This week’s Color of Money Question: What was your most troubling or embarrassing multitasking mistake? Send your responses to email@example.com. Be sure to include your full name, city and state. Put “Multitasking Costly Mistakes” in the subject line.
2013 Tax Tips
It’s that time of year again: tax season. So, from now until April 15, I will be highlighting tax stories and at times offering tax time tips.
I would like to start with a story from Bloomberg that listed 10 tax code loopholes that are pretty peculiar, to say the least.
Here are a few highlighted by Karen Fickes and Warren Joseph of Bloomberg:
-- Golf cart deduction. In an effort to promote the development of electric cars, golf carts could get you a credit of up to $6,500 in 2009, which could offset more than half the typical cost of some models. Congress changed the law to limit the credit to 10 percent of the cost of the vehicle.
-- Big cars. The tax code limits write-offs for expensive vehicles. However, the restriction doesn’t apply to an unloaded vehicle with a gross weight of 6,000 pounds or more. That means you could purchase a large SUV that offers a faster write-off than buying a smaller vehicle.
-- A credit for children. To give a boost to the housing market, Congress changed the tax code to add a tax credit for first-time homebuyers. But you couldn’t get the credit if you already owned a home. So, “some taxpayers had their minor children buy homes in order to get the credit,” Bloomberg reported. The loophole was eventually closed.
The article about the loopholes was very interesting and provides further proof that we need to simplify the tax code.
Family Financial Fights
If money has managed to divide your family, send me you story and I’ll try to offer some advice on how to mend the money dispute. Send your story to firstname.lastname@example.org. Be sure to include your full name city and state. Put “Family Financial Fights” in the subject line.
“Lance Armstrong: Why confess now?”
For last week’s Color of Money Question, I asked: “Will you buy into Lance Armstrong’s career recovery by watching the Oprah Winfrey interview or shelling out money to see or read what he has to say?”
“I will not bother with a cheat like him,” wrote Daniel Davis of Kuala Lumpur, Malaysia. “Really, it’s a waste of time. The man is clearly a calculative person and a person does not change over night. Why should people sympathize with him when evidence clearly shows he is at fault?”
David Lepelstat of Merrick, N.Y., said he would probably watch highlights of the Armstrong interview.
“As far as paying a dime to buy a book or read about him in any other format, that would be a big no,” he said. “Just don’t trust anything that comes out of his mouth.”
Edward Green of Leesburg, Va., said: “This is yet another stain on American professional athletes that perform in the international arena. If he wants to earn back any credibility, he should have purchased commercial time, every quarter of the Superbowl game, paying for the time out of his own pockets (as a start). The tens of millions he gained in personal endorsement should go to the Live Strong Foundation, which I’m sure will never recover from his unethical actions.”
Tia Lewis contributed to this report.
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