Finance Questions

Archive for June, 2007

Question: Looking for easy and simple personal Finance Software?

Hi, I am searching for one of those programs that let’s you calculate your finances and create the best budget. What I don’t need is a program that keeps track of my accounts or tries to sell me stuff. I need a simple software where I put the data and it just puts all in a good perspective so I know how not to end with a 0 at the end of the month.

Answer: I’ve been using Quicken for years. I can download transactions from my checking, savings and credit card. As the software “learns” which categories I use most often, there’s very little entry for me to do. Then I can run reports and see where my money has gone – which helps me plan for where I want it to continue to go.

Check Out Quicken 2010 Personal Finance Software!

Question: Owner financing mortgage?

I asked this question earlier but i left out the why so maybe with a new title and more detail people can better help me… and to the people who answered it previously THANK YOU!!!

Mortgages and escrow?
Is it possible to take your taxes and insurance out of escrow?

Additional Details

The reason for my asking is because I am buying a 2 family house and doing owner financing and wanted to pay it by myself directly from my checking to make sure it’s paid for my records.

Answer: Yes, as long as the house appraises high enough that the lien (mortgage) on the house is 80% or less.
If you are in the U.S., then there is legislation that mandates that the owner must be notified that they can cancel the escrow account if the mortgage is 79% of the appraisal amount.

We own our house and have never escrowed our taxes or insurance since we put 20% down and opted out of escrowing right away.

!!! Owner Finance !!! 4 Br, 2 Ba, 2 Story !!! No Credit Check !!!

Question: is a 2004 nissan maxima a good car?

I get my license in July 2009. I want to get a 2004 maxima and finance it with put a down payment of about $3000 I have saved up from working to buy my car (my mom was the one brought up the idea). But she thinks that a 2004 maxima might be too nice and I should start with an older car. Should I convince her to let me get the maxima or start with an older car?

Answer: considering its 2008, a 2004 is an old car and Maxima’s are great cars… my father had his old one for almost 8 years with minor problems.

they are reliable and safe and Ive ever heard of anyone having any issues with them

good luck & congrats

Chris Zeitner- Finance Manager Advantage Nissan

How is a dependent child ’s income taxed?

Dependent children age 14 and over are taxed at the rates for Single taxpayers. 
Standard Deduction: A dependent child is entitled to a standard deduction of: 

The higher of: 

• $850 (for 2006) or,
• $300 plus earned income (wages, salary, tips, etc.) up to a maximum of $5,150.

Income in excess of the applicable standard deduction is subject to tax. A dependent child is not entitled to a personal exemption. 
Child age 14 or over (Kiddie Tax does not apply): 
All income in excess of the standard deduction is taxed at the child’s tax rate (single taxpayer). 
Child under age 14:

Type of Income	Amount of Income	Tax Rate
Unearned income only	First $850 (standard deduction)	No tax
	$850 – $1,700	Child’s tax rate
	Over $1,700	Parent’s marginal tax rate
Earned income only	$5,150 or less (standard deduction)	No tax
	Over $5,150	Child’s tax rate
Both earned and unearned income*	First $850 (standard deduction)	No tax
	Excess over standard deduction
	· Unearned income of $1,700 or less	Child’s tax rate
	· Unearned income over $1,700	Parent’s marginal tax rate
	· Earned income	Child’s tax rate

Note: If the dependent child ’s gross income is below the standard deduction there is no tax due and no federal income tax return is required to be filed.

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