Health Insurance Enrollment Process

It is easy to put off filing your taxes. Life is jam packed with places to see and things to do. Find the time to organize your tax information and complete your report may seem difficult.

If you're like many people, it is not difficult to find reasons to procrastinate all kinds of things you must do, including filing your taxes.

If you wait too long and miss the 18 (2016) April deadline, you may wonder if you should just skip the total deposit. We've all heard of someone who does not file - never . They go years without income statement or filing a tax return, and they get away with it. If they can do it, why not you?

In this case, really is better than ever and delay filing, even if it is after the deadline, is the best course of action. Here is a closer look why you should not just opt ​​out.

is harder than ever to get out without paying.

IRS can be great and sometimes slow, but the agency has one thing on its side: information. An incredible amount of information is fed into computers to the IRS each year, and there is a good chance some of this information about you.

For example, each year your employer sends a copy of your W-2 form to the IRS. The agency then waiting, waiting for a return of tax you based on your wages shown on the W-2.

In addition, banks, companies and investment firms send Form 1099 to the IRS to report different types of income that you received throughout the year. If you sell real estate, the IRS receives a form showing how much you received from the sale.

It may take some time for the IRS to match your income with your tax return, but they will eventually. If you file your return, they will understand that too.

The late drop on your taxes creates unnecessary stress.

Get behind the bill is stressful. Delay the filing of your return (s) of the tax and pay your bill (s) Tax may feel even worse. Fortunately, stress that you can avoid.

With TaxAct, you can file your return before it is due and to feel confident that the program helped find all possible deductions and tax benefits. And later, if you think you may have missed something, you can always change your return. Remember that you are better deposit before the deadline so that you can avoid paying penalties and interest that may come with the late filing.

The longer you wait, the more severe consequences.

Once the IRS determines that you must have filed a declaration and has not, you will start to hear them. You will probably receive IRS notification letter stating that you will be penalized for not filing a return.

The IRS can also create a return for you. For example, if your employer has reported wages, the IRS can create a tax return showing wages. The catch? The IRS does not know all the deductions or other tax benefits you deserve. They usually know only your income, unless you straighten things you could end up paying a lot more taxes than you should.

If the IRS does not hear from you once you have been contacted, things can become more serious. Your bank may send you a notice that your money was seized by the IRS. The agency may also put a lien on your property or garnish your wages. And all this time, interest and penalties accumulate, which means that the IRS can take more of your money.

What if I do not have to, or I could have a refund?

The IRS has strict guidelines in place stating that needs to file a tax return. If your income is at or above the minimum income requirement, you will need to file, even if you think you owe nothing, or receive a refund. You have three years from your filing deadline for filing a refund.

But there is more. Thank you to certain credits, such as Earned Income Tax Credit, you may be entitled to a refund, even if you are not required to file. In this case, you will not get a refund if you do not file a return, so it may be in your interest to do so.

It is preferable to deposit now, even if you can not pay.

Some people avoid filing because they can not afford to pay the tax bill. However, you should still file on time even if you can not pay all taxes due. If you wait, you'll face a late-filing penalty is just one thing you have to pay. The default file penalty is 5 percent per month based on the amount of tax you owe.

If you are unable to pay your tax bill quickly, the IRS of installment plans. Approval of a payment plan is automatic if you have $ 25,000 or less can prove that you can not pay the full amount you owe when it is due and you are able to pay the tax in three years or less. In addition, you or your spouse can not have had an installment agreement with the IRS over the past five years.

If you've stashed your tax return, you can dig back. There are a variety of things you can discover by examining each form and understanding of the significant impact of your taxes can have on your financial health.

Now is the perfect time to take a second look at your return and discover ways you can make a difference in your taxable income for the next year.

1. The reality of your refund

Each year, nearly eight out of ten US registrants receive a federal tax refund, and according to the IRS, the average amount paid is approximately $ 3,000. Many of these Americans are delighted that the money hit their bank accounts because they already have big plans for spending it.

However, most of these same Americans receive this rebate meaning they had about $ 3,000 too retained their entire salary throughout the year.

Think about it. A tax refund is a refund of your hard earned money. It is not a gift or an extra paycheck from the government. In fact it is quite the opposite.

Receiving a tax refund means you've made an interest free loan to the government. This means that you have less money during the year to pay off debts, pay car repairs pesky, make home improvements or to store away in your retirement fund or savings account education your child.

So how do you make sure the right amount is refused? File a new Form W-4 with your employer. Your employer deducts the number of quota-based taxes you claim on your W-4.

Therefore, adjusting your withholding to better match your tax situation as soon as you can will help you to avoid giving the IRS temporarily.

2. Tax bills occur

If you had to pay a large tax bill after filing your tax return, you have the opposite problem as someone who has received a refund.

Because money is always stressful, but when others talk about their big repayments, you start to question what went wrong.

Fortunately, there is a solution to help avoid this doom next year. Just file a new Form W-4 with your employer and to increase the amount of tax withheld federal income by reducing the number of allowances.

3. How to pay less tax

Once you file your tax return, it is easy to focus only on the amount of money you owe or the amount you get back a refund. However, this is not the whole picture.

Take a look at your return and add together your total taxes. Do not forget to include social security, income taxes of the state and property taxes.

Knowing how much you pay may be a surprise and serve as a great motivator to learn ways to reduce your tax bill.

Set aside a few minutes to dive into the numbers. Find out if other deductions you might take advantage to help reduce your taxable income.

If you plan to itemize your deductions next year, or taking the deduction you advantages over the standard?

4. leftover tax benefit

If you entered deductions when you prepare your tax return, check your return to make sure you were able to take the full deduction this fiscal year.

In some cases, you may have received little or no benefit from the deduction because of income restrictions.

For example, if you have a rental home, you can have the intention to take a deduction for your loss including amortization.

However, if your modified adjusted gross income (MAGI) was over $ 150,000 ($ 75,000 if married filing separately), you would not have been able to take the losses this year.

The same goes for some educational credits. If your income is above certain limits, the tax benefit is lost.

Check your back to see if you have left-over deductions for these reasons. Next year, you might be able to put it to use if your taxable income is less.

5. tax brackets matter

To make smart fiscal decisions, you must know your tax bracket. Understanding what tax bracket you fall into can help determine whether a particular tax deduction will benefit your tax situation.

In general, when you are in tax brackets of moderate income, you are better to get the best return on your money, even if you pay taxes on it.

once you reach a tax bracket on the highest income, however, or sources of income tax deferred tax free start to make sense.

Have you ever go back and look at the tax returns of previous years?

The company share your car with an unknown or use to run various races is a market worth billions of dollars and many people take advantage of this new-age way to earn money. In fact, between 2012 and 2015, 10.3 million people have made money through platforms such as Uber, Lyft and TaskRabbit. That's more people than the population of New York City!

While offering shares of the economy for new career opportunities and can help us to expand our portfolio, it is important for participants to remember one thing :. you're probably not an employee

More than likely, if you're behind the wheel for Uber or delivery of goods through TaskRabbit, you are considered an independent contractor

and this is a different world regarding taxes, because it is likely that your paychecks do not have all the taxes taken.

But you still have to pay federal and state taxes as well as self self-employment tax (which consists of the Social Security and Medicare for those who work for themselves).

If this sounds confusing, do not worry. We have the low down if you know how to stay in the good graces of Uncle Sam.

For the IRS, you are a business owner

First things of on board. That Uber is your full-time gig or you just shuttle people around every now and then, you should pay attention to how much income you are earning.

If you make money as a driver-wrinkle hand-runner race or grocery-getter, you must report your earnings on Schedule C, Profit or Loss from Business.

for many taxpayers who do not keep their books, Schedule C is the best way to actually determine whether they have $ 400 or less of net income.

However, there is another warning. If you make more than $ 400 in self-employment income throughout the year, you will also need to complete Schedule SE, the self-employment tax.

This form is used to calculate the self-employment tax because of your net income. Fortunately, TaxAct it is easy to complete both forms. Once you enter your information in Appendix C, the software determines if the annex if necessary and, if applicable, complete automatically.

After this amount is determined, you may have to start paying taxes on quarterly estimated income to avoid a big tax bill and penalties when it comes time to file your return.

Since taxes are not automatically removed from your winnings, you have to account for them separately. To prepare quarterly tax payments, make sure you set aside money throughout the year to cover these costs.

A simple way to save is to have a portion of your monthly income automatically transferred to a separate account.

Offset with tax deductions

Driving for Lyft or Uber can be as simple as pressing a few buttons on your phone, but do not forget to keep track of your spending is a little more difficult.

first, make sure to connect your mileage while you're on the clock! You'll want to report the miles as a business expense on your tax return using Schedule C. claim them as expenses will help reduce your business income -. Which means you'll probably need less tax

as MileIQ Apps can help you track how much you drive for work. In addition, record keeping gives you backup if the IRS never asks for support linked to a deduction.

Drivers can also deduct other expenses related to the automobile, as these costs are related to their business. This includes the basic service, repairs, car payments, rental fees, registration, insurance, tolls and more.

In addition, you can deduct the depreciation on the car, parking fees, drinks for passengers and a part of your cell phone bill.

distribution business expenses against total expenses is another way TaxAct can help.

For example, regarding the number of business miles driven compared personal miles, simply enter your data and the software will quickly help you solve this problem.

Even if you are not making money as an Uber driver or Lyft, you can still deduct expenses related to the vehicle if you work for services such as Instacart and TaskRabbit. Mileage, and many of the same operating expenses can be deducted on your tax return as well.

Pay attention to what 1099

When approaching tax season, you'll probably receive a version of 1099 in the company's mail through which you contract your business . Total payments treated your customers are reported on Form 1099-K form, payment and third party network transactions.

Keep in mind that amount will probably be higher than the amount that you saw hit your bank account as it includes commissions of the race action and business costs of other services.

All other payments you receive, such as references or non-driving related premiums are reported on Form 1099-MISC. This form should arrive in your mailbox at the same time. All income documented on these forms must be reported on Schedule C when you file your tax return.

There is a small chance that you will not receive a 1099-K whether the company through which you provide services treated under $ 20,000 in payments or less than 0 transactions under your name.

Even if you do not receive this form, you will still need to declare any income earned in Schedule C and pay tax on income you earned.

Did you know that, for most people, the number one reason for paying with plastic is to earn rewards

is this your main use of credit cards

You might be surprised to learn that your credit card benefits programs -.? if used strategically - can end up being more valuable than the rewards you earn!

The following are ten of my favorite benefits.

As a warning to keep the lawyers happy, let me say that you should contact your card issuer for rules, limits and exclusions surrounding each advantage.

1. Purchase Protection

Did you know that some credit cards, eligible purchases are automatically covered for the first 0 days against theft and some forms of accidental damage?

For example, if you bought a new pair of sunglasses and dropped them on the sidewalk a month later, your credit card company may reimburse you for damages.

there is this advantage over most American Express, Visa Signature and World MasterCard. But among these, I find that AmEx's terms and easier to use conditions.

2. Extended Warranty

Most cards offer purchase protection will also be provided an extended warranty.

What does this mean?

Well, for qualifying purchases that come with the guarantee of the United States of a manufacturer, this advantage will give you up to double the length of the cover (with a maximum of one additional year) .

So, let's say you bought a new computer that came with a guarantee of 12 months manufacturer for parts and service (which is typical). Then, after 18 months, the hard drive crashes (which, unfortunately, is fairly typical). Call the customer service of your credit card and file a claim for it -. Even if your initial 12 month warranty has expired, they will reflect coverage during 13-24 months

3. Protection Return

Have you ever tried to return something, only to have the store refuse?

Last summer it happened to me when I tried to return a shirt (it was too big on me). It turns out that the store had a return policy of 30 days and I am only 2 days beyond

Fortunately, I had bought with my AmEx card -. I called them and they refunded me the purchase of $ 55 as a credit instruction

the rules of this service vary by issuer map, but generally it works like this :. If you try to return an item in new condition within 60 or 0 days and the trader refuses, you can get a refund for it to a certain amount (with my card, it is $ 300 per item, with a maximum of $ 1,000 per year).

4. Price Protection

This is probably my least favorite. Why? Because it comes with a lot of rules and exclusions.

But if you are able to jump through the hoops, it provides coverage on eligible purchases if they fall in the price in the first 60 days.

Unfortunately, very few credit cards include this benefit. Outside Citi, the only other that I know are the Chase Sapphire Preferred card and Freedom. AmEx interrupted their price protection several years ago.

5. Book Release Time

being stranded in an airport is never fun. Not only do not waste your time but also your money. As a captive audience, you are thank you for overpriced restaurants of the airport and convenience stores.

However, if you paid for your trip using a credit card, providing "travel delay" will be helpful.

There reimburse the costs you have to incur during a period, such as meals, personal care items, and even a hotel room if necessary.

The bad news? In general, this benefit will not kick in unless your trip is delayed more than 12 hours and it must be due to a covered event.

6. Delayed luggage cover

As you can guess from the name, it provides coverage if your baggage is delayed at your destination.

The bad news? Like the above advantage, it will not blow unless your baggage is delayed for a significant amount of time.

For example, the Sapphire Preferred, the period should be 18 hours. After that, Chase will reimburse "emergency purchase the" eligible items

7. Lost Luggage Reimbursement

ever lost or stolen bag Hopefully not -.? But if it happens - call your credit card company because you may be entitled to compensation if you paid for the ticket using their card warranty usually covers both hand and checked baggage during travel public transport [

Make sure to read the fine print on this, because there are exclusions and coverage is secondary (which means they will pay if your claim amount exceeds the coverage of the airline ).

8. Concierge Service

in a word, it is a 1-800 number that you can call 24/7 to help with things like bookings meal, planning a trip, shopping for a gift, and just about anything you can think of another.

There are ten years, if you wanted this advantage you would have to shell out a whopping $ 450 fee for American Express Platinum or another high-end card.

But guess what? Now, there is a concierge service on tons of no annual fee cards like Chase Freedom, Citi Dividend and Capital One Cash Rewards. All Visa and MasterCard World Signature included.

9. Roadside Assistance

This is a common advantage, but be careful, because I find that many card issuers are doing a bad job explaining how it works.

Typically, the credit card company will only make arrangements for you to get roadside assistance. The actual cost of the service will always be your responsibility.

On the other hand, even if they are simply "fix", they do it at pre-negotiated rates. This can save you a lot of money compared to what you would pay on your own.

When I need a jump start, I called a local towing company that wanted to charge me $ 0. But with Visa do it for me, they got their negotiated rate of $ 59.95.

10. Cell Phone Insurance

Last but not least, we come to one of the most unusual benefits, you will find; cell phone insurance. There were a handful of cards that included, but now there is only one that I know and that is the Citi Forward (which has no annual fee).

To be eligible for this insurance, you have to pay your cell phone bill each month using the Citi Forward card. If you do this, you get automatic protection against damage or theft up to $ 250 per claim (with a $ 50 deductible). This might not be enough money to replace an iPhone, but it will definitely help to cushion the blow.

Does your credit cared benefits program have one of these benefits?

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How do you want to be financially transformed into one hour a week?

When my husband, Bob, and I were first married we would like to say that we "supported" money.

Since he was a born spendthrift and I'm a born saver it was natural to learn to manage money as a couple would need a certain amount of give and take, but " argue "was just a little too negative for honeymooners like us.

so we called "intense communion" instead! We learned that there was a good way to approach this delicate subject and a very, very bad way.

We decided to try an experiment. We set aside an hour a week and developed a strategic plan on how we spent that hour. We found that we stopped arguing and finally our finances began to change for the better. Just like a physical workout takes dedication and hard work, our workout money was strong, but it was worth it.

We went out of debt, began to pay cash for household goods and even planned vacation debt free family.

I think the finances of each person can be transformed by strategically investing an hour a week.

The Pre-Workout

I was once at an official event when someone started throwing rolls and before we knew it, there was a war going on roll among prom dresses and tuxedos!

it just goes to show that even smart people can digress into bad behavior without limits.

The first step is to get a money buddy (your spouse or a trusted friend) and establish limits to be observed during the workout.

These boundaries should be only yours, but here are some limits to get you started:

• No condescending
• No negativity
• No name-calling
• Each training section will be timed
• workout will begin and end on a positive note
• No food throw (especially rolls)

in the years since Bob and I have developed our workout money, I shared with thousands of couples who have moved from fight for financial freedom within months.

Like any session of physical training, the key is consistency and intensity. It is also important to realize that you will not solve all your problems in one hour, but you will make progress each time. (Tweet this)

So, let's begin. Get a timer and set it for each part of the workout an hour.

1. Make Up Your Mind Warm-up (five minutes)

The first part of this workout is twofold :. Decide on the financial issue and say something positive

Here are some sample topics money either:

• budgeting
• debt
• vacation planning
• retirement planning
• children and allowances
• Stretching the entertainment budget
• Building savings accounts of
• College funding
• Cut the fat in the spending plan
• buy a car
• refinancing of home
• Homebased business plan

You get the idea.

then say something positive to your partner. For example, say that the subject is "debt" you might say. "I think we can dig this debt if we work together"

Speaking of debt, Bob and I had 40,000 $ of consumer debt when we got married.

in our workout money, we decided to get out of debt and made immediate changes in our lifestyle to live on a budget to achieve this.

We made our minds, sought resources to help, and less than 2.5 years, we were debt free!

to during this part of the workout, an idea on the subject of today's workout and say something positive.

2. Strength training (10 minutes)

during this part of the workout, note the desired results according to your topic of money. By writing goals on paper, you will have a tangible and objective standard of work

For example, if your topic is "debt" certain goals could include :.

1. We'll stop spending more than we make,
2. We will pay interest on the debt that we have accumulated and / or
3. We want to repay the debt.

3. Budget Burn (20 minutes)

When you are on this section, you get into the nuts and bolts of your about money.

For example, if your topic is the establishment of a budget, then it's time to crunch the numbers, negotiating each category in the spending plan and accept the new budget.

it may not seem like much time on this, but realize that you can not get it done during the first workout.

the key is to keep the discussion moving and catch what you missed the next time.

If you want to see a variety of useful tools, including a budget online, go to elliekay.com.

by limiting the time defined on each section, you are motivated to continue to work hard to achieve your goals and will not be as likely to spend time on rabbit trails (such as supporting or pontificating.)

4. Take your heart rate (20 minutes)

This is the section where you continue to work toward resolution and the specific goals you set for now.

You may need to gather facts on your topic of money.

For example, if your topic is "debt", you can gather information of the debt by ordering a free copy of your credit report at Annual Credit Report.

5. Congratulations Cool Down (5 minutes)

You are at the end of your workout. Sit down and have a glass of something cool to drink and reflect on all that you have accomplished in an hour!

Take this time to tell your partner something you appreciate about them in order to end this on a positive note.

for example, "Thank you to crunch the numbers that we work on the budget. I know you're tired, but you kept going and I appreciate it. "

Then sync your calendars and set a date for your next training session money.

Keep in mind that while you do not get physically buff in a workout, your finances are not going to get in shape after the first try either. But after working with this money drive repeatedly, you will find yourself stronger, smarter and more fiscally fit.

What area of ​​your finances you want to turn by this training money

photo credit?: wwarby via photopin cc

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Other than buying a house, a college education is one of the largest US investment usually do.

College costs are continually rising by student loan debt to a record $ 870 billion. The average student is more than $ 27,000 of debt.

Fortunately, you may be able to reduce your college costs when the income tax with a variety of credits, deductions and savings plans.

tax Biggest reward education credits

The American Opportunity and Lifetime Learning Credits could cause the biggest tax rewards on your federal return in 2012 year due to tax April 15, 2013.

The following basic requirements apply to both the American opportunity and learning credits to life:

• filing status on the return can not "married filing separately." not be
• The student must be you, your spouse or a dependent for whom you request an exemption.
• a dependent can not claim the credit if called upon (eg parents) of another person return.
• If you do not claim the dependent exemption (even if entitled to exemption), you can not claim a credit based on the expenses that burden.
• claim the credit on Form 8863 and file with your Federal 1040

In addition, both credits can be claimed for the same student.

If multiple students are claimed on the return, the taxpayer must choose the loan that gives the greatest benefit for each student.

American Opportunity credit

American opportunity credit is a modified version of the Hope credit.

is worth $ 2,500 for tuition, fees and course materials per student for the first four years of postsecondary education.

Even if you have no tax, you can get up to 40 percent (to $ 1,000) that a refund. It phases out at higher incomes.

Lifetime Learning Credit

The Lifetime Learning credit is worth 00 $ for qualified education expenses paid for all students in the eligible educational institutions. There is no limit on the number of years the Lifetime Learning credit can be claimed for each student.

As the American Opportunity Credit, it phases out at higher incomes.

Other college and higher education tax breaks

Several other colleges and higher tax breaks for education can also be claimed on federal tax returns this year.

Up to $ 2,500 in student loan interest paid each year for qualifying higher education expenses may be deducted, even if you do not itemize.

The deduction phases out at higher income and is reduced by non-taxable distributions from a Coverdell education savings account, the interest savings bonds used for expenditures and scholarships education or the education of former combatants benefits.

married taxpayers filing separately and people claimed as a dependent on another return are not eligible.

Additional exceptions for tax breaks mentioned above, and other educational tax benefits exist for Qualified Tuition Programs, cancellations student loans and repayment assistance, Coverdell education savings accounts, education savings bonds, educational assistance provided by the employer and education related to work.

For more information on credits and deductions additional use College Tax Whiz free interactive tool. It breaks down 11 tax benefits for education and explains the tax benefit, acceptable expenses, types of education and other key qualifiers in a format of questions and answers.

Also available is this infographic that highlights the key points of each tax benefit 11 education

photo credit :. Nastassia Davis [www.nastassiadavis.com] via photopin cc

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Can tax preparation software help you find deductions, pay less taxes, and remain in trouble with the IRS and a living person sitting opposite you can?

For most taxpayers, today's tax preparation software can do a great job on all of the above.

In fact, the tax preparation software has some advantages.

After all, he is always patient, always guide you every step of the way, and it never suffers from burnout tax season.

he did not even complain if you wait until the last week before the deadline to begin.

to get the most of your tax preparation software, however, you must use it right.

If you take shortcuts, for example, you may miss the benefits of going through the federal and state Q and A sections

How to use the software tax preparation confidently :.

1. Organize before starting

In January, you should have a file for all tax forms year-end that begin to appear in your mailbox .

When you're ready to do your tax return, sort them by type of income or expense.

Put all your W-2 forms together, and all your declaration of dividends and interest, for example.

You'll want to go through each section of the program once, if possible.

If you keep track of your finances with personal finance software, update your file and print relevant reports.

It is important to keep track of how you came up with the numbers you enter the tax preparation software.

Create a list or spreadsheet with notes on how you estimated amounts, how you valued charitable donations, and anything you might need to remember later.

you must also keep track amortized mortgage points, all you'll need to refer to later years.

If you download the program, make sure you have the latest updates before starting.

2. Go through the Q & A interviews to

It is possible to directly access tax forms and start filling them.

Unless you are a tax pro, however, resist the urge to do so.

You defeating much of the purpose of the tax preparation software by jumping full Q and A sections, or jumping around too much from one section to another.

Entering information in the tax preparation software without going through the Q & from start to finish would be like going to a tax and debiting your professional tax numbers without leaving the pro talk tax or ask you questions.

Either a tax preparation software or a tax professional is bound to ask you some questions that are not applicable.

do not get discouraged and start jumping around.

TaxACT is designed to ask you a few questions as possible and always make sure your taxes are done correctly and to your best advantage.

3. Enter a section of your information both

Try to deal with every piece of paper related to tax only once. After you enter an item, a check mark or other mark lets you know that you are finished with this article.

You can use your spreadsheet to take note of all the questions you have as you go along.

It is normal to discover that you just need a receipt, or other account interest income.

do not let the fact that you do not have any stall your work.

for a significant number, such as property taxes, if you can not find a phone number, you can enter an estimate.

most of us are eager to see the grand total of the tax due or to be paid back, and the seizure of estimated amounts can help you do it.

right-click a text box, then click Mark estimate. TaxACT will remind you double-check the number before filing.

4. Review before filing

You've reached the end of the Federal and State Q and A sections, but you're not.

Use Review Main tab to check for missing or incorrect information.

TaxACT will not let you drop before correcting certain errors and omissions.

other items can not help you deposit, but you should check to make sure you get all the breaks you are entitled.

you should also read your tax return.

It is easy to think that if you have entered all your numbers, your return should be 100% correct.

However, you are responsible for reading your return and making sure it is right.

For example, if you enter the car mileage for your small business, but you just miss a check box in the questions, the program can determine that you are not eligible for the deduction.

by comparing the elements you expect to see on your return to income and deductions on the actual form, you can make sure everything is entered correctly.

How long will even let you work on your tax return?

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Have you moved because of a change in the workplace last year

in this tough economy, many Americans travel to find work. They can offset some of the costs of packaging for greener pastures by taking a tax deduction for moving expenses.

It, AOS significant to know what you, Äôll be able to deduct before you move so you do nondeductible expenses as much as possible, and keep good records of expenses you can deduct.

changes to tax legislation for moving expenses

rules for moving expenses are much less generous than they were in years past, however. In years past, you can deduct the cost of a trip to the chase. That, AOS went by the wayside

. You can not deduct meals during a move. If you drive a moving truck across the country with family, all restaurant meals are not deductible.

If your employer reimburses you for non-deductible expenses such as meals, you may have to pay tax on the reimbursement.

deductible moving expenses

If you move more than 50 miles to work, and you or your spouse worked at least 39 weeks in your new location (78 weeks if you are self-employed) you can generally deduct moving expenses following:

• automobile expenses, using either actual expenses or the standard rate for moving (23 cents per mile in 2012)
• parking and toll
• Housing during the move
• cost for moving household goods and personal items
• transit charges and foreign storage-move
• a journey through your household
• Accommodation en route, including one day at the old location and one day at the new location

nondeductible moving expenses

You can not deduct:

• costs of additional vehicle, such as general repairs, maintenance, insurance, and depreciation
• travel costs House-hunting, or other travel exceeds a trip in your household
• settlement costs to your new home, including car tags, dog licenses, driver license, OSA, or fresh club
• security deposits lost in the old house
• the cost of breaking a lease at the old house
• in the cost of sales of the old house and buy a new one, including closing costs, mortgage costs, and points
• Loss on sale of the old home
• lost memberships and so on at the old location
• Back travels to resolve cases in the old house
• meals during movement
• storage for a long period of time after the move
• All expenses for which you take a business deduction
• additional costs for tourism, or the extra expense to take a roundabout scenic route.
• Fix-up costs to the old house

has state of the economy has influenced your decision to move to take a new job?

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Have you received 1099-B form your brokerage for the sale of your stocks and other investments?

brokerage and other financial institutions are required to send you a 1099-B form if you have sold shares or other investments in your account. They must also send copies of the forms to the IRS.

The IRS matches the information on the forms they receive from the brokerage to the amounts you report on your tax return. If information is missing, you will receive a letter with a correction of the IRS.

Make sure your financial institutions can find you

You should receive statements of each year-end brokerage or other financial institution at the end of January, or some days later, if the mail is slow.

It is yours to make sure you have received all your statements. Most of us remember to update our address with creditors who send the bills every month, but it is easy to have financial institutions lose track of our places when we travel.

Another reason to make sure your bank or brokerage has your current address is that you do not want your account to finish the unclaimed list, which could be submitted to your state

form 1099-B - standard and in disguise !; Not to be confused

Some companies use IRS Form 1099-B.

However, they are allowed to use their own version of the form, which may seem quite different. Do not be confused.

The figures and descriptions of the box on the form should be labeled to match the entries you make in TaxACT, regardless of the form looks like.

New Form 1099-B reporting rules

In the past, brokerage firms reported sales your products to you and the IRS.

However, you were instructed to keep track of what you have paid for the shares and mutual fund investments. you

for 2012, brokerage firms are required to report the cost or other basis of shares sold for titles "covered" - mainly securities that you bought after 1 January 2012.

This makes tax season easier, because you do not have to dig through old statements to find your cost basis yourself.

IRS loves the new report, of course, because they are more confident that taxpayers are reporting the correct database.

Even brokers must enjoy making calls less phone clients and their accountants, frantically ask the basic cost of shares at the last minute.

What actions I bought before 1 January 2012?

You still have to find folders for investments purchased before 2012, regardless of when you sell them.

If you sell a group of actions, some of which you bought after January 1st, 2012, your brokerage reported the actions covered and uncovered on different lines on the 1099-B Form.

what if I do not like the way my brokerage used to determine what actions I sold?

If you sell a part of a group of shares; For example, if you sell half of the 100 shares of a mutual fund you bought at different times, you can have your brokerage use one of several methods to determine the shares you sold.

However, you must make these instructions in advance for covered securities. You can not determine later when you do your tax return whose shares you sold.

Ask your broker how to make a written choice to change the method you want to use in the future.

Are the recent changes in the tax treatment of dividends change the way you invest

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What is the number one reason given for divorce

you guessed it-money issues!

While most couples are asked if they argue about money, they will answer: "We do not fight for money, we just have some disagreements"

. Yeah, right.

When Bob and I were newly married he got into an electronics store to buy batteries and came out with a new VCR. We had $ 40K in debt, living on a Service income and barely had enough money to buy food.

But do we fight about his compulsive decision to drop $ 500 on a new video when we do not even détenions a TV?

Nah.

We just had a "disagreement."

There is no wonder that "money issues" were cited as reason number one for divorce.

But I believe that every couple can range from the fight for freedom by recognizing the most common disputes and moving toward resolution.

A Spender Bender

problem: This is an age-old problem when one of the spouses is a born saver and his companion, born spendthrift, goes into a buying frenzy

Solution. : The balanced budget - The best way to start reducing the buying habits of a spender is to sit down and work on a family budget

If you have "been there, done that "and again. does not work, then do it again, this time in front of a credit counselor for consumption or if you are military, then a financial advisor to prepare the family.

the Done Deal

problem: This is when a person opens the credit card bill and discovered the tab for the new tablesaw, the costume designer or night, your mate took all his office for a drink while a company convention

The fantasy here is that because it is "mission accomplished" your half will be let go

Oh, they do not

Solution: the return Process - with the average couple $ 8,500 in credit card debt, we find that this policy of "fait accompli".! only leads to more problems and more debt

If you still have the receipt and can take the item back. for a refund, this is the quickest solution.

further, make it a policy to check your spouse for purchases over _______ (you fill in the blank).

Sometimes just the idea of ​​calling to ask what your spouse thinks of buying $ 300 Coach purse is enough to give up impulse buying

where is the money, Honey

problem.? This is where you (or honey), use your debit card for cash on Friday and Monday, you do not know where that money went. You have nothing to show for it. Nada. . Zilch

Solution :. Target Practice - The old saying, "If you aim for nothing, you hit every time" is especially true in your family finances

the solution lies in tracking money LearnVest is. . good application that can help you It takes two minutes to document purchases and makes you think twice about spending carelessly

My spouse is so Emo

. Problem:! this is what happens when you sit down to discuss finances and spouses or defensive, feel superior, condescending act or show a sort of another emotion that is not constructive

Solution . set up a date money once a week and follow workout money Sixty minute This workout has a start and an arrival time so that you are motivated to work together

It also sets very clear limits that help to promote mutual respect. It worked every time Bob and I had a "problem" and instead of breaking apart feet, we ended up hugging

Too many judges, not participants Enough

Problem: on American Idol, the judges wrong combination can trigger the wrong kind of fireworks.

many financial problems come when a person attempts to seize control of money matters. If you're not careful, children can take control with all their needs and desires

Solution: Checks and Balances - In most families, one of the partners is better with money that. other. It is natural to place the person in charge of paying bills and the administration of the household budget.

But it is also essential that the other partner knows where the money goes and how it is spent.

I 'm better "money manager" in our family (surprise), but we set our budget together.

Bob writing checks or pay bills online and I balance the checkbook that we built in mutual accountability.

No matter what your financial situation, you can learn to move from the fight about finances to find freedom from your family deserves.

All it takes is willing to give ground on both sides and you 'will soon find yourself in the context of a consistent winning team!

what can you make to the struggle for freedom in your marriage when it comes to your finances?

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Do you need more time in filing your tax return on income

do not worry - it's easy to get a tax extension to file your return.

TaxACT supports the completion of Form 4868 Automatic Extension of tax return filing deadline on US income for your federal return and any extension as necessary for your state, if any.

Form 4868 must be filed by the due date of return.

Please note that filing an extension only extends the time to file your return and does not extend the time to pay any tax due.

to avoid late payment penalties and interest you have to estimate what the tax will be due and payable when you file the extension form.

The following Infographic guide you through four simple steps to file a tax extension with TaxACT free.

How to File an extension of the free tax - An Infographic by the team of TaxACT
Embed this infographic on your site: Copy and paste the following code

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This is considered taxable income?

Just about anything you can think of, in this list on the IRS website.

But one thing you will find are notably absent credit card rewards. At least for now, but that will change soon?

The reason credit rewards cards generally have been considered taxable income because they are considered recoverable.

For example, if you spend $ 100 with a card that gives 1% cash back on $ 1 you receive is simply a discount on the money you've spent.

This is the same reason the discounts mail manufacturer are not counted as taxable income, either.

both scenarios are generally regarded as price adjustments, no income or free money

What the IRS previously said about this?

Not much was officially released on the tax treatment of credit card rewards. Perhaps the closest thing was a private letter ruling (PDF here) from 2012, which stated:

... the IRS will not assert that any taxpayer in its federal tax liability due to the receipt or personal use of frequent flyer miles or other benefits in promotional attributable to the taxpayer's business or official travel.

You can breathe a sigh of relief reading, but the paragraph below it could be the cause of concern:

This relief does not apply to travel or other promotional benefits that are converted into cash, the remuneration paid in the form of travel or other promotional benefits, or in other circumstances where these benefits are used for purposes of tax evasion.

is what it means to convert miles to cash back could create a tax liability?

Although the above letter was applicable to private fiscal situation, these types of decisions are usually considered a clue as to what the IRS thinks.

whatever the case, this small excerpt of an index is over ten years. Since then, many things have changed in the credit card world.

Specifically, the registration bonus got much bigger.

At the time, you'd be lucky to get $ 50 and now it is possible to mark up to $ 500 or more.

There have even been targeted mail offers for Gold American Express gave 50,000 points (if converted into miles, which can give a value of over a thousand dollars).

The discount of 5% return cards like Discover and Chase Freedom did not exist at the time, either.

With more at stake, is it now more incentive to tax?

some issuers may now be taking a different position

in 2013, Bank of America began to include this statement in the small print on some of their credit card applications:

the value of the award may be taxable to you. You will receive an Internal Revenue Service Form 1099 (or any other appropriate form) for you that reflects the value of this award. Please consult your tax advisor or as Bank of America, its affiliates, or employees provide tax advice

The vagueness of saying "you can be issued" 1099 - . Without saying under what circumstances - has led to much speculation about CreditCardForum

Some members theorize they may issue in 1099 if the rewards redeemed during the year are $ 0 or more in value (. since 1099 is needed for awards and prizes of $ 0 or more)

However, with Bank of America remains silent on the subject -. and telephone representatives who do not know the answer -. it seems we'll have to wait and find out

But if they are handling the same way ThankYou Citi rewards program (which most Citi credit cards participate in), then the $ 0 threshold will be trigger. By Citi website

Value of traded rewards points can be reported to the IRS as miscellaneous income in ThankYou Member on the 1099-MISC in the year redeemed, if the value awards is $ 0 or more, or the value of rewards and other miscellaneous income taxable rewards received from Citibank, NA, is a total of $ 0 or more in a calendar year, as required by applicable law . ThankYou member is responsible for all taxes.

Meanwhile with travel rewards, the value is not as clear.

As we all know, due to blackout dates and other restrictions, the real value you get from your frequent flyer miles may vary considerably, depending on how and when you redeem.

Although it was not on credit cards in 2011 Citibank has launched a promotion for new bank accounts. A limited number of customers received a bonus of 25,000 American Airlines AAdvantage miles.

To their surprise, at the end of the year, they received in 1099 which awarded a $ 0 cash premium (which is around 2.5 cents per mile).

at least two clients have sued Citibank for this, alleging that information was not disclosed in advance and that the value attributed by mile was inflated.

one can not imagine how messy it will get if the whole industry begins processing miles as taxable income.

How consumers responded?

Since Bank of America and Citi added that language, a number of posters on CreditCardForum and other forums have said they will no longer apply for their cards.

instead, they will opt for American Express, Capital One, Discover, and other issuers that have only 1.099 language, or at least not yet.

others who already have Bank of America and Citi cards indicated that they stop using their accounts in a given year before the award count reaches $ 0.

But something to keep in mind is that taxpayers are required to report all income, even that which is below $ 0.

so if these rewards are income taxable, it will still need to be declared, even if 1099 is not provided.

Do your credit cards declare any language above? Will you continue to use Would love to hear your thoughts below in the comments

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Are you trying to pay off debt

When? you are just beginning the journey, it can be quite exciting not?

All you can think is to be completely debt free and you dream of the day it actually happens.

Every additional penny you earn is set aside to pay off your debt and you can almost taste of financial freedom!

But somewhere between that initial excitement phase and the time you actually do pay your debts, it is what seems to be an endless brake non-pleasure and non-excitement.

you constantly feel like everyone is having fun and you're stuck at home because you took this idiotic decision to get rid of debt.

you know deep down you do the right thing, but it would be much more fun to just forget to pay your debts for a night and spend time with friends this dear a downtown restaurant .

If you are facing at this time, and you do not have a real plan in place to keep you accountable to your decision, you'll most likely crack every time.

Soon you will be on a week on week plan where you occasionally be focused on debt repayment, but something fun comes along that you can not leave go, so you take a week off to pay your debts. Inevitably, your debts are and you end up back to your old lifestyle to go with your best friend at your side, your credit card.

If you do not want to fall in the company's standard though, and you really do want to get rid of debt, then I suggest you use these five tools to help you pay off debt.

1) Up friends

It is so hard to pay the debt when nobody is there now you accountable.

If you have some friends who decide to repay their debts, and you can find new ways to have fun and experience everything together.

You can stroll in the park or have game nights in the homes of each other. Free entertainment is usually the best way to get over your blue debt to pay.

2) Set up a reward system

You know, not every penny should go towards your debts. As it often takes years to get rid of all your debts, it is best to set up a reward system for yourself along the way.

Maybe you always wanted a fitted baseball cap, but just never felt like you should buy one.

Perhaps the brand reward of $ 1000, you make a plan in your budget to buy the hat. Doing quite small, but significant price.

3) Upload a Payoff debt App

There are so many applications to choose from, for example LearnVest. But sometimes it's good to visually see your debt down and net worth rise. These applications are ideal for this.

4) Create physical Visual

If an application does not do for you, then perhaps you need to set up a visual model.

Get two transparent containers and mark as a "debt" and the other as "Net Worth". Load each of them with fake money, proportional to the amount of debt you have and your total net worth.

If you have debt worth $ 10,000, it might be better to use fake hundreds. Then each time you pay a hundred dollars more, transferring the money from the pot of debt in the pot of the equity. After a few months, you really start to see the difference and you will be motivated to get rid of the debt faster!

5) View

The best way to accomplish anything in life is of the view before it happens.

Every night before going to sleep, imagine what you will do once you become debt free.

If you plan to take a trip to the Bahamas, consider the wave crashing on the beach and the warm soft wind blowing on your face.

If you have a view of the difficulty, to collect some brochures and plaster around your room or bathroom.

more you surround yourself with your end goal, more likely you are to achieve it.

What techniques have worked for you to pay your debts?

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I love my children.

I love my children.

This is the mantra I keep repeating around August 1 each year after spending the summer with a bunch of "guy" Children of personality.

newspapers are full of ads and Back to school again, I have hope.

There will not be a steady stream of "I'm bored" or "There's nothing to do" or "Steven gets to go to Hawaii for vacation and all we have did was to go to Six Flags! "

I love my children.

as much a mother, I am something old fighter when it comes to the organization and the conquest of return . dam school

Here are some tips to save money and mental health while experiencing the most wonderful time of the year - back to school purchases:

1. Love to learning

Your children can learn financial literacy while learning a Back to school budget.

Depending on the age of the child, you can set the amount of expenses for their supplies, clothing and books.

sure that their budget is age appropriate and train on what are their limits to the shopping season.

that the budget is $ 50 for your school-age children to buy school supplies or $ 500 for your student to buy the bulk of dorm rooms, you can monitor how they spend and lead them on the best ways to use their money to the budget.

for my children fifteen years and more, I use another card that is added to one of my credit card accounts, where I can set spending limits and they may have set their budget on map.

It gets them used to the responsibility of a credit card and yet they can not get in trouble because I set the limits.

2. Layer savings

In today's economy, it is not enough to just save by buying something on sale, today, you have to the resist layer.

For the store, it means buying items on sale when you have a coupon. Coupon Mom shows you what is on sale in your neighborhood and the corresponding coupon.

For online shopping, look for sale items where you can also use a promo code or coupon to save on price, delivery and more.

it requires a little research, but it can also result in hundreds of dollars in savings for your return to school.

3. Look for "double dipping"

It's good to have a good value on a great need to return to school point, but you can also earn points fidelity to purchase or help establish your 18 years and build their own credit, then you really get the most for your money by maximizing those dollars to school shopping.

4. Little Big

When planning for school meals for children this fall, buy lunch staples in larger sizes to save money by buying in bulk and repackage them smaller sizes.

For example, take that 5 baby carrots book bag and put them in size snack plastic bags for safe and affordable option for lunch at a 30% savings buying smaller prepackaged sizes.

5. Expenditure Plan Limited

One technique that we used for all our many children, whether in primary school or college is to save money a family matter.

We give the children a spending plan, telling them how much money we will give them for their return to the school budget.

The fun comes when we tell them they get to keep what they do not pass.

So, if we have budgeted $ 75 for tennis shoes and they find them on sale for $ 35, then they get to pocket the extra $ 40.

It is amazing how our children can distinguish between "needs" and "wants" when it comes to this additional motivation for ways to spend less and save more learning.

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this new idea not only save money for our family, but he has trained all our children in money matters, which makes them more apt than young adults.

6. Lengthen The Shopping Season

One reason families often spend too much to go back to school items is because they are locked into the idea that they require all school supplies, clothes and gadgets of the first week of school.

In reality, the majority of these items on sales or authorization, in particular clothing, in the first months of the school year.

therefore, consider letting your child start the year with just enough clothes to get a good start and end of their wardrobe that key elements are on clearance a month later.

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The same can apply to backpacks, lunch boxes and sports equipment.

as long as they have a prepaid card or an extra card to their limits, you will find yourself on track and get more for less.

7. Leverage High Tech savings

One thing I learned is that I have only a limited amount of time to teach my children the things that matter most in life.

By making back to school shopping a family effort, I am able to train our children in terms of money in fun ways that incorporate their forces.

For example, I let our teenagers purchases in another part of the mall, encouraging them to do their research online by comparing prices with other stores offers on their smartphones.

for example, they see a scientific calculator in the electronics store their algebra class, they can search MySimon to see if it is the best price.

Then they text me the numbers and give them permission to buy, enabling them to contribute to the economic well-being of our family being while allowing them to learn financial literacy .

8. Search Digital or hand books

With the emergence of digital textbooks options, it is important to demystify digital for the student.

By going digital, a student can save 40% to 60% over again. manuals

Although there are many titles available digitally, it might not be the most cost effective way to get your textbooks; your campus bookstore can help you find the right combination of new, used, rental and digital to help save a lot of money.

How your children can help you save money on back to school items?

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weekly TaxACT Favorites August 16, 2013

tax-free financing for your business-from your 401 (k) via Inc.
If you think that using retirement money start a business means a large tax payment, think again. There is a way around the problem. Continue reading ...

Cheer Shops, Banks Smoke as judge throws Swipe-Fee Cap Fed via Time
Banks and retailers are again on interchange fees flow. Experts say we will probably not see a repeat of disastrous 2011 attempt by banks to slap monthly user fees on debit cards, but consumers may be stuck paying more for products and services to large banks. Continue reading ...

How to talk to children about the cost of college: 7 steps via LearnVest
It may just be the biggest expense of your life. Meanwhile, these are the four greatest years of the life of your children. (Or they see it.) So how do you sit quietly and be the talk of paying for college? Continue reading ...

Is it something that you met this week that caught your attention? We'd love to hear. Leave it in the comments below

Photo credit :. Esther ** via photopin cc

Have you started managing your personal finances?

need some tips to action you can put to use today?

you should not start earning a salary figure six or owning a business covering several states before starting to manage your personal finances.

In fact, if you delay, you may never achieve your financial goals.

Here are 7 basic tips you need to know when managing your personal finances.

1. Set your priorities

The first thing you need to do is set your priorities. From my many years in banking, I know that people have countless goals for funding.

The problem is that it is difficult to pursue many different objectives, all at once and reach all.

2. Make a budget

When I started preparing my personal budgets, I found very complicated to prepare. With time, however, the process becomes easier.

The reality is that it is almost impossible to plan if you do not have a budget to work with.

Without a budget, I found that my money was gone almost as quickly as I won it. Creating a budget also helps me to have a clear idea of ​​how much I have to spend and save.

3. Pay your bills

Did you know that Americans spend billions of dollars on late fees every year? Still, this is something you can easily avoid.

I make it a point to pay my bills as soon as I receive them. Not only will this help me to avoid charges of late payment, it also helps to consolidate my credit rating.

4. Check your debts

Even with a good budget bill payments and quick, I always find myself holding occasional debts.

The trick is to take only the inevitable loans and resolve as soon as possible. If I find that I have to set a longer debt that the useful life of the product I bought, I waive the debt.

5. Invest

A monthly salary is never enough, and you should always be on the lookout for more revenue.

identify the investments that you think you can manage successfully. I always choose my investments wisely, and hire investment experts on a regular basis.

6. Do not forget insurance

While doing all this, it is important to protect your investments and assets with insurance.

I do not want my investments to be wiped out by a disaster or accident, so I always do I protect with the right insurance policies.

7. Plan for your retirement

It is never too early to start planning for retirement, but this is something most people forget. The reality is that you can not expect to live comfortably in your sunset years without planning for it.

For more future financial security, I identified a suitable retirement plan and I aim to continue with it as long as. can

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weekly TaxACT Favorites .: October 11 , 2013

10 common mistakes tax-Filing avoid via Kay Bell
Thanks to a tax preparation software, more of us are less mistakes on our annual tax returns. But still, just one slip in entering information on your computer could end up costing you, either in the form of a draft greater fiscal law or a smaller refund. Continue reading ...

7 bad habits that trigger the Bank's costs via Bankrate
If you're not careful, daily trends can result in bank charges drain your money. Here, the experts identify financial models that can lead to an increase in bank charges. Continue reading ...

Unborn Children And The College Tax Dodge via Forbes
Advice for young adults: It is never too early to start saving for college costs your children. First, if you can, ten years before their birth. Compounding works well over long periods of time. Continue reading ...

Is it something that you met this week that caught your attention? We'd love to hear. Leave it in the comments below

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Do you think the sale of an asset to a gain in 2013?

a difference of 5% of the tax rate makes a huge difference in your rate of return on an investment after tax.

This is how much your rate of capital gains may rise in 2013. The highest rate on capital gains is now 20% - against 15% in 2012.

And it does is not everything. If you report a relatively high income, you may also be subject to an additional 3.8% Medicare tax on net investment income, including capital gains.

How do I know if I have to pay the higher tax rate?

The new tax rate of 20% applies to your capital gains if you are in the new tax bracket on income of 39.6%.

This bracket applies if your taxable income is $ 400,000 ($ 450,000 if you are filing jointly, $ 425,000 if the head of household, or $ 225,000 if married filing separately).

do I pay the new additional tax on the net investment income?

you may have to pay an additional tax of 3.8% on the net investment income -. even if your income is not high enough for the tax rate gains and higher capital

You pay this tax if your modified adjusted gross income is $ 0,000 or more ($ 250,000 if filing jointly or $ 125,000 if married filing separately). You can reduce your investment income from this tax by investment interest expense, consulting fees and brokerage, rental and royalty expenses, and state and local taxes that you can assign to your income placement.

This new tax applies to investment income such as interest, dividends, capital gains, rental and royalty income. You pay in addition to the taxes you already pay investment income.

Add the additional tax on capital gains of 3.8% in the new tax rate on capital gains to 20% and you pay a total of 23.8% tax on capital gains - almost 10% more than you would have paid on the same sale in 2012.

How can I avoid paying the higher tax

now, more than ever, it is important to plan your sales? capital to avoid losing more of your investment to gain higher taxes

Consider these options :.

do not sell all at once Even if you are not normally in the tax bracket higher income, a big sale you can place LA- low for the year if you're not careful. You may want to sell some stock a year and wait until January to sell some more.

Take the product as an installment sale. If you have real estate, you've been holding for 30 years, do not let the sale you bump in the top tax bracket in the year of sale. Consider making an installment sale. In addition to saving taxes, you will create a steady stream of income for yourself.

Plan for a 1031 exchange If you are selling an asset and buying a property "like kind", you may be eligible to put off paying taxes the gain of the first property. The idea behind this rule is that you do not really realize a gain when you sell assets to buy another. Make sure to plan a return for 1031.

Look for other ways to reduce your tax bracket on income in the year of sale. If you sell an important asset at a gain, it can be a good year to sell different assets at a loss, contribute more to charity or a retirement account, invest in your business, or take other measures tax savings.

Buy and hold. The simplest way to put off paying taxes on fixed assets is to hang on them. Perhaps the rate of capital gain will come down. It has happened! Or you may be in a lower tax bracket than a year later, and after retirement. In all cases, you can leave your investments continue to grow simply by letting be.

Do you think that the rate of capital gains for high-income taxpayers will never back down?

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weekly TaxACT Favorites November 22, 2013

[questionsfiscalesd'investissement New year via Kay Bell - Bankrate
Portfolios get much attention at the end of the year approaches. It is even more intense now that the Dow flirts with 16,000. Regardless of how the stock market moves, the end of the year is a great time to do some movements, such as tax loss harvesting to offset any taxes you may owe on capital gains. Continue reading ...

Year End Tax Tips for retirees and early retirees via MarketWatch
Black Friday already? When the year is not going? The good news: No matter if you are retired or on the threshold of retirement, there is a lot you can do before the end of 2013 to avoid giving Uncle Sam more than its fair share of your income harshly won. Continue reading ...

Generous Gift Buying Guide for a budget via Ellie Kay
By following the tips listed, you and I may as well stay on budget and donors still be generous. Continue reading ...

Is it something that you met this week that caught your attention? We'd love to hear. Leave it in the comments below

Photo credit :. Jeff S. PhotoArt via photopin cc

Location, location, location; they are often said to be the three most important factors in determining the value of real estate.

Location also matters a lot for low-income Americans in the hope of getting health insurance through the Affordable Care Act (ACA).

ACA aims to cover 21.3 million Americans uninsured low-income through the expansion of Medicaid and federal-sponsored by the state. But when the Supreme Court of the United States ruled on the constitutionality of the ACA last year, it gave states the right to withdraw from the Medicaid expansion. This means that eight million people that could have been covered could be left stranded without coverage.

Medicaid is not the only means available to low-income Americans seeking to cover by the ACA. Some low-income households will be able to purchase commercial insurance policies subsidized by the new health insurance markets.

Here is an overview of how the ACA will affect low-income Americans.

Coverage Offered in subsidized markets

For many Americans, the cost of out-of-pocket policy purchased through the markets 'official insurance will be reduced by federal grants.

eligibility and amounts are based on the cost of premiums and market your household size and income. In 2014, grants are available for people with annual incomes between $ 11,40 and $ 45,960; for a family of four, they cover households with incomes up to $ 23,550 $ 94,0.

The definition of income used here is modified adjusted gross income (MAGI), which includes salaries, wages, foreign income, interest, dividends and social security benefits.

a type of subsidy, advanced premium tax credits will be applied from the start as an adjustment of the cost of premiums and paid directly to the insurance company. If you choose to receive a lower credit or no credit at all, you can claim the refundable credit on your 2014 income statement (due April 2015).

The type of plan you choose also have a great impact on overall costs

The health insurance markets offer four levels of plans marked metal -: .. Bronze (lowest premiums), Silver, Gold and Platinum (higher premiums)

plans with higher premiums have lower out-of-pocket costs. Bronze plans, on average, will cover 60 percent of costs enlisted, with the rest covered by deductibles and coinsurance. gold and platinum plans will cover 80 to 0 percent of costs, respectively.

If you do not think you'll be able to cover high out-of pocket costs in the event of a health emergency, your goal should be to get the most coverage you can afford.

HealthcareACT.com the grant calculator can give you an idea of ​​your eligibility for the tax credit on premiums. And the blog Financial Samurai provides a useful set of graphs showing the costs of insurance premiums for different sizes of households and incomes for money plans.

For example, a family of four with $ 50,000 income to receive the tax credit on premiums would pay an annual premium of $ 3,365; an individual making $ 25,000 with the credit would pay $ 1,729 per year.

Some low-income people will be eligible for grants sharing additional costs. ACA reduced deductibles, coinsurance, coinsurance and total out of pocket expenses for people with incomes below 250 percent of federal poverty level (FPL).

The reductions will help people who expect a lot of expenses to rise to a higher price level of metal. Click here for details on this additional help function of ACA

Medicaid Expansion

Before the ACA, Medicaid only served children, parents, pregnant women, disabled and elderly. in 2014, it is available to any adult with income below the threshold of the law

The law also creates a national definition for income qualifications for Medicaid in states that accept the ACA expansion program. before the passage of the law, the definitions have been set by the states, and they could vary somewhat.

Twenty-six States argue with the Medicaid expansion next year. To find out what is happening in your state, check this status report, which is regularly updated by the Kaiser Family Foundation.

In states that have accepted the expansion, Medicaid will cover adults with incomes up to 133 percent of the FPL. The definitions 2014 will not be announced before the start of next year, but this year, which translates into $ 15,282 for an individual.

In states that are not Medicaid expansion, many uninsured low-income adults will be discovered.

However, low-income adults with incomes between 100 and 138 percent FPL may be eligible for grants to help buy private policies through the health insurance market.

But people with incomes below this level aren 't qualify for subsidies. This creates a perverse effect in some states, people will be denied access to health insurance because their income is too low

Registration Help

Is everything complicated noise

Find the starting point of your state market here or by calling 800-318 -2596.

in person help will be available from health centers across the country that have received grants from the US Department of Health and Human Services to hire and train "browsers".

Some states also offer assistants and advisers. And States also have the option of allowing insurance agents and brokers to register people in trade. Use this link to find help near you

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You can still get tax benefits for expenses of higher education

If you or your family members attending or planning to attend post-secondary school in 2013, you can rely on tax credits for education for you help defray the cost.

American Opportunity Credit (formerly Hope credit)

A tax benefit is not only extended, it has also been improved. The Hope credit was temporarily replaced by the American Opportunity Tax Credit in 09. It was to expire in 2012, but is now extended until 2017.

The American opportunity credit provides a credit for high grades that taxpayers have received the hope credit.

on American Opportunity credit essentially pays up to the first tranche of $ 00 you spend on tuition, fees, books, supplies and equipment by giving you a credit for up to 100% of that amount.

If you qualify, it also gives you 25% of the next $ 2,000 in credit for a total credit of up to $ 2,500.

Unlike the old Hope credit, the American Opportunity credit is good for four years of undergraduate study.

Remember, this credit is non-refundable 100%

A non-refundable credit can not reduce your tax for the year to less than zero. However, because this credit is partially refundable, you may be able to receive up to $ 1,000 of credit (40% of the limit) as a refund even if you do not have the income tax.

The student (you, your spouse or your dependent) must be enrolled halftime least in a program leading to a degree for you to take this credit.

The credit phases at higher levels of income.

Lifetime Learning Credit

The lifetime learning credit provides a tax credit equal to 20% of tuition and certain related expenses up to $ 10,000. The maximum credit is $ 2,000.

This credit also phases at higher levels of income.

higher deduction for tuition fees

The deduction for tuition and fees has been extended until 2013. This may allow you to reduce your taxable income by as much as $ 4,000 . He is regarded as an adjustment to income, meaning that you can take this deduction even if you do not itemize your deductions.

You can not take this deduction if you are married filing separately, or if your parent or someone else can claim you as a dependent on their return. The deduction phases out at higher incomes.

deduction for interest on student loans

If you pay interest on student loans, you may be able to deduct the interest, whether or not you itemized deductions. You claimed as an adjustment to income, not an itemized deduction. By reducing your adjusted gross income, the deduction for student loan interest can help you benefit from other tax benefits as well.

The American Taxpayer Relief Act of 2012 repealed definitely the old five-year limit for the deduction of student loan interest. This means you can deduct student loan interest for as long it takes you to pay it back.

You can deduct up to $ 2,500 in student loan interest. If you have a modified adjusted gross income of $ 60,000 or more ($ 125,000 if filing jointly), the amount you can deduct is beginning to be eliminated. You can not take this deduction if you are married and file separately.

What profit tax do I use first?

The credits are almost always a better deal than deductions. Try the American Opportunity Credit first. If you are not eligible for it, the Lifetime Learning credit is the best thing.

If you can not take credit, the next choice is the higher deduction for education expenses.

Do I get a tax benefit for education expenses I pay for my children?

you can usually take the credit or the deduction for eligible expenses for yourself, your spouse or a dependent you claim on your tax return.

for student loan interest, you can deduct the interest on a loan you took for eligible tuition for your spouse, or a person who was your dependent when you took the ready.

Can I take? the American Opportunity Credit and the Lifetime Learning Credit in the same year

You can take two credits in the same year - but not for the same student. For example, if you have been spending on education, you can take either a credit or the other but not both.

If you and your spouse were in education spending, however, one of you could take advantage of the American opportunity credit. Your spouse may still take the learning credit for life if he or she qualifies

Do you think the average person can graduate from a college without student loans

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