The holiday season is in full swing and it's that time of year when everyone is encouraged to help others in need. Giving back can make a positive impact in your community and it can also pay off big at tax time in the form of a tax deduction. If you're planning to do some charitable giving before the new year, here are a few ... Read More
Tax Blog
Government Shutdown to Delay 2014 Tax Filing Season
The federal government shutdown created problems for millions of Americans and it looks like it will continue to impact taxpayers into next year. The IRS has announced that due to the shutdown, it expects the 2014 tax filing season to be delayed by up to two weeks. In an announcement issued on October 22nd, the IRS cited ... Read More
A Visual of Uncle Sam’s Progressing Addiction to Taxing & Spending
We recently completed an in-depth historical analysis of the United States tax collections and tax spending since 1940. The results of this analysis were alarming, to say the least. Over the past 74 years there have been significant increases in government spending and collections (taxes) on an individual basis. This upward ... Read More
IRS Announces Tax Rate Inflation Adjustments for 2014
Last month, the Internal Revenue Service announced the annual inflation adjustments for 2014, which impact tax rates as well as certain deductions and credits. The new numbers won't actually affect your tax filing until 2015 but knowing what you can expect can help you adjust your tax planning strategy accordingly. Here's a look ... Read More
Obamacare Premium Tax Credit: What Is It and Who Qualifies?
Unless you've been living under a rock, you know that most Americans will be required to have health insurance starting in 2014, thanks to the Affordable Care Act. The Department of Health and Human Services estimates that on average, Americans will pay $328 per month for individual health care coverage next year. If you're ... 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
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
