My Favorite Type of Tax Deduction That Most Families Don’t Think About

Yes, I know. Tax season is far, far past us (cue angelic chorus from above). Those tight deadlines and stacks of financial documents are all nicely tucked away in our mental or physical files--or completely forgotten and shredded.

So why discuss taxes in the Summer? Filing taxes each year is one thing, but doing a little tax planning for your family is not only essential, but it’s wise to do so well before year’s end.

In that light I’d like to discuss tax deductions, but with a perspective that’s crucial to understand which I don’t hear discussed very often. And while I’m not a tax professional, I feel that understanding the nature of deductions can make one of the most significant financial impacts on your tax situation each year.

For Self-Employed Savers, Few Tools Are Better Than the Solo 401(k)

With nearly 1 out of every 10 U.S. workers self-employed, at least 10% of workers are going without a traditional 401(k) plan. While some may create future retirement income from the sale of their business, generating substantial retirement income from a business sale tends to be the exception rather than the rule.

What are the options for self-employed savers? Are IRAs, with their relatively small contribution amounts and income restrictions, all that’s available?

Just as a company with thousands of employees is allowed to have a 401(k) plan, part of the IRS tax code allows businesses with just one employee--that’s YOU--to have a 401(k) as well.

It’s called a Solo or Individual 401(k), and it’s an excellent retirement saving tool for sole proprietors.

5 Pointers for Every First-Time Homebuyer

I recently wrote a blog post about the costs of homeownership. These costs are real and should be strongly considered by any homeowner.

But if you’re just starting on the path to buying your first home, there’s even more to consider. Despite what HGTV might portray, the homebuying process is not easily condensed into a 20-minute episode. Before leaping into the fray, here are 5 tips that every first-time homebuyer should try putting into action.

My Old, Worn-Out Shoes and Buying Meaningfully

In 2010, I moved into a friend’s townhome close to downtown Salt Lake City. My work was a little over a mile away, but instead of hopping in my car each morning I threw on a good pair of casual shoes and started walking.

I walked to and from my job in the same shoes for about 5 years. EVERY. SINGLE. WORKDAY. As best as I can estimate, I walked around 2,880 miles in that one pair of shoes.