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premium-tax-creditUnless you’re totally out of the loop, you know that the Affordable Care Act now requires Americans to have health insurance or risk facing a tax penalty. To cut down on the number of uninsured, the federal government opened the Healthcare Marketplace in October 2013 to make finding affordable coverage easier.

A new Premium Tax Credit was also introduced to help offset some of the cost. While it may relieve some of the financial burden associated with buying insurance, taxpayers could end up paying the price when it’s time to file. If you signed up for healthcare coverage through the federal marketplace, here’s what you need to know about the advance credit. Read more »

using ira for collegeEarning a college degree is practically a must these days if you want to get ahead in the workforce but the cost can be a significant obstacle for many students. According to CollegeBoard, the average cost of a tuition at a public four-year university was $22,203 for the 2013-14 school year. Students who attend a school pay even more, averaging $30,094. Those figures don’t include the cost of room and board or books.

Parents who are looking for ways to save ahead for college expenses have several options to choose from, including 529 plans and Coverdell Savings Accounts. Read more »

volunteering IRS tax deductionsSummer is a great time to get out and do some good in your community, or around the world if you’re feeling a bit more adventurous. While the satisfaction of helping others is the best reward for volunteering, you may also reap some financial benefits in the form of a tax deduction. While the IRS doesn’t allow you to deduct the value of your time or services, there are certain volunteer expenses that may qualify for a write-off. If you’re planning to do some hands-on giving this summer, here’s what you need to know to be prepared at tax time. Read more »

summer job taxesSchool’s out for summer and for many students, that means joining the workforce. Taking on a summer job is an excellent opportunity for young adults to learn some basic money management skills, including an introduction to how income taxes work. Getting that first paycheck can be a real eye-opener if it’s not as big as you were anticipating. To help cut down on some of the shock and awe, the IRS has prepared a list of eight things students need to keep in mind when taking on a summer gig. Read more »

college tax planning parentsPaying for college can be a parent’s worst financial nightmare, especially as increases in tuition rates continue to outpace inflation. There is an upside, however, since there are certain tax breaks available if you’re covering some or all of your child’s education expenses. If your budget’s feeling the pinch, here are some tax planning tips that can make managing college costs easier. Read more »

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