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When A Housemate Is A Dependent (And A Tax Break) Could Liz Lemon (Tina Fey) snag a tax break for supporting her slacker boyfriend whos moved in with her on NBCs 30 Rock? Maybe. If your boyfriend, grandma or unemployed brother is crashing on your pull-out couch, you might be able to claim them as a dependent on your federal income tax return. Yes, its not just children, or even relatives, that can count as dependents, but unrelated friends whom you support and who live with you. The idea is these folks arent filing tax returns and taking a personal exemption for themselves. So you add them to your return as a dependent, taking a dependent exemption, and share the wealth.
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NY Times Is Wrong About Maximizing College Aid Chances Today's article on the New York Times website, "Expert Advice on the Best Ways to Secure Financial Aid," is a glaring example of more bad college advice. To say that parents should, "Embrace the fact that there is no 'secret,' no magic way to increase your aid chances," is misleading at best.
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Obama Locks In Four More Years Jobs report boosts stocks and Obama, clobbers bonds, gold and Romney.
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Can Your Financial Worries Get You Fired? Having trouble focusing on your job? Productivity lagging? Calling in sick?
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Five Stocks To Buy Instead Of Facebook Valuations are sky-high. Go for tried and true instead.
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American Airlines Layoffs Don't Bode Well For Frequent Flyers
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Hey Financial Planners, Do Your Job! If you collected a sample of financial plans prepared by planners from across the country, you may very well conclude the objective of financial planning is to take subject matter that has already confounded the advice-seeking client and make it even more baffling. As page counts, pie charts, graphs and projections mount, clients hopes of bringing clarity to their personal finances are dashed.
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Can You Placate Your Aging Parent Who Resists Moving? This morning when I was walking my dog, I saw our neighbor, Helen. She's in a walker since she fell and broke her hip. She is in her 80's and lives alone. It's a long way to her mailbox with that walker. I'm sure she has no intention of giving up her home, though, even if she falls again. "I like my privacy", she says.
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Speeding Stock Market Faces Jobs Hurdle ADP reports solid, if unspectacular, private sector job growth.
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Costa Shipwreck Survivors Can Sue For Being Scared To Death Italy has suspended the search for missing passengers and crew members from the shipwrecked Costa Concordia. Since the luxury cruise liner hit a reef off the island of Giglio, Italy on Jan. 13 and went aground, 17 people have been confirmed dead and another 16 are still missing.
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How Ideas I Stole From Warren Buffett And Others Helped Get Untouchables Into India's M.I.T. Greetings. I am a fund manager, investing $500 million from an office near Newport Beach, Calif. And as I finish editing this piece, the sun is shining, I am wearing shorts, and U.S. stocks look blessedly cheap.
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Myth Busting: Should You Seek Yield For Retirement? "The use of money is all the advantage there is in having it." - Benjamin Franklin
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Facebook's Road To IPO What the social media behemoth and investors can learn from the IPOs of Groupon, Zynga and others.
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Treat Adult Children Like An Investment Baby boomers definitely have their hands full. If theyre not caring for a parent it seems like an adult son or daughter is returning home. According to More Magazine, one in five young adults (25 - 34) is living at home today. Furthermore, a Purdue University study found that 79% of young adults (avgerage age of 25) received money from their parents at least once a year, while 48% received money every month. Not surprisingly, an Ameriprise Financial survey also found that about 30 percent of baby boomers said the money they used to support their adult children negatively affected their own retirement savings, but most were unaware of the impact it was having.
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Financial Advice For Women: Your Needs Are Different Are women different when it comes to financial planning? The unequivocal answer is: Yes.
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Bad Credit Can Cost You a Job. When midlife career switchers ask me for advice on how to succeed, I say, "get a fitness program."
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Airlines And Netflix Surge, Amazon Earnings Due Euro worries drag stocks lower but some still levitate.
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The Fed's New Tax on Retirees Last week, the Federal Reserve rolled out their inflation forecast and interest rate intentions through 2014, and its not good news for retirees or anyone else who relies on interest income. The yield on money market funds, CDs, and other fixed income investments will likely remain well below the inflation rate for the foreseeable future. This financial repression will result in a trillion dollar transfer of real wealth from fixed income investors to the persons, businesses and governments borrowing at below free-market rates.
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One Thing You Don't Know About 401(k) Rollovers - NUA When you have a 401(k) plan that contains stock in your company, there is a special provision in the tax law that may be beneficial to you. This special provision is called Net Unrealized Appreciation, or NUA, treatment. It allows you to take advantage of potentially much lower tax rates on the growth, or unrealized appreciation, of the stock in your company.
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A Long-Time Contrarian Learns Some New Tricks David Dreman says psychological awareness and diversification are pillars of a good portfolio.
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Shipwreck Suit Filed In U.S.; Judge May Send It To Italy In an apparent race to the courthouse, the first U.S. lawsuit has been filed based on the Jan. 13 disaster off the coast of Tuscany. Surprisingly, the named plaintiff is a crewmember, rather than a passenger, who is a resident of Lima, Peru, rather than of the United States. The case also seems oblivious to the substantial legal hurdles that lawyers around the world have been pondering for more than two weeks.
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Warren Buffett's Advice To A Boomer: Buy Your Sunbelt Retirement Home Now
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Shark Jumping With Facebook And Fonzie Will Facebook be worth $100 billion after it goes public?
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What Happens After CLASS? My best guess is that Congress will formally repeal the CLASS Act in 2012. Already abandoned by the Obama Administration, CLASS has no champion on Capitol Hill and is likely to fall victim to implacable Republican opposition and a lack of Democratic support. Thanks to technical budget rules, Congress can now kill the national, voluntary long-term care insurance program without adding to the deficit.
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Tackling Those Confusing 1099 And W-2 Changes This story appears in the Feb. 12, 2012 issue of Forbes Magazine.
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Compute Your Net Worth Once a Year - 2012 Since the end of last year, the U.S. markets went up and then down and then back up to end the year sideways. Market volatility was especially pronounced in the European Union as sovereign debt and the struggle to enact austerity measures whipsawed the markets, although not as a result of any changes in the underlying fundamentals.
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Suze Orman's Next Chapter Thanks to the economic downturn, the number of self-proclaimed financial experts has skyrocketed. Yet Suze Orman,#61 on last years list of Forbes 100 Most Powerful Women, remains Americas most acclaimed money expert. Dubbed the Queen of the Recession and the High Priestess of Finance, Orman serves as the trusted advisor to millions with her no-holds-barred advice, coupled with a genuine sense of empathy and compassion toward those looking to her for financial salvation.
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Tying The Knot Isn't All Love And Roses: By Marrying, Barney Frank And His Partner Take On Legal Duties, Too Rep. Barney Frank (D-Mass.) announced happy news today: The 71-year-old Congressman plans to marry his longtime partner, Jim Ready, 42. A Massachusetts wedding is planned, although the date has not been set. Frank will retire from the House at the end of this term, leaving them more time to spend together.
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Caterpillar Calls Out Central Banks Manufacturer says premature monetary tightening is chief risk to bullish economic outlook.
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