Read this on CNN Money and thought it was funny enough to share. No seriousness in this one...just all laughs. I think I've had some of you ask me about some even crazier tax deductions.
Enjoy!
http://money.cnn.com/galleries/2012/pf/taxes/1203/gallery.wacky-tax-deductions/index.html
Monday, March 12, 2012
Tuesday, February 21, 2012
Tax Tantrum Tuesday: Charitable Contribution Come Up
Remember my "You Have Arrived" post regarding the ability to itemize on your taxes? Well I met my goal this year...I stayed consistent with my tithing in church (which was a 2011 New Year's resolution for me) and it resulted in me being able to itemize on my 2011 federal tax return in addition to being blessed beyond measure. I thought it would be nice of me to share how this turned out to be a benefit for my taxes... even though a tax deduction for charitable contributions was not even 50% of my motivation for wanting to donate more to non-profit organizations including tithes to my church.
As you all know from my tax posts...either you can claim the standard deduction or itemized deduction on your federal tax return. The standard deduction for 2011 is $5,800 for singles no matter how much you made. Itemizing is a bit different and fluctuates based on what you are able to itemize. For 2011, I was able to itemize $7,160. This included my state income taxes paid (this would've been taken out of my paycheck regardless) as well as my charitable contributions (roughly $4000 in tithes and other charitable donations throughout 2011). So in essence, for 2011 I was able to deduct $1,360 more ($7,160 - $5,800) from my income by keeping up with tithing and being a little more generous than I would've been in the past.
The bigger deduction resulted in my tax liability being about $400 lower than it would've been had I only been able to take the standard deduction. This means my refund was $400 larger. Now, I know what you're thinking...this isn't a lot.
But I. Feel. Amazing. For a few reasons:
1) I was able to successfully complete my New Year's resolution for 2011.
2) I was able to itemize and take just that much more of my mula back from the IRS...which honestly makes me want to start planning and saving for the next big itemization move...buying a home. I think it's great to set that up as a goal for myself at 25.
3) My refund is $400 bigger! It's not a ton of money but it's $400 the IRS would've had otherwise!
4) Giving is so much more fulfilling than I could have ever imagined. This is really the biggest reason (hence it's bold type font). Contrary to popular belief, I did not have to give up anything in order to give...and if I did, I didn't notice it. That's how happy giving made me. :-)
Happy itemizing and happy giving!
As you all know from my tax posts...either you can claim the standard deduction or itemized deduction on your federal tax return. The standard deduction for 2011 is $5,800 for singles no matter how much you made. Itemizing is a bit different and fluctuates based on what you are able to itemize. For 2011, I was able to itemize $7,160. This included my state income taxes paid (this would've been taken out of my paycheck regardless) as well as my charitable contributions (roughly $4000 in tithes and other charitable donations throughout 2011). So in essence, for 2011 I was able to deduct $1,360 more ($7,160 - $5,800) from my income by keeping up with tithing and being a little more generous than I would've been in the past.
The bigger deduction resulted in my tax liability being about $400 lower than it would've been had I only been able to take the standard deduction. This means my refund was $400 larger. Now, I know what you're thinking...this isn't a lot.
But I. Feel. Amazing. For a few reasons:
1) I was able to successfully complete my New Year's resolution for 2011.
2) I was able to itemize and take just that much more of my mula back from the IRS...which honestly makes me want to start planning and saving for the next big itemization move...buying a home. I think it's great to set that up as a goal for myself at 25.
3) My refund is $400 bigger! It's not a ton of money but it's $400 the IRS would've had otherwise!
4) Giving is so much more fulfilling than I could have ever imagined. This is really the biggest reason (hence it's bold type font). Contrary to popular belief, I did not have to give up anything in order to give...and if I did, I didn't notice it. That's how happy giving made me. :-)
Happy itemizing and happy giving!
Wednesday, February 8, 2012
Apple Will Make You Do the Craziest Things
Make room in your budgets for increasing cell phone costs. Why? Because Apple has figured out a way to rule the world and whether or not you're under their spell, you will probably pay the price.
An article on CNN Money caught my eye today, The iPhone is a Nightmare for Carriers. Shocking headline right? How could the iPhone be a nightmare for anyone...it's only one of the greatest things ever created.
After reading the article, one thing really stood out to me: the power of a strong brand. We often talk about great brands...brands we see everyday, can recognize very easily, and even have developed loyalty to. But what Apple has done...or should I say, what Steve Jobs has done...is turned us into some pathetic salivating puppies who would do and give anything to get our paws on whatever it is they're selling. Talk. About. Genius. God rest his soul.
So the problem: Why is iPhone a nightmare for carriers? In the simplest terms, carriers aren't making money off of the iPhone. In fact they are losing money from offering it. Carriers pay the "sticker" price for each phone from Apple and they sell it to us at deep discount, after hundreds of dollars in rebates and the such. For most phones, this subsidy is recouped over the course of a 2 year phone contract but for the iPhone, the subsidy is so large that even with the contract, iPhones are bringing margins down. Fun fact of the day: Verizon saw one quarter of rising margins this year. When? Third quarter, when iPhone sales stalled due to the much anticipated release of the 4S. Go figure. Not to mention the added expenses of supporting these 3G and 4G compatible networks and expanding coverage areas. Now not only is AT&T seeing decreasing margins from offering the iPhone, Verizon and Sprint have joined the band wagon as well.
The Solution? You would think this means that carriers wouldn't support the iPhone. Sprint admitted to paying upfront costs of $15.5 billion over four years yet doesn't expect to make any money off of the iPhone until at least 2015. What business continues to sell something that makes it lose money? This is where the power of the brand comes into play. No. They aren't thinking about tossing Apple (no one would dare do such a thing). They aren't even considering negotiations with Apple to reduce the subsidy (which is running about $450 per phone). Instead, they are passing on the increased costs to consumers in the form of higher service plans and limits on otherwise unlimited offerings. Sprint has increased all smartphone rates by $10/ month. Verizon no longer offers unlimited data. AT&T no longer has an unlimited plan and raised rates by $5/month. This is for everybody. Non-iPhone users and #teamiPhone alike. Why do you ask? It's all in the name of market share.
Carriers don't think the iPhone love affair will end anytime soon. And I think they're right. Even if it tanks their margins, it increases their market share. The reality of it all is that everyone loves Apple and consumers will flock to the carriers who offer it...so whether or not it makes dollars, it makes sense. First time I've seen that cliche broken. Apple, you've done it again.
An article on CNN Money caught my eye today, The iPhone is a Nightmare for Carriers. Shocking headline right? How could the iPhone be a nightmare for anyone...it's only one of the greatest things ever created.
After reading the article, one thing really stood out to me: the power of a strong brand. We often talk about great brands...brands we see everyday, can recognize very easily, and even have developed loyalty to. But what Apple has done...or should I say, what Steve Jobs has done...is turned us into some pathetic salivating puppies who would do and give anything to get our paws on whatever it is they're selling. Talk. About. Genius. God rest his soul.
So the problem: Why is iPhone a nightmare for carriers? In the simplest terms, carriers aren't making money off of the iPhone. In fact they are losing money from offering it. Carriers pay the "sticker" price for each phone from Apple and they sell it to us at deep discount, after hundreds of dollars in rebates and the such. For most phones, this subsidy is recouped over the course of a 2 year phone contract but for the iPhone, the subsidy is so large that even with the contract, iPhones are bringing margins down. Fun fact of the day: Verizon saw one quarter of rising margins this year. When? Third quarter, when iPhone sales stalled due to the much anticipated release of the 4S. Go figure. Not to mention the added expenses of supporting these 3G and 4G compatible networks and expanding coverage areas. Now not only is AT&T seeing decreasing margins from offering the iPhone, Verizon and Sprint have joined the band wagon as well.
The Solution? You would think this means that carriers wouldn't support the iPhone. Sprint admitted to paying upfront costs of $15.5 billion over four years yet doesn't expect to make any money off of the iPhone until at least 2015. What business continues to sell something that makes it lose money? This is where the power of the brand comes into play. No. They aren't thinking about tossing Apple (no one would dare do such a thing). They aren't even considering negotiations with Apple to reduce the subsidy (which is running about $450 per phone). Instead, they are passing on the increased costs to consumers in the form of higher service plans and limits on otherwise unlimited offerings. Sprint has increased all smartphone rates by $10/ month. Verizon no longer offers unlimited data. AT&T no longer has an unlimited plan and raised rates by $5/month. This is for everybody. Non-iPhone users and #teamiPhone alike. Why do you ask? It's all in the name of market share.
Carriers don't think the iPhone love affair will end anytime soon. And I think they're right. Even if it tanks their margins, it increases their market share. The reality of it all is that everyone loves Apple and consumers will flock to the carriers who offer it...so whether or not it makes dollars, it makes sense. First time I've seen that cliche broken. Apple, you've done it again.
Tuesday, January 31, 2012
The Cheating Debate: To Stay or Walk Away
In light of recent reality television events and profound conversations I've engaged in with my friends and coworkers, I have decided to have a few-part series (I don't know how many yet..lol) on the Cheating Debate.
Part I: To Stay or Walk Away
If you watch Love and Hip Hop on VH1, you witnessed first hand, Chrissy's (who rapper Jim Jones has been in a committed relationship with for 7 years) monologue regarding how the girlfriends/baby mommas/wives of high profile rappers (and we can go ahead and lump athletes and other famous and fine men), should approach their relationships...realistically.
If you don't watch, you can get a summary of what she said here.
I think we can all agree that at least Chrissy isn't naive. The part that gets cloudy is whether or not it's acceptable for her to just be satisfied with the fact that when you date a certain caliber of man (specifically the kind with groupies) there will be infidelity. And although no woman wants that, it's part of the package. The way you know he loves and respects you is [not by whether or not he cheats at all, but..] by how well [or poorly] he keeps it a secret.
For Emily, Chrissy's friend, the problem with rapper Fabulous is that he was all out and about with his cheating, which is obviously a lack of respect. But for her and Jimmy...well Jimmy knows better than to let her see or hear anything. And that demonstrates his respect for their relationship.
Now in just typing that, I see something inherently wrong with Chrissy's definition of respect. Because if that's respect then what is it called when your man just doesn't ever cheat on you. Is that like...super respect?
On the other hand...reality is reality. Andddd the reality of it all is that, famous or not famous most men cheat. I said most not all. Repeat, most not all. And what Chrissy is saying here is that because this is quite impossible to avoid, at the very least, a man should make sure his hos stay silent. I can bang with it...kind of.
In the link above, the YBF blogger maintains that she's sick of women settling for men mistreating them just because it comes nicely packaged with big houses and expensive things. Why can't you be bossy, attain your own, buy you own big house and expensive things, and find a man who will treat you the way you deserve to be treated. Why just turn the other cheek just because you're too lazy to make your own?
She has a valid point.
But in conversation with some of my good girlfriends we all agreed...that ish is easier said than done. Because as women who have attained degrees (some of us multiple), are independent, and have our heads on straight, it is hard as hell to find a great normal ass faithful man. I would argue that it's as if you have to pick one or the other: respect yourself, be independent, attain and buy your own OR be a good woman, let a man be the head of your household, buy you nice things and be okay with the fact that he occasionally steps out on you (as long as he knows how to keep it hush, hush). Raise your hand if you know more than a couple people with the best of both worlds.
Anddd as the saying goes...the grass isn't always greener. Women like myself, who are independent and self sufficient (and are usually sitting on our high horses talking about what we ain't gon' deal with), are thinking, well maybe it wouldn't be so bad to tolerate the cheating because we are just sick of being out here single as all get out. And women on the other side (say an Emily of sorts) feel like, I'm worth more than this and I need to show him I don't need his ass. The money and nice ish don't mean more than my dignity at the end of the day.
But the truth of the matter is that as soon as you switch sides, you'll probably miss what you had on the other side. That of course, doesn't really keep anybody from switching...
So I can respect Chrissy...because she's chosen her side and she's sticking with it. I think she realizes that the alternative comes with it's set of issues as well...and it's really just about which set of issues you want to take on. And when you look at it that way...well, it's pretty darn simple whether you should...
Stay or Walk away
What do you think? Is Chrissy completely wrong, right or in between? Men, we would love to hear from you as well!! Comment below.
Part I: To Stay or Walk Away
If you watch Love and Hip Hop on VH1, you witnessed first hand, Chrissy's (who rapper Jim Jones has been in a committed relationship with for 7 years) monologue regarding how the girlfriends/baby mommas/wives of high profile rappers (and we can go ahead and lump athletes and other famous and fine men), should approach their relationships...realistically.
If you don't watch, you can get a summary of what she said here.
I think we can all agree that at least Chrissy isn't naive. The part that gets cloudy is whether or not it's acceptable for her to just be satisfied with the fact that when you date a certain caliber of man (specifically the kind with groupies) there will be infidelity. And although no woman wants that, it's part of the package. The way you know he loves and respects you is [not by whether or not he cheats at all, but..] by how well [or poorly] he keeps it a secret.
For Emily, Chrissy's friend, the problem with rapper Fabulous is that he was all out and about with his cheating, which is obviously a lack of respect. But for her and Jimmy...well Jimmy knows better than to let her see or hear anything. And that demonstrates his respect for their relationship.
Now in just typing that, I see something inherently wrong with Chrissy's definition of respect. Because if that's respect then what is it called when your man just doesn't ever cheat on you. Is that like...super respect?
On the other hand...reality is reality. Andddd the reality of it all is that, famous or not famous most men cheat. I said most not all. Repeat, most not all. And what Chrissy is saying here is that because this is quite impossible to avoid, at the very least, a man should make sure his hos stay silent. I can bang with it...kind of.
In the link above, the YBF blogger maintains that she's sick of women settling for men mistreating them just because it comes nicely packaged with big houses and expensive things. Why can't you be bossy, attain your own, buy you own big house and expensive things, and find a man who will treat you the way you deserve to be treated. Why just turn the other cheek just because you're too lazy to make your own?
She has a valid point.
But in conversation with some of my good girlfriends we all agreed...that ish is easier said than done. Because as women who have attained degrees (some of us multiple), are independent, and have our heads on straight, it is hard as hell to find a great normal ass faithful man. I would argue that it's as if you have to pick one or the other: respect yourself, be independent, attain and buy your own OR be a good woman, let a man be the head of your household, buy you nice things and be okay with the fact that he occasionally steps out on you (as long as he knows how to keep it hush, hush). Raise your hand if you know more than a couple people with the best of both worlds.
Anddd as the saying goes...the grass isn't always greener. Women like myself, who are independent and self sufficient (and are usually sitting on our high horses talking about what we ain't gon' deal with), are thinking, well maybe it wouldn't be so bad to tolerate the cheating because we are just sick of being out here single as all get out. And women on the other side (say an Emily of sorts) feel like, I'm worth more than this and I need to show him I don't need his ass. The money and nice ish don't mean more than my dignity at the end of the day.
But the truth of the matter is that as soon as you switch sides, you'll probably miss what you had on the other side. That of course, doesn't really keep anybody from switching...
So I can respect Chrissy...because she's chosen her side and she's sticking with it. I think she realizes that the alternative comes with it's set of issues as well...and it's really just about which set of issues you want to take on. And when you look at it that way...well, it's pretty darn simple whether you should...
Stay or Walk away
What do you think? Is Chrissy completely wrong, right or in between? Men, we would love to hear from you as well!! Comment below.
Curb Your Spending: Bucket Budgeting
Thursday, January 26, 2012
Making Philanthropy Fun: How to Get Engaged in Giving Back
One of 25 and retiring's readers requested that I write about philanthropy for twenty somethings. Coincidentally, I ran into this article on Wall Street Journal the same week: Making Philanthropy 'Fun' For Young Professionals
The key word for our generation is fun. We really only find value in spending time doing things we enjoy. I mean let's face it, we're pretty selfish like that. So when thinking about philanthropic opportunities that you can get involved in (and will most likely stay involved in) don't feel bad about measuring the fun factor.
A few creative ways to give back and enjoy it:
1) Participate in a program with children. For those of us who actually like them [children], programs like Big Brother Big Sister are a really fun way to give back. I participated as a Big Sister in Chicago my first year back and used it as an opportunity to do all of the fun, childish, touristy things I enjoy about the city but my friends might think are lame or a waste of time and money: ice and roller skating, Segway tours, trips to Navy Pier (more specifically the Children's museum), arts and crafts, etc.
2) Join a Junior Board. These are also a great way to meet other like-minded young professionals in your area. A lot of non profit organizations grab the attention of twenty somethings through their Junior Board. The Junior Board raises awareness about the organization while bringing in funds in the form of programming, events and fundraisers. Of course the board is composed of other young professionals, so meetings and things, while business-like and semi-serious can also be really fun because you usually become friends with fellow board members. This is also good to be able to put on your resume, especially if you assume a leadership position and can potentially prepare you to sit on the Executive Board of a non profit one day. I participated on a Junior Board in Chicago as well for two years and have gained very close and beneficial relationships with young professionals across different careers because of it, all the while assisting in the growth and development of a non profit whose mission I believed in. Pretty good deal.
3) Volunteer with Your Friends! When it comes to organizing a night out, afternoon at the movies, game night at someone's home, or a weekend road trip, we can organize away. Well what about organizing a fun volunteer activity for your group of friends on a Saturday afternoon (of course followed by lunch/dinner and drinks at your favorite bar or restaurant) at your local homeless or women's shelter or soup kitchen? Maybe you can even make it your annual Thanksgiving or Christmas activity??? I participate in a small group bible study with a group of young women and as part of our group we've designated someone to come up with community service activities for us to engage in from time to time. You can do this too if you're involved in a book club with friends or maybe if you go hoop with your boys on a weekly basis. The point is, anything you do with your buddies, will be guaranteed fun!
The key word for our generation is fun. We really only find value in spending time doing things we enjoy. I mean let's face it, we're pretty selfish like that. So when thinking about philanthropic opportunities that you can get involved in (and will most likely stay involved in) don't feel bad about measuring the fun factor.
A few creative ways to give back and enjoy it:
1) Participate in a program with children. For those of us who actually like them [children], programs like Big Brother Big Sister are a really fun way to give back. I participated as a Big Sister in Chicago my first year back and used it as an opportunity to do all of the fun, childish, touristy things I enjoy about the city but my friends might think are lame or a waste of time and money: ice and roller skating, Segway tours, trips to Navy Pier (more specifically the Children's museum), arts and crafts, etc.
2) Join a Junior Board. These are also a great way to meet other like-minded young professionals in your area. A lot of non profit organizations grab the attention of twenty somethings through their Junior Board. The Junior Board raises awareness about the organization while bringing in funds in the form of programming, events and fundraisers. Of course the board is composed of other young professionals, so meetings and things, while business-like and semi-serious can also be really fun because you usually become friends with fellow board members. This is also good to be able to put on your resume, especially if you assume a leadership position and can potentially prepare you to sit on the Executive Board of a non profit one day. I participated on a Junior Board in Chicago as well for two years and have gained very close and beneficial relationships with young professionals across different careers because of it, all the while assisting in the growth and development of a non profit whose mission I believed in. Pretty good deal.
3) Volunteer with Your Friends! When it comes to organizing a night out, afternoon at the movies, game night at someone's home, or a weekend road trip, we can organize away. Well what about organizing a fun volunteer activity for your group of friends on a Saturday afternoon (of course followed by lunch/dinner and drinks at your favorite bar or restaurant) at your local homeless or women's shelter or soup kitchen? Maybe you can even make it your annual Thanksgiving or Christmas activity??? I participate in a small group bible study with a group of young women and as part of our group we've designated someone to come up with community service activities for us to engage in from time to time. You can do this too if you're involved in a book club with friends or maybe if you go hoop with your boys on a weekly basis. The point is, anything you do with your buddies, will be guaranteed fun!
Friday, January 20, 2012
Making Him Wait
We all have different perspectives on how "long" we should make a guy wait to get the goodies. But do we ever think about whether we're making a guy wait too long?
Check it. I read an article in the February issue of Essence Magazine that talked about relationship myths. One of them (and obviously the one that really caught my attention), was something along the lines of:
"Giving it up too soon will give a guy the wrong impression and lump you into the easy/hobags category."
To my surprise, the guy "expert" lending his advice for this myth said that as an adult, the time in which it takes to get the drawers doesn't heavily weigh on a guy's decision to seriously pursue a woman. He mentioned that he's had long relationships with women who he has slept with the first night they met him as well as women who made him wait a few dates, weeks, months.
We (women) always think that if you give it up too soon the guy will automatically think that everybody is hittin' it that soon. But he suggested that's not the case. Guys are cocky. They don't think every guy gets it that soon, they just think they did. Swag. lol. Basically, it plays to a guy's ego.
Who knew?!!!
Furthermore... he mentioned that actually, when a woman makes him wait too long...he oftentimes gets annoyed and becomes uninterested. *brakes screeching* WHAAAAT?!
Yall, this threw me...like all. the. way. Why would a woman wanting to be sure about taking the next step in a relationship make any good man disinterested? Or would it? If a man becomes disinterested...does that mean he wasn't any good for you anyway? Or does it mean, you're trippin' woman?
Readers...male and female...WHAT DOES IT MEAN?!
Check it. I read an article in the February issue of Essence Magazine that talked about relationship myths. One of them (and obviously the one that really caught my attention), was something along the lines of:
"Giving it up too soon will give a guy the wrong impression and lump you into the easy/hobags category."
To my surprise, the guy "expert" lending his advice for this myth said that as an adult, the time in which it takes to get the drawers doesn't heavily weigh on a guy's decision to seriously pursue a woman. He mentioned that he's had long relationships with women who he has slept with the first night they met him as well as women who made him wait a few dates, weeks, months.
We (women) always think that if you give it up too soon the guy will automatically think that everybody is hittin' it that soon. But he suggested that's not the case. Guys are cocky. They don't think every guy gets it that soon, they just think they did. Swag. lol. Basically, it plays to a guy's ego.
Who knew?!!!
Furthermore... he mentioned that actually, when a woman makes him wait too long...he oftentimes gets annoyed and becomes uninterested. *brakes screeching* WHAAAAT?!
Yall, this threw me...like all. the. way. Why would a woman wanting to be sure about taking the next step in a relationship make any good man disinterested? Or would it? If a man becomes disinterested...does that mean he wasn't any good for you anyway? Or does it mean, you're trippin' woman?
Readers...male and female...WHAT DOES IT MEAN?!
- What is the best window of time (to not give it up too soon but not make him wait too long)?
- How many men have actually become uninterested in a woman mostly based on this factor?
- Is this guy's perspective true for most men?
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