One of the best presents you can give yourself this year is to maximize contributions to your deductible or nondeductible retirement plan. Whether you’ve been contributing all year or have yet to start, here are a few tips to get the most from tax advantaged retirement plans.
It’s easy to only think of taxes during tax season. However, anyone who is financially savvy knows making changes throughout the year can give you the best chance to make a difference in your tax bill. With more than a quarter of the year left, now is a great time to make small adjustments that […]
Teachers are always on the hunt for creative ways to enhance their students’ learning experience. Unfortunately, tight school budgets stifle many of those efforts, and educators are often forced to dive into their own pockets to purchase materials. In fact, the recent average out-of-pocket spend for school teachers is around $500 with some reporting yearly totals in the […]
As this year’s presidential election season hums along, campaign contribution totals have well exceeded 800 million dollars – and they continue to rise. With this level of fundraising, one question is sure to come to mind – are political contributions tax deductible? The short answer? No.
How you handle your recordkeeping and taxes can make a big difference in your success as a small business owner. Make sure to avoid these common tax mistakes small business owners make:
Did you know almost 43 million Americans have federal student loans? With nearly $1.3 trillion in total student loan debt, many Americans are financially strapped by their student loan debt. And when it seems like those monthly payments are eating up most of your paycheck, the road to getting them paid off can be long and stressful. […]
If you give away generous sums of money to a friend or family member, you may be required to pay a gift tax to the IRS. However, with a little planning, you can afford to be quite generous before you have to break out Form 709 to report the amount and be on the line […]
If you want to give your kids a head start in saving for college, there are a variety of ways to do so. For example, you can open a savings account or begin investing money into stocks. Both can be done in your name or your child’s name. Another option is to choose a tax-advantaged […]
If you already stashed away your tax return, you may want to dig it back out. There are a variety of things you can discover by reviewing each form and understanding the significant impact your taxes can have on your financial health. Now is a great time to take a second look at your return […]