Sunday, December 28, 2008

Extra Stuff

A great email from the Art of Manliness blog arrived in my email with a few good links for you to click on:

The Art of Manliness

The Art of Manliness Weekly Roundup: Getting Our Lives In Order Edition

Posted: 27 Dec 2008 01:22 PM CST

Kate and I had a wonderful Christmas, which we spent with both of our families. Santa must have read our Holiday Gift Guide as I received several manly presents including a Case pocketknife, a shoeshine kit, and some hankies. But my favorite gift actually came on my birthday, which falls two days before Christmas. Kate surprised me with one strikingly handsome fedora from the Brothers Hat Shop here in Tulsa. Sweet.

Now we have to make room for our new loot, so yesterday Kate and I spent all day cleaning and organizing. It feels good to clean out the clutter. We’re still not done. We’ll be going through our clothes and donating the stuff we don’t wear anymore to Goodwill. We’re also catching up on things that got pushed to the side during the semester. Our goal is to have everything done and in order by the new year. Anybody else using the holiday break to get their lives in order?

Time for some links.

Hard Times, a Helping Hand If you read only one of these links, let it be this one. This article about a man who gave anonymously to those in need during the Great Depression got me a little choked up. I hope I can leave as inspiring a legacy to my grandkids as he did to his.

Free eBook: Thriving on Less (@ the power of less) Speaking of getting our lives in order, Leo Babutua, author of the blog Zen Habits, has put out a free eBook called Thriving on Less. It’s a small companion book to his newly published book, The Power of Less. Check it out. It’s full of useful advice.

Stuff in My Beard There’s something majestic about a beard. It’s hard to explain. Stuff in my Beard is dedicated to examining the implications of the beard’s enchantment. Very fun site.

Why Clint Eastwood Thinks America is Full of Babies (@ ny daily news) Movie tough guy Clint Eastwood said in an interview with Esquire that America has gone soft. The reason? People started asking about the meaning of life and psychoanalyzing everything.

Farkas Eye Black If you have a son that plays sports or if you’re a weekend warrior, you might trying using some eye black to reduce the glare from the sun or lights. Farkas Eye Black has old school style, works better than those crappy stickers, and is owned by the grandson of the football player who first used eye black in 1942, Andy Farkas.

The H.O. Studley Tool Chest (@ fine wood working) This tool chest is bad-a. It was created by a Massachusetts piano maker named H.O. Studley. It took him more than 80 years to refine the chest to its current form of awesomeness. The site has some images you can download for your desktop background. (Hat tip to AoM reader Randy Helm)

Love the Past It’s a new website dedicated to showcasing vintage art, advertising, and propaganda. Pretty cool stuff.

Saving Money Before 2009

I opened my email today and saw this excellent and very timely tip from the DLM Blog. This weekend my wife and I took a look at our finances together and I urge you to do the same with your housemate, or what ever you call him/her/it.

9 Year End Tax Tips that may pay for your Holiday Shopping!

Posted: 27 Dec 2008 06:38 AM PST

Christmas has come and gone - well, at least until that credit card bill comes. Before you begin the tradition of fearing the mail carrier and the inevitable sticker shock that awaits, why not take some preemptive measures and make it a little simpler to pay your credit card bill, your mortgage, or simply start that emergency fund that has alluded you.

This is indeed the time of year where planning pays. Consider a couple of year end tax saving strategies for perhaps a larger tax refund or smaller liability, depending upon your situation.

Consider sending in some additional money towards your mortgage. The extra interest you pay will be deductible in 2008.

Clean out your closet or attic and give clothes, old furniture, and books, to a charity like Salvation Army and the local library. Ask for help to determine the value and get a receipt. If you itemize, this can really add up and save you hundreds and perhaps even thousands.
"You may deduct charitable contributions of money or property made to qualified organizations if you itemize your deductions." (IRS Publication 78)
Make any cash charitable contribution by the end of the year. You can use your credit card therefore making charitable deductions deductible in 2008.

Make certain you are getting your tax credits. Earned Income credit, Child credits, Education credits, etc. Credits are better than deductions and can save you hundreds. You can even get these credits before you get your W-2 in late January, early February. Many people fail to take them at all!

Consider an IRA. If you have never invested before, this a great time to start and IRA’s are a great vehicle for tax savings. Traditional IRA’s help with saving taxes today and Roth’s will save you taxes in the future. Here is a good primer on how to start an IRA.

Consider selling investments that are trading at a loss. For tax purposes, you are better off taking a loss in order to take advantage of either offsetting against gains or ordinary income of up to $3,000.00 a year. Make certain you stay out of the investment for 31 days in order to avoid the Wash Sale Rule.

Consider paying your state and local taxes by the end of the year so they are deductible in 2008. This is where good year-end planning can really add up.

If you have a high net worth or just have some cash sitting around, consider gifting some money to your children. The IRS allows you to give up to $12k per year without triggering estate/gift tax liability ($13k in 2009). This makes more and more sense with a Democratic majority and estate tax thresholds decreasing. The smaller your estate, the less you will have to pay in estate taxes.

Consider changing your withholding. If you are consistently getting money back from the IRS, you may be withholding too much. This freed up cash can help us budget our money better.

Remember that a good tax advisor/preparer can really be worth their salt and getting your taxes done early can also create some savings too.

Many CPA’s offer an early bird special if you get them your information in February. This also allows for a better dialogue between you and your tax advisor. I can speak from experience from preparing taxes that the clients that got their information into the office in April did not get the same deductions that the client got in February and March. Simply, this is because there is no time for phone tag when you wait until the last minute.