The tax code has a number of hidden gems, credits or deductions that add up to a nice chunk of change you can save on your taxes over the year. Today, we’re looking at Commuter Transit Tax Benefits, perks that you can use if your employer offers a subsidy or pre-tax payroll deductions for your commuting costs. Full story
Savings is one of the most basic concepts in personal finance…or so we think. While the rewards of saving money are obvious, actually following through often proves to be a challenge. Even when people understand its importance, savings is made difficult by the fact that everyone’s situation is different. Below, we explore several different approaches to savings (and the pros and cons of each) to help you pick the right one. Full story
Everyone is looking for ways to save money and with Americans becoming more budget conscious,… Full story
Each year the IRS makes changes to tax rates and increases various tax benefits due to inflation adjustments. By law these tax
provisions must be adjusted to keep pace with inflation. Here are some of the tax adjustments for 2013 that may help you keep more money in your pocket when you file your taxes next tax season.
Most people would consider the tax refund the best part of tax season and with almost 75% of tax payers getting tax refunds this year, we’re taking a look at how Americans will spend their refund. While some would opt to save their refund for a rainy day, about 56% of tax payers plan to use some of this year’s tax refund to shop. Let’s take a look at the breakdown of top items on shoppers’ lists. Full story
If the IRS sends you a tax bill instead of a refund check don’t panic, there are several ways to manage this and it does not have to be a nightmare for your personal finances. You just have to manage it like any other part of your finances. Taxpayers have several options. Consider the following: Full story
With Memorial Day just weeks away and tax refunds in hand, everyone is looking for ways they can have fun and save at the same time. Check out our infographic which looks at the cost of fun and how you can find ways to keep more money in your pocket.
Most of us have heard of financial gurus touting the many benefits of investing in an IRA. Depending on whether one goes with a traditional Individual Retirement Arrangement or Roth, participants can get some tax benefits with their contributions or on their withdrawals. If you’re looking to jump start or increase your retirement contributions, here are some big ways to find money in your budget. Full story
Whew! Your taxes are done and it’s time to put up your feet and finally relax, right? You’re not too far off- the pressure is definitely gone, but before you just sit back until next tax season, there are a few things you can do to help make filing taxes easier next season. With a few adjustments you may be able to keep more money in your pocket and possibly increase your tax refund for next year. Full story
With tax season behind us, I thought it would be nice to step away from the usual tax tip post and share something different. While some taxes can be confusing when figuring out whether or not someone is expected to pay, there are a few special ones on the state and local level that are a bit baffling for some taxpayers (and a bit fun for those who don’t have to pay them). Full story
Intuit TurboTax created a health care calculator to help you find out if you’re eligible for health insurance through a state or federal Marketplace, Medicaid, or Medicare or if you’re already set with your existing health insurance plan. It will also let you know, if you qualify for a tax credit or subsidy from the government to help you purchase your health insurance. Check it out to learn how health care reform impacts you so that you can make the best decisions for your health and your wallet. Full story
Already filed your taxes with TurboTax? Here is the latest information on IRS processing, so you know when you can expect your tax refund. Full story
Bonuses can change your tax situation depending how large the bonus and what methods employers use to tax the income. Find out how bonuses(supplemental income) are taxed. Full story
If you are an owner of a partnership, LLC, S-corp, or other entity that passes through taxes to its owners, in most cases you will receive a K-1 form each year. The K-1 is prepared by the entity to distribute to owners/shareholders to outline their portion of the income, loss, and deductions. Full story