FYInance

Posts Tagged ‘tax’

Selecting a good mutual fund is tricky, but as long as the fund has at least a five-year track record, that is an ideal history time line. Choose a well-performing mutual fund with a long-term performance record with advice from a financial planner in free personal-finance video. Expert: Julie Asti, CFP Bio: Julie Asti works as a financial planner for Asti Financial. Filmmaker: Bing Hu

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The economy is hard on many people. Not only individuals are struggling to pay bills, nonprofit organizations, churches, and other charitable organizations also need help. After all, most charitable organizations rely on benefactors to donate money so that they could turn those money into good use to help others less fortunate people or animals.

When the economy is bad, less people have disposable income to donate and as a result charitable organizations also suffer. As a result, the people who rely on those charities also suffer. We interviewed a lady whom is struggling herself with bills what she would do if she had some money today. While many people would say they would go on a vacation or save for some purposes, this lady would like to help the world. It’s nice to see people who are very charitable even in bad economy.

“if I had a significant sum of cash, I would pay my bills. I would also stock a local food pantry since so many families are struggling to survive. Since the food crisis is global, I would also send a donation to an aid organization that helps overseas. And lastly, I’d keep some cash to pay taxes on my found money.”

The IRS wants your money!

When investing, not only your goal would be to make as much money as possible (most people have this goal!) and achieve your financial goal, you will also have to pay attention to the taxes you will owe to the IRS. Obviously, the more money you make, the more money the IRS wants from you! There enters tax planning. Some people go overboard and day trade, but they don’t take into account what their capital gains will do to their finances tax-wise. As a result they are not making as much money as they would because they have to give a large chunk to Uncle Sam.

So, before you invest seriously, you should spend some time researching how your investment strategies will do to your tax bills. Capital gain taxes are not to be ignored. Go to the IRS website www.irs.gov and you can read about different tax treatments regarding investing. Don’t be on the IRS’ radar – it’s not worth the trouble! Taxation and tax planning is not part of this website even though we will touch on the subject of taxes on investments a little bit. But, budget in your tax bills early so that you know what you owe the IRS and with proper tax planning, you could even lower your tax bills! Good luck you all!