Solutions to Make Better Decisions with Your Taxes and Money

Understanding the Difference between Itemized Deductions and the Standard Deduction

Itemized and standard deductions can be confusing – especially if you are relatively new to filing a tax return. Some people try to itemize when they are better off using the standard deduction. On the other hand, some taxpayers avoid itemizing because it seems too difficult — even when itemizing deductions could save them money. […]

How Itemized Deductions Work

The IRS isn’t cruel. It doesn’t want to tax every last cent you earn. In fact, it offers a standard deduction — a gift! — to all taxpayers based on their filing status. For the 2014 tax year, the standard deduction for a single filer under the age of 65 can automatically deduct $6,200 from […]

Weekly Favorites: Paid Off $90k in Debt, Tax Savings for Parents, Standard or Itemized Deductions, Changes to W-2 Form

Weekly Favorites: February 8, 2013 I Paid Off $90,000 of Debt in Just Three Years via LearnVest It’s funny how you can do all of the right things–go to college, get a job–and then one day wake up with crushing debt. It took a lot of hard work–and some serious creativity–but three years later, I’m […]

Donate to Charities to Decrease Taxable Income

Are you asking for a receipt and itemizing your donations when donate to charities? You should be. Beyond the personal satisfaction of donating to charitable organizations, there could also be income tax benefits for your kind gestures. Generally, you can take a deduction for contributions of money or property that you make to a qualified […]

Better Off Donating or Having a Garage Sale

Can’t decide if you should have a garage sale to get rid of your excess stuff or just box it up and donate it? Not sure which option, in the end, will earn you the most money? There are a lot of people who enjoy taking a day to have a garage sale (or yard […]