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
Tax Tips
3 Smart Strategies for Boosting Your 2013 Tax Refund
Tax time is here and for millions of Americans that means a little extra cash in the form of a refund. The average refund is right around $3,000 but how much money you'll actually get back depends on your income, what tax credits you qualify for and what expenses you're able to deduct. Taking advantage of every tax break you can ... Read More
3 Things You Need to Know About the October 15th Tax Filing Deadline
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
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
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
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 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
Kids’ Summer Activities Could Equal Big Tax Break
For many kids, heading off to camp is the highlight of their summer vacation but for parents it can mean a big out-of-pocket expense. Fortunately, there's good news for some parents who pay for summer camp or daycare to keep kids occupied. These expenses may qualify you to receive a credit that could significantly lower your tax ... Read More
Five Smart Strategies for Spending Your Tax Refund
For the 2012 tax year, taxpayers are receiving an average refund of $2,900 according to the IRS. If you're on the receiving end of a substantial tax refund, you may be tempted to splurge a little. While you may be dreaming of a new flat-screen TV or a trip to a tropical destination, there are betters ways to put your tax money ... Read More
Top 5 Tax Apps for iPhone and Android to Track Tax Documents
When tax time rolls around, having all of your documents ready to go can eliminate some of the stress of filing. Keeping up with receipts throughout the year can be a hassle but a handful of apps are making it easier for taxpayers to stay organized. Instead of wading through stacks of paper or maintaining a complicated file ... Read More
IRS Rules for Receipts: What You Need to Know at Tax Time
If you're looking for ways to trim your tax bill, itemizing your deductions can potentially reduce what you owe to Uncle Sam. Depending on your situation, you may be able to deduct medical expenses, charitable donations or job-related expenses. If you're thinking of taking advantage of these or other deductions this tax season, ... Read More
