For most Americans, tax day usually falls on April 15th but extensions are available for people who need more time to file. According to the IRS, approximately 12 million taxpayers requested an extension this year, giving them an additional six months to get their paperwork in order. With the October 15th filing deadline right ... Read More
IRS OKs Federal Tax Benefits for Married Same Sex Couples
In June 2013, the U.S. Supreme Court struck down Section 3 of the Defense of Marriage Act, which denied federal recognition of married same-sex couples. The ruling effectively made married gay couples eligible for the same federal tax, health, and Social Security benefits as heterosexual couples but there were questions as to ... Read More
Considering a Lump Sum Pension Payout? How It Can Affect Your Taxes
The popularity of traditional pension plans is steadily declining as many employers make the switch to 401(k)s and other defined contribution plans. According to the Pension Benefit Guaranty Corporation, there are just 38,000 defined benefit pension plans still in operation, compared to a peak of 114,000 in 1985. One of the ... Read More
Save on Taxes by Going Back to School
With the economy still in recovery, the job market is more competitive than ever and many adults are returning to school to enhance their education. While earning an advanced degree may improve your employment prospects, it can also put a major strain on your budget. There is good news, however, since there are some tax benefits ... Read More
Avoiding Common 529 Plan Mistakes | Maximize Benefits & Tax Savings
It's never to early to start stashing away cash for your child's education, especially with tuition costs steadily increasing. For the 2012-2013 school year, CollegeBoard estimated the average annual cost of tuition at a public four-year school was $17,860, up 4.2 percent from the previous year. Private schools are even pricier, ... Read More
Love and Marriage and Taxes: Filing Tips for Newlyweds
Summertime means longer days, warmer weather and of course, the peak of the wedding season. For many newlyweds, getting married means joining households and combining finances for the first time. Saying "I Do" can have a major impact on how you manage your money, including how you file your taxes. If you and your significant ... Read More
New State Tax Laws Take Effect Nationwide
For many states, July 1st marked the beginning of a new fiscal year and a slew of new tax laws have taken effect. The new tax measures are designed to generate additional revenue for local and state governments, which means many Americans will be feeling the pinch in their pocketbook. If you smoke, drive a car or buy things ... Read More
Tax Planning for Married Same-Sex Couples in the Post-DOMA Era
Last month, the Supreme Court made a landmark decision when it struck down Section 3 of the Defense of Marriage Act. The move effectively grants married same-sex couples the same marital rights and privileges afforded to heterosexual couples under federal law. This includes access to the same retirement benefits and health ... Read More
Summer Home Improvement Projects Could Equal Big Tax Break
With summer just kicking off, it's the perfect time to tackle those home renovation and repair projects on your to-do list. Making a few simple improvements can boost your home's efficiency, lower your energy costs and it can also put more cash in your pocket at tax time. Whether you're planning a simple DIY project or a ... Read More
Summer Jobs and Taxes: What Parents and Teens Need to Know
The lazy days of summer will soon be here but for many young adults, summertime means heading off to work for the first time. According to the U.S. Bureau of Labor Statistics, approximately 19.5 million individuals aged 16 to 24 were employed in July 2012. Working a summer gig is a great way for teens to learn about financial ... Read More
IRS Audits Target Thousands of Adoptive Families
The Adoption Tax Credit was introduced in 1996 as a means of helping low and middle-income families offset some of the costs of the adoption process. While the credit is meant to ease the financial burden of adoption, a report from the Taxpayer Advocate Service suggests that claiming this key tax break may have inadvertently ... Read More
Proposed Airline Tax Could Make Travel More Expensive
Over the past decade, the airline industry has struggled to maintain its economic footing in the face of higher gas prices and an overall increase in operating costs. While average ticket prices have remained relatively steady, passengers are shelling out more than ever for additional charges such as baggage and exchange fees. A ... Read More
