Articles by Eli Pollock

Hats Off to… A Financial Analysis of the Borsalino Boycott


hats

We all had our fill of hamantaschen recently, so I thought we should pause and, in proper post-Purim spirit, focus on Mordechai-taschen. “What’s that!” you ask? Why, Mordechai’s version of a hat, of course. You see, the origin of our favorite three-cornered baked treats, it is said, was the triangular shape of the evil Haman’s hat. But have we ever considered what Mordechai’s hat looked like? Folks I think it must have been a Borsalino. What else?

I embarked on this quest for Mordechai’s head covering due to a recent item in the frum media, which reported on a Borsalino boycott. It apparently started with a group of Chabad yeshiva bachurim who were angry at the price spike on this frum essential to an unacceptable $300 and decided to take action. This unprecedented tactic has since spread to other circles.


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Income Taxes 2015


dollars

In my last article I discussed some last-minute tax law changes that were expected. They indeed came through in December, and they are not earth-shattering. Teachers can deduct $250 in expenses, and college tuition gets a $4,000 deduction or a tax credit, whichever you prefer. And mortgage insurance premiums are now deductible.

Another mortgage-related change is a big deal. It is called “exclusion from income for discharge of mortgage debt,” and here is what it means: Say you are underwater in your mortgage, owing the bank more than what your residence is worth. The mortgage company might “write off ” some of the debt, and you now officially owe less principal. Normally, if someone forgives debt that you owe him, you have to claim the forgiven amount as income. This included home mortgages that were renegotiated, which could become a disaster. This new provision saves people who are in that situation.


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Renting Cars: What You Need to Know


cars

Travel ain’t what it used to be. In the “olden days,” people traveled by train and arrived at magnificent train stations – just look at the architecture of Baltimore’s Penn station (built in 1911, around the time the Model-T came out). From the train you took a taxicab (horse drawn, perhaps) to your downtown hotel, and everything you needed was close by. Nowadays we arrive at airports far from the city center, and we have to be able to get around to tour, shop, or attend to business: hence, the marvel of the rent-a-car business. You can land at any city in the U.S. and within an hour drive out with a shiny new car. Wow!

But wait – it is not so simple; nothing good ever is. Navigating our complicated and constantly changing world of personal economics and shopping requires a lot of know-how. This is especially true in car rentals, where no two customers pay the same price, and where rental companies try, and often succeed, in selling you unneeded extras that can be called rip offs.


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Income Taxes 2014


money

There are some new developments in income taxes this year, and some of the changes are significant. First of all, several tax deductions ended with 2013, but experts think they will be voted in retroactively to the beginning of 2014. Here are the changes:

You no longer get the exclusion for cancelled home mortgage debt. This was the provision that if a bank forgave a loan, it is income to you, but you did not have to pay taxes on it. This occurred when the real estate market went down and people renegotiated mortgages. Let’s hope this one comes back.


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Protect Yourself from Cyber-Crime An Interview with Chaim Harris


computer

As I sit down to write this article, the news is that Home Depot’s computers were hacked, and very often I get strange emails from people I know, which means their computers have been hacked.

We hear a lot about hacking today. For those of you who are not sure what it means, hacking is when someone “enters” your computer, via the internet, without your even realizing it. Target was “targeted” a few months ago, which prompted credit card companies to issue new cards with different account numbers to their customers. We’ll see if the same thing occurs with Home Depot. Either way, these incidents are not likely to go away. Breeches of computer systems will continue to affect homes and businesses large and small – not to mention government databases and computers.


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How to Cut your Telephone Costs


telephone

A year ago, I was spending over $300 per month on telephone expenses. Today, I am down to $100!

How did I do it? By testing some suggestions I made in last year’s article on phone expenses. When I wrote that article, telephone developments were already remarkable. Who could have imagined unlimited long distance 20 years ago? In those days we paid dollars for every minute. Now basic local service and unlimited long distance are cheap. So, why complain? The answer is that it could be even better, folks, a lot better!

When I started my quest, I was spending $45 for my house line, $75 for my work and fax lines, and $185 a month for six cell phone lines. Only one was a smartphone, and it had a very small data plan. Total cost: over $300 a month. My bill now, for all that, plus a generous data plan, is 66 percent less. Let’s look at the details.


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