Although the kids might still be in school for a few more weeks, summer day camp is rapidly approaching for many families. If yours is among them, did you know that sending your child to day camp might make you eligible for the child and dependent care credit? Child...
Going through a divorce can be a stressful experience, and some items may be overlooked. Nevertheless, if you are in this situation, you should be sure to pay some attention to future health insurance. Medical bills and health insurance premiums can be extremely...
As the school year draws to a close and the days lengthen, you may be one of the many homeowners who are getting ready to put their home on the market. After all, in many locales, summer is the best time of year to sell a home. But it’s important to think not only...
As 2016 began, people were lining up to buy tickets for the Powerball lottery, which eventually reached a total prize of $1.58 billion. Many states have lotteries, and countless participants win prizes, albeit usually much smaller than the Powerball jackpot. Are...
The short answer is: none. You need to hold on to all of your 2015 tax records for now. But this is a great time to take a look at your records for previous tax years and determine what you can purge. The 7-year rule At minimum, keep tax records for as long as the IRS...
Now that the April 18 income tax filing deadline has passed, it may be tempting to set aside any thought of taxes until year end is approaching. But don’t succumb. For maximum tax savings, now is the time to start tax planning for 2016. More opportunities for tax...
Yes, the federal income tax filing deadline is slightly later than usual this year — April 18 — but it’s now nearly upon us. So, if you haven’t filed your return yet, you may be thinking about an extension. Extension deadlines Filing for an extension allows you to...
Last December, President Obama signed the Protecting Americans from Tax Hikes Act (PATH act) of 2015 into law. The new law contains several tax benefits for individuals and for companies. What’s more, the PATH act was not a simple “extenders” act, continuing certain...
If your 2015 tax liability is higher than you’d hoped and you’re ready to gift some assets to your loved ones, now may be the time to get started. Giving away assets will, of course, help reduce the size of your taxable estate. But with income-tax-smart gifting...
Tax-advantaged retirement plans allow your money to grow tax-deferred — or, in the case of Roth IRA accounts, tax-free. But your annual IRA contribution is limited by tax law, and any unused limit can’t be carried forward to make larger contributions in future years....
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