Personal Finance and Tax Tips You Can Actually Use. It’s how we ACT.
Have you ever thought about turning something you enjoy, something you would do even if it didn’t make any money, into a way to make a living? Who hasn’t? Many people take a hobby they’ve been dabbling in for years, such as glass blowing, antique collecting, or dance exercise, and turn it into a full-time [...]
Do you think about your future? Where you’ll be (want to be) in 5, 10 or 15 years? The biggest secret to financial success – or success in any endeavor – is to think farther ahead than most people do. To illustrate how that works, think about kids growing up. They gradually become able to [...]
When you’re short on money – whether it’s due to unemployment, illness, or just the urge to buy a new motorcycle – it’s easy to start eyeing your retirement funds. After all, you’ve been contributing to them all these years. And it’s your money. If your account has gone up in value – lucky you [...]
TaxACT’s Weekly Favorites: May 17, 2013 Where The Mortgage Deduction Really Pays via CNN Money The mortgage interest deduction is one of the most expensive tax breaks on the books, but its benefits are distributed unevenly across the country, according to a new report by the Pew Charitable Trusts. Continue reading… Family Loans: Does The IRS [...]
You might lend your kids money from the time they are little – to buy a bicycle, to get that first car, or to buy a house. Does the IRS have anything to do with these family loans? For small loans, the answer is “no.” The IRS isn’t concerned with most personal loans to your [...]
Surprise – Mom and Dad gave you a nice check! Maybe it’s enough for dinner, or maybe it’s more of an “early inheritance.” Either way, do you need to worry about paying tax on your gift? Annual limits before the IRS takes notice First, a gift must be quite substantial before the IRS takes notice. [...]
It happens. Just when you think tax season is over and you can forget it, you discover a mistake or omission on your income tax return. You probably need to fix it by filing an amended return with the IRS. When to file an amended return You should file an amended return whenever you discover [...]
