Q. Can a nonprofit corporation issue tax-deductible receipts while waiting for approval of 501(c)3 status from the IRS? Would the deduction be only for the state in which the nonprofit is located and not for a federal return? A. Non-profits fulfill a great need in our society. Thankfully, the IRS still considers donations to qualified [...]
Q. My husband and I are looking to buy our first home. We are currently renting and that lease is up at the end of May. Our credit scores are not terrible but they are not really good either. We have been looking at buying a HUD home and really have no money to put [...]
Today is a special edition targeted to those who are still in the education system. The consensus this time of year is “spring fever” and “I can’t wait until summer is here.” Before you start the 2-month brain checkout however, let’s keep some things in mind. One of my favorite bloggers, Jeff Thredgold, publishes a [...]
Q. A 2% shareholder of an s corporation is also an emploeye. The corporation offers health insurance under a premium only 125 cafeteria plan. Is the shareholder/employee eligible to participate? If so should the corporation’s contribution be reported as wages? A. There are lots of good articles already on the web about 2% shareholders of S corporations. [...]
After watching the stories about the new credit card rules this week, I decided to do some digging and see exactly what options are available for those wanting to open new credit accounts. One story I heard was from a man with a long-time Macy’s credit account. He said his account is now charged interest [...]
There’s an interesting article today in the American Express Open Small Business section entitled “Creating Your First Small Business Budget.” The basic tenet is that most small business owners are not financial gurus. They are experts in whatever industry the business operates. However, without being able to plan for income and expenditures for the year, [...]
When an employee is hired in the United States, in most cases, the employer is required to pay a minimum amount per hour for the services of that employee. As of 7/24/09, that amount is $7.25 per hour. If that employee works 40 hours per week and 52 weeks per year, the total gross wages [...]
During my lunch break, I usually read news articles and opinions from various news sites. One thing that is always fascinating is the paradox of how many people want to be like the various celebrities in the news, yet how out of touch those same celebrities are with real people’s lives. So many magazines at [...]
Q. I want to start the budget process but it’s overwhelming. Where do I start? A. Good for you for seeing the importance of budgeting. Don’t be overwhelmed by what everyone says you should include in your budget. The best place to start is to look at your income. Since I come from a payroll [...]
Insurance agents offer a very personal and important service. They serve as advisors and consultants. Their job is to recommend products and services that help you protect your possessions and secure your financial security. Good agents never use a cookie-cutter approach; they look individually at their clients. They listen first, and then offer solutions. They [...]
