On May 17, 2006, President Bush signed into law the Tax Increase Prevention and Reconciliation Act of 2005. Many income tax benefits expired at the end of 2005 but were not extended by this legislation (e.g. the deduction for state and local sales taxes; the deductions for school teacher's expenses; the deduction for higher education expenses; etc.).
More information can be found at http://www.moneyguy.com/2006/05/money-guy-05-31-2006
Basic Goal Planning:
Short Term= Anything less than 5-7 years.
Long Term= Anything greater than the 7-year holding period.
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The Importance of Wills and Estate Planning
Wills Help You With:
For more information, including Legal Terms Used in Estate Planning, go to http://www.moneyguy.com/2006/05/money-guy-5-5-2006-podcast/