If you earned $49,078 or less last year, it is highly likely that you will be eligible for the Earned Income Tax Credit (EITC). Although the EITC has existed for decades, it’s been improved and expanded over the years. Yet, 20% or approximately 5 million eligible workers and their families don’t claim the credit when they file. Find out if you qualify for this credit. Read More.
The IRS warned that tax refunds could be delayed by as much as a week compared to initial projections. The agency is working on “fine-tuning” their anti-fraud systems which may delay refunds for certain taxpayers. When exactly can I expect to receive my refund and how do I track it? Read More.
Federal lawmakers finally reached a compromise or at least for the next two months on the payroll tax cut extension. While the average taxpayer will keep an extra $83 in their pockets, employers may have been dealt a major blow. Read More.
As we head into the final weeks of December, now is the time to start exploring the most tax savvy ways to donate cash, stock or property. For instance, liquidating investments and donating the proceeds to the charity of your choice is not the best way to handle that situation. Read More.
In 2010, we told you that if you have a traditional IRA (no matter your income level), you can convert those funds into a Roth IRA. Many IRA holders went on to convert to a Roth because the principal and appreciation of a Roth IRA grows tax free. But, now with the recent fall in the market, it may make sense to recharacterize or undo your Roth IRA conversion to avoid paying taxes and then to convert it back later. Read More.