JoeTaxpayer

The election is behind us, and this cartoon seems to summarize what led voters to vote as they did. Time to move on, avoid the fiscal cliff and start planning  for the year to come.

In September, at the Financial Blogger Conference I attended, I had the pleasure of meeting Gerri Detweiler. As her web site’s tag line offers, “you’ve got credit questions? I’ve got answers.” It goes on – Author. Talk Show Host. Speaker. Credit Expert.

I happen to sit next to Gerri at one of the event’s lunches, and in hindsight, no wonder she was so easy to talk to, she’s a professional interviewer. We had a wonderful conversation, about the event itself, the people, the energy in the room, and about what motivated me to write. I shared how I blogged as a side hobby, hoping to use my knowledge to help others, and offered examples of situations where I felt I had made a difference.

A few weeks ago, I heard from her assistant, I was invited to be on her weekly radio show, Talk Credit Radio. Today’s the day. The show is 11am ET, and I should come on at about 11:30. The live show is on Sarasota Talk Radio WSRQ and I’ll add a link when the podcast is available.

For her listeners who’ve come to visit, my article Inheriting or Bequeathing an IRA should be an interesting one to learn more about what I planned to discuss today.

Today, a guest post –

You can spend a lot of money in Vegas. Even if you’re not gambling, the amount of cash you can shell out on shows, dining, and night life can add up fast. What you might not realize, however, is that you can still go big in Vegas without having to take out a loan against your 401(k).
In fact, if you’re smart about it, you can go big in Vegas for a day or two for less than $100 per person.

Some rights reserved by Moyan_Brenn

Here are some tips for your Vegas vacation that will keep you from breaking the bank:

1. Limit the length of your stay. If you’re going to go big in Vegas for under $100, you’re going to have to do it fast. $100 or so can get you through a single day and night if you’re smart and get all of the best deals, but not much more than that. Of course, if you’ve got a bigger budget, you can stay a bit longer. Applying these tips will let you do Vegas for around $100 a day. In some cases, a longer stay can actually get you a bigger discount on your lodging, too.
2. Consider a timeshare presentation. Many of the hotels in Vegas – as well as other companies – have time share properties that they’re interested in getting you to purchase. In many cases, you can stay several nights free. The only requirement is that you listen to a timeshare pitch. Be careful here; some timeshare companies are known for their less-than-honest practices. For example, what’s supposed to be a one-hour pitch might take the majority of a day. In some cases, the timeshare company may limit the time you stay based on whether or not you make a purchase. Read all of the fine print if you’re going to go this route.
3. Take in free or inexpensive shows. Vegas is known for giving things away. There are many free lounge shows, for example, that will only cost you a small cover charge or the cost of a single drink. Carnival Court at Harrah’s offers you the opportunity to listen to live music all day long. The Grand Canal Shoppes at the Venetian features “Living Statues,” which can be a fun time as well. Just be sure to tip the statue a buck or two.
4. Check into inexpensive buffets for meals. The Circus Buffet at Circus Circus is one of the best deals in town. Some of the casinos also feature budget buffets. The Garden Court Buffet, which you’ll find at Main Street Station, is also relatively inexpensive.
5. Take the kids to some free shows. Vegas is about families, and is offering more and more for families to do without breaking the bank. For example, Circus Circus features a Midway Circus Act that’s free and that the kids are sure to love. At Ceasars, you’ll find free fountain shows as well as an acquarium. There are a number of other free attractions that vary from season to season and from time to time, too.
6. Limit your time at the casinos, and choose your casino wisely. The casinos are the place in Vegas where the most cash is lost. If you’re going to spend some time at a casino, choose your budget ahead of time. Don’t go into the casino with more money than you’re willing to lose. Set a ceiling, as well; if you win a certain amount (two or three times what you started with is always good) cash out and go enjoy another cheap or free attraction.
7. Choose where you make your purchases wisely. Ordering room service is much more expensive than a coffee shop. Soft drinks at restaurants can cost $4 for a glass, so consider tap water. If you need gas, don’t get it on the strip or you’ll pay as much as 20% more than you will outside of the strip. Don’t make purchases in the hotel gift shop. If you need some aspirin, hit one of the pharmacies on the strip instead.

Your Vegas vacation doesn’t have to cost more than your car. You can have a blast in Vegas, and enjoy some of the most iconic experiences that the city has to offer, without breaking the bank. Follow these tips closely and you’ll find that you can go big on your trip without dropping more than $100 per person per day.

Dave Johnson is Social Media Coordinator at The Palms Hotel in Las Vegas. The Palms offers luxurious hotel rooms and suites and a multitude of casino gaming options.

My friends at the IRS have announced…. wait a second, did I just call the IRS folk ‘my friends’? Well, yes. I don’t like taxes any more than the next guy, but I hpe that by now my readers know that it’s congress that has created our incomprehensible tax code. The IRS just enforces it. From where these guys (and gals) sit it’s “don’t shoot me, I’m just the messenger.” The IRS is actually doing a fine job, making information readily available on their web site and keeping us up to date in real time by offering different newsletters. As I was saying, they announced some numbers for 2013!

Gifting – If you are giving money to friends or family each year, the annual exclusion for gifts has risen from $13,000 to $14,000 per year. If you are a couple giving your partnered child a gift, this multiplies up to $56,000 from 2012’s $52,000. The 529 College Savings account permits gifting ahead up to 5 years worth of deposits, meaning you and your spouse can each gift $70,000 into the 529 account. This requires a Form 709 to declare your transaction, and then no gifts are permitted over the next 4 years (unless the gift exemption rises beyond $14,000.)

Kiddie Tax – This is the tax that uses the parents’ tax rate on a child’s unearned income. The reduction of this income has been raised to $1000 from $950. Simply put, your child can receive $1000 in unearned income with no tax due, and an additional $1000 taxed at their rate, most often, 10%, based on online tax calculators and estimators. A topic worthy of more detailed discussion.

Retirement – The 401(k), 403(b), and 457 account deposit limit has been raised to $17,500 with the same $5,500 catch-up deposit for those 50 and older. We’ve discussed whether the 401(k) decision is the right one for most investors, and it’s safe to say, grab the match. Many employers will match the first 4-6% of your income dollar for dollar, so if you earn $60,000, a 5% contribution to your account is worth 10% on day one. $6,000 deposited pretty painlessly. The IRA limit has also been increased from $5,000 to $5,500, up to $6,500 if 50 or older. Great to take advantage of the IRA especially if the fees in your 401(k) are pretty high.

Flexible Spending Account – This is the money you can have withheld pre-tax to pay for unreimbursed medical costs, including doctor copays, prescription drugs, and a number of items your insurance doesn’t cover. In 2012, there was no limit, although employers most often limited the amount you can put aside at $5,000. In 2013, Federal regulations put the limit at $2,500.

More details and comments on these changes to follow.