As the tax filing season has recently kicked off, you may be gathering all of your paperwork. This may include W-2 forms, 1099s, 1098s, broker statements, and the endless amounts of different types of receipts. While you’re gathering all of the necessary information, you should be mindful of all of the tax deductions that you may be able to claim on your tax return. This includes certain lesser known write-offs that can reduce your tax liability. Read More.
A 529 college savings plan offers many parents and future college students with an attractive option for socking away funds for tuition expenses. While the plan offers many benefits, the account holders don’t always understand the mechanics of how the plans work and how they can be used effectively. Find out if you understand the complete capabilities and limitations of these plans. Read More.
Most IRA account holders have contributed to their accounts for the 2013 tax year even though they technically have until the April 15th tax due date to do so. Having said that, there are number of reasons why you should have contributed in January of the preceding year. Read More.
It’s not uncommon for taxpayers to file their tax return with the IRS on April 15th and then forget or misplace their own copy. In the past, the only option to fix this problem was to complete a lengthy questionnaire and then wait 5 to 10 business days to receive a copy in the mail. Finally, the IRS has provided taxpayers with a much easier way to access their tax returns. Read More.
Many taxpayers may soon begin filing their tax returns since the January 31st IRS processing date is upon us. If you will be receiving a lower refund as compared to last year, there’s no doubt that you’re going to be asking some questions. What are some of the reasons why your tax refund may be lower this year? Read More.
During the holiday season, Target publicly announced that 40 million credit and debit cards were stolen by hackers. Now, new details released by Target indicated that personal details of up to 110 million customers were also obtained by hackers. Given that this hack represents more than 35% of the US population and it’s likely to impact many more, we thought it would be wise to learn how you can protect your personal information. Read More.
Many recent graduates continue to be encumbered with student loan debt. In fact, there are now $1 trillion of federal student loans that are outstanding, which is greater than all of the credit card debt owed by borrowers. If you happen to be building a nest egg either on your own merit or through a generous inheritance, paying off at least part of that student loan debt may be an option? Should you or should you invest it? Read More.
As the year comes to an end, tax season is getting ready to begin. If you decide to use a tax professional, how much should you expect to pay in fees? A recent survey conducted by the NSA provides some guidance as to what you can expect. Read More.
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