a hunch) so gas prices might not be that big of an issue.  In the US though, it’s hitting us middle of the country folks pretty hard though, whether we realize it or not!
  • Retire By 40Book Review: Generational Wealth – I normally don’t include book reviews, but this sounds like such a great book that I wanted to link to it as a reminder!  Thanks RB40 for a great review!
  • The Financial BloggerMarch Monthly Income Report – One word:  Amazing!

Posts From MoneyReasons this Week:

  • Save Money With GFI Replacement Tips – The journals how I saved money by replacing my GFI Outlet myself.  If you look into this, definitely make sure the power is off to the outlet!!!
  • Top 10 Tax Audit Red Flags & Understand How To Avoid an IRS Audit- This was a guest post from Manny Davis, and he did a great job!  I learned about few things about how IRS chooses who to audit.
  • Citicard Diamond Preferred Card Update- Tips about how to get the best value for your citi thankyou reward points.  I was also sad to see my cool looking black “diamond preferred” citi card replaced by a blue “preferred” citi card.  It looks like they are removing the diamond part from the name.  This bites as I like the look of the old card.  The benefits are the same though.
  • The Mercedes Driving Coupon Clipper- This was a shocker for me, and also a revelation!  I always read about how the rich can be value sensitive too (like Buffett using coupons at McDonalds), but I’ve never see it before until this instance!  Fascinating and very cool!
  • Is Buy And Hold Investing Dead?- I like to state information based on my experiment and personal experienced whenever possible.  In this case, I include my 401k performance for the past 8+ years.  I think it proves that “buy and hold” isn’t completely dead.
  • On Ground Whaler Flip and Host File Check For Identity Theft- Saturdays have become my fun post days.  This week I include a video to a man doing something I’ve never seen before!  An on the ground front “Whaler”!  I’ve only seen diver do “Whalers” before, so this blew my mind away!  I also describe how to check your host file if you use windows.

 

Carnivals and Mentions:

Closing Thoughts:

I was surprised that Turbo Tax had so many updates that I had to download this late in the Tax game!  I can now understand why they charge so much money for their tax software.

Overall, it was a great experience!  I especially like how I was able to import both my employer’s 1099 information and all my stock transactions from my brokerage account!

Accounting for my blogging earnings was easier than I thought.  Of course, it helped that I didn’t make that much last year too, at least from a tax perspective.

-MR

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