Submitted by Jim Blankenship on Mon, 03/10/2014 - 3:00pm
Lots of people find free tax preparation an excellent way to file. Here’s what to know before your return comes due April 15.
Quite a few providers allow you to prepare a simple return for free; complex returns cost more, of course. If you use a commercial organization to prepare your return for free, beware of add-ons that make a supposedly free process extremely costly.
Submitted by Jim Blankenship on Mon, 03/03/2014 - 12:00pm
You contribute to your Health Savings Account (HSA) to defray medical expenses and take advantage of many tax benefits. The Internal Revenue Service limits your annual contributions, though. Here’s how to use these accounts.
You may deduct 100% of HSA contributions from your federal income tax and withdraw them tax- and penalty-free to pay for such out-of-pocket medical expenses as co-payments, prescription drugs and insurance deductibles (not premiums).
Submitted by Jim Blankenship on Thu, 02/13/2014 - 12:00pm
There’s more to setting a goal than making a statement about it. You must make a plan and apply specifics. If you resolved to lose weight, for example, first put specifics around that goal such as, “I want to lose 15 pounds in 2014.”
Will it happen all at once? One fine day you wake up 15 pounds lighter? Of course not.
That presto mentality often derails us. We dive into our goal with gusto, hitting the gym four straight days for the first week. When we see no automatic and quick result, we fall back into our old routines and soon give up on the goal.
Submitted by Sophia Bera on Mon, 01/13/2014 - 3:00pm
Taxes remain pivotal to your financial planning and to saving money – especially if you’re a young adult. Here’s what to know.
These are a few of my favorite tax tips for members of Generation Y, born in the 1980s and early 1990s. (I’m not a certified public accountant or licensed tax professional, so consult with your tax professional regarding your situation.)
Submitted by Karl Schwartz on Thu, 01/09/2014 - 3:00pm
You reach the level of financial maturity where you must hire a certified public accountant (CPA) to help with certain aspects of your life and money. What should you look for?
The CPA title ranks as a widely recognized high credential for tax preparers and accountants. Each state’s Board of Accountancy licenses CPAs who practice in that state; each board issues rules that govern what a financial professional must do to become a licensed CPA.
Submitted by Dan Crimmins on Thu, 12/19/2013 - 12:00pm
Are you about to turn 70? Six months after your birthday, the law requires you to start tapping your tax-deferred retirement accounts. The rules surrounding a withdrawal are complicated and fraught with tax peril. Here’s how to navigate them.
Note that you have until Dec. 31 of each tax year to take these withdrawals, called required minimum distributions (RMDs). That date is coming right up.
Submitted by Michael Creamer on Fri, 12/13/2013 - 12:00pm
Last summer the U.S. Supreme Court struck down the Defense of Marriage Act (DOMA), meaning same-sex couples nationwide now file taxes using the same statuses as other married couples. If this decision changed your filing status, here’s what to know about tinkering with your previous returns.
Submitted by Steve Albert on Fri, 12/06/2013 - 3:00pm
Numerous tax law changes came throughout 2013 and, as we get closer to when they take effect, some taxpayers stand to suffer sticker shock after completing their next returns.
A recent article from Forbes says independent tax specialists predict that most Americans stand to pay less tax. They cite an example of a married couple filing jointly with a total taxable income of $100,000 paying $145 less in income taxes in 2014 than in 2013.