Submitted by Lewis J. Walker on Thu, 04/17/2014 - 12:00pm
Wealth starts with a goal, discipline, and saving a dollar at a time. Call it the piggy bank strategy. There are lessons in that time-honored coin-savings container.
Any seemingly gargantuan task seems easier to contemplate when reduced to baby steps. If you wished to climb a 12,000-foot mountain, and could do it a day at a time, you would only have to climb 33 feet daily to reach your summit.
Submitted by Joseph A. Clark on Mon, 04/14/2014 - 3:00pm
Tax time is here, with the deadline for filing on Tuesday. Very few people do their own taxes, and many do not understand what the Internal Revenue Service form 1040, the central document of your return, says.
The components combine to tell the IRS your story. Following are some ideas for helping you understand your return.
Submitted by Julie Nichols on Mon, 04/14/2014 - 12:00pm
The most wonderful time of the year this isn’t. With taxes and your returns due April 15 and changes in tax laws, a big surprise might loom for some of us. Smart investors re-tool portfolios now to save on tax days now and to come.
New for 2013 taxpayers: a 3.8% surcharge on investment income. To avoid this, you may look for investments that pay little or no income, ones relying on growth in value rather than dividend or interest payments.
Submitted by Jim Blankenship on Wed, 04/02/2014 - 12:00pm
Going to college brings enough stress – not to mention debt. You can offset some costs of your education or your child’s with tax credits and reductions to taxable income. These credits and reductions, though, can trip you up if you’re careless.
For starters, you can take more than one education tax benefit in one year but generally your expenses must be segregated from one another in your reporting. In other words, you usually can’t take two tax benefits based upon the same education expenses.
Submitted by Jim Blankenship on Fri, 03/28/2014 - 12:00pm
Income tax sits front and center of your mind this time of year. Another income tax affects you if you make enough and try to take certain deductions: the alternative minimum tax (AMT). It most often means you must pay more than usual. How do you know if this gotcha tax will hit you?
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 Wed, 02/26/2014 - 12:00pm
Identity theft runs rampant during tax season. Here’s what to know and how to protect yourself.
Identity thieves often swipe your bank or credit card account numbers, birth date information or Social Security Number (SSN) to steal from your accounts, open a new and phony account or make illegal purchases. In 2013, 13.1 million consumers suffered identity fraud – the second highest level on record, according to a survey by Javelin Strategy & Research.