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Wash Sales Rule

If you are looking to upload some of your losing stocks and take the losses for the tax purpose in the last week of 2006, you should keep in your mind the so-called wash sales rule. According to IRS Publication 550 (2005), you can’t deduct losses in a wash sale, which “occurs when you sell […]

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My Last Paycheck

Last Friday, I received my last paycheck of 2006. The statement shows that for 2006, I have Contributed $12,600.12 in the 401(k) plan Paid $14,128.85 of federal taxes Paid $7,363.68 of Social Security taxes Paid $2,570.03 of NJ state taxes In addition, my employer has matched $1,930.77 in my 401(k) plan (the free money). 2006 […]

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Holiday Spendings This Year

We usually didn't spend much money in holidays like Christmas and New Year, mainly because there were only two of us and we don't have the tradition of giving gifts in Christmas. In fact, we don't celebrate Christmas. To us, it's just a day off with nowhere to go (pretty much everywhere is closed at […]

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Where Are the Millionaires?

The latest Census Bureau statistics shows there are 3,510,000 millionaires in US based on a sample of federal estate tax returns (Form 706). Millionaire is defined as "those adults with net worth (assets minus liabilities) of $1 million or more." Here's a state-by-state break down of where those millionaires are. State No. ofmillionaires State No. […]

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Census Bureau: Mean Family Net Worth, Income, and Education

Last Friday, The Census Bureau released 2007 Statistical Abstract. In the Income, Expenditures, and Wealth part, I found some interesting numbers that show how much (on average) we make and the mean household net worth for the past decade (from 1995 to 2004). The first table is the mean family net worth for different age […]

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How to Keep More — The Tax Factor in Your Asset Allocation

Thinking about asset allocation, what comes to my mind is the distribution of different asset classes in my portfolio: large-cap, small-cap, mid-cap, bonds, real estate, commodity, international, ect. There's hardly any doubt about the importance of asset allocation in investing. However, there's one more factor that we may have omitted so far: the taxes. When […]

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Flexible Spending Account Grace Period

As 2006 comes to the end, one year-end move suggested by many personal finance articles is to spend whatever you still have in your flexible spending account (FSA) before December 31st due to the use-it-or-lose-it rule. However, IRS allows up to two and a half months of grace period into the new year for the […]

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$0.99 One Way Fares at Spirit Airlines Today Only

Spirit Airlines is having what it calls "The Mother of All Spirit Sales" today. For some routes, the air fare can be as low as 99 cents (yes, 99 cents). For example, From Atlanta to Orlando, $0.99 each way, available on 2/10/07, 2/22/07, 2/28/07, 3/3/07 From Boston to Detroit, $0.99 each way, available on 1/8/07, […]

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