Reader Questions – Taxes, 401k, and Saving Money

February 10, 2007

I like to keep track of the questions that readers are asking when they visit Money Smart Life. The most popular questions from search engines for the last few weeks have been about taxes, 401k, and saving money. Here they are with my answers.

Is it too late to reduce 2006 taxes?
You’ve missed the boat for 2006. Read tax Lower Your Taxes Big Time to start saving on your 2007 taxes.

People who paid zero taxes and their life?
Thought this on was a little funny. Some of these people are in jail. The rest are hiding from the IRS 🙂

How much would a $50 tax credit reduce taxes by?
I could never keep tax credits and tax deductions straight so I put together a summary of credits vs. deductions.

What if i give alot of money to church and don’t have receipts?
Donating money is honorable, be smart about it and you can write it off.

How is federal excise tax listed on phone bills?
Don’t miss out on this tax refun. Get back some of the fees you’ve been paying unnecessarily.

Corporations who match charitable donations?
You can double your tax deductible charitable contributions if your employer has a matching program.

How to diversify my 401k?
Here is a summary of good resources on rebalancing your investments.

What to do with 401k when you quit your job?
My advice, roll over your 401k into an IRA, read why here.

How do 401k administrators make money?
Here is a summary of a Smart Money article on 10 Things Your 401k Provider Won’t Tell You.

Saving Money
How To Get a Free Car Wash?
Give this a try.

How to save money on cell phone bill?
I save over 50%, read how.


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Ben Edwards, the founder of Money Smart Life, saved up enough to buy a Nintendo back when he was 12 years old. When he used the money to buy shares of Wal-Mart stock instead, he knew he wasn't like the other kids... His addiction to personal finance has paid off for his family and now he's helping you to afford the life that you want. Check him out on the web at Google Plus, Twitter and Facebook.

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