Published on Apr 6, 2012
Episode 1 of Charles Schwab's financial news video series, :60 Seconds in Money™, discusses interesting tax deductions, the elimination of the penny in Canada and the MegaMillions Jackpot.
Hello, and welcome to our first edition of :60 Seconds in Money™, a light-hearted look at money-related news. From Charles Schwab, I'm Mike Cianfrocca.
With April 17th fast approaching, we're seeing lots of chatter on social media about ways to decrease your tax liability. For example, we recently learned that bodybuilders may be able to deduct body oil expenses. Funny, but I don't even remember posing for that picture.
One man wrote off the cost of installing a swimming pool as a medical expense. But a struggling business owner who tried to write off what he paid to an arsonist to burn down his business wound up going to jail. Be sure to check with your tax professional before you claim that home re-model as a business expense.
The Canadian penny is on the way out. Apparently it costs the Canadian government 1.4 cents for each penny they mint. Americans can only shake their heads at the folly of producing coins that aren't worth what they cost to mint.
Of course, the American penny costs 2.4 cents to mint, and the nickel costs 11.2 cents. But according to a spokesperson from the U.S. Mint, "they're worth it." Even though, in fact, they're not.
And now it's time for our Tweet of the Week. It comes from @Farnoosh, who tweeted "1/3 of nation - 100 million Americans - played #MegaMillions last week, and there are only 3 winning tickets."
Coincidentally, 1 in 3 Americans also does not get enough sleep. The reason they don't get enough sleep? They're dreaming of the hundreds of millions of dollars they won't be winning in MegaMillions.
Well that's all for this edition of :60 Seconds in Money™. For more from Schwab, you can like us on Facebook, follow us on Twitter, and read our blog at About Schwab.com.
I'm Mike Cianfrocca. And remember, when you want to talk about your money Talk to Chuck. We'll give you more than :60 seconds.
I'll see you next week.
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