Submitted by Sam Cohen on Mon, 07/21/2014 - 3:00pm
Identity theft is rampant. You can become a victim not only after carelessly using passwords and your personal information but also if you’re in the wrong electronic place at the wrong time, such during Target stores’ data breach last holiday season. You have little information more sensitive than that you write – and sometimes send electronically – on your tax return.
Submitted by Jeff Rose on Fri, 07/18/2014 - 3:00pm
You’ve probably seen dozens of lists of places to retire in, but they seldom focus on financial factors, which are important when you live off your savings.
Due to warm weather, beaches and the absence of a state income tax, locations in Florida are heavily over-represented on most such lists – I even included one here. But I took the liberty of assuming that not everyone wants to live out their golden years in the Sunshine State, and broadened the list to cover the country.
Submitted by Jim Blankenship on Thu, 07/17/2014 - 3:00pm
If you start a job in the middle of the year, chances are you will be over-taxed. You get a refund, but it’s not an inefficient use of your money. To prevent this problem altogether, use something called the part-year withholding method.
When you get a job, you file the W-4 form, aka the employee’s withholding allowance certificate, with the new employer. This form instructs the employer how much tax to withhold for the Internal Revenue Service from each of your paychecks.
Submitted by Jim Blankenship on Mon, 07/14/2014 - 12:00pm
Yes, you can tap your 401(k) for a loan even before your legal withdrawal age, although turning elsewhere to borrow is usually a better idea. You should know the rules and pitfalls built into 401(k) lending. They are many.
Submitted by Rick Kahler on Fri, 07/11/2014 - 3:00pm
Wealth is defined by net worth, not income. A high income doesn't equal wealth; it equals a better opportunity to build wealth. Not everyone is wise enough to take advantage of that opportunity.
"How much money do you make?" We don't ask people that question, but we'd love to know the answer. In this country, we fixate on a person’s annual income. That's the primary measure we use to determine social status and define success.
Submitted by Sam Cohen on Mon, 07/07/2014 - 3:00pm
School’s out and for teens and young adults taking summer jobs it’s time to gain experience, earn some cash and learn a bit about adulthood. No better grown-up subject to start with, of course, than taxes.
Whether you’re new to summer work or been at it for years, here are eight tax tips you need to know from the Internal Revenue Service.
1. Don’t be surprised when your employer withholds taxes from your paychecks. That’s how you pay your taxes when you’re an employee.
Submitted by David John Marotta on Wed, 07/02/2014 - 12:00pm
How you deal with the new capital gains rates hinges on your tax bracket. Strategies to deal with capital gains differ for each level – part of their new complexity starting last year.
When you sell certain assets, such as stocks and bonds, you may incur capital gains. A capital asset also includes most property you own and use for personal or investment purposes. If the original purchase price of the asset plus associated expenses (the cost basis) is less than the proceeds you receive from the sale, you incur a capital gain.
Submitted by Scott Keen on Mon, 06/23/2014 - 3:00pm
There ain’t much an old country boy or girl like you can’t hack – except for a hefty tax bill. Crop problems, hired hands, pregnant livestock and busted tractors all complicate your return. Fortunately, the Internal Revenue Service offers numerous benefits if you own a plantation, ranch, range or orchard to raise livestock, poultry or fish or grow fruits or vegetables.
Submitted by Brenda P. Wenning on Tue, 06/17/2014 - 9:00am
Hold off on the victory dance. The 2014 “Economic Report of the President” and many media reports indicate that the U.S. economy has finally recovered. But has it? Not if you look at one measure of economic health: household income.