Retire

Mainstream media continues to state that traditional IRAs are tax deferred until retirement. Well, that depends. If your IRA owns mortgage-leveraged real estate, you owe UBIT.  If your IRA or 401(k) owns an active business structured as a pass through entity (such as an LLC or partnership), you owe UBIT.  UBIT, or Unrelated Business Income Tax, applies to tax exempt organizations including retirement plans. To pay UBIT, Form 990-T must be filed with the IRS.

Gold is a very popular investment these days. Is it possibble to own collectibles such as art, coins, and  physical gold inside an IRA? No. When an IRA purchases a collectible, the amount used to make the purchase is treated as distribution to the owner. It is included in the owner's gross income, and if the owner is under age 59½ and does not qualify for one of the exceptions, a 10% early distribution penalty is imposed on top of the income taxes.

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Broke

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A T-shirt a day has kept unemployment at bay for an American man who is making about $85,000 a year by selling advertising space on his torso.

Jason Sadler, 26, a former marketing professional from Florida, founded his own company, www.iwearyourshirt.com, in 2008 with the idea to wear a T-shirt supplied by any company and then use social media tools to promote the firm.

Full article

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General Electric plans to close its only U.S. solar panel factory because production costs have exceeded sale prices.

Solar_shingles

The Fairfield, Conn.-based company said that silicon panel manufacturing at its facility in Delaware, will stop in January. GE will shutter the factory all together by June. The factory can produce 34 megawatts of solar panels per year and employs 82 people. GE plans to layoff the workers with severance packages.

The move reflects the tough times experienced by solar energy equipment makers worldwide as supply far exceeded demand over the past year. Recession and a big reduction in solar subsidies in Spain - once a booming market - are key contributors. Some manufacturers have seen prices for their products fall by anywhere from 30 percent to 50 percent over the past year.

Earlier this week, Marlboro, Mass.-based Evergreen Solar said it would move panel production from its factory in Devens, Mass., to China next year in order to cut costs.

Earlier this year, BP Solar announced it would close its solar panel factory in Maryland and outsource that work to a contract manufacturer. Last month, BP said it had hired Jabil Circuit to assemble panels at a Jabil factory in Poland.

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Be sure to review my original blog post.

Mark Boyle (a.k.a. Saoirse, which is Gaelic for "freedom" and pronounced "sear-shuh") set up the Freeconomy website (http://www.justfortheloveofit.org). The idea is that like-minded people sign up, list their skills and donate them to others. In return they receive favours back. For instance, a hairdresser may give a mechanic a haircut and in exchange the mechanic would fix the hairdresser's bicycle. No money ever changes hands. The website appears to have been successful. Boyle says 4,200 people with 900 different skills from 85 countries have signed up.

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Here is part 1

Coast Guard officials in Duluth Minnesota say they’re planning a major enforcement effort on federally-navigable waters throughout the border country, and the fallout to local outfitters, fishing guides and others who carry passengers could be significant.

Some guides are already worried they could be among those operators forced out of business. Terry Sjoberg, who operates Ace Guide Service, and gets around with the assistance of a cane, worries whether he could pass the required physical or whether he’s mobile enough for the mandatory CPR training. Those requirements are just two on a laundry list of steps that operators will need to take to obtain a federal license and identification card. All boat operators will now have to pass a training course, a background check, and a drug screening. They also must be enrolled in a random drug and alcohol testing program.

Completing the list won’t come cheaply. A Coast Guard document indicates the required training course will cost $750, while the obtaining a federally-issued identification card runs $132.50. In addition, operators will also need to pay for drug testing, physicals, and CPR and first aid training. All together, it’s likely to run $1,200 to $1,300 said Sjoberg,

While the expense and hassle of compliance could prompt some guides or other boat operators to try to skirt the rules, that could prove very costly. If an operator is found operating without a license, or outside the scope of their license, the fine could be as much $27,500. Failure to be enrolled in a required drug testing program is subject to fines up to $5,500.

The Coast Guard has investigative powers that could thwart any efforts to get around the rules. For example, the Coast Guard can obtain an individual’s tax records to see if they reported income from guiding. It’s such powers that concern guides like Sjoberg, who worries he could be investigated if he can’t pass a physical to get licensed. “Will they be looking through my tax returns, or harassing me on the lake, to see if I’m still guiding?” he asked.

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Rock Bottom Brewery in Chicago has a monthly tapping on a Thursday night. It is free to mug club members and you usually walk away with 2 free pints. BTW, the mug club is absolutely free to join. Check your local Rock Bottom to see if they have a similar deal.

The first Monday of every month, from 7pm - 9pm, Horseshoe Casino (Hammond IN) has a "beer of the month" tasting. You get to try a 2 ounce sample of the beer, but if you hang around, you usually get a refill. Last night, I got an entire snifter for free!  And this was a huge 10% ABV beer.

New_holland

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This is a really cool widget. Kudos to Savings Advice. Every time you visit my blog and refresh this page, you get a new money saving tip!

Be sure to join the programs above the tip. They are legitimate money makers.

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We use a local produce stand for fruits and veggies year round. We also use a distributor of Amish products we met at our local farmers market (keep clicking the picture below to see the great products and 10% discount). The only time we use Family Dollar or the grocery store is for paper products, vinegar, laundry detergent, and milk.

Invoice

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