Category Taxes

TAX MYTHS (AS REPORTED BY SELENA MARANJIAN ON MONEY.CNN.COM)

Taxes are complicated. There is no avoiding that. The US tax code is so complex that its likely even a lawyer who specializes on tax law doesn’t know all the details. So how can you or I be expected to understand them? While becoming an expert in the tax code may not be possible, there […]

MARRIAGE AND YOUR TAXES (AS REPORTED BY JOHN SCHNEIDER ON WWW.PERSONALCAPITAL.COM)

We don’t often think about marriage as a matter of personal finance, and for good reason. But still, there are certain financial questions we must ask ourselves when planning for a wedding. Chief among them is, how will this affect our taxes? Married people who file their taxes jointly will often save money, meaning they […]

Donald Trump’s Impact on Your Finances (as reported by Rob Berger on www.forbes.com)

It’s official, Donald Trump will be the 45th President of the United States of America. Whether or not you voted for him, this fact is likely to result in a number of changes that could impact your financial well-being. First, depending on how much money you currently make, you could see a change in taxes. […]

SODA TAX PASSES IN PHILLY (AS REPORTED BY JEANNE SAHADI AND AARON SMITH ON MONEY.CNN.COM)

Philadelphia became the second in the country to pass a tax on soda and other sugary drinks. The tax, 1.5 cents for every ounce or $0.18 for a can of soda, will go into effect January 1, 2017. This could be a sign of things to come for those of us who do not live […]

HOW TO DO YOUR TAXES (AS REPORTED BY STEVE ROUSEAU ON WWW.DIGG.COM)

From January to April every year, you will hear plenty of people talking about taxes. The deadline to file their taxes, for most people, is April 15th (aka Tax Day). Most people don’t take the time to understand exactly how filing taxes work. They either subscribe to a free or low-cost online solution, or they […]

Leave Your 401k Alone (as reported by Andrea Coombes on marketwatch.com)

One of the worst financial mistakes that someone saving for retirement can make is reaching for the cash in their retirement accounts too soon. A study by Fidelty found that 35% of people who left their jobs last year took some or all of the money in their 401k or IRA accounts in order to […]

A Word of Caution When Choosing a Tax Preparer (as reported by Alex H. Levy via the New York Times)

The April 15th IRS tax filing deadline is just around the corner; for many of us this means working with a tax preparation service to complete our returns.  Many do not know that in most states a person can call themselves a tax preparer without any formal licensing or training.  Undercover investigations into tax preparation […]