One reliable way to reduce the impact of higher tax rates, surtaxes, phaseouts and so on is to make tax deductible contributions to retirement plans. In 2014, the maximum salary (and tax) deferral for 401(k) and similar plans is $17,500, or $23,000 if you are 50 or older. If you are not maximizing such contributions… Read more Year-End Retirement Tax Planning

As always, savvy planning in the last quarter of the year can pay off in lower taxes next year when you file your return. Some tax planning is fundamental: most people will benefit by accelerating tax deductions into 2014, while deferring income into 2015. Yet, there is now a distinct divide between taxpayers reporting high income… Read more A Tale of Two Couples

Tax-Free Income From Renting Your Home From Canton, Ohio, where the Pro Football Hall of Fame Weekend takes place in August, to Los Angeles, which has Haunted Hayrides to celebrate Halloween throughout October, cities small and large host special events throughout the year. Moreover, oceanfront communities attract millions of tourists in the summer while mountain regions offer winter sports each winter. What is the common denominator?… Read more Tax-Free Income From Renting Your Home

This summer, whether you’re driving for business or pleasure, you may want to rent a car. If so, you’ll likely be driving an unfamiliar vehicle on unknown roads. What’s more, you’ll encounter other (perhaps many other) motorists in similar circumstances. You can’t overlook the chance you’ll be involved in an accident. Obviously, your first priority is to avoid injuring yourself, your passengers, and any others.… Read more Be Sure About Rental Car Insurance

If you are having trouble paying your debts, it is important to take action sooner rather than later. Doing nothing leads to much larger problems in the future, whether it’s a bad credit record or bankruptcy resulting in the loss of assets and even your home. If you’re in financial trouble, then here are some… Read more Financial Troubles? 5 Ways to Improve Your Situation

Refund fraud caused by identity theft is one of the fastest growing crimes nationwide. Learn more about what the IRS is doing to protect your identity. Stopping refund fraud related to identity theft is a top priority for the IRS. With more than 3,000 employees working on identity theft cases, the IRS is focused on… Read more Identity Theft and Tax Returns: Tips for Taxpayers