The federal tax code is complex and if you're not a financial professional, trying to make sense of it is often an exercise in frustration. When you have a tax question or issue that needs to be resolved, calling up the IRS for help can lead to more confusion. Part of the problem is that consumers often don't realize they're ... Read More
How the Advance Premium Credit Could Have You Owing More in Taxes
Unless 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 ... Read More
Pros and Cons of Tapping Your IRA to Pay for College Expenses
Earning 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 tuition at a public four-year university was $22,203 for the 2013-14 school year. Students who attend a school pay, even ... Read More
Volunteering This Summer? Here are Some Tax Deductions
Summer 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 ... Read More
What the IRS Wants Students to Know About Summer Jobs
School'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 ... Read More
3 Important Tax Planning Tips for Parents of College Students
Paying 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 ... Read More
Save on Wedding Expenses With These Tax Breaks
Wedding season is underway and if you're planning on getting hitched this summer you may experience a severe case of sticker shock. According to TheKnot.com, the average cost of a wedding in 2013 was $29,858 and that's without the honeymoon. Stretching your dollars may require a little creativity if you don't have a lot to ... Read More
IRS Says Fewer Audits Add Up to $3 Billion Revenue Loss
The words "tax audit" are enough to send shivers down anyone's spine but this year, taxpayers have less to worry about. Thanks to budget cuts, the number of returns selected for an audit has declined sharply in recent years. According to the most recent IRS fiscal report, approximately 1.4 million people were audited in 2013, a ... Read More
Tax Scams Continue Even After Filing Deadline
April 15th has come and gone but that doesn't mean that tax scammers have closed up shop for the season. On the contrary, it appears that criminals are continuing to target unsuspecting taxpayers despite the fact that the filing deadline has already passed. The latest tax scheme involves callers who claim to the be IRS ... Read More
Tax Freedom Day Came Three Days Later in 2014 than 2013
Tax Freedom Day, the day when the nation has collectively earned enough to pay its total tax bill for the year. For 2014 this date passed on April 21st, which was three day later than last year. This means that the average American is paying more in taxes in 2014 than 2013. The Tax Foundation, a Washington, D.C. based research ... Read More
3 Income Tax Extension Myths You Shouldn’t Believe
If you are going to miss the April 15th tax deadline you still have time to complete your return if you requested an extension or request one by April 15th. Taxpayers who qualify can get an additional six months to file, which can be helpful if you're still trying to get your paperwork together. While the extra time can provide ... Read More
Worst Ways to Spend Your Tax Refund
If you're looking forward to getting a fat tax refund check this year, you need to think carefully about how you plan to spend it. While there are plenty of smart things you could do with the extra cash, like paying down liability or making some much-needed home improvements, it's all too easy to let the money slip through your ... Read More
