The Tax Cuts and Jobs Act (TCJA) of 2017 gave most Americans a break on their upcoming taxes – but you don’t need legislation to cut your taxes even further with sound investment strategies that focus on tax optimization.
Here are a few ways to help yourself at Uncle Sam’s expense.
1. Shift Toward Capital
With businesses and individuals taking steps to return to normal living, there’s a lot of pent up consumer demand to spend. The new term “revenge shopping” implies that consumers will be making up for lost time with a boom in products and experiences they couldn’t purchase during the lockdown.
The National Retail Federation estimates that
Failure to plan is planning to fail. That phrase applies to many aspects of life, including taxes. Avoid tax-time failure with adequate planning while watching out for these twelve pitfalls. 1. Disorganization – If you have the stereotypical shoebox full of wadded-up receipts — or worse, if you don’t keep track of receipts and tax
It’s bad enough that you have to give a chunk of your income to Uncle Sam, but it’s even worse when you also have to give a chunk of money to a tax preparer who fails to spot savings for you or makes mistakes that land you in hot water with the IRS. Good tax
By Andrea Woroch More Americans than ever are buying homes. In fact, a report from Zillow estimates 6.9 million existing home sales this year, the most since 2005, and projects a nearly 22% one-year gain in sales, the largest jump since the early 1980s.
If you are among the millions hunting for a home, it’s
These days, you probably want to file your taxes as early as possible to prevent identity thieves from filing a false return in your name — but that requires you to have the necessary forms in hand, including W-2 forms.
The W-2 form is one of the most critical tax forms, since it is the
As a self-employed person, you probably watched the development of the Tax Cuts and Jobs Act (TCJA) with some trepidation. The tax code is not often kind to the self-employed, nor are most of the changes to the code.
However, the new tax law retained most self-employment deductions and offers a few new forms of
Are you ready to cut your tax bill as much as possible? Consider these thirteen ways to keep your contributions to Uncle Sam as low as possible.
1. Filing Status – Are you filing under the correct status? It’s usually best for couples to file jointly, but married couples filing separate returns could
The Tax Cuts and Jobs Act (TCJA) limited itemized deductions and doubled the standard deduction to entice more taxpayers to skip itemizing – but money-saving deductions still remain for eligible taxpayers. Do you qualify for any of the following nineteen deductions?
1. Charitable Donations – Under the Coronavirus Aid, Relief and Economic Security
The pandemic is far from over, but Americans aren’t letting it get in the way of celebrating that special someone this Valentine’s Day. In fact, the National Retail Federation released a new survey that found over half of all U.S. consumers are still planning to celebrate this year’s love day, with spending expected to reach
By Andrea Woroch
Money is a top concern for most Americans these days and, with so much uncertainty still ahead, it’s important to create financial security for yourself and your family as we enter into this new year.
Improving your finances may seem like a daunting process, but getting started is half the battle. Here
This is the first in a series of financial commentaries by our Editorial Roundtable.
Check back to read alternative points of view expressed in this column.
James Cash Penney, who founded JC Penney in 1902, observed years later that, “Growth is never by mere chance; it is the result of forces working together.”
Did you have a happy New Year? We certainly hope so. Now it’s time to get back to regular routines and take care of January chores, including gathering your tax information.
The 2021 Tax Season Begins on January The IRS has announced that the 2021 tax season has begin in January. The beginning of tax
Some people swipe credit cards haphazardly during the holidays and accrue debt with little thought to the aftermath. It is also common for folks to blow their year-end bonuses on big ticket items before ever receiving them. People get swept up in the emotions of the holidays without considering the financial ramifications.
In an effort
Many people are reconsidering their budget to prevent holiday overspending over the next few months. If you are one of these people, good for you – but why stop there? This is a great time to look further ahead and tackle your 2021 budget.
Lay out your calendar, spreadsheet, or whatever method you use and
The holiday season is full of plans and activities that make December incredibly hectic. If you are the average American, tax considerations and financial adjustments are pretty low on your holiday to-do list. However, you are not the average American — you enjoy saving money, are diligent in seeking ways to save, and excellent at
Spending during the holiday season goes into overdrive and controlling your budget is harder than usual given the endless sales and impulse purchase temptations. In fact, a new survey found that 46 percent of millennials, 46 percent of parents with children under 18, and nearly half of those who are already in credit card debt
Pack your bags and grab the kids. The vacation of your dreams is about to begin. Just make sure you have properly secured your home before you head for the beach/mountains/jungle or you may return to a nasty surprise.
Secure All Windows and Doors –
Keeping your home locked up will deter most potential
The holidays are supposed to be a jolly time, but this year is shaping up to be a bit more stressful than usual as consumers worry about their financial situations and stress over seasonal expenses. In fact, a recent survey from Gallup found that consumers plan to spend an average of $805 on gifts this
Whether you want to admit or not, the holidays are fast approaching and planning ahead is key to managing your money, so that you don’t overextend yourself or go into debt. Last year, the average American spent $882.45 on Christmas gifts, food, decorations, travel, and other miscellaneous holiday-related expenses, according to the 2019 Christmas Spending
Gone are the days of having to call a 1-800 number to interact with customer service teams. With the rise of social media, support is often available around the clock. If you’ve ever called out a company on social media for bad service, you know they can be quick to respond. Don’t be in a
Winter driving is stressful enough given the confluence of unpleasant weather, bad road conditions, and collective increases in driver stress. It can be even more stressful if you experience mishaps, gas-related problems, and seasonal breakdowns – and the same goes for your car.
Here are a few steps to save money with winter driving and
You learned a lot at school. But did your teachers or professors educate you on how to use credit, protect your identity, or maintain a good credit score? Sadly, personal finance education does not rank up there with reading, writing, and ‘rithmetic.
According to research from the credit bureau Experian, more than one in three
Hunting for apartments in the off-season can be a blessing or a curse. Most renters tend to move in the summer months, so it makes sense that there are more apartments to choose from during peak season.
Unfortunately, that means there are fewer available apartments to choose from during the off-season. At the same time,
By Andrea Woroch
September is the most common birth month of the entire year and whether you‘re among the millions of couples preparing for baby‘s arrival or recently welcomed your tiny bundle of joy, this is a good time to review your budget since a lot is about to change. It‘s no surprise that raising
You’ve probably moved at least once in your life and had to fill out the Change of Address form at the U.S. Postal Service (USPS). The USPS makes it easy to change your address or temporarily forward mail to a different address. Forms are available at your local post office, or you can make the
Equifax… Uber… Target… Under Armour…. The list of data hacks keeps growing and growing, increasing the odds that someone will steal your identity. Last year, this digital epidemic affected 14.4 million Americans. But the more you know, the better you can protect yourself.
We conducted an exclusive MoneyTips Google survey in 2018 to
By Andrea Woroch
Many colleges across the country have announced plans to begin the year with virtual or hybrid learning models, but that doesn’t mean students are off the hook from buying supplies and other gear. In fact, the National Retail Federation estimates that college students and their parents will spend an average of $1,059
Like most people, you have probably had enough of the cold weather and are looking forward to your summer vacation – but cannot afford to spend too much on it.
How can you make the most of your summer travel dollar and still have a wonderful vacation? Here are ten ideas to help you out.
Parents, how’s your summer going? Enjoy a fun family vacation or staycation? Ready for school to start? As we approach summer’s halfway point, you may be tired of working as a full-time entertainment director and concierge for your kids.
Sure, you could buy the latest gaming system and leave them planted in front of the
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