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Happy Hour: State Grades, A Long Bet, & The STOCK Act

March 23, 2012

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Jon

Welcome to Happy Hour. Another end of the week round of great reads I came across throughout the week. Sit back, relax and enjoy!

State Grades

The Center for Public Integrity recently released its grades on accountability and integrity in state governments. Surprisingly, my home state of Illinois got a C grade (not bad when 4 of the last 9 governors were sent to jail and 1,828 people have been convicted of public corruption since ’76). The grade doesn’t include the local level, like the Chicago Machine that requires regular financial greasing. How did your state do?

A Long Bet

I came across an article this week about a long bet between Warren Buffett and Protege Partners. Good ole Warren is wagering $1,000,000 that the S&P500 will outperform a portfolio of hedge funds from 2008 to 2017. The site is a great time waster reading through all the bets and predictions. You can put some money on the line, accept a bet or make your own predictions.

The STOCK Act

The House and Senate finally passed the STOCK Act on Thursday, sending it on to be signed into law by the president. It’s a good first step to gaining some public trust by preventing government officials (themselves) from trading off of non-public government information. Which is probably why they weren’t in a hurry to pass it. The bill has been around in some form or another since 2006. More than enough time to liquidate any profits. Continue Reading…
First-Time Home Buyer Credit – Is It Time To Repay?

March 22, 2012

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Jon

The first-time home buyer credit provided tax help to anyone who was eligible. The bad news is, it may have to be repaid. Depending on the circumstances, it could even be a lump sum amount due at the tax deadline.

Back in 2008, the government had a plan to nudge would be first-time home buyers into taking the plunge into the housing market. It was a good first idea. Then in 2009, the government extended and changed the rules. Much to the dismay of the 2008 home buyers, but it worked a little better through 2010 when it ended for all but some military members (ending for them in 2011).

Recently, the IRS changed it’s notification process for everyone that took advantage of the first-time home buyer credit. In the past everyone would have gotten a reminder letter in the mail before they had to file a tax return. A good idea, since some people may have to repay the credit. But the IRS no longer sends reminders in the mail. Now it’s the participants responsibility to look up their account information online. Continue Reading…
Financial Emergency Kit: Are You Prepared?

March 20, 2012

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Jon

Emergencies happen every day. But when the impossible happens, will you be ready? Having a financial emergency kit will make a big difference if the worst should ever happens.

The first step to preparing a financial emergency kit involves a well stocked emergency fund. You may only need enough to cover insurance deductibles or basic bills. But if income loss is involved, being ready for several months will be key. Ideally, it should be enough to cover 4 to 6 months of basic expenses.

Second, is to round-up all the important financial documents into a few safe places. Just having access to extra cash or contact information may be enough for the minor emergency. It’s still best to prepare for the worst, by securing all the important financial information, too.

Financial Emergency Kit Checklist

It’s important to keep all the information as up-to-date as possible. Doing an annual review of your financial emergency kit is a good idea. Just replace any old or outdated information when necessary. Continue Reading…
Happy Hour: Beer Tax and The Perfect NCAA Bracket Odds

March 16, 2012

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Jon

It’s happy hour again. Time to sit back, relax and watch some basketball! For those crazy enough to not follow March Madness, here’s some of the more interesting reads I came across this week.

Outrageous Beer Taxes

The folks over at the tax foundation covered a state by state breakdown of beer excise tax rates. Of all the things Americans can be outraged over, excessive beer taxes should top the list. If our law makers overhaul the tax policy, this is the place to start. How can anyone enjoy happy hour knowing their taxes climb with every sip. It’s a travesty.

The Perfect NCAA Bracket Odds

The NCAA tourney is sitting on day two and has caused the most unproductive work week of the year. Whether it’s spending time filling out brackets or taking a four-hour lunch to watch the games, the tourney is a time and money sink. Of course the odds of picking the perfect bracket are beyond possible. I made my annual bracket donation anyway. Now I just have to hope that everyone else does worse than me. Continue Reading…
2011 IRA Contribution Deadline Just Around The Corner

March 15, 2012

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Jon

One of the complications with the tax code is not knowing when the tax year ends. This is certainly true with an IRA contribution. Though 2011 ended months ago, the tax year for some IRAs is just now coming to an end.

The good news out of all this is the IRS gives us some wiggle room to max out our IRAs every year. While you scramble to meet the tax deadline, know that the IRA deadline is right around the corner too.

IRA Contribution Deadline

This year the 2011 tax deadline falls on April 17, 2012 which also happens to be the IRA contribution deadline. In fact, the contribution deadline always falls on the same day taxes come due. At least that is how it works for traditional and Roth IRAs.

While you are finishing (or starting) your taxes this year, it’s a good idea to look into adding more money to that IRA of yours, if it isn’t maxed out already. The 2011 IRA contribution limit was $5,000 ($6,000 for those over 50 or older). Continue Reading…
Happy Hour: Iced Tea Beer, The Price of Twitter & Political Betting

March 9, 2012

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Jon

It’s Happy Hour again, TGIF! Time to kick back relax and enjoy the more interesting reads of the week.

Ice Tea Beer

Ah, remember the ’90s, grunge music, Friends, the internet boom and Zima?! Well Zima is back or the concept is, big beer companies are pushing the limits yet again with flavored beers. We’ve seen it with Bud Light Lime (because cutting a lime wedge is so complicated) and now Coors Light Ice Tea. There is nothing like hitting happy hour and relaxing after a hard days work with a nice cold ice tea…beer? Watch out Snapple!

The Price Of Twitter

If you are a twitterer, tweeter, or just a person who tweets? It’s a simple easy way to get a message out in 140 characters or less. And it’s free! But it does have costs, just check out the 5 costliest tweets ever. You all remember ex-congressman Weiner?

Political Betting

For anyone with a hankering for politics and gambling or just want to know who has the best chance of being the next president, check out Intrade. It had a recent write-up in Businessweek and how it’s used by campaign advisers to reassure the media of their chances of winning the GOP candidacy. Continue Reading…

Happy Hour: State Grades, A Long Bet, & The STOCK Act

State Grades

A Long Bet

The STOCK Act

First-Time Home Buyer Credit – Is It Time To Repay?

Financial Emergency Kit: Are You Prepared?

Financial Emergency Kit Checklist

Happy Hour: Beer Tax and The Perfect NCAA Bracket Odds

Outrageous Beer Taxes

The Perfect NCAA Bracket Odds

2011 IRA Contribution Deadline Just Around The Corner

IRA Contribution Deadline

Happy Hour: Iced Tea Beer, The Price of Twitter & Political Betting

Ice Tea Beer

The Price Of Twitter

Political Betting