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| Taxes and Investing |
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- In choosing an investment, the investment itself should be sound. If it has tax advantages, that's a bonus.
- Don't use home equity loans. If you use your house as collateral for a loan and you're unable to pay back the loan, you lose your house.
- From a financial standpoint, buying a house is not always the smartest decision. The standard deduction is so large now that the benefit of itemizing deductions on your tax return - the main financial benefit of home ownership - has been largely negated.
- You don't have to reinvest the proceeds of a home sale into a new home. So a house has become a good, tax-advantaged way to save money.
- If you can't pay your income taxes on April 15, file your tax return anyway and attach an explanation.
- If you have problems with the IRS, try the IRS problem resolution office. If that doesn't work, call or write your congressman or U.S. senator's constituent service office for help.
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of Winners
