If you have received an IRS envelope from the Internal Revenue Service (IRS) in your mailbox that does not contain a refund check, it will probably cause an increase your heart rate likely increased. But Don’t panic, though; most of the issues in these letters can be dealt with simply and painlessly. Every year, the…
Planning for marriage should involve more than just picking out invitations and deciding whether you should serve chicken or fish at the reception. More importantly, you’ll want to take a look at how marriage will impact your financial situation. And while there are a number of issues you’ll need to think about, careful planning can…
You know you should have a budget. You’re aware that it can help you stay on track with your company’s income and expenses throughout the year. Maybe you’ve even tried to make one before, but you got discouraged by the mechanics or by the difficulty of estimating money in and out for the next 12…
Tax deductions and credits are terms often used together when talking about taxes. While you probably know that they can lower your tax liability, you might wonder about the difference between the two. A tax deduction reduces your taxable income, so when you calculate your tax liability, you’re doing so against a lower amount. Essentially,…
There are TV ads, telemarketing phone calls and sales people at your front door all promoting the benefits of solar power, and one of the key considerations and a frequently mentioned benefit is the 30% federal tax credit. What isn’t included in the ads—and something most potential buyers are unaware of—is that the solar credit…
No, you don’t. A bequest is a gift left to you in a decedent’s Will. You may not want the gift for a variety of reasons. For example, it may be a burden on you, or it may result in adverse tax consequences for you. Whatever your reason for not wanting the bequest, you can…
The good news: Home-office deduction is still allowed for self-employed taxpayers. The bad news: It’s no longer available for employees, at least for 2018 through 2025. Read all about the changes in this week’s Business Tip.
Years ago, to prevent parents from transferring their investment accounts into their children’s name to avoid taxes, Congress created what is referred to as the kiddie tax. This counteracted the strategy of taking income from the parents’ higher tax bracket and shifting it to their children’s lower tax bracket. The kiddie tax plugged that tax…
One way is to call your existing lender and try to negotiate a lower rate. Often, the threat of losing a customer and the associated income from your finance charges can inspire a card company to accept a lower interest rate and keep the relationship. Negotiation is most effective if you have a stable payment…
Many people had their first experience with saving for the future as children when they received a U.S. savings bond as a gift. Savings bonds are issued by the U.S. Treasury Department. However, unlike Treasury bills, notes, and bonds, they are not traded on the open market, and are sold almost exclusively to individuals. EE…
