Category: Taxes and Retirement

If you owe the IRS or your state after filing, paying by card costs you a convenience fee of roughly 1.75% to 2.89%, depending on the processor and card type. That's the number that should drive this decision, not the rewards points. Cash flow gets tight for a lot of…

Before we file our tax returns there are a number of forms we need to receive from our employers, financial institutions and other third-party entities we make money from, conducted financial transactions or did business with. Below are estimated time frames for when we can expect to receive some of these common income tax forms for…

Many believe that income tax refunds are not beneficial to anyone but the government. By allowing more money than necessary to be deducted from your paycheck in taxes each week, these investors state that you are essentially giving the government (via the IRS) an interest free loan. Today, we will…

With Donald J. Trump now America's 45th president many are now asking if he can bring around the economic change promised while on the campaign trail. A lot of people voted for him as a change agent and from an economic point of view at least are hoping he can…

In this article we will discuss Retirement Plan Contributions and Conversions and how these can reduce your taxable income in the current tax year. The last business day of 2016 is December 30th, so there is still time to make changes to your contributions to achieve the greatest reduction in your…

It's not breaking news that you should be saving for retirement. Most employed people understand this fact, so hopefully, you are setting some cash aside for your golden years despite your day to day living expenses. The tricky part of retirement financial planning is figuring out how much you should…

[Latest update]  Republican lawmakers in the House and Senate have now passed a combined tax reform bill along party lines for President Trump's Tax Reform measures under the Tax Cuts and Jobs Act. See the table below that contrasts changes from earlier versions in each chamber versus what is in the final…

With open enrollment for health insurance plans underway there have been a number of conflicting news reports about the status of ObamaCare and potentially dramatic increases in health insurance costs for the coming year. Here we’re going to explore 4 potentially major changes to ObamaCare in 2017 and beyond: There Will…

It is almost that time of year again....tax season! We have compiled a list of six tax breaks for the 2016-2017 tax season that will lower your taxes due and increase the amount of your refund.  The first topic is Earned Income Credit (EIC). The rules on this can be…

Many people overlook possible tax deductions when they file their income tax returns. One of the many deductions that people miss is the sales tax that was paid on a new or used car. This is a tricky deduction, however. You can claim sales tax paid or state income tax withheld, but…

Raising a child in today's world is not cheap. Estimates for raising a child from birth through college in a middle-class household commonly range from $200,000 to $400,000, and those costs keep climbing as education, health care, and everyday living expenses rise. The federal government offsets some of that cost…

For the majority of tax filers mid-April is the deadline to file their tax return. Even if you don't have enough money to pay your entire tax liability you must take action. Inside your head, you scream, "I need more time!" But before you stress out realize that the IRS offers…

If you're self-employed and not taking full advantage of a SEP IRA or Solo 401(k), you're likely leaving a significant amount of tax-deferred savings on the table every year. I've talked to a lot of freelancers and small business owners over the years who are diligently contributing to a regular…