Sally Herigstad, CPA

When I'm trying to prove insolvancy so I can settle my debts, are retirement savings, such as 401(k) considered assets?

Thank you

What if I used my inheritance to buy a home?
Randy

My husband and I are 42 and 44 respectively. My husband wants to pay off our morgage early. We'll probably be paid off in about 6 years at the rate we're going. However, my dad says this is a bad thing because it will hurt us tax-wise. Who is right?

Barbara

What is the best way to sell loose jewels? We have three emerald stones that we would like to sell.

I am full time employed and they take taxes out of my check which is fine. BUT I am doing some part-time work on the side for them which they pay seperately. I do not want them to withhold taxes for that because is it a small amount and I would practically not get anything for the days work.

My husband and I file the long form and we know we will be getting money back this year.

Can I legally ask them not to withhold money from this side payment check?

Thanks so much for your reply
Terri

Will cashing in retirement funds help my credit score?

How do I know what to file on my taxes?

I am a single female, no children, who lives and works in New York City. My boss writes me a check for $1000 biweekly, so I assume he is paying me as an Independent Contractor. Should I be setting aside a certain percentage of that money each month to cover taxes when I file in April? I do not want to come up short, but I am barely covering my expenses now. Would I even owe taxes because my income is so low?

How do I know what to file as? In the past, I was a student and always filed exempt. Would I file as Single with 2 exemptions (1--because no one else can claim me; 1--because I am single with one job)? I cover all my own expenses including rent; should I also file as Head of Household?

What about if I get a second part time job in the future that pays $300 a week? How do I report this? Do I need to report this? I heard that if you make under $600 total at any job, you are not required to claim it.

I know there are a lot of questions here but I must take charge of where my money goes. Any help will be much appreciated.

Mars

Hi Sally!
I am reading your book to get ideas to share with the clients I teach about
budgeting and decision-making skills through our Community Emergency Services
program at Catholic Charities in Mansfield, Ohio. I would like to know if I can use your spreadsheets to give to the clients to work out their own budget, as most do not have computer access. Thank you! Laurie

Laurie

Hi, I bought my condo in 2006 at the high-point ($400K) and put 20% down on a 35-year loan (first 5 years are interest only, after that, I have a 30-year fixed, but the interest rate does not change at 6.25%. But then, I will pay another $400+ per month to start paying down on the principle). In the last year and a half, my condo went down in value by the money that I put down. Now my home-owner's association is asking for a "special assessment" of $16K to do some condo repairs and upgrades. I cannot get a home equity loan from any lender. I'm starting to feel trapped, not only with losing all that I put down, but having to pay the assessment, plus another $400. per month added to my mortgage in (3) years. Do you have any guidance for me?

Nancy

Hi, We have been trying to sell our home for over a year, our property taxes have more then doubled in the past 4 years. We had the house appraised before we listed it, it appraised for 408,000. We listed it at 389,000, which was much less then the realtor thought it should be. We have it currently listed at 339,000 & still no bites. We owe 273,000 the payment is 2475.oo including taxes & insurance. My next door neighbors house sold after 14 months for 410,000. We have had realtor open houses they have nothing but good reviews, they say there is nothing more we can do to increase our chances of selling the house. I have never paid the mortgage late until last month now we have a 30 day late on our credit report. I don't know what to do! We have about 35,000 in credit card debt, 5,000 in medical debt. I always had good credit until recently my score averages 640 now. I don't know what to do. I have been looking for a job with no luck. I have been a stay at home mom for 15 years. I feel like the walls are closing in on me & can't stand living like this. The interest rate on the mortgage is 6.6 fixed. I thought we should lower the price on the house again the realtor said no we should leave it where it is that it is priced low, we need to have some room for negociating. If there is any advice you can give me I would appreciate it. I don't want to destroy my credit because we will need to buy a new home if ours ever sells.
Thanks,

Elizabeth