Tax Resources

It was one of the greatest financial bets of all time. Hedge fund manager John Paulson bet big against subprime mortgages ahead of last decade’s financial crisis, earning billions in profits for his funds. It was a gamble that, in the long run, didn’t pay off.

Along with the $4 billion he earned for himself, he nailed a second record-breaking honor when he was slapped with one of the largest personal tax bills in history.

According to people close to the firm, Paulson used a tax provision available at the time to hedge fund managers. After deferring the bulk of taxes on the profits, Paulson’s personal tax bill came due on April 17th when he was required to pay about … Read more →

Time is running out. Two of the most beloved generations are fading away fast and taking their hard-learned financial wisdom with them.

Members of the G.I. Generation, otherwise known as “The Greatest Generation” (born 1901-1924), were children during World War One and young adults during World War Two and the Great Depression.  They learned the importance of frugal living out of necessity and taught their children, members of the“Silent Generation” (born 1925-1945), the importance of living within their means—especially since how little their “means” were.

Somewhere along the way, those financially-conservative values were forgotten.  The Boomers were born between 1946 to 1964 and this generation became known as rebellious, suspicious, greedy and materialistic.  Often referred to as “workaholics,” they worked … Read more →

NFL players make more in a year than most people will see in an entire lifetime.

Don’t believe me? In 2016:

Ben Roethlisberger made $17,750,000, Philip Rivers made $22,000,000, Tom Brady made $28,764,705, Von Miller made $25,100,000, and the New Orleans Saints paid Drew Brees a whopping $31,250,000.

 

Meanwhile, the average annual salary in America is $51,539. That means that you would have to work for more than 600 years to make as much as Drew Brees made last year.

Despite the fact that they make so much more than you do, sometimes it seems like they pay virtually nothing in taxes, doesn’t it? Now, the truth is that a lot of them use pretty shady, sometimes even bordering … Read more →

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