Tad Borek

Money Advice

PROFILE

Expertise

Taxes, Investment Accounts

Location

San Francisco , California

Education

BS, Cornell University, 1989; JD, George Washington University, 1993

Bio

During my 10+ years in practice as an investment adviser and attorney, I've advised everyone from "new savers" to retirees on a wide range of money questions. Less formally, I've fielded thousands of personal finance questions online on a variety of forums. It's allowed me to observe first-hand both the behaviors that lead to financial security, and those that are likely to lead to financial stress. I'm happy to share that experience here.

MY ADVICE

DISCUSSIONS
31

ANSWERS
39

TIPS, BOOKS & LINKS
14

Fragile Market?

I just read that the stock market crashed yesterday due to a typo . How fragile is our market that it can be brought down by a fat finger?

Layoff Budget Cut Analysis

Darwin's Finance had an interesting post yesterday about where the author might be able to cut spending in the event of a layoff. Having experienced the challenges of the current job market first-hand, I've...

In the News: "Move Your Money" this year?

Everybody's talking about the new "Move Your Money" campaign started by Arianna Huffington. The campaign encourages people to move their money from big banks, which it depicts as detached from the community and squanderers...

Converting to Roth IRA

I'm trying to figure our whether it make sense to convert my traditional IRA to a Roth IRA given the new rules in 2010. It sounds like there are tax advantages but what other considerations should I be thinking...

Roth IRA income limits

This is in response to the a Q&A I came across: http://www.lifetuner.org/topics/24-retirement/questions/181-roth_ira_not_qualified_but_still_opened_one_up Say I put $5K into a ROTH IRA on Jan 1st, made some gains, and later...

Looking Forward to Tax Season

Trent posted an article today on Nine Simple Things to Do to Get Ready for Tax Season Right Now! I for one am dreading the tax season. I had three months of self-employment, got married, and my wife has been...

The IRS is after me! :-O

A few months ago, I received a letter from the IRS saying that I had understated the amount of money I made back in 2007. ... 2007! It sure does take a while for the IRS to sort its ducks. Anyway, apparently...

Ridiculous bank fees

I just got off the phone with one of our finance bloggers who was talking about how crazy some bank fees can be. She lives outside the U.S. and has seen friends get taken through the ringer on transaction fees. At my old...

My interest rates went up, how about you?

We've been writing about changes to credit card company practices as a result of new legislation that's supposed to go into effect in February. It seems that credit card companies are taking these last few months to hurry up...

Save or Pay Off Debt?

I'm a young opera singer and I live in New York City. I do not need a car here, so no debt there, about $20,000 in student loans that I pay over the minimum on every month, about $600 credit card at 17% and $600 credit card...

What's the penalty on early retirement withdrawals?

Just one other thing to add to the comments above...states can hit you with penalties too, in addition to the 10% federal penalty that applies to an early distribution. The combination of state and federal penalties, plus...

International use of 529 College Savings Plan

Good question! I had a client who wondered about this generally, for overseas schools. The answer is "maybe"...it depends on whether the school is one that qualifies for financial aid programs administered by the US...

income tax

Just general comments here...this is potentially a $30,000 tax question so you need to run your specific facts past a tax attorney or CPA to get a real answer. A couple general principles with income tax...you can't deduct...

Self Employment 401(k) matching

There's an article here on the LifeTuner site that outlines the alternatives, check out the link below. Based on my experience SIMPLE IRAs are getting less common for the self-employed, as some of the other alternatives...

Is summer camp a tax deduction?

Yes! Or at least, it can be. The Child and Dependent Care Tax Credit is available to those who pay for child care during the day so that you can work, or look for work. If married, both spouses must be working or seeking...

Better deal financing car than paying in full?

It's true that car dealerships make money from what the industry calls "F&I", financing and insurance - mostly, loans and add-on warranties. It's just like other types of loan originators, like mortgage brokers...they might...

tax on sale of property

Would need a lot more info to answer this, but here's the general idea... You may be liable for taxes on the difference between your sale price and the adjusted basis in the property. "Adjusted basis" is tax jargon, you can...

Cash out IRA to pay tax debt?

There's a Q&A about this, see the link below. And check out the Retirement planning tool on the Tools page, so you can see how much savings now would put you "on track" to maintain roughly your current lifestyle in...

revenue recapture

Darren, what do you mean by recapture? Normally that's used in connection with the sale of something you depreciated, like a rental property, but it sounds like yours is a different scenario.

Does income tax apply to rent if you live there too?

The answer, as Eleanor said, is YES -- income from rental property is taxable and it doesn't matter that you still use part of the structure as your principal residence. That personal use affects how you calculate your...

The 20-10 Rule?

Credit card companies can be pretty creative in encouraging you to use their cards. I just got this gem from my issuer, which for some reason thinks I'm a college student so sends me a "new graduate" kind of newsletter:...

Coffee Shop Arbitrage

This tip is for the coffee users out there, who are looking to cut the java budget a bit. To quote one of the old cafe owners in North Beach here in San Francisco: "(you know who) doesn't sell coffee, they sell milk." It's...

The real story on "premium" gasoline...

What's in a name? Many people believe "premium" gasoline is better for your car, so is worth the extra cost. It's premium after all, so it must be better, right? It's only better if your car's engine is designed for the...

Income temporarily low this year? Consider a Roth conversion!

If you're facing a low-income year and have money saved in a traditional IRA, rollover IRA, 401(k) or 403(b) plan from a former employer, you might be able to save a lot for retirement without using a dime of your...

Pay for your cars in cash

Many people budget for cars by figuring out how big a monthly payment they can afford. The salespeople at car dealerships often take this approach too - we can work with you, how much can you spend each month...? Never mind...

The One Essential Financial Skill...

What skill do you think is most important, in all of personal finance? Being a top-notch stock-picker? Having the ability to predict major moves in global markets before they happen? Mastering the tax code? I don't think...

Add to your investments on a set schedule

Unless you're already retired, investing new money should be part of your monthly schedule, just like paying the rent or mortgage. You'll see a lot of benefits: 1. Makes investing some new money part of your monthly...

People probably aren't as rich as you think they are

I talk with investors of all ages regularly, and one misconception I've seen a lot - especially among younger people - is that everyone has a million bucks in the bank, and earns over $100,000 per year. And incomes well...

All you need to know about credit cards

Here it is, just one rule: always pay it off in full every month. If I had to name one behavior that all the financially secure clients I've met have in common, it's having $0 in credit card debt. Everything else falls into...

Taxes in a Nutshell

I refer to this page a few times every week. It's a summary of all the current tax brackets, IRA contribution limits, tax rates, etc., for the current year. And the rest of the site has gobs of information about taxation of...

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