Color of Money Live

Programming Note: This week's Color of Money took place Wednesday instead of Thursday. Michelle will resume her Thursday every-other-week discussions on Jan. 25.

Need advice about how to handle your personal finances? Whether the struggle is saving for retirement, organizing your bank files, talking about money responsibility with your spouse or loved one, Post personal finance columnist Michelle Singletary offers her advice and answers your tough questions.

This week, she was joined by IRS spokesman Jim Dupree to answer tax questions and discuss recent tax law changes for a discussion on Wednesday, Jan. 17 at Noon ET.

The transcript follows.

Michelle wrote about some of theses changes in her column last week: Your Tax Return, With Some Change (Jan. 11).

Read Michelle's latest columns, check out her Color of Money Book Club selection archive or sign up for her weekly e-mail newsletter.

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Michelle Singletary: Sorry for the delay. Let's get started.

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Bethesda, MD: Good afternoon,

I read your column every Sunday and it always provides information that is useful and timely. Don't stop keeping us all informed on financial security!

My question is what is the most the IRS will allow you to claim on your W-2? I have heard of people claiming very high numbers. Can you clarify? Thanks!

Michelle Singletary: Thanks. So what you mean is how many allowances can you claim on your W-4 (not W-2). The W-2 shows for the year what you earned and the taxes taken out.

And you can take a high number of allowances, which are determined by the deductions you will take on your tax return. To see how many you could take you should fill go thru the math on the W-4. You can do that by going to www.irs.gov and in the search field look for the "withholding calculator," which will help walk you thru determining how many allowances you should take.

Basically tho the more allowances the more money in your take home pay.

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Fairfax, Va.: I've posted before but to no avail......please, pretty please take my question. I left a job 2 years ago with over $5,000 in my 401k. I received a check for approximately 4,240 in December 2005. When I called the bank regarding why I was receiving this money, I was told that since I did not have $5,000 in my 401k, they cut me a check and took out the taxes, etc... I asked them to look up my account and lo and behold they saw that I did have over $5,000. I don't seem to be able to get anywhere with either the bank or my old employer. There are tax ramifications obviously. I never wanted to cash this out. Why should I have to pay taxes on this money and cash it out. Since then I am still enrolled in the 401k and the old employer is contributing. Help!

Michelle Singletary: Oh you poor dear. First because I couldn't take your question before. But I'm sad to say, you are stuck. It was their mistake but unfortunately you have to pay the tax bill.

I'm sorry!

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Tax benefits of homeownership?: Thanks for the chat. I'm submitting early as I can't attend the chat.

All my friends own houses and it seems like they are paying way less taxes than I am. Is the tax benefit really that amazing? Or am I better off staying in my really cheap, rent-controlled, all utilities paid apartment and going without the tax benefits of home ownership. To get a similar place to what I'm renting, I'll spend at least $600 more per month on a mortgage, plus condo or homeowner fees and utilities. Advice?

Jim Dupree: In general, the mortgage interest and the state property taxes you pay on your residence are deductible when you own a home.

Also, any points you pay on the purchase of your residence are deductible in the year of the purchase.

See Pub 530 (Tax Info for First-Time Homebuyers) for more information.

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Washington, D.C.: Happy New Year! My company does not offer a 401 (k). What are some options for my money? Sorry this is not IRS related.

Michelle Singletary: My, I don't have enough space or time to answer this one. And I can't answer it because I have no idea what investment options your particular plan offers. You should ask the plan administrator (the company running the 401 (k) for help. They can't exactly tell you where to put your money but they can give you some guidance. But basically where you put your money can vary depending on how far you are away from retirement. Me, I'm about 15 years so I have a nice mix of stocks (large cap, mid cap, small cap) and bonds. The key with any investment of this type is diversification.

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Arlington, Va.: Can you explain the new long distance phone call credit -- if I generally file without itemizing (i rent and don't have any other assets), am I still eligible? And if so, do I have to take the standard deduction for it (which i think is $20) or can I itemize all those phone calls? Lastly, does the credit cover cell phone long distance calls - or only landline? thanks.

Jim Dupree: You may be eligible for this one-time tax refund if you paid long-distance excise taxes on landline, cell phone, Voice over Internet Protocol (VoIP), or bundled service that was billed for the period after Feb 28, 2003 and before Aug 1, 2006 is eligible for this refund. (Bundled service is local and long-distance service provided under a plan that does not separately list the charge for local service.)

You can request a refund of the actual federal excise tax you paid based upon your telephone bills for this period. Or you can request the standard refund amount ranging from $30-$60 based upon the number of exemptions you claim on your individual income tax return.

Choosing the standard amount is optional. Using this option is the easiest way to get your refund and avoid gathering 41 months of old phone records. By choosing the standard amount you will only need to fill out one line on your tax return. The standard amount is based on actual telephone usage data and reflects the long-distance phone tax paid by similarly sized families or households.

Choosing to request the actual amount paid may be more beneficial for some taxpayers. To request a refund based upon the actual amount you paid, you must determine the amounts paid based on your phone bills. Figure the refund on Form 8913 and attach this form to your 2006 income tax return.

If you are not normally required to file a tax return, there is a new form (Form 1040EZ-T) that you can use to request this refund. Form 1040EZ-T can be mailed to the IRS or it can be prepared and filed electronically at no cost by using Free File at IRS.gov.

For more information as well as answers to the most commonly asked questions, go to the IRS Web site at IRS.gov and select the link for the Telephone Excise Tax Refund.

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Not a numbers person: Do you have an opinion on hiring an accountant versus doing your own taxes? My husband and I have each struggled through filing our own taxes. But we got married in 2006, and also inherited some money that further complicates our finances. We're thinking about seeking professional help with our taxes this year, but feel a little guilty about spending that extra money on something we feel we should be able to do ourselves. What does an accountant cost, anyway? And what's the best way to go about finding/hiring a good one? When should we start looking?

Michelle Singletary: First, don't feel guilty about hiring a professional. This stuff is rocket science :)

I have a tax accountant and a financial adviser and I write and read about this stuff ALL THE TIME!!!

What you pay depends on where you live, etc. Shop around and get some price quotes (try to find someone who will do it for a flat fee).

Who? Ask your friends or relatives who they use and if they like the person or company.

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Alexandria, Va.: Hi. I failed to file income taxes (both federal & state) for the year 2003, in part because I was told that if I didn't owe, I didn't need to file by April 15th and May 1st (VA state due date). Long story short, I never got around to filing and I would like to file now. How easily can I do this and what penalty, if any, will I receive from the federal government and/or VA government? Thanks for your assistance.

Jim Dupree: Your federal penalty is based on the amount of your unpaid taxes. If you have no unpaid taxes you will not owe any penalty.

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Washington, D.C.: Hello,

If I do not use a flexible spending account, can I still deduct my child-care expenses? How is daycare handled in terms of preparing my taxes?

Thank you.

Jim Dupree: You may be able to take a credit for your child care expenses (which is better than a deduction because it reduces your tax liability, whereas a deduction reduces your taxable income).

See Publication 503 Child and Dependent Care Expenses for whether you qualify to take the child care credit and, if so, how much of a credit you may take.

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Arlington, VA: Michelle: Thanks for doing the discussions! I love them, can't get enough.

Now, here's my question. My husband and I are both lucky (and sad) that we squeak into the upper tax bracket. Because of our incomes, we can't take the student loan deduction. We have no other deductions (can't count the dog!). We plan to buy a house this year, but not for some months. I can NEVER get my withholding right. I always end up owing money. How do I get this right???

Thanks!!! Teacher in Arlington

Jim Dupree: We have an "IRS Withholding Calculator," online at irs.gov. Just check "1040 Central" on the homepage and look for the link. This is an easy-to-use calculator that should prove helpful.

You can also check IRS Publication 505, "Tax Withholding and Estimated Tax," for assistance in determining the proper amount to withhold. You can get this publication online at irs. or give us a call at 1-800-829-3676 to request this publication.

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Arlington, Va.: Michelle,

A follow-up to your chat last week: It is obviously your right as a parent to dictate the terms by which your children get assistance from you for school. So, if you want to tell them "no debt or you're on your own," then that's your decision.

But I would hope that you would at least inform them of their options, particularly military service, which would allow them to qualify for additional education grants and scholarships AND exclude your holdings from their expected family contribution.

Michelle Singletary: Thanks and you are right. I do have a right to tell them what they should do with their life until they are paying their own bills in their own house.

Lots of folks got their feathers all ruffled when I said I would not "allow" my children to take on debt for college.

Why? Because you people have been bought into the theory that debt is good. It's not. It's slavery.

So for those who asked (some nicely others not), we are going to encourage our children to apply to many colleges. We will see where they are accepted and what "free" money is offered if any. Then we will decide based on how much we have saved where they can go that we can afford without a dime in debt!!!!!

And I don't think I want given the current military situation in our country to encourage them to go into service for the college benefit. It's not worth their life. Now if they decide they have a passion to serve our country because that's what they want to do as a career that's different. My brother-in-law served in the military as did my father-in-law. So I love and respect all those who do. But I would never push my children that way because I didn't do what I needed to do given my ability to save.

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Fairfax, Va.: I was just hired as an independent contractor. Since this is my first time as an IC, what tax consequences/benefits will this produce? I've also heard that there are many things I can exempt as part of my new job. Can you explain what those exemptions may be?

Jim Dupree: Check IRS Publication 535, "Business Expenses," which explains what expenses are deductible for business purposes. Also, see Publications 587, "Business Use of Your Home," and Publication 463, "Travel, Entertainment, Gift, and Car Expenses."

You can view all of these publications online at irs.gov or call us at 800-829-3676 to receive copies.

Michelle Singletary: Any may I suggest, if you have the money hire a business tax accountant at least at first to make sure you do all the right tax paperwork. It's fine to read the IRS publications but you should lean on the professional advice of folks that have helped others doing what you do.

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Washington: My husband and I just inherited our home, free and clear. Our mortgage was a private loan through a relative who died this year and forgave the outstanding loan in his will. We're both 30, and we've been told we're too young to NOT have a mortgage. We're also a little worried about what we're going to owe in taxes now that we can't deduct our interest. Can we take out a mortgage on a home we already own, or are we limited to home equity loans? If we buy another house -- a rental, for investment purposes -- can we deduct the interest on that mortgage from our taxes?

Michelle Singletary: Okay, first you need new friends or at least friend with some sense. I mean that. Stop listening to idiots.

You have a home that is free and clear and you want to get a mortgage for the tax deduction.

That's straight up CRAZY. If you want a deduction then give some money to a charity. The effect is the same.

Why would you pay a bank hundreds of thousands of dollars in interest? You never, ever get 100 percent of interest payments back.

If you want pay yourself mortgage every month. And by that I mean figure out what you would pay in a mortgage and invest that money. Think of how much money you will have to retire. Heck you can retire early.

What you need is an overall investment plan not a mortgage. Please. Tell me all you who are in this chat...how many of you would like to have a free and clear mortgage at age 30?

And if I'm the only one saying I would then fine. I'm the only sane person left out here!

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Fairfax, Va.: Michelle, I know you know this, but in response to the person who always winds up owing the IRS money: that's good; it means you haven't been letting the IRS use your money for free all year.

Michelle Singletary: True that. But the goal is to get nothing and owe nothing or owe as little as possible. So I get what they are trying to do. IT's hard but you are absolutely right you certainly don't want the gov't holding your money for a year interest free.

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Capitol Heights: Hello Ms. Singletary. My husband loves your column, and only because he likes to say "I told you so" to me on money issues. We are going to try to see you at our local library. Hope to see you there.

Michelle Singletary: Thank you so much. And for those who don't know I'm doing a number of book signings in Feb. for the release of my second book "Your Money and Your Man."

Here's where I'll be in the DC area:

Wednesday, February 7 7 pm New Carrollton Library Branch

7414 Riverdale Rd..

New Carrollton, MD 20784

301-459-690

Friday, February 9

Karibu Books

Tel: 301-899-7580

6:30 p.m. Bowie Town Center

Tues. February 13

7 pm

Borders Books & Music,

8027 Leesburg Pike

Vienna , VA 22182

703.556.7766

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No 401(k): Michelle, the earlier poster said he/she does NOT have a 401(k) and you replied with advice for consulting the plan administrator--but there IS no plan. Can you offer this person some guidance. Happy New Year! My company does not offer a 401 (k). What are some options for my money? Sorry this is not IRS related.

Michelle Singletary: Oh, sorry I missed that. Your read so fast in the chats.

So in this case with no plan, you could seek the advice of a financial adviser. Sorry I can't be more specific because I can't tell you where to put your money.

You can also check with your local financial institution. If I had $5,000 or so I would look at my overall financial picture. If I have a college fund my kids I might put the money there (since it's now not a rollover and can be invested how you wish). I might set up an IRA (if I met the income limits).

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Phila, Pa.: After sending in my 2005 return, I got a letter from the IRS asking me why I didn't pay income tax for 2004. This was because I had become unemployed and was struggling very hard to scrape together an income. I eventually became unable to pay my rent and unwillingly moved because it was easier to find steady work outside the area I was living. By the end of 2005 I was back on my feet, but I had made so little in 2004 (I actually left with many debts) that I just didn't bother sending in a return. When you're ducking the landlord and living on canned food, paying your income taxes is the last thing on your mind, and it sure was the last thing on mine.

So I don't have any records of the few temp jobs I had, or of the exact amounts of the loans I got from my family, so I wouldn't even know what to tell the IRS anyway. I do know from a recent Social Security statement that I made about $2600 in Social Security wages in 2004. They couldn't possibly want a piece of that, could they? I'm inclined to tell the IRS where they can stick it, but what do you think?

Michelle Singletary: Oh my. First you may actually be owed a refund so don't go telling anyone to stick it.

If you can scrape up some money now go find a low-cost tax professional who can help you figure out how to reconstruct your income for that year. For the few places you did work you might be able to get a replacement W-2.

Don't give up. You might be getting back some much needed money.

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Washington, D.C.: Purchased my first condo in DC in August 2004. Any advice on how to be sure that I am doing the right thing on taxes? Also, like many of your readers, I have a government TSP. Can you explain the tax benefits of putting money away early and often? Thanks!

Jim Dupree: See IRS Publication 530, "Tax Information for First-Time Homeowners" for more information on the tax benefits to which you are entitled as a new homeowner.

Contributions to your government TSP are not taxed until they are paid to you. Thus, the TSP allows you to defer a portion of the income you earn now until later (generally when you are retirement age) when the cash is paid to you.

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D.C.: Re hiring a tax professional. There's a lot more that goes into this decision than just whether you CAN do it yourself. If you aren't comfortable doing it yourself, by all means go to a professional. We've done our own taxes forever, using Turbo Tax the last several years. But for my father's taxes we use a pro because I think it's my responsibility to see that he doesn't take consequences of errors I might make, and he's more comfortable this way, as well.

Michelle Singletary: Good point. Thanks.

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DC: Michelle - Thanks so much for your words of wisdom, in print, online, and on TV. They've truly helped me. My question - I understand that there are new tax benefits and loopholes that are created every year by Congress. Are there any significant ones that you know of that affect regular people? Is there a place that lists all of the new tax law changes (so I can make certain my accountant is accurate)? Thanks

Michelle Singletary: Ah you so sweet.

Look really the IRS's website is really good (and not just saying that because Jim's my guest today). Go to www.irs.gov and click on the link for 1040 central. You will find lots of information about the recent tax changes, including the telephone excise tax refund which ranges from $30 to $60. Most of us are entitled to it so definitely file to get that. Hey that's a cable bill or cell phone bill for one month.

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D.C.: My mother sold her home last year and based on the calculations, she is exempt from paying taxes on the profits because she had lived there for over 15 years (2 year reqt.) and her profit was less than 250K based on the house's stepped up basis on my father's share after his death. It was jointly owned between my parents. How is this documented in the tax forms, if at all, assuming documentation is not necessary if she qualifies under Internal Revenue Code 121.

Jim Dupree: The home sale does not have to be reported on her tax forms if all of the gain from the sale of her home is excluded from income under section 121 of the Internal Revenue Code.

See IRS Publication 523, "Selling Your Home," for additional information.

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Tampa, Fla.: The Service should have a special page on its Web site for all the changes that did not make it into the printed forms, with instructions on how to use the forms to reflect the changes. The home page of the Service's website should prominently display link to this page.

I'm sure Forms & Pubs could do their usual great job (I'm not being factitious, I've dealt with them in the past and have the utmost respect for them and the difficulty of their job).

Michelle Singletary: There are many links on the IRS home page. As I said use the one for 1040 central.

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Washington, D.C.: If I donate a few hundred dollars to the local school that my child attends, is it tax-deductable? the money would go for hiring substitutes for teacher assistants who call in sick. There is no guarantee the money will be spent on my child's classroom, so i would think it would be tax deductable (school has approximately 300 students).

thanks!

Jim Dupree: You can generally deduct your cash contributions if you make them to a qualified organization. You can ask any organization whether it is a qualified organization, and most will be able to tell you.

Or you can check IRS Publication 78, which lists most qualified organizations. Educational institutions are generally qualified organizations.

Note, however, that you can claim a deduction for a contribution of $250 or more only if you have an acknowledgement of your contribution from the qualified organization or certain payroll deduction records.

If you made more than one contribution of $250 or more, you must have either a separate acknowledgement for each or one acknowledgement that shows your total contributions.

See IRS Publication 526, "Charitable Contributions," for more information on your question.

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Harpers Ferry, W.V.: If someone had two IRAs (with different providers) and donated $4000 to each of them last year, how would the IRS deal with the situation?

Thanks.

Jim Dupree: Generally, the most you can contribute to your traditional IRA is the smaller of $4,000 ($5,000 if you're 50 or older), or your taxable compensation for the year.

In your instance, you may have to pay a tax on the excess contribution. In general, if the excess contributions for a year are not withdrawn by the date your return for the year is due (inclluding extensions) you may be subject to the 6% tax.

You must pay the 6% tax each year on excess amounts that remain in your IRA at the end of the tax year. However, there are some exceptions to this additional tax. Check IRS Publication 590, "Individual Retirement Arrangements" for additional information.

Pub. 590 is available online at irs.gov or you can request a copy by calling 800-829-3676

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Annapolis: What is the definition of living paycheck to paycheck? If you have savings and put 10 percent of you paycheck into those savings but spend the rest of your paycheck on bills, does that qualify? I have no debt other than my mortgage.

Michelle Singletary: Living paycheck to paycheck means you aren't saving ANY money because there is no money to save because you have incurred obligations that you can't pay unless you get your next paycheck. I.E you broke all the time.

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S. Rockville, Md.: Michelle, I'm about to receive a small inheritance. Is it wrong to want to do something nice for me with part of it? My wife and I have no revolving consumer debt, and I could pay off either our car note (lower fixed rate) or my student loans (higher adjustable rate - the first priority if I pay things off), but I'd like to take some of it - say 25-30 percent, and do something enjoyable, and then either save the rest or take care of big chunks of those loans. Yet I feel a twinge of guilt spending this "found" money on something a little frivolous. Am I wrong to want to enjoy a part of it?

Michelle Singletary: Okay, you did ask me. I say getting rid of consumer and student loan debt should be a MAJOR priority. With that debt out of the way you really can "afford" to treat yourself. Look, I got a huge payout when my last company offered a buyout. I had no car debt, credit card debt or student loan debt. But I took every dime of that money and stashed it away for the purchase of my second home with my new husband (I already owned a condo which I wanted to give to my disable brother). I didn't treat myself because the money had a purpose.

So should you treat yourself? I guess a little but I would feel guilty if I had a car note on a depreciating asset and high-interest rate student loan debt. Think how free you will feel when you release yourself from the slavery of that debt. Now to me that's a "treat."

But that's me :)

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A CPA in private industry: Michelle, I want to thank you for making my day - now I'm a rocket scientist!! LOL! Actually, I'm alternately laughing and cringing at some of the questions - if I was free and clear of a mortgage at 30 (didn't have a house until 38 1/2)I think I'd quit being an accountant and work part time. What a lucky thing to have happen - they can retire on what they invest by age, what, 50?

As far as the other questions, I'd suggest reading and becoming educated about taxes and investments (no, not before 4/15) throughout the year. All the counties have adult ed courses. I am sad that people know more about Ipods and American Idol than they do about business expenses and investing their hard earned money. Michelle, you ROCK!!!!!!!!!!!!!!!!!!

Michelle Singletary: Thanks. I like rocking.

But don't be hard on people. For some financial stuff isn't their "gift." It clearly is for you and me. But the thing is they are asking and that's the first step. I live and breathe this stuff as it looks like you do. But that's because I LOVE it. Right now I'm taking part 2 of a financial freedom class at my church about budgeting, doing a net worth statement, etc. Do I need the class. No. But I want to continue being information because it's what I like to do.

So again, don't be hard on my people. Besides if all of them where in the know I wouldn't have a job!

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Arlington, Va.: Hi Michelle! Not really a question but a great big THANK YOU!!! I'm the young lady who asked about whether or not to use her father's life insurance money to pay off the student loans. After laying all of my debts down on the table with interest rates along side and printing out all of the articles you dedicated to answering my question, I was able to make a great plan that I'm comfortable with. Turns out that my federal loans of $39K were actually at 2.65 percent! I didn't realize I had it so good. But the private loans were at 14.25 percent and 15 percent...YIKES! So, I paid off $10k of the high interest loans. I'm 10K less in debt thanks to you!! Now, I'm working to pay off my car note (3.5 percent) in half of the time left on the loan. The rest of the money I put in my savings account, a CD, and a Roth (to keep a nest egg aside for when I buy a home). That last bit should get some peeps off your back. Thank you so much for all of your help and guidance. You made a very difficult time much, much easier.

Michelle Singletary: Oh my, thank you for the update. How sweet. Child you know I took major heat for telling you to pay off that debt. But see, you listened and know you know a little about financial freedom. Bless you!

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Alexandria, Va.: Good afternoon- My question is regarding a trip I took last year to Africa to do some charity work. I realize that the entire cost of the trip is not tax-deductible (i.e., the flight costs) but part of the trip's cost included a charitable donation to various groups we volunteered with. This donation portion is deductible, correct?

Jim Dupree: You cannot deduct your cash contributions unless you make them to a qualified organization. You can ask any organization whether it is a qualified organization, and most will be able to tell you. Or you can check IRS Publication 78, which lists most qualified organizations. You cannot deduct contributions to Foreign organizations other than:

1.) A U.S. organization that transfers funds to a charitable foreign organization if the U.S. organization controls the use of the funds or if the foreign organization is only an administrative arm of the U.S. organization, or

2.) Certain Canadian, Israeli, or Mexican charitable organizations.

See Publication 526, "Charitable Contributions" for more information on your question.

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Silver Spring, Md.: Hi Michelle. Aside from doing them two different ways, is there any easy way to know if a childless couple should file jointly or separately? Thanks.

Jim Dupree: Nope. There are many issues to consider...

But the good news is that married couples have the option to file joint or seperate returns, and can take advantage of whichever way gives them the greater tax break.

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metro area: to the poster who inherited a home at 30 -- put that same amount of money that you were putting towards your mortgage into your 401K every month and you will gain the benefit that way! Michelle is right -- pay your self!

Michelle Singletary: So there are people out there with common sense!

Yipppeeeeeeeeeeeeeeeeeee

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Washington, D.C.: Greetings Michelle! I am an avid fan of yours and am working towards a goal of no debt and to create more wealth to pass on. My question today is regarding budgeting....My husband and I seek to set up a spending plan but I need some resources to help us on the way. I remember there being some sort of free budget kit that I could send for?

Michelle Singletary: Go to the archives on the biz page of washington post and you should find all my articles about budgeting and the sources.

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Rockville, Md.: Jim- I realize you are not the one writing the tax code, but preparing my taxes has gotten to be so complicated that last year, after preparing my own taxes for over 30 years (since I was 18), I finally caved and bought turbotax. It was the AMT that finally forced me to. And I have an MBA in finance! If the government is going to take the money anyway, at least don't completely confuse me in the process. The whole process has become hellish.

Michelle Singletary: Amen!

I say that because I know Jim can't.

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Dupont Circle, D.C.: Hello! If I write and mail a check to a charity in December, but it doesn't get cashed until January (or later), is it still deductable for the year it was written? I can't find any guidance in 526. Thanks, Rich P.

Jim Dupree: A check that you mailed to a charity is considered delivered on the date that you mailed it, says IRS Publication 526, "Charitable Contributions."

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Landover, Md.: Hi Michelle, not exactly tax related question - My parents are considering refiancing and are nearly at the end of their 30-year mortgage, if decide not to refinance what happens to the equity? Thanks so much.

Michelle Singletary: I would ask why are they refinancing if they are near the end? Then you should ask them if the refinancing costs/fees would be more than they save if they are so close to the end of the loan, which at this point they should be paying mostly principal.

And the equity belongs to them. They get at it when they sell OR take it out in the form of debt (ie. a loan), which I wouldn't advise.

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Michelle Singletary: Oh my look at the time...got away from me. I'm very sorry if I didn't get to your question. There were so many! But Jim has promised to answer more. Look for an upcoming column (way before April 16) for the answers to some of your questions. I'll also print the answers in my weekly e-letter. Until tax season is over I'll have a section for tax tips and answering your questions. If you haven't subscribed to the e-letter please do so. It's a great way to keep on top of the top personal finance stories in the Post and elsewhere.

Have a wonderful day and I'll see you back here real soon!

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