Today's cuppa: Mayan cocoa spice tea (better than I thought it would be)
Financial analyst Eric Bolling knows a lot about money, starting with his 20 years of experience on Wall Street, his former job as "The Admiral" on CNBC's "Fast Money," and now his position as one of the hosts of the Fox Business Network weekday show "Happy Hour" (with Rebecca Diamond and the subject of yesterday's post, Cody Willard).
Bolling is also a panelist on Fox News Channel's Saturday-morning business show "Bulls & Bears," and host of the business hour on Foxnews.com's "Strategy Room." (In addition, he played pro baseball for the Pittsburgh Pirates, but that's a story for another day.)
So when he gives his top five tax tips, it just might pay to listen:
1) If you were ever considering starting your own business, do it now. There are incentive loans available through the SBA (Small Business Administration) that are in place now, but with rising budgets and rising deficits, you never know how long they will be around.
2) In the new $787 billion stimulus bill, there are provisions for student loans. Although not a tax issue, understand that getting a new student loan will become easier and more affordable. The bill provides for the U.S. government to make loans directly to students, bypassing private lenders and their fees.
3) Take advantage of all matching 401k money offered. If your employer offers the program, take it to the full extent.
4) Pay on time! Penalties and interest on money owed to the IRS are insane! Even if you need more time, file an extension, but pay what you owe. If you overpay, you will get that balance back. Underpay or pay later … look out for massive penalties and interest due later.
5): Times are rough right now. If you are working, be happy you have a job, and pay the man. Millions out there would trade places with you in a New York minute!
And lastly, a little poll …