From WalletPop. Who needs hole-in-one insurance, except maybe Tiger Woods?
Then we have:
1. The video gamer who insured his fingers
2. Alien abduction insurance
3. Kidnap and ransom insurance (undoubtedly for rich people's kids)
Friday, April 30, 2010
Thursday, April 29, 2010
The Epilogue to Tax-Deductible Medically-Necessary Foods
I just came back from a session with the year-round H&R Block office, and a fellow Celiac tax agent set me straight on all this mess:
1. She advises AGAINST trying to write off these foods under the itemization of medical expenses because there is no formal set ruling on whether or not gluten-free foods are indeed deductible, even though there are letters and memos from the IRS stating that there are. Since there is nothing on the IRS website, and no publications, these foods are a BIG RED FLAG for audits. You may win your audit (or not) with the following citations, but you have to get to audit point to prove your point--a major hassle:
IRS rulings
* IRS Revenue Ruling 55-261
* Cohen 38 TC 387
* Revenue Ruling 76-80
* 67TC 481
* Fleming TC MEMO 1980 583
* Van Kalb TC MEMO 1978 366
2. Since the floor for medical deductions is now a hard-to-reach 7.5% of your AGI, and soon to go to 10%, she advises not to bother. Instead, she advises to go the pre-tax HSA medical expense route, because there is no floor or limit on what you have to spend (except what you put into the account to begin with). No matter how high the medical expense deduction floor goes, the HSA will always have no limits up or down. You also cannot do both the HSA and the medical expense itemization.
3. No matter which way you choose to go, your register receipts for gluten-free items have to designate "gluten-free" items and not just general item classifications--in other words, you buy brown rice pasta, a GF product. The register receipt had better say GF (or some indicator of gluten-free) on it, or the IRS (or insurers) won't know if it's GF pasta, or just very pricey gourmet wheat pasta. If they can't readily tell, then you don't get the deduction/expense. This is ON TOP of the other requirements of only claiming the price difference minus 7.5%, or claiming 100% of xanthan/guar gum prices minus the 7.5% floor. The year-round tax lady and fellow Celiac says there are just too many hoops to jump through to make it feasible for most.
This ends the food-as-medical expense saga, as I'm planning to go the HSA route next year. By then, my crops will be in, and my food purchases should be less. Meanwhile, I have to let my health food store owner know what the tax people told me, so she can let her customers know, and so she can start figuring out how to make her register tapes start showing GF products.
1. She advises AGAINST trying to write off these foods under the itemization of medical expenses because there is no formal set ruling on whether or not gluten-free foods are indeed deductible, even though there are letters and memos from the IRS stating that there are. Since there is nothing on the IRS website, and no publications, these foods are a BIG RED FLAG for audits. You may win your audit (or not) with the following citations, but you have to get to audit point to prove your point--a major hassle:
IRS rulings
* IRS Revenue Ruling 55-261
* Cohen 38 TC 387
* Revenue Ruling 76-80
* 67TC 481
* Fleming TC MEMO 1980 583
* Van Kalb TC MEMO 1978 366
2. Since the floor for medical deductions is now a hard-to-reach 7.5% of your AGI, and soon to go to 10%, she advises not to bother. Instead, she advises to go the pre-tax HSA medical expense route, because there is no floor or limit on what you have to spend (except what you put into the account to begin with). No matter how high the medical expense deduction floor goes, the HSA will always have no limits up or down. You also cannot do both the HSA and the medical expense itemization.
3. No matter which way you choose to go, your register receipts for gluten-free items have to designate "gluten-free" items and not just general item classifications--in other words, you buy brown rice pasta, a GF product. The register receipt had better say GF (or some indicator of gluten-free) on it, or the IRS (or insurers) won't know if it's GF pasta, or just very pricey gourmet wheat pasta. If they can't readily tell, then you don't get the deduction/expense. This is ON TOP of the other requirements of only claiming the price difference minus 7.5%, or claiming 100% of xanthan/guar gum prices minus the 7.5% floor. The year-round tax lady and fellow Celiac says there are just too many hoops to jump through to make it feasible for most.
This ends the food-as-medical expense saga, as I'm planning to go the HSA route next year. By then, my crops will be in, and my food purchases should be less. Meanwhile, I have to let my health food store owner know what the tax people told me, so she can let her customers know, and so she can start figuring out how to make her register tapes start showing GF products.
UPDATE to Rising Rates Just Around the Corner
Original article.
UPDATE--What to do about it:
"...as time passes, the Fed will be forced to “follow” the bond market. It won’t be able to keep the fed funds rate pegged near zero percent. It will have to raise rates — whether it wants to or not — in order to show it’s trying to tamp down inflation and to reassure fleeing bond investors that it’s not going to let the value of their money collapse. When that happens, rates on these other kinds of loans will rise.
Remember the 70's and double-digit prime rates? We're going to relive them--don't be surprised if odd-even gas rationing makes a comeback. According to the PPI, the Fed's already about 6% behind the interest rate curve--there is a strong possibility that we may see a sudden big jump in interest rates as soon as the employment picture brightens a little.
So what can you do to protect yourself?
1. Lock in the longest-term mortgage you can get now if you’re buying a house or refinancing your existing loan. A rate of 5 percent and change is much better than you’re going to get six, 12 or 18 months down the road, in my view.
2. Pay down or close any home equity line of credit you have — and work at paying off credit card debt. The interest costs on those debts are going to go up when the Fed is forced from the sidelines.
3. Many banks also allow you to fix the rate on a portion of your home equity line of credit balance for a fee. Check to see if you have that option and if so, take advantage of it. The same would go for any business loans you may have outstanding.
By taking all of these steps — with your...personal finances — you will be prepared for the world that’s coming. A world where cheap, easy money is a thing of the past. A world dominated by The Great Interest Rate Explosion of 2010-2011."
If you have money in bonds, bond funds, or bond ETFs, now would be a good time to get out, or short them (through inverse bond ETFs, inverse bond funds, or just an old-fashioned short). Bonds aren't going to be worth the paper they're printed on! As far as stocks, look outside the U.S., particularly to the Pacific countries: Japan, China, Taiwan, Phillipines, Vietnam, Australia (especially Australia--they got an early jump out of the recession), and any other Pacific country you can think of, because they lost less, and will gain more.
If you want to ride the tide UPWARD during this coming storm, go to commodities, energy, natural resources, and metals. If you merely want to defend yourself against loss, go to the pantry (to fill it for the next year or so), the mortgage, the credit card, and any other expense that charges interest, and DUMP THEM--GET THEM PAID OFF! Then start working on your expenses that DON'T charge interest, and cut them back too.
Start a garden, learn about other sources of protein besides meat, cut the cable/satellite, cut a car if possible (at least cut the payment), put a halt to any more pets and kids (if you haven't already), stock up on thrift-store clothing buys for future needs (for yourself and kids), and get your house weatherized--we're in for some VERY hot and cold times ahead (mostly from skyrocketing energy prices). Now is NOT the time to hit the mall and buy "things", even though (foolish) others around you are--it's time to coast uphill with what you have, because we don't know how long this interest rate explosion will last. The last one ran through at least 2 presidents--that's 8 years!
It's going to be a tough climb, but we'll see each other at the top. We may be a little worse for wear, but we'll still be upright, breathing, and have our dignity. By then, more people will be back at work, and the tax burden will have lessened somewhat. Incomes will rise, and prices will also moderate to something closer to affordable. Time to save, not spend.
You will think the coast is clear, but just wait--the next downhill slide is not too far away, and you want to be prepared (with cash on hand) to buy low again.
UPDATE--What to do about it:
"...as time passes, the Fed will be forced to “follow” the bond market. It won’t be able to keep the fed funds rate pegged near zero percent. It will have to raise rates — whether it wants to or not — in order to show it’s trying to tamp down inflation and to reassure fleeing bond investors that it’s not going to let the value of their money collapse. When that happens, rates on these other kinds of loans will rise.
Remember the 70's and double-digit prime rates? We're going to relive them--don't be surprised if odd-even gas rationing makes a comeback. According to the PPI, the Fed's already about 6% behind the interest rate curve--there is a strong possibility that we may see a sudden big jump in interest rates as soon as the employment picture brightens a little.
So what can you do to protect yourself?
1. Lock in the longest-term mortgage you can get now if you’re buying a house or refinancing your existing loan. A rate of 5 percent and change is much better than you’re going to get six, 12 or 18 months down the road, in my view.
2. Pay down or close any home equity line of credit you have — and work at paying off credit card debt. The interest costs on those debts are going to go up when the Fed is forced from the sidelines.
3. Many banks also allow you to fix the rate on a portion of your home equity line of credit balance for a fee. Check to see if you have that option and if so, take advantage of it. The same would go for any business loans you may have outstanding.
By taking all of these steps — with your...personal finances — you will be prepared for the world that’s coming. A world where cheap, easy money is a thing of the past. A world dominated by The Great Interest Rate Explosion of 2010-2011."
If you have money in bonds, bond funds, or bond ETFs, now would be a good time to get out, or short them (through inverse bond ETFs, inverse bond funds, or just an old-fashioned short). Bonds aren't going to be worth the paper they're printed on! As far as stocks, look outside the U.S., particularly to the Pacific countries: Japan, China, Taiwan, Phillipines, Vietnam, Australia (especially Australia--they got an early jump out of the recession), and any other Pacific country you can think of, because they lost less, and will gain more.
If you want to ride the tide UPWARD during this coming storm, go to commodities, energy, natural resources, and metals. If you merely want to defend yourself against loss, go to the pantry (to fill it for the next year or so), the mortgage, the credit card, and any other expense that charges interest, and DUMP THEM--GET THEM PAID OFF! Then start working on your expenses that DON'T charge interest, and cut them back too.
Start a garden, learn about other sources of protein besides meat, cut the cable/satellite, cut a car if possible (at least cut the payment), put a halt to any more pets and kids (if you haven't already), stock up on thrift-store clothing buys for future needs (for yourself and kids), and get your house weatherized--we're in for some VERY hot and cold times ahead (mostly from skyrocketing energy prices). Now is NOT the time to hit the mall and buy "things", even though (foolish) others around you are--it's time to coast uphill with what you have, because we don't know how long this interest rate explosion will last. The last one ran through at least 2 presidents--that's 8 years!
It's going to be a tough climb, but we'll see each other at the top. We may be a little worse for wear, but we'll still be upright, breathing, and have our dignity. By then, more people will be back at work, and the tax burden will have lessened somewhat. Incomes will rise, and prices will also moderate to something closer to affordable. Time to save, not spend.
You will think the coast is clear, but just wait--the next downhill slide is not too far away, and you want to be prepared (with cash on hand) to buy low again.
Tuesday, April 27, 2010
15 Things NOT to Buy in Bulk (and my rebuttal)
From MSN Money--no, not the "Frugal Lady", but someone else...and I still have problems.
The list:
1. Brown rice (rancidity)--see footnote below.
2. Candy (leads to bulk eating)--also leads to ants in the pantry (my addition).
3. Paper towels (space issues)--see footnote.
4. Toilet paper (space issues)--see footnote.
5. Nuts (rancidity)--should always be refrigerated or frozen until used, in my opinion. Sub-divide, chop/grind (or not), then freeze.
6. Mayonnaise (rancidity)--see footnote.
7. Vitamins and nutritional supplements (rancidity)--I agree with this one, but have to wonder how long they sit around in warehouses waiting for a new destination.
8. Diapers (growth issue)--see footnote.
9. Bleach (rancidity)--see footnote.
10. Spices (rancidity)--see #7 above.
11. Bread (rancidity)--see footnote.
12. Tilapia (rancidity)--I wouldn't buy Tilapia on a BET! It's the trash fish of modern-day aquaculture.
13. Eggs (rancidity)--DUH!! See footnote.
14. Meats and other frozen foods (expiration, freezer burn, rancidity)--see footnote.
15. Cereal (rancidity and expiration)--also attracts bugs. Also attracts dentists with kids in college, as well as Jamie Oliver (of Food Revolution fame).
____________________________________________________________
Footnotes:
1. If you cook large batches and freeze them, you don't have to worry much about losing a 25-lb. bag of this to rancidity. It's good for a year--this means you have a year to cook and freeze your batches, and I doubt it'll take you that long to do it. I, with a household of two, can probably go through 25 lbs. of brown rice in 4-6 months. Add lentils, beans, wild rice, and split peas to this list. For more ways to use up grains and pulses, see this article--especially the second section.
3. Space is NOT an issue for me--I purposely bought a house with more bedrooms than I need just for this purpose. Yes, I have an entire wall of paper products and trash bags, and they have NO expiration date or go rancid.
4. See above, and add toilet paper to the list. If you have space (or can find it), I suggest you start buying in bulk when sales are good (if you haven't already)--prices are only going to get higher from here. Again, no expiration dates and no rancidity issues. Paper products and soaps are some of the best non-food items to stock up on.
6. I buy my mayonnaise in jars--not the industrial tubs, so rancidity is less of an issue for me. I also use this stuff for making my own "salad dressings" so I consume at least a jar a month.
8. Use cloth diapers, and you don't face this growth problem. Also, instead of piling up boxes of Pull-ups, POTTY TRAIN YOUR KID!!
9. I bought what I thought was a year's worth of bleach, and it turns out to be maybe a decade worth instead. However, since I use it for laundry AND the dishwasher, I'm not worried--they make pool chemicals to last inside a warehouse, and this bleach is no exception (it may be labeled "household bleach", but we know better).
11. Why buy pre-made bread when the ingredients to make it are cheaper and last longer?
13. Unless you know and use one of the multitude of ways to preserve eggs, or use large quantities at one time, I wouldn't bother buying in bulk--they're cheap enough. They're like carrots and potatoes--cheap, and grown year-round.
14. Freezer burn is the enemy of all frozen foods, and can occur after 6 months--rotating stock, and using regularly can help prevent that. Meat should be kept frozen for no more than 3 months, no matter what it was wrapped in.
SOMETHING ELSE YOU SHOULDN'T BUY IN HUGE QUANTITIES: flours, unless you bake like the devil, and/or have a plan to keep it refrigerated or frozen. This WILL go rancid in a matter of months, and also attract bugs. Whole grains for grinding into flour last longer, but will also eventually succumb to rancidity and bugs. Sugar is okay, as long as you watch for bugs--it does attract them, especially ants and roaches.
As with grandma's food storage, all things should be kept in a cool, dark place (unless refrigerated or frozen), and all things should be above floor level.
SOMETHING YOU DON'T HAVE TO BUY IN HUGE QUANTITIES ANY MORE: laundry detergent and dishwasher soap, since we tend to use too much of it anyway (even using the manufacturer's instructions). Laundry detergent = 1/4 cup per load and dishwasher soap = 2 T. per load in the covered cup. If you buy in huge quantities, it's okay--it's not perishable, but it may dry out, cake up, etc. from sitting so long unused.
I myself bought what I thought was a year's worth of laundry detergent (prices were THAT good), only to find I didn't really need to use so much at one time. Now, it seems I might have a decade's worth of laundry detergent, but oh well...cry me a river. :)
The list:
1. Brown rice (rancidity)--see footnote below.
2. Candy (leads to bulk eating)--also leads to ants in the pantry (my addition).
3. Paper towels (space issues)--see footnote.
4. Toilet paper (space issues)--see footnote.
5. Nuts (rancidity)--should always be refrigerated or frozen until used, in my opinion. Sub-divide, chop/grind (or not), then freeze.
6. Mayonnaise (rancidity)--see footnote.
7. Vitamins and nutritional supplements (rancidity)--I agree with this one, but have to wonder how long they sit around in warehouses waiting for a new destination.
8. Diapers (growth issue)--see footnote.
9. Bleach (rancidity)--see footnote.
10. Spices (rancidity)--see #7 above.
11. Bread (rancidity)--see footnote.
12. Tilapia (rancidity)--I wouldn't buy Tilapia on a BET! It's the trash fish of modern-day aquaculture.
13. Eggs (rancidity)--DUH!! See footnote.
14. Meats and other frozen foods (expiration, freezer burn, rancidity)--see footnote.
15. Cereal (rancidity and expiration)--also attracts bugs. Also attracts dentists with kids in college, as well as Jamie Oliver (of Food Revolution fame).
____________________________________________________________
Footnotes:
1. If you cook large batches and freeze them, you don't have to worry much about losing a 25-lb. bag of this to rancidity. It's good for a year--this means you have a year to cook and freeze your batches, and I doubt it'll take you that long to do it. I, with a household of two, can probably go through 25 lbs. of brown rice in 4-6 months. Add lentils, beans, wild rice, and split peas to this list. For more ways to use up grains and pulses, see this article--especially the second section.
3. Space is NOT an issue for me--I purposely bought a house with more bedrooms than I need just for this purpose. Yes, I have an entire wall of paper products and trash bags, and they have NO expiration date or go rancid.
4. See above, and add toilet paper to the list. If you have space (or can find it), I suggest you start buying in bulk when sales are good (if you haven't already)--prices are only going to get higher from here. Again, no expiration dates and no rancidity issues. Paper products and soaps are some of the best non-food items to stock up on.
6. I buy my mayonnaise in jars--not the industrial tubs, so rancidity is less of an issue for me. I also use this stuff for making my own "salad dressings" so I consume at least a jar a month.
8. Use cloth diapers, and you don't face this growth problem. Also, instead of piling up boxes of Pull-ups, POTTY TRAIN YOUR KID!!
9. I bought what I thought was a year's worth of bleach, and it turns out to be maybe a decade worth instead. However, since I use it for laundry AND the dishwasher, I'm not worried--they make pool chemicals to last inside a warehouse, and this bleach is no exception (it may be labeled "household bleach", but we know better).
11. Why buy pre-made bread when the ingredients to make it are cheaper and last longer?
13. Unless you know and use one of the multitude of ways to preserve eggs, or use large quantities at one time, I wouldn't bother buying in bulk--they're cheap enough. They're like carrots and potatoes--cheap, and grown year-round.
14. Freezer burn is the enemy of all frozen foods, and can occur after 6 months--rotating stock, and using regularly can help prevent that. Meat should be kept frozen for no more than 3 months, no matter what it was wrapped in.
SOMETHING ELSE YOU SHOULDN'T BUY IN HUGE QUANTITIES: flours, unless you bake like the devil, and/or have a plan to keep it refrigerated or frozen. This WILL go rancid in a matter of months, and also attract bugs. Whole grains for grinding into flour last longer, but will also eventually succumb to rancidity and bugs. Sugar is okay, as long as you watch for bugs--it does attract them, especially ants and roaches.
As with grandma's food storage, all things should be kept in a cool, dark place (unless refrigerated or frozen), and all things should be above floor level.
SOMETHING YOU DON'T HAVE TO BUY IN HUGE QUANTITIES ANY MORE: laundry detergent and dishwasher soap, since we tend to use too much of it anyway (even using the manufacturer's instructions). Laundry detergent = 1/4 cup per load and dishwasher soap = 2 T. per load in the covered cup. If you buy in huge quantities, it's okay--it's not perishable, but it may dry out, cake up, etc. from sitting so long unused.
I myself bought what I thought was a year's worth of laundry detergent (prices were THAT good), only to find I didn't really need to use so much at one time. Now, it seems I might have a decade's worth of laundry detergent, but oh well...cry me a river. :)
Monday, April 26, 2010
Rising Rates Right Around the Corner--Take Precautions
From Martin Weiss Research. If you haven't gotten out of bonds, refinanced the house, or moved your outstanding credit car debt to lower-interest cards (or paid it off completely), now's the time!
1. The budget deficit is out of control.
2. Treasury bond supply is exploding, meaning they sell every denomination every chance they get.
3. U.S. debt risk is surging--we may finally lose our AAA status (which really isn't AAA at all--more like D).
4. The Fed is running amok. Loose monetary policy will be with us for some time, encouraging fast-and-loose monetary activities, and leaving banks to put on the brakes for consumers.
5. Inflation is simmering again. Commodities are rising quickly, the PPI (producer price index) is rising, and inflation is coming courtesy of resources and suppliers instead of banks.
"...if inflation really gets out of control, we could get back to the double digits. That’s the least likely scenario, but not completely out of the realm of possibilities.
Bottom line: We’re going to have to pay the piper for our profligacy as a nation, and I believe the bill will come due sooner rather than later."
Want to make this trend pay off for you? Dump your U.S. bonds and go for foreign bonds not involved with this Euro-U.S. meltdown/bailout cycle (like Pacific countries), and/or jump on the commodities and energy bandwagon--go with what's inflating.
1. The budget deficit is out of control.
2. Treasury bond supply is exploding, meaning they sell every denomination every chance they get.
3. U.S. debt risk is surging--we may finally lose our AAA status (which really isn't AAA at all--more like D).
4. The Fed is running amok. Loose monetary policy will be with us for some time, encouraging fast-and-loose monetary activities, and leaving banks to put on the brakes for consumers.
5. Inflation is simmering again. Commodities are rising quickly, the PPI (producer price index) is rising, and inflation is coming courtesy of resources and suppliers instead of banks.
"...if inflation really gets out of control, we could get back to the double digits. That’s the least likely scenario, but not completely out of the realm of possibilities.
Bottom line: We’re going to have to pay the piper for our profligacy as a nation, and I believe the bill will come due sooner rather than later."
Want to make this trend pay off for you? Dump your U.S. bonds and go for foreign bonds not involved with this Euro-U.S. meltdown/bailout cycle (like Pacific countries), and/or jump on the commodities and energy bandwagon--go with what's inflating.
Sunday, April 25, 2010
A New Book By Richard Florida--One of My Recommended Authors
The Great Reset: How New Ways of Living and Working Drive Post-Crash Prosperity.
This new book's Amazon description: "We tend to view prolonged economic downturns, such as the Great Depression of the 1930s and the Long Depression of the late nineteenth century, in terms of the crisis and pain they cause. But history teaches us that these great crises also represent opportunities to remake our economy and society and to generate whole new eras of economic growth and prosperity. In terms of innovation, invention, and energetic risk taking, these periods of "creative destruction" have been some of the most fertile in history, and the changes they put into motion can set the stage for full-scale recovery.
In The Great Reset, bestselling author and economic development expert Richard Florida provides an engaging and sweeping examination of these previous economic epochs, or "resets." He distills the deep forces that have altered physical and social landscapes and eventually reshaped economies and societies. Looking toward the future, Florida identifies the patterns that will drive the next Great Reset and transform virtually every aspect of our lives—from how and where we live, to how we work, to how we invest in individuals and infrastructure, to how we shape our cities and regions. Florida shows how these forces, when combined, will spur a fresh era of growth and prosperity, define a new geography of progress, and create surprising opportunities for all of us. Among these forces will be
* new patterns of consumption, and new attitudes toward ownership that are less centered on houses and cars
* the transformation of millions of service jobs into middle class careers that engage workers as a source of innovation
* new forms of infrastructure that speed the movement of people, goods, and ideas
* a radically altered and much denser economic landscape organized around "megaregions" that will drive the development of new industries, new jobs, and a whole new way of life
We've weathered tough times before. They are a necessary part of economic cycles, giving us a chance to clearly see what's working and what's not. Societies can be reborn in such crises, emerging fresh, strong, and refocused. Now is our opportunity to anticipate what that brighter future will look like and to take the steps that will get us there faster.
With his trademark blend of wit, irreverence, and rigorous research and analysis, Florida presents an optimistic and counterintuitive vision of our future, calling into question long-held beliefs about the nature of economic progress and forcing us to reassess our very way of life. He argues convincingly that it's time to turn our efforts—as individuals, as governments, and as a society—to putting the necessary pieces in place for a vibrant, prosperous future."
May I be the one to say that Richard Koch's Pareto Principle, or 80/20 Prnciple, would be a good one to insert at this time? Basically, we're all going to be doing more with less (time, people, things, money), and we'd better get on the train, or risk being thrown UNDER it. The future and how we live and work in it are going to seem desolate and scorched compared to the heady days of 2007-2008. Making money and doing business in the future is going to require a limber mind to acrobat around and through new regulation, and to find new sources of revenue...from every possible corner of the earth.
In another book (I don't remember if it was Richard Florida's or Daniel Pink's), we're told to embrace homosexuals as a leading source of innovative thinking, and that areas with large populations of them will become our next "economic progress zones." From what I've seen (which admittedly isn't much), most homosexuals prefer to take the Socialist route when thinking about the future--mainly, they struggle just to get equal rights, and ask "where's MY free lunch?" (probably from being embraced by Democrats). Maybe the innovation and progress comes later...or, maybe they're missing a key ingredient: money.
I have my suspicions about Richard Branson of Virgin Airlines--look at all the things he's done (and doing), yet we see no Mrs. Branson. I don't care--just get us back to space, Branson!
Richard Florida may not always be 100% dead-on, but he does offer plump and juicy food for thought. My advice is to read it and get a taste of what MAY be coming, and how to possibly navigate in it. I'm getting a copy. even though I'm not in business--I need to know how to navigate too!
This new book's Amazon description: "We tend to view prolonged economic downturns, such as the Great Depression of the 1930s and the Long Depression of the late nineteenth century, in terms of the crisis and pain they cause. But history teaches us that these great crises also represent opportunities to remake our economy and society and to generate whole new eras of economic growth and prosperity. In terms of innovation, invention, and energetic risk taking, these periods of "creative destruction" have been some of the most fertile in history, and the changes they put into motion can set the stage for full-scale recovery.
In The Great Reset, bestselling author and economic development expert Richard Florida provides an engaging and sweeping examination of these previous economic epochs, or "resets." He distills the deep forces that have altered physical and social landscapes and eventually reshaped economies and societies. Looking toward the future, Florida identifies the patterns that will drive the next Great Reset and transform virtually every aspect of our lives—from how and where we live, to how we work, to how we invest in individuals and infrastructure, to how we shape our cities and regions. Florida shows how these forces, when combined, will spur a fresh era of growth and prosperity, define a new geography of progress, and create surprising opportunities for all of us. Among these forces will be
* new patterns of consumption, and new attitudes toward ownership that are less centered on houses and cars
* the transformation of millions of service jobs into middle class careers that engage workers as a source of innovation
* new forms of infrastructure that speed the movement of people, goods, and ideas
* a radically altered and much denser economic landscape organized around "megaregions" that will drive the development of new industries, new jobs, and a whole new way of life
We've weathered tough times before. They are a necessary part of economic cycles, giving us a chance to clearly see what's working and what's not. Societies can be reborn in such crises, emerging fresh, strong, and refocused. Now is our opportunity to anticipate what that brighter future will look like and to take the steps that will get us there faster.
With his trademark blend of wit, irreverence, and rigorous research and analysis, Florida presents an optimistic and counterintuitive vision of our future, calling into question long-held beliefs about the nature of economic progress and forcing us to reassess our very way of life. He argues convincingly that it's time to turn our efforts—as individuals, as governments, and as a society—to putting the necessary pieces in place for a vibrant, prosperous future."
May I be the one to say that Richard Koch's Pareto Principle, or 80/20 Prnciple, would be a good one to insert at this time? Basically, we're all going to be doing more with less (time, people, things, money), and we'd better get on the train, or risk being thrown UNDER it. The future and how we live and work in it are going to seem desolate and scorched compared to the heady days of 2007-2008. Making money and doing business in the future is going to require a limber mind to acrobat around and through new regulation, and to find new sources of revenue...from every possible corner of the earth.
In another book (I don't remember if it was Richard Florida's or Daniel Pink's), we're told to embrace homosexuals as a leading source of innovative thinking, and that areas with large populations of them will become our next "economic progress zones." From what I've seen (which admittedly isn't much), most homosexuals prefer to take the Socialist route when thinking about the future--mainly, they struggle just to get equal rights, and ask "where's MY free lunch?" (probably from being embraced by Democrats). Maybe the innovation and progress comes later...or, maybe they're missing a key ingredient: money.
I have my suspicions about Richard Branson of Virgin Airlines--look at all the things he's done (and doing), yet we see no Mrs. Branson. I don't care--just get us back to space, Branson!
Richard Florida may not always be 100% dead-on, but he does offer plump and juicy food for thought. My advice is to read it and get a taste of what MAY be coming, and how to possibly navigate in it. I'm getting a copy. even though I'm not in business--I need to know how to navigate too!
Saturday, April 24, 2010
(Updated) Special Food as Tax Deduction
Original article of explanation.
UPDATES: You can also deduct mileage to and from your source of deductible food, as long as that's the only reason for the trip--.24/mile.
Postage is also deductible for internet purchases.
IRS rulings (there is no specific pamphlet on this yet, just letters and rulings):
* IRS Revenue Ruling 55-261
* Cohen 38 TC 387
* Revenue Ruling 76-80
* 67TC 481
* Fleming TC MEMO 1980 583
* Van Kalb TC MEMO 1978 366
THESE MUST BE ATTACHED TO YOUR TAX RETURN, OTHERWISE YOU'RE AUDIT FODDER!
Further reading: Celiac.com, Suite 101, E-How.
UPDATES: You can also deduct mileage to and from your source of deductible food, as long as that's the only reason for the trip--.24/mile.
Postage is also deductible for internet purchases.
IRS rulings (there is no specific pamphlet on this yet, just letters and rulings):
* IRS Revenue Ruling 55-261
* Cohen 38 TC 387
* Revenue Ruling 76-80
* 67TC 481
* Fleming TC MEMO 1980 583
* Van Kalb TC MEMO 1978 366
THESE MUST BE ATTACHED TO YOUR TAX RETURN, OTHERWISE YOU'RE AUDIT FODDER!
Further reading: Celiac.com, Suite 101, E-How.
Wednesday, April 21, 2010
For Cheaper Car Insurance, Live Near a Church
From MSN Money.
"A study conducted by Quality Planning, a company that validates policyholder information for car insurance companies, found that people who live within a mile of a religious institution are 10% less likely to have a car accident resulting in property damage. The study, which examined more than 15 million policyholders and 2 million claims, also found that living near a restaurant increases your chances of getting into a car accident by 30%.
"A restaurant is intentionally located in a higher traffic area. You got a lot of cars coming in and out," says Bob U'Ren, the senior vice president of Quality Planning. "Churches are typically in a more open area or a (less congested) neighborhood. So, maybe with the exception of Sunday, the church doesn't attract a lot of traffic."
What if you live near both an elementary school AND a church? Does one negate the other?
"A study conducted by Quality Planning, a company that validates policyholder information for car insurance companies, found that people who live within a mile of a religious institution are 10% less likely to have a car accident resulting in property damage. The study, which examined more than 15 million policyholders and 2 million claims, also found that living near a restaurant increases your chances of getting into a car accident by 30%.
"A restaurant is intentionally located in a higher traffic area. You got a lot of cars coming in and out," says Bob U'Ren, the senior vice president of Quality Planning. "Churches are typically in a more open area or a (less congested) neighborhood. So, maybe with the exception of Sunday, the church doesn't attract a lot of traffic."
What if you live near both an elementary school AND a church? Does one negate the other?
"But We Don't WANT Health Insurance!"
From CNN Money. Done in gallery format.
Check out the last entry--she needs MENTAL help, if you ask me!
Check out the last entry--she needs MENTAL help, if you ask me!
Sunday, April 18, 2010
Widening a Tax Code Loophole--Using Deductible Food as Medical Expense
I've been doing some calculations and price comparisons (my feet hurt from running all over the grocery store!), and I've found that you can widen this loophole, i.e., game the system, by buying the most expensive special deductible foods for yourself, while choosing the cheapest sources of regular grocery store counterparts for price comparison, making the gap between the two wider, and thus subjecting more of a price difference for deduction calculations.
Example: coconut milk vs. coconut milk
"Tarzan" brand organic coconut milk (in a health food store) costs $1.60/can, while a generic counterpart in the grocery store costs $1.69/can. There would be no write-off because the health food store can is cheaper (organic vs. commercial is not deductible). Had I not been able to find a coconut milk in this particular grocery store, I would have had to use regular condensed, sweetened milk instead for a comparison, making a price difference the other way, and creating a deduction for myself.
"Bells & Whistles" brand organic coconut milk (in a health food store) costs $2.30/can, while the generic counterpart from above costs $1.69/can--the price difference is .61, of which 7.5% of it (.05) is non-deductible, leaving .56/can deductible and bringing my out-of-pocket costs for this coconut milk down to $1.74/can, courtesy of Uncle Sam. No store sales, and no coupons necessary for that savings!
I've also discovered that my case quantity discount from the health food store isn't helping me here--the individual product price is higher than the case quantity price, AND just the fact that I'm a member entitles me to as much as a 20% discount, which means I may be cutting my deduction possibilities by half or more simply by buying in case lot with the membership discount.
Example: Individually-bought Bells & Whistles coconut milk (12 cans) @$2.30 each = $27.60
Case-quantity Bells & Whistles coconut milk (12 cans) = $23.00/case
I'm losing out on a $4.60 deduction addition in price difference with Bells & Whistles coconut milk in case quantity vs. individually-bought at shelf price. That's an extra $4.60 that could go toward the price difference between B & W coconut milk vs. generic store-bought individual cans. If I spend at least 20% more on the stuff I buy in quantity (losing my discount), I can make up that gap.
It gets worse: The price difference between individually-bought cans of B & W coconut milk vs. store-bought generic coconut milk (using the example above) = $7.32 Using that price difference of $7.32 X 7.5% (non-deductible) or .55 = $6.77 deductible for 12 separate cans.
The price difference in a a box-bound case quantity of the same 12 cans of B & W coconut milk vs. the 12 store-bought cans = $3.72 Multiply that times the 7.5% non-deductible (.28) = $3.44/case deductible (basically 12 cans in a shallow box with plastic wrap around it).
12 individual cans yields a $6.77 deduction, but a box-bound case of the exact same cans yields a $3.44 deduction. $6.77 - $3.44 = $3.33 in lost deduction money.
I'm cutting my deduction potential IN HALF just by buying in discounted case quantity! Could that other 50% be going toward the extra packaging? I wonder.
It seems the higher the price for the intended product, and the bigger the price difference vs. grocery store finds (if any), the bigger the deduction amount.
Also, I have to have more than 7.5% of my adjusted gross income to be able to write off any of this--only the portion OVER the 7.5% floor is deductible. I estimate I'd have to spend over $1900/year on this stuff just to begin to be able to write it off. Everything under that amount wouldn't be enough to qualify for deductions.
I'm going to have to switch to more expensive deductible products to offset my membership discount benefits--this way, the wholesaler and retailer aren't losing money by giving me the 20% discount, but I get a 24-25% discount from Uncle Sam. If I get good enough at this, I can deduct more on Hubby's W-4 to account for the extra expense and extra refund, making this a complete wash in the end. Add this to the tax-sheltering potential of buying qualifying special groceries through an HSA account, and I could actually get paid to be so allergic!
So, I should buy the most expensive food substitutes at the health food store, and use the cheapest grocery store prices I can find as comparisons. This is how I can widen the loophole for myself. It's a shame I have to go to such lengths just to avoid future food inflation, as well as avoid constantly having to run to a doctor for allergy relief--this is what the HCR law has come to, only people don't know it yet. People will continue to eat poorly, claiming REAL FOOD too expensive, thus feeding an already-corrupt health insurance system. Remember: a doctor a day keeps the apples away.
This is surely an unintended consequence Congress didn't account for--how could they? Nobody read the damned bill and/or thought that far ahead!
So far, my biggest deduction-makers in price difference have been NoMato "tomato sauce" and NoNuts Pea Butter.
Maybe this is my reward for taking the initiative to stay healthy.
I don't think I'll embark on this loophole-widening project until my crops come in--that way, I'll have more money to spend on the more expensive foods. The money I would've been spending buying vegetation can go toward buying more expensive (or just more) deductible foods. THIS is how a garden can assist in tax deduction creation, offsetting the pending potential disaster of the HCR unintended consequence!
If one day the tax code would allow for the price difference between commercially-fed meat vs. grass-fed organic meat solely because the animals are being fed stuff I'm allergic to (like certain grains), or because Hubby's allergic to soy (yes, commercial market animals DO get fed soy), I'd be in hog heaven (pun intended) with tax deductions just in price difference between commercial meat vs. organic grass-fed meat! Alas--our government may not recognize secondary sources (what the animals eat) for human food allergies yet.
I think I'm going to call H & R Block on this one--they've got a year-round office here in town. I'll keep you posted.
Example: coconut milk vs. coconut milk
"Tarzan" brand organic coconut milk (in a health food store) costs $1.60/can, while a generic counterpart in the grocery store costs $1.69/can. There would be no write-off because the health food store can is cheaper (organic vs. commercial is not deductible). Had I not been able to find a coconut milk in this particular grocery store, I would have had to use regular condensed, sweetened milk instead for a comparison, making a price difference the other way, and creating a deduction for myself.
"Bells & Whistles" brand organic coconut milk (in a health food store) costs $2.30/can, while the generic counterpart from above costs $1.69/can--the price difference is .61, of which 7.5% of it (.05) is non-deductible, leaving .56/can deductible and bringing my out-of-pocket costs for this coconut milk down to $1.74/can, courtesy of Uncle Sam. No store sales, and no coupons necessary for that savings!
I've also discovered that my case quantity discount from the health food store isn't helping me here--the individual product price is higher than the case quantity price, AND just the fact that I'm a member entitles me to as much as a 20% discount, which means I may be cutting my deduction possibilities by half or more simply by buying in case lot with the membership discount.
Example: Individually-bought Bells & Whistles coconut milk (12 cans) @$2.30 each = $27.60
Case-quantity Bells & Whistles coconut milk (12 cans) = $23.00/case
I'm losing out on a $4.60 deduction addition in price difference with Bells & Whistles coconut milk in case quantity vs. individually-bought at shelf price. That's an extra $4.60 that could go toward the price difference between B & W coconut milk vs. generic store-bought individual cans. If I spend at least 20% more on the stuff I buy in quantity (losing my discount), I can make up that gap.
It gets worse: The price difference between individually-bought cans of B & W coconut milk vs. store-bought generic coconut milk (using the example above) = $7.32 Using that price difference of $7.32 X 7.5% (non-deductible) or .55 = $6.77 deductible for 12 separate cans.
The price difference in a a box-bound case quantity of the same 12 cans of B & W coconut milk vs. the 12 store-bought cans = $3.72 Multiply that times the 7.5% non-deductible (.28) = $3.44/case deductible (basically 12 cans in a shallow box with plastic wrap around it).
12 individual cans yields a $6.77 deduction, but a box-bound case of the exact same cans yields a $3.44 deduction. $6.77 - $3.44 = $3.33 in lost deduction money.
I'm cutting my deduction potential IN HALF just by buying in discounted case quantity! Could that other 50% be going toward the extra packaging? I wonder.
It seems the higher the price for the intended product, and the bigger the price difference vs. grocery store finds (if any), the bigger the deduction amount.
Also, I have to have more than 7.5% of my adjusted gross income to be able to write off any of this--only the portion OVER the 7.5% floor is deductible. I estimate I'd have to spend over $1900/year on this stuff just to begin to be able to write it off. Everything under that amount wouldn't be enough to qualify for deductions.
I'm going to have to switch to more expensive deductible products to offset my membership discount benefits--this way, the wholesaler and retailer aren't losing money by giving me the 20% discount, but I get a 24-25% discount from Uncle Sam. If I get good enough at this, I can deduct more on Hubby's W-4 to account for the extra expense and extra refund, making this a complete wash in the end. Add this to the tax-sheltering potential of buying qualifying special groceries through an HSA account, and I could actually get paid to be so allergic!
So, I should buy the most expensive food substitutes at the health food store, and use the cheapest grocery store prices I can find as comparisons. This is how I can widen the loophole for myself. It's a shame I have to go to such lengths just to avoid future food inflation, as well as avoid constantly having to run to a doctor for allergy relief--this is what the HCR law has come to, only people don't know it yet. People will continue to eat poorly, claiming REAL FOOD too expensive, thus feeding an already-corrupt health insurance system. Remember: a doctor a day keeps the apples away.
This is surely an unintended consequence Congress didn't account for--how could they? Nobody read the damned bill and/or thought that far ahead!
So far, my biggest deduction-makers in price difference have been NoMato "tomato sauce" and NoNuts Pea Butter.
Maybe this is my reward for taking the initiative to stay healthy.
I don't think I'll embark on this loophole-widening project until my crops come in--that way, I'll have more money to spend on the more expensive foods. The money I would've been spending buying vegetation can go toward buying more expensive (or just more) deductible foods. THIS is how a garden can assist in tax deduction creation, offsetting the pending potential disaster of the HCR unintended consequence!
If one day the tax code would allow for the price difference between commercially-fed meat vs. grass-fed organic meat solely because the animals are being fed stuff I'm allergic to (like certain grains), or because Hubby's allergic to soy (yes, commercial market animals DO get fed soy), I'd be in hog heaven (pun intended) with tax deductions just in price difference between commercial meat vs. organic grass-fed meat! Alas--our government may not recognize secondary sources (what the animals eat) for human food allergies yet.
I think I'm going to call H & R Block on this one--they've got a year-round office here in town. I'll keep you posted.
Friday, April 16, 2010
Special Food for Allergies IS Tax-Deductible
I just got off the phone with my tax lady, and she says that along with the gluten-free stuff, any food product used because of allergies (with a doctor's note specifying the requirement) is tax-deductible as a medical expense. The deductibility only covers the cost difference between the ordinary version of the product sold in grocery stores, and the product you buy for your use.
Example: NoMato, a tomato-free tomato "sauce", sells in my health food store for about $6.00/ 16-oz. jar. I'm allergic to tomatoes.
Regular 16-oz. cans of tomato sauce sell for $1.50 (I'm guessing here--I haven't bought tomato sauce in years)
The difference? a proposed $4.50/jar deductible. Of that, .34 misses the deduction, making the total deduction = $4.16/jar.
$6.00 (original cost) - $4.16 (deductible cost) = $1.84 (new cost per jar out-of-pocket)
I buy this stuff by the case--12 jars at a time. The price difference between Nomato and regular tomato sauce adds up to roughly $54.00/case. The 7.5% medical expenses deduction floor comes to $4.05/case in ineligible writeoffs, leaving $49.95 to deduct--my case price just dropped from $72.00 to $22.05, courtesy of Uncle Sam.
$72.00 (original price) - $18.00 (estimated price of tomato sauce case) = $54.00
$54.00 (price difference) X 7.5% (medical deduction floor) = $4.05 ineligible tax deduction amount
$54.00 (price difference) - $4.05 (ineligible deduction) = $49.95 (new case price to deduct, leaving me to pay $22.05 out of pocket)
Not bad for no sales, no coupons, no manufacturer rebates, and no huge quantities available!
Another example: Guar gum, made by Bob's Red Mill, sells for $3.34/8 oz. bag. Guar gum and/or xanthan gum is specifically used by Celiacs--our GF flours don't contain gluten, and these gums act as a gluten substitute to make baked goods rise.
Guar gum/xanthan gum isn't sold in grocery stores, so the amount of this product past 7.5% is deductible. I imagine millet, amaranth, teff, brown rice, and coconut flours would also be 92.5% deductible, since these are also not normally carried in regular grocery stores.
Guess who's going to start keeping track of her grocery spending, and comparing the deductions vs. the sheltering of HSA contributions? This means I can buy these specific groceries with HSA money (tax free), then turn around and deduct them from my taxes as a medical expense--a quick call to my tax lady CONFIRMS it!
Sadly, she says gardening expenses are NOT deductible, unless I make a business out of it.
Now I know the importance of getting diagnosed Celiac. I gotta see my doctor. I could have been filling my pantry for far less than I did. I also need a different sort of price book--one that tracks prices of regular foods vs. allergen-free foods. I smell a Dollar Stretcher article...be on the lookout for it in the coming weeks.
Now, not only is most of my food 92.5% tax deductible, but it can be bought with HSA pre-tax dollars at the same time. Thanks, H & R Block!
Example: NoMato, a tomato-free tomato "sauce", sells in my health food store for about $6.00/ 16-oz. jar. I'm allergic to tomatoes.
Regular 16-oz. cans of tomato sauce sell for $1.50 (I'm guessing here--I haven't bought tomato sauce in years)
The difference? a proposed $4.50/jar deductible. Of that, .34 misses the deduction, making the total deduction = $4.16/jar.
$6.00 (original cost) - $4.16 (deductible cost) = $1.84 (new cost per jar out-of-pocket)
I buy this stuff by the case--12 jars at a time. The price difference between Nomato and regular tomato sauce adds up to roughly $54.00/case. The 7.5% medical expenses deduction floor comes to $4.05/case in ineligible writeoffs, leaving $49.95 to deduct--my case price just dropped from $72.00 to $22.05, courtesy of Uncle Sam.
$72.00 (original price) - $18.00 (estimated price of tomato sauce case) = $54.00
$54.00 (price difference) X 7.5% (medical deduction floor) = $4.05 ineligible tax deduction amount
$54.00 (price difference) - $4.05 (ineligible deduction) = $49.95 (new case price to deduct, leaving me to pay $22.05 out of pocket)
Not bad for no sales, no coupons, no manufacturer rebates, and no huge quantities available!
Another example: Guar gum, made by Bob's Red Mill, sells for $3.34/8 oz. bag. Guar gum and/or xanthan gum is specifically used by Celiacs--our GF flours don't contain gluten, and these gums act as a gluten substitute to make baked goods rise.
Guar gum/xanthan gum isn't sold in grocery stores, so the amount of this product past 7.5% is deductible. I imagine millet, amaranth, teff, brown rice, and coconut flours would also be 92.5% deductible, since these are also not normally carried in regular grocery stores.
Guess who's going to start keeping track of her grocery spending, and comparing the deductions vs. the sheltering of HSA contributions? This means I can buy these specific groceries with HSA money (tax free), then turn around and deduct them from my taxes as a medical expense--a quick call to my tax lady CONFIRMS it!
Sadly, she says gardening expenses are NOT deductible, unless I make a business out of it.
Now I know the importance of getting diagnosed Celiac. I gotta see my doctor. I could have been filling my pantry for far less than I did. I also need a different sort of price book--one that tracks prices of regular foods vs. allergen-free foods. I smell a Dollar Stretcher article...be on the lookout for it in the coming weeks.
Now, not only is most of my food 92.5% tax deductible, but it can be bought with HSA pre-tax dollars at the same time. Thanks, H & R Block!
How HSAs and FSAs are Affected by Health Care Reform
From BankRate.com
"Highlights
* FSAs allow employees to sock away tax-free dollars for medical expenses.
* Starting Jan. 1, 2013, FSAs will have annual limits of $2,500 per year.
* Tax-free contributions to HSAs and Archer MSAs will still be unlimited."
For details, see article link above. Expect these to be the escape hatch from this HCR insanity. Regarding the HSAs, HRAs, and MSAs:
"HSA balances roll over from year to year, allowing participants to save for health care costs and even for long-term care later. Because of the new health care reform law, HSA funds can no longer be used to buy over-the-counter drugs without a doctor's prescription. Those who withdraw HSA funds for nonmedical purposes will see their tax penalty double, from 10 percent to 20 percent of the total withdrawal, starting Jan. 1, 2011.
The Archer Medical Savings Account, the small-business version of an HSA known as an Archer MSA, will see similar restrictions, with the only difference being the Archer MSA's penalty for nonmedical withdrawals now stands at 15 percent and will go up to 20 percent. Archer MSAs also will have restrictions on buying over-the-counter drugs without a prescription starting Jan. 1, 2011.
The HSA's cafeteria plan cousin, the health reimbursement account, known as an HRA, is also affected by the new law. HRAs work similarly to HSAs, but instead of being funded by employee contributions, HRAs are funded by the employer. HRAs will get the same restrictions on over-the-counter medicine.
On the bright side, tax-free contributions to HSAs and Archer MSAs won't be affected. And with far-reaching reform set to transform health care by 2020, it might be comforting for HSA holders to know that the HSA/high deductible model isn't going anywhere."
I KNEW CONGRESS WOULD LEAVE THEMSELVES A BACK DOOR!
I've found that my husband's employee HSA plan also contributes to the account--some $700/year. If I were to sign up for the HSA, contribute an amount equal to the uninsured penalty amount, then invest another penalty equivalent into my IRA, I'd make out like a bandit! Now it no longer matters if the health insurance penalty is deductible or not--it'd be SHELTERED and can BUILD UP until someone changes the tax code on HSAs! This means we can pay cash (through our HSAs) for plastic surgery, bariatric surgery, gastric banding, birth control, and all the other things regular insurance doesn't cover now, and not have to worry about pre-existing or disqualifying conditions again. It can also be a means to avoid having to sign up for Medicare later in life (if it even still exists by then).
I wonder if garden supplies and seeds would be considered a "health expense." :) Gardening is starting to pay off in ways I never expected...in INCOME TAXES! Who knew a garden would become an indirect tax shelter (by keeping us healthy enough to make money to stash away in a tax-free account)?
I also wonder about allergen-free food as a medical expense...maybe just maybe my health food store purchases could possibly be funded with an HSA. I have to go look this up--this is too tantalizing! Tax-free groceries--it depends on the definition of "medical expense" as far as food allergies go.
P.S.--apparently, there ALREADY IS a deduction for gluten-free foods, but only for diagnosed Celiacs (I am not officially diagnosed). Info here.
I'm going to have to call my tax lady for the rest--I can't find it on Google anywhere.
"Highlights
* FSAs allow employees to sock away tax-free dollars for medical expenses.
* Starting Jan. 1, 2013, FSAs will have annual limits of $2,500 per year.
* Tax-free contributions to HSAs and Archer MSAs will still be unlimited."
For details, see article link above. Expect these to be the escape hatch from this HCR insanity. Regarding the HSAs, HRAs, and MSAs:
"HSA balances roll over from year to year, allowing participants to save for health care costs and even for long-term care later. Because of the new health care reform law, HSA funds can no longer be used to buy over-the-counter drugs without a doctor's prescription. Those who withdraw HSA funds for nonmedical purposes will see their tax penalty double, from 10 percent to 20 percent of the total withdrawal, starting Jan. 1, 2011.
The Archer Medical Savings Account, the small-business version of an HSA known as an Archer MSA, will see similar restrictions, with the only difference being the Archer MSA's penalty for nonmedical withdrawals now stands at 15 percent and will go up to 20 percent. Archer MSAs also will have restrictions on buying over-the-counter drugs without a prescription starting Jan. 1, 2011.
The HSA's cafeteria plan cousin, the health reimbursement account, known as an HRA, is also affected by the new law. HRAs work similarly to HSAs, but instead of being funded by employee contributions, HRAs are funded by the employer. HRAs will get the same restrictions on over-the-counter medicine.
On the bright side, tax-free contributions to HSAs and Archer MSAs won't be affected. And with far-reaching reform set to transform health care by 2020, it might be comforting for HSA holders to know that the HSA/high deductible model isn't going anywhere."
I KNEW CONGRESS WOULD LEAVE THEMSELVES A BACK DOOR!
I've found that my husband's employee HSA plan also contributes to the account--some $700/year. If I were to sign up for the HSA, contribute an amount equal to the uninsured penalty amount, then invest another penalty equivalent into my IRA, I'd make out like a bandit! Now it no longer matters if the health insurance penalty is deductible or not--it'd be SHELTERED and can BUILD UP until someone changes the tax code on HSAs! This means we can pay cash (through our HSAs) for plastic surgery, bariatric surgery, gastric banding, birth control, and all the other things regular insurance doesn't cover now, and not have to worry about pre-existing or disqualifying conditions again. It can also be a means to avoid having to sign up for Medicare later in life (if it even still exists by then).
I wonder if garden supplies and seeds would be considered a "health expense." :) Gardening is starting to pay off in ways I never expected...in INCOME TAXES! Who knew a garden would become an indirect tax shelter (by keeping us healthy enough to make money to stash away in a tax-free account)?
I also wonder about allergen-free food as a medical expense...maybe just maybe my health food store purchases could possibly be funded with an HSA. I have to go look this up--this is too tantalizing! Tax-free groceries--it depends on the definition of "medical expense" as far as food allergies go.
P.S.--apparently, there ALREADY IS a deduction for gluten-free foods, but only for diagnosed Celiacs (I am not officially diagnosed). Info here.
I'm going to have to call my tax lady for the rest--I can't find it on Google anywhere.
This Just In: Health Insurers Hedge Bets with Fast Food Stocks
From ABC News. Who didn't see THIS coming? I'm surprised they didn't buy Toyota stock as well...or maybe gun manufacturers, or WV coal mine stocks!
"The investments were in the five largest fast-food corporations -- Jack in the Box, McDonald's, Burger King, Yum! Brands (KFC, Taco Bell, Pizza Hut, and others), and Wendy's/Arby's, according to J. Wesley Boyd of Harvard Medical School and Cambridge Health Alliance in Massachusetts and colleagues."
...
"If the insurance industry is willing to invest in products known to be harmful and/or kill people then, prima facie, this is not an industry that actually cares about health and well-being."
...
"The health insurance industry is going to have a much bigger stake in providing healthcare, and what we're doing in our paper is reminding people that [the industry's] primary interests are in earning money and generating profit, not in insuring people's health," he said."
I suppose they also own cigarette maker stocks. Nothing surprises me any more. Let this be one of those off-the-wall stock buy suggestions: look into seed companies, fertilizer companies, publicly-owned nurseries and plant stores, and large farms that produce fruits and vegetables (like Dole, Birdseye, and the larger organic companies, like Hain/Celestial).
Instead of merely TALKING about hope, and EXPECTING change, let's invest in it instead...Hedge THEIR hedge, as it were.
"The investments were in the five largest fast-food corporations -- Jack in the Box, McDonald's, Burger King, Yum! Brands (KFC, Taco Bell, Pizza Hut, and others), and Wendy's/Arby's, according to J. Wesley Boyd of Harvard Medical School and Cambridge Health Alliance in Massachusetts and colleagues."
...
"If the insurance industry is willing to invest in products known to be harmful and/or kill people then, prima facie, this is not an industry that actually cares about health and well-being."
...
"The health insurance industry is going to have a much bigger stake in providing healthcare, and what we're doing in our paper is reminding people that [the industry's] primary interests are in earning money and generating profit, not in insuring people's health," he said."
I suppose they also own cigarette maker stocks. Nothing surprises me any more. Let this be one of those off-the-wall stock buy suggestions: look into seed companies, fertilizer companies, publicly-owned nurseries and plant stores, and large farms that produce fruits and vegetables (like Dole, Birdseye, and the larger organic companies, like Hain/Celestial).
Instead of merely TALKING about hope, and EXPECTING change, let's invest in it instead...Hedge THEIR hedge, as it were.
Wednesday, April 14, 2010
Here's One for the Liberals and Progressives, Courtesy of Angelina Jolie
"If you don't get out of the box you've been raised in, you won't understand how much bigger the world is."
This is probably the smartest thing she ever said in her entire life.
This is probably the smartest thing she ever said in her entire life.
Health Mandate--A Tax Break in Disguise
From CNN Money.
Tax break, my ass! We'd be overpaying for inferior health care, but if some people want it that way...
"There is a semantic difference between the health insurance mandate and these other tax nudges in that the government doesn't require you to donate to charity or own a home. But the government doesn't really require you to get health insurance either. You are free to ignore the "mandate" and pay the tax."
...
"The new insurance mandate assesses an excise tax of up to $2,085 per family in 2016 (smaller penalties in 2014 and 2015) for those who do not have "minimum essential" health insurance coverage. Low-income families, Native Americans, undocumented immigrants and some religious groups are exempt.
The truth is, Congress could have achieved the same result by boosting income taxes by the penalty amount for everyone and then providing a tax credit for people with qualifying health insurance. But such an approach might not spur health coverage as much as the penalty will because people perceive tax credits and penalties differently. However, the tax credit approach is clearly constitutional."
Yeah, but what if the penalty is SOOOO much cheaper than the insurance premiums, and gets you the same care you're receiving NOW (at inflated rates compared to the penalty)? Is the employer health insurance pre-tax income shelter worth the big difference in price? It would cost me half to just pay the penalty, but I'd lose that other half in income shelter, according to this man's thinking. Fine, but what am I getting for this "other half"...how much shelter am I buying for that other half? I'm protecting a lousy $350 in taxes! I could protect more than that by resuming my IRA contributions (don't worry--the 401k is maxed).
The lost "other half", or maximum penalty amount (they're basically both the same), could be put into my traditional IRA (after tax), and would yield more in tax savings than putting it into an employer health plan--$420 versus an insurance-sheltered $350. The Saver's Credit added onto that makes it even more profitable!
$2100 (rounded penalty) X 15% (tax bracket) = $350
$2100 X 20% (IRA deduction) = $420
$2100 X 50% (Saver's Credit--no more than $1000) = $1000
I guess this only works out this way if your salary is below $100k, you're in the 15% bracket, and your employer insurance costs are twice the penalty (or more).
Tax break, my ass! We'd be overpaying for inferior health care, but if some people want it that way...
"There is a semantic difference between the health insurance mandate and these other tax nudges in that the government doesn't require you to donate to charity or own a home. But the government doesn't really require you to get health insurance either. You are free to ignore the "mandate" and pay the tax."
...
"The new insurance mandate assesses an excise tax of up to $2,085 per family in 2016 (smaller penalties in 2014 and 2015) for those who do not have "minimum essential" health insurance coverage. Low-income families, Native Americans, undocumented immigrants and some religious groups are exempt.
The truth is, Congress could have achieved the same result by boosting income taxes by the penalty amount for everyone and then providing a tax credit for people with qualifying health insurance. But such an approach might not spur health coverage as much as the penalty will because people perceive tax credits and penalties differently. However, the tax credit approach is clearly constitutional."
Yeah, but what if the penalty is SOOOO much cheaper than the insurance premiums, and gets you the same care you're receiving NOW (at inflated rates compared to the penalty)? Is the employer health insurance pre-tax income shelter worth the big difference in price? It would cost me half to just pay the penalty, but I'd lose that other half in income shelter, according to this man's thinking. Fine, but what am I getting for this "other half"...how much shelter am I buying for that other half? I'm protecting a lousy $350 in taxes! I could protect more than that by resuming my IRA contributions (don't worry--the 401k is maxed).
The lost "other half", or maximum penalty amount (they're basically both the same), could be put into my traditional IRA (after tax), and would yield more in tax savings than putting it into an employer health plan--$420 versus an insurance-sheltered $350. The Saver's Credit added onto that makes it even more profitable!
$2100 (rounded penalty) X 15% (tax bracket) = $350
$2100 X 20% (IRA deduction) = $420
$2100 X 50% (Saver's Credit--no more than $1000) = $1000
I guess this only works out this way if your salary is below $100k, you're in the 15% bracket, and your employer insurance costs are twice the penalty (or more).
Tuesday, April 13, 2010
This Just In: Surging Interest Rates Ahead, Part 1
From Martin Weiss Research.
Remember back when the prime rate was 21% (Carter/Bush I era)? It's coming back, and you'll be glad you paid off your credit card debt!
"Brace yourself for one of the greatest interest-rate surges in decades — beginning first in the long-term Treasury markets … later spreading to shorter term Treasuries … and ultimately enveloping nearly every loan, debt, credit, and money market instrument on the planet.
This rise may not begin with great fanfare. Nor will it immediately upset the apple cart of the economic recovery. But with the march of time, it WILL gain momentum and reach critical mass."
This is why you should have bought (and still can buy) while rates and prices are low--because it won't last. We're repeating every Democrat president's economic errors, starting with the outrageous amounts of spending and wildfire expansion of government, and I wouldn't doubt it if we end up rationing gas to odd-even days again.
Eventually, inflation is going to bite us so hard, we won't even be able to afford to eat, and that's why I stressed stocking a pantry during the lowest economic times--you buy ((or should have bought) when prices were low. Saving change will become fruitless, because the value of each coin won't be face value after inflation! Government assistance will buy you less and less--even the government is subject to inflation.
If we have two more months of job GAINS instead of losses, we are officially leaving the "W" behind and are on our final giant upward swing back into prosperity. That prosperity will come with a price, and that price is inflation. Are you ready for it? Are your savings and investments ready for it?
Relax--you still have time to form a plan for the investments. The panrty you should have completed by now.
Remember back when the prime rate was 21% (Carter/Bush I era)? It's coming back, and you'll be glad you paid off your credit card debt!
"Brace yourself for one of the greatest interest-rate surges in decades — beginning first in the long-term Treasury markets … later spreading to shorter term Treasuries … and ultimately enveloping nearly every loan, debt, credit, and money market instrument on the planet.
This rise may not begin with great fanfare. Nor will it immediately upset the apple cart of the economic recovery. But with the march of time, it WILL gain momentum and reach critical mass."
This is why you should have bought (and still can buy) while rates and prices are low--because it won't last. We're repeating every Democrat president's economic errors, starting with the outrageous amounts of spending and wildfire expansion of government, and I wouldn't doubt it if we end up rationing gas to odd-even days again.
Eventually, inflation is going to bite us so hard, we won't even be able to afford to eat, and that's why I stressed stocking a pantry during the lowest economic times--you buy ((or should have bought) when prices were low. Saving change will become fruitless, because the value of each coin won't be face value after inflation! Government assistance will buy you less and less--even the government is subject to inflation.
If we have two more months of job GAINS instead of losses, we are officially leaving the "W" behind and are on our final giant upward swing back into prosperity. That prosperity will come with a price, and that price is inflation. Are you ready for it? Are your savings and investments ready for it?
Relax--you still have time to form a plan for the investments. The panrty you should have completed by now.
Monday, April 12, 2010
Hipsters Turn to Food Stamps to Eat Healthily
From WalletPop.
"Is the recent upsurge in college-educated individuals applying for food stamps a social trend, the way the recently popular Salon.com article, "Hipsters on Food Stamps" supposes? Or is it a reflection of economic distress and the depressing job market? And how easy is it to actually qualify for food stamps?"
Yes to all. Food stamps are income-based, and with no income, anyone qualifies. Assets aren't counted.
"Lately, more college-educated individuals are qualifying for assistance, and they seem to buy nutritious--albeit more costly--food with their subsidies. The hipster recipe, in a nutshell? Go on government assistance, then shop at Whole Foods for cilantro and shittake mushrooms."
Great. They're living it up at our expense. Typical college commies!
...
"I wondered if others in my situation were perhaps bending the rules. Take "James Marters," who two years ago was in a stable job, pulling in $40,000 a year and receiving health benefits. Today the spec-sporting, 27-year-old college-grad works temp jobs to pay the bills and leans on the government to put food on the table.
Marters, who chose to use a pseudonym over a fear of losing his food stamp benefits, is enrolled in SNAP. But does he really need it?
"If I paid for my food now, I'd be on my own in the gutter," Marters said during our interview at Two Prudential Plaza in downtown Chicago, where he currently temps. "This is survival. I'm going to do what it takes to not let my life deteriorate, even if it means not playing by the system's rules."
Spoken like a true zombie. The something-for-nothing crowd gets younger and younger!
...
"...when someone is leaning on food stamps, just because a part-time blogging gig or bike messenger job isn't supporting his or her lifestyle, it may be time to find a second or third job. One AmeriCorps worker responds to the increasing amount of young adults receiving food stamps because their jobs aren't paying the bills this way:
"If the economy is bad and you need money, sometimes [you] have to do jobs [you] don't want to do," says Courtney Chambers, a health educator in Chicago who qualifies for food stamps through AmeriCorps. "It just sounds really bad when [college grads] are signing up for food stamps because their visual art career isn't taking off. That is totally different from the young mother who lives in a neighborhood where there are no restaurants to even work at."
Welcome to Zombieland, Courtney. Obama brought it on, and he isn't taking it away any time soon---it builds DEPENDENCY and a stable voting block.
Obviously, these college gourmands haven't read the fine print on the food stamps--it allows for SEEDS, which can be planted to grow THEIR OWN cilantro and mushrooms. By doing that, they'd have more food stamp money left over for the free-range organic buffalo, ground elk, and the mercury-free wild salmon! Well, okay...the silken teriyaki/cheddar tofu is probably more up their alley.
Jeez...send 'em to college, and they STILL can't think!
"Is the recent upsurge in college-educated individuals applying for food stamps a social trend, the way the recently popular Salon.com article, "Hipsters on Food Stamps" supposes? Or is it a reflection of economic distress and the depressing job market? And how easy is it to actually qualify for food stamps?"
Yes to all. Food stamps are income-based, and with no income, anyone qualifies. Assets aren't counted.
"Lately, more college-educated individuals are qualifying for assistance, and they seem to buy nutritious--albeit more costly--food with their subsidies. The hipster recipe, in a nutshell? Go on government assistance, then shop at Whole Foods for cilantro and shittake mushrooms."
Great. They're living it up at our expense. Typical college commies!
...
"I wondered if others in my situation were perhaps bending the rules. Take "James Marters," who two years ago was in a stable job, pulling in $40,000 a year and receiving health benefits. Today the spec-sporting, 27-year-old college-grad works temp jobs to pay the bills and leans on the government to put food on the table.
Marters, who chose to use a pseudonym over a fear of losing his food stamp benefits, is enrolled in SNAP. But does he really need it?
"If I paid for my food now, I'd be on my own in the gutter," Marters said during our interview at Two Prudential Plaza in downtown Chicago, where he currently temps. "This is survival. I'm going to do what it takes to not let my life deteriorate, even if it means not playing by the system's rules."
Spoken like a true zombie. The something-for-nothing crowd gets younger and younger!
...
"...when someone is leaning on food stamps, just because a part-time blogging gig or bike messenger job isn't supporting his or her lifestyle, it may be time to find a second or third job. One AmeriCorps worker responds to the increasing amount of young adults receiving food stamps because their jobs aren't paying the bills this way:
"If the economy is bad and you need money, sometimes [you] have to do jobs [you] don't want to do," says Courtney Chambers, a health educator in Chicago who qualifies for food stamps through AmeriCorps. "It just sounds really bad when [college grads] are signing up for food stamps because their visual art career isn't taking off. That is totally different from the young mother who lives in a neighborhood where there are no restaurants to even work at."
Welcome to Zombieland, Courtney. Obama brought it on, and he isn't taking it away any time soon---it builds DEPENDENCY and a stable voting block.
Obviously, these college gourmands haven't read the fine print on the food stamps--it allows for SEEDS, which can be planted to grow THEIR OWN cilantro and mushrooms. By doing that, they'd have more food stamp money left over for the free-range organic buffalo, ground elk, and the mercury-free wild salmon! Well, okay...the silken teriyaki/cheddar tofu is probably more up their alley.
Jeez...send 'em to college, and they STILL can't think!
Saturday, April 10, 2010
This Just In: Texting Doctor Parkinson
From Big Think.
"Imagine no waiting room at the doctor's office. Scratch that. Now picture no doctor's office at all. In this practice, you make appointments via text, video chat or email, and sometimes your doctor makes house calls. Oh, and you deal directly with the insurance company, because there's no staff for that. Meet Dr. Jay Parkinson. After completing his residency at Johns Hopkins University, the pediatrician was unsure of what he wanted to do with his life. So he founded Hello Health, a newfangled practice in Brooklyn that promises to streamline the process of health care. Is it working?
"Evidence says that about 50 percent of all doctor visits are unnecessary. But they only get paid to bring you into the office, so that's what they do. So, if you don't have that incentive, that means 50 percent of problems can be taken care of without physically seeing you, but augmented with good communication," says Parkinson."
"Imagine no waiting room at the doctor's office. Scratch that. Now picture no doctor's office at all. In this practice, you make appointments via text, video chat or email, and sometimes your doctor makes house calls. Oh, and you deal directly with the insurance company, because there's no staff for that. Meet Dr. Jay Parkinson. After completing his residency at Johns Hopkins University, the pediatrician was unsure of what he wanted to do with his life. So he founded Hello Health, a newfangled practice in Brooklyn that promises to streamline the process of health care. Is it working?
"Evidence says that about 50 percent of all doctor visits are unnecessary. But they only get paid to bring you into the office, so that's what they do. So, if you don't have that incentive, that means 50 percent of problems can be taken care of without physically seeing you, but augmented with good communication," says Parkinson."
Friday, April 09, 2010
This Just In: If We Europeanize, Europe is in Trouble
From the National Review Online.
"We can’t become Europe unless someone else is willing to become America.
Look at it this way. My seven-year-old daughter has a great lifestyle. She has all of her clothes and food bought for her. She goes on great vacations. She has plenty of leisure time. A day doesn’t go by where I don’t look at her and feel envious of how good she’s got it compared to me. But here’s the problem: If I decide to live like her, who’s going to take my place?
Europe is a free-rider. It can only afford to be Europe because we can afford to be America."
...
"If America Europeanizes, who’s going to protect Europe? Who’s going to keep the sea lanes open? Who’s going to contain Iran — China? Okay, maybe. But then who’s going to contain China?
But that’s not the only way in which Europeans are free-riders. America invents a lot of stuff. When was the last time you used a Portuguese electronic device? How often does Europe come out with a breakthrough drug? Not often, and when they do, it’s usually because companies like Novartis and GlaxoSmithKline increasingly conduct their research here. Indeed, the top five U.S. hospitals conduct more clinical trials than all the hospitals in any other single country combined. We nearly monopolize the Nobel Prize in medicine, and we create stuff at a rate Europe hasn’t seen since da Vinci was in his workshop.
If America truly Europeanized, where would the innovations come from?"
...
"Americans are an innovative, economically driven people. That’s true. But so were the Europeans — once. Then they adopted the policies they have today and that liberals want us to have tomorrow."
"We can’t become Europe unless someone else is willing to become America.
Look at it this way. My seven-year-old daughter has a great lifestyle. She has all of her clothes and food bought for her. She goes on great vacations. She has plenty of leisure time. A day doesn’t go by where I don’t look at her and feel envious of how good she’s got it compared to me. But here’s the problem: If I decide to live like her, who’s going to take my place?
Europe is a free-rider. It can only afford to be Europe because we can afford to be America."
...
"If America Europeanizes, who’s going to protect Europe? Who’s going to keep the sea lanes open? Who’s going to contain Iran — China? Okay, maybe. But then who’s going to contain China?
But that’s not the only way in which Europeans are free-riders. America invents a lot of stuff. When was the last time you used a Portuguese electronic device? How often does Europe come out with a breakthrough drug? Not often, and when they do, it’s usually because companies like Novartis and GlaxoSmithKline increasingly conduct their research here. Indeed, the top five U.S. hospitals conduct more clinical trials than all the hospitals in any other single country combined. We nearly monopolize the Nobel Prize in medicine, and we create stuff at a rate Europe hasn’t seen since da Vinci was in his workshop.
If America truly Europeanized, where would the innovations come from?"
...
"Americans are an innovative, economically driven people. That’s true. But so were the Europeans — once. Then they adopted the policies they have today and that liberals want us to have tomorrow."
Wednesday, April 07, 2010
What's a Libertarian?
From Fox News and John Stossel's blog.
"I want government to leave us alone. We who feel that way often call ourselves "libertarian". In my FBN show and syndicated column this week, I start with the first objection to pure libertarianism that typically comes to mind: the absence of a government safety net.
My wife’s first response to that was:
"That's cruel! What about the poor and the weak? Let them starve?"
...I [asked] some prominent libertarians that question, including Jeffrey Miron, who teaches economics at Harvard.
"It might in some cases be a little cruel," Miron said. "But it means you're not taking from people who've worked hard to earn their income (in order) to give it to people who have not worked hard."
But isn't it wrong for people to suffer in a rich country?
"The number of people who will suffer is likely to be very small. Private charity ... will provide support for the vast majority who would be poor in the absence of some kind of support. When government does it, it creates an air of entitlement that leads to more demand for redistribution, till everyone becomes a ward of the state."
People will suffer when they can't/won't/don't compete, don't marry someone who CAN and WILL compete, and don't take the time to learn how to benefit from a capitalist society--POVERTY SHOULD BE UNCOMFORTABLE!! A social safety net does nothing more than kill incentive to work and compete, making poverty comfortable...a little TOO comfortable, judging by the number of people who've been collecting unemployment bennies for two years now, when there's perfectly good census jobs (as well as other jobs) available.
"I want government to leave us alone. We who feel that way often call ourselves "libertarian". In my FBN show and syndicated column this week, I start with the first objection to pure libertarianism that typically comes to mind: the absence of a government safety net.
My wife’s first response to that was:
"That's cruel! What about the poor and the weak? Let them starve?"
...I [asked] some prominent libertarians that question, including Jeffrey Miron, who teaches economics at Harvard.
"It might in some cases be a little cruel," Miron said. "But it means you're not taking from people who've worked hard to earn their income (in order) to give it to people who have not worked hard."
But isn't it wrong for people to suffer in a rich country?
"The number of people who will suffer is likely to be very small. Private charity ... will provide support for the vast majority who would be poor in the absence of some kind of support. When government does it, it creates an air of entitlement that leads to more demand for redistribution, till everyone becomes a ward of the state."
People will suffer when they can't/won't/don't compete, don't marry someone who CAN and WILL compete, and don't take the time to learn how to benefit from a capitalist society--POVERTY SHOULD BE UNCOMFORTABLE!! A social safety net does nothing more than kill incentive to work and compete, making poverty comfortable...a little TOO comfortable, judging by the number of people who've been collecting unemployment bennies for two years now, when there's perfectly good census jobs (as well as other jobs) available.
This Just In: A Calculator for the HCR--Cheaper to Insure or Pay the Penalty?
At the Calavcade of Risk--front page. Enter your annual pay, annual insurance premium cost, type of policy (single or family), and the likelihood of needing hospitalization (charts are provided on the site for reference).
The calculator told me it would be cheaper for us to pay the penalty and only buy insurance when we actually need it, which is what I already figured on my own. The whole penalty/coverage thing is set up much like an HSA, only without the savings mechanism--pay cash or the penalty for the smaller stuff, and have a high-deductible policy cover the big stuff.
The calculator told me it would be cheaper for us to pay the penalty and only buy insurance when we actually need it, which is what I already figured on my own. The whole penalty/coverage thing is set up much like an HSA, only without the savings mechanism--pay cash or the penalty for the smaller stuff, and have a high-deductible policy cover the big stuff.
Monday, April 05, 2010
For Gardeners: A Simple Soil Test
From the Dollar Stretcher. You'll need a couple of jars, about 6 tablespoons of dirt (from different depths), a little bit of water, and a little baking soda and vinegar.
Much cheaper than getting a complete analysis.
Much cheaper than getting a complete analysis.
What Our Grandparents Knew About Gardening
From the Dollar Stretcher. Some of these tips are new to me, and some not--enjoy!
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