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Tax Tips

5 Tax Myths That Can Cost You

Credit.com | Posted 02.25.2015 | Money
Credit.com

Tax myths are a lot like a bad date. They are annoying and seem to last forever. Yet people have beliefs about income taxes that have no basis in reality. Were it not for the potential financial costs, some of these might be amusing. But if you believe them and act upon them, they can cost you serious money.

Over 65? Check this Big Tax Break For Your Medical Bills

Bob Rosenblatt | Posted 02.20.2015 | Fifty
Bob Rosenblatt

You can get a special tax break to deduct your medical expenses. And they can be a lot more than you realize.

What Married Taxpayers Lose By Filing Separately

Betterment.com | Posted 02.19.2015 | Money
Betterment.com

For all married couples, there is an annual choice to make when selecting your filing status: married filing jointly (MFJ) or married filing separately (MFS)? As with most tax-related questions, the answer is that it depends.

Should You File Your Tax Return Now or on April 15?

Betterment.com | Posted 02.19.2015 | Money
Betterment.com

Alex Benke, CFP, Betterment's Director of Advice Products, recommends that you time your filing to the IRS based on whether or not you will be getting a refund. "File immediately if you will be receiving a refund," Benke says. "Delay filing until close to April 15 if you owe the IRS money."

5 Organization Tips to Make Taxes Less Taxing

David A. Dedman | Posted 01.29.2015 | Money
David A. Dedman

I have so many things that stress me out these days. Hey, I've watched the stock market every day for the last 22 years, and that's enough! The last thing I want is not having a repeatable, streamlined tax-prep procedure. Get organized and you won't freak out over your taxes.

The Year Ahead: 5 Trends That Could Impact Your Finances

Betterment.com | Posted 01.13.2015 | Money
Betterment.com

While tax-efficient investing and maxing out tax-advantaged retirement accounts should always be top financial priorities, the start of every new year means there are new financial rules and trends to consider. Here are my insights on what's coming down the road.

Your 2015 Tax Season Calendar

Betterment.com | Posted 02.17.2015 | Money
Betterment.com

First, there is denial. Then relief, and then possibly a nice refund after it's all said and done. We're talking about tax season, and it has arrived. It's also a good time to take care of other financial business, like maxing out an IRA or rolling over an old 401(k).

5 Tax Law Changes in 2015 You Need to Know

Betterment.com | Posted 02.17.2015 | Money
Betterment.com

While many savers will be eligible to contribute more next year based on higher income and contribution limits, new restrictions on IRA and Flexible Spending Account (FSA) rollovers require planning ahead.

Year-End Tax Planning Ideas For Big Savings

Bill Ringham | Posted 02.08.2015 | Money
Bill Ringham

With less than a month left in the year, you can easily get a rough idea of how much you will owe in taxes for the 2014 tax year. If your anticipated tax bill is giving you sticker shock, there are a number of investment moves you can take between now and the end of the year to help reduce your tax liability for the 2014 tax year.

6 Tax Tips Midlifers May Not Know About -- But Should

The Huffington Post | Ann Brenoff | Posted 12.03.2014 | Fifty

The tax code is filled with lots of little gems for baby boomers, says Brian Ashcraft, director of Liberty Tax Service, headquartered in Virginia Beac...

Advanced Tax Strategy to Avoid State Income Taxes

Robert Pagliarini | Posted 12.24.2014 | Business
Robert Pagliarini

If you expect a windfall from a one-time gain or an investment account that you anticipate to produce significant income over the coming years, a personal tax inversion might make sense.

15 Year-End Tax Moves to Lower Your Tax Bill

Betterment.com | Posted 12.22.2014 | Money
Betterment.com

Year-end planning is about finding the right year in which to earn additional income or to spend money on more tax deductions. Now is the right time to think about this year and next.

How Should You Invest Your Tax Refund?

WiserAdvisor.com | Posted 07.20.2014 | Money
WiserAdvisor.com

Hooray, you've received a tax refund! Another "hooray!" because you're financially savvy. You've decided to invest this money. Putting your dollars to work for you is always a smart decision, so congratulations on making this choice. But now, what should you do?

Procrastinating on Tax Filing? This List Might Inspire You

Reboot Illinois | Posted 06.14.2014 | Chicago
Reboot Illinois

There are only a few days left before your federal and Illinois state tax returns are due. They must be e-filed or postmarked before midnight Tuesday,...

Protecting Taxpayers from Abuse

Martha Bergmark | Posted 06.14.2014 | Impact
Martha Bergmark

Tax season is an annual American ritual. For many Americans, it brings the biggest influx of money all year, giving a much-needed boost to millions of families. Yet for Americans of all backgrounds, tax filing can be a stressful and confusing experience.

Last-Minute Tax Strategies To Be Retirement Ready

James Nichols | Posted 06.11.2014 | Money
James Nichols

Abraham Lincoln once said, "You cannot escape the responsibility of tomorrow by evading it today." Following these tips can help you conquer the panic today of tomorrow's tax-filing responsibility while simultaneously building your nest egg and driving increased retirement readiness.

7 Last-Minute Tax Filing Mistakes People Often Make

LearnVest | Posted 06.10.2014 | Money
LearnVest

With Tax Day fast approaching, millions of Americans are scrambling to track down receipts, bank statements and other documents. But the more you rush, the more you're likely to make mistakes that can cost you in the form of penalties, a delayed refund and even a higher risk of an audit.

Last-Minute Tax Talk for Parents

Neale Godfrey | Posted 05.26.2014 | Parents
Neale Godfrey

Whether you're a procrastinator, a denier or just anxious, here are tips for parents and families to remember now and suggestions to make subsequent filing years a little less stressful.

Tax Time: All The Ways Your Kids Can Save You Cash

GalTime | Posted 05.07.2014 | Parents
GalTime

As you start to gather your documents and tally your receipts for your taxes, don't forget to write off your kids! There are many tax breaks you can claim with Uncle Sam if you have children and some you may not even know about.

Tax Time: Should A Married Couple Ever File Separately?

LearnVest | Posted 04.30.2014 | Money
LearnVest

As with most things tax-related, choosing whether to file jointly or separately as a married couple is a highly individual and complex decision. That's why we consulted two certified public accountants to find out how common it is for a married couple to file separately, what it means for your taxes and in which situations it may apply.

Is Paying Your Taxes With A Credit Card The Worst Idea Ever?

Simple. Thrifty. Living. | Posted 04.29.2014 | Money
Simple. Thrifty. Living.

With the most recent recession and America still trying to dig its way out of debt, many are balking at credit cards in a way that we never have before. With high interest rates and countless fees being tacked on to our debt, it seems like credit cards are used more as a torture device than a helpful crutch through difficult financial situations.

8 Ways To Save On Taxes In 2014

WiserAdvisor.com | Posted 04.27.2014 | Money
WiserAdvisor.com

We can't give you an ultra-comprehensive summary of IRS codes within a single article. But we can point out a handful of tax laws that should be near the top of your radar.

Should You File Your Own Taxes? Or Should You Hire A CPA?

WiserAdvisor.com | Posted 04.15.2014 | Money
WiserAdvisor.com

Lots of people honor traditions. Some people eat turkey on Thanksgiving. Some people bake an apple pie on Independence Day. Me? I abide by a longstanding tradition, as well: I yank my hair out every April, when I attempt to file my own taxes.

Tax Identity Theft: 5 Tips to Help You Not Get Got This Year

Adam Levin | Posted 03.19.2014 | Business
Adam Levin

How would you cope if the tax refund you were counting on, and were counting the days until you received, just never showed up? How freaked out would you be if you found that it was sent to another address instead?

Wrapping Up 2013 And Preparing for Income Tax Time

Mark Steber | Posted 02.22.2014 | Money
Mark Steber

The IRS announced this week that they will start processing tax returns on Friday, January 31, 2014. So what can you do in these final few days of the year to help lower your taxes for 2013?