There are many tools you can use to make an investment in yourself and your future, including buying stocks and opening your own business. But not every decision you make will be good for you, and it’s important to learn from your—and others’—mistakes. Once you make a bad investment, hopefully you won’t make the same [...]
If the tax deadline snuck up on you and your tax return is nowhere near ready to be submitted, don’t worry—you do have options. If you file for an automatic extension by April 15, you can give yourself an additional six months to file your paperwork and avoid penalties for late payments. How do I [...]
In the rush to file your 2013 taxes before April 15, looking out for federal income tax identity theft may not be at the top of your mind—but it should be. Federal income tax fraud through the use of identity theft topped the IRS’s list of the “Dirty Dozen” Tax Scams for 2014. An identity [...]
It’s not a great idea to amend tax returns needlessly. The IRS can only audit you for three years after you file a tax return. When you amend a return, however, you start that three-year clock running again. There may be things that you can no longer prove or that are too complicated to explain. [...]
There’s a saying that good meat isn’t cheap and cheap meat isn’t good—in other words, you get what you pay for. So when you’re on a budget, how can you enjoy the finer things in life without breaking the bank? Fortunately, you can treat yourself and the ones you love to some VIP-style fun every [...]
Is your family itching to go somewhere for spring break while you’d like to keep your wallet from overheating? Here are some ideas for saving money on your trip: 1. Get off the beaten path. If at all possible, avoid traveling to typical spring break destinations. Not only will your family be surrounded by partying [...]
Once upon a time (back in 1967), there were 155 taxpayers with incomes over $200,000 (more than $1.3 million in today’s dollars) who paid no income tax at all. Twenty of them were millionaires. Because the government needed to fund its programs—including the Vietnam War—the Alternative Minimum Tax (AMT) was born as part of the [...]
Saving money for retirement can be difficult, especially if you’re living paycheck to paycheck. Every dime counts, and putting $50 into savings can feel like a punishment when you know that money could go toward something you need or want now. But what if there was some incentive—other than retirement—that could inspire you to save, [...]
Last year, home prices were on the rise, and consumer confidence followed. The upswing in home prices set high expectations for a continued housing recovery, and many homeowners saw a light at the end of the tunnel for the first time in a few years. Unfortunately, though, not every homeowner was smiling when the year [...]
This tax season, even tax professionals are appalled by the complexity of some of the new taxes we’re facing. Visualize 50 nearly-bald CPAs and EAs running screaming from a seminar room, tearing out what’s left of their hair. Me? I just sat there crying. Here’s a look at some tax deduction changes you should remember [...]
