Many taxpayers look forward to tax season because of tax returns. While getting a large sum of money all at once is exciting, it also means that you overpaid your taxes. On the other hand, getting a nice check from the government feels way better than owing taxes. If you owe too much, you could […]

Your gut instinct might lead you to believe that canceling a credit card is a good thing. After all, isn’t this an instance when less is best? If you thought this was the case, you’re not alone. A new survey from Bankrate.com found 129 million Americans didn’t know that canceling a credit card can have […]

It’s good to be generous, but don’t give until it hurts. That’s what some parents and grandparents are doing to help their children or grandchildren buy that first home. A recent survey by Legal & General Group found last year, more than a million parents and grandparents in America shelled out $41 billion to help […]

Building an emergency fund, creating a nest egg for retirement and socking away money for your children’s college fund are fundamental steps to ensure long-term financial well-being. But how do you save money when you’re on a stringent budget? While it can be challenging to set money aside on a small salary, it can be done. So […]

“Filing for an extension protects taxpayers by giving them more time to make sure their tax return is correct and make sure that they understand any new tax laws. Providing incorrect information on your tax return could result in fines, penalties, or an audit so if you’re not sure about the details, it’s better to […]

Who doesn’t dream about retiring? Better still, if you can get out of the game sooner than age 65. While retiring while you’re young and healthy enough to enjoy all that free time may sound alluring, there might be some downsides to that plan. Not to burst your bubble, but early retirement is not a […]

In addition to licensing fees and professional association membership dues, you can deduct the cost of continuing education. “Also, any expenses you incur while continuing your education,” said Joshua Zimmerman, president of Westwood Tax & Consulting LLC in Rockville Centre, New York. “That might include books, videos, classes, seminars and even travel costs from traveling to […]

As the tax deadline draws near, one of your biggest worries may be owing money to Uncle Sam. A review of the 2019 tax-filing season from the Taxpayer Advocate Service, an independent organization within the IRS, found that 23.4 million taxpayers ended up with a balance due.

There used to be a time when I couldn’t wait to file my taxes. As a 20-something with little income and tons of tax deductions available (and probably the wrong withholding amount), I always received a tax refund. How things have changed. If you’re like me, you usually owe money at tax time these days. And some years, it can […]

The Tax Cuts and Jobs Act of 2017 (TCJA) made many important changes to the way Americans prepare their 2018 tax returns. By this time, you should already be collecting your documents and getting ready to file your taxes — after all, the earlier you file, the better (and here’s why). But you need to remember […]