Health Insurance Enrollment Process

4 Tax Tips for Newlyweds -

Have you recently get married

Getting married changes everything - status your tax return, how much tax you pay, and more.

Use these tax tips to start on the right foot in your married life.

Use good deposit

as a married person living with your spouse, you have only two choices of tax filing status. You can file jointly with your spouse, or you can file as Married Filing separately.

You are almost always better to file jointly. You'll probably pay less tax, and it is easier, too.

you only have to prepare a return, and you should not decide who takes each deduction.

a reason you may not want to file jointly is if you do not want to be responsible for the tax debt of your spouse, or you and your spouse prefer to keep separate finances .

In some cases, you can pay less tax by filing separately because of the tax laws of the state.

Avoid having too much or too little withheld

one of the first things you should do after you get married is to file a new W-4 form with your employer. You might need more tax withheld, or less than you did before you get married. It is unlikely to remain the same.

This is not a good idea to guess when you complete your W-4 form. Too many factors come into play that can affect your tax liability.

If you have too much income tax withheld, you can not have your own money available when you need them.

If you have too little withheld, you will have an unpleasant surprise when you file your tax return next year.

It is well worth your time to use W-4 withholding by TaxAct to ensure that you have the right amount of tax withheld from your pay. You can print the form TaxACT and give it to your payroll department.

Do not file with the IRS.

Change your name with Social Security Administration

If you change your name when you get married, it is very important that you update with the Social Security Administration before filing your tax return

otherwise, the IRS may delay the processing of your return -. and any refund you expect

You can update your name with the administration of social security in one of three ways :. your local Social Security office, by phone at 1-800-772-1213, or on the Social Security website at ssa .gov.

do I have to pay a "marriage penalty" now that I'm married?

There is no line for a marriage penalty on your tax return. This is not the less real trouble. The marriage penalty is simply a way of saying that you can sometimes pay more tax as a married couple that the two of you would have paid as singles.

For example, some tax breaks and other provisions gradually from the higher levels of income. When levels for married couples are less than double the levels for single people, it is, indeed, a penalty for being married.

Filing separately does not help to avoid the marriage penalty.

In fact, it can make it worse. Many tax breaks are reduced or eliminated if you file as married filing separately.

On the other hand, if one of you makes a lot more money than the other, your tax on a joint declaration may be less than the total you pay that the only people

#YouGotThis

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4 Tax Planning Strategies for College students -

Start your tax planning early!

As a busy student, it is easy to put thinking about taxes until it is time to file. This could cost you, though. You can not do much about lowering your tax bill when you prepare your return.

To ensure that you do not pay more tax than you need to, make sure to plan ahead.

Some tax areas that can affect you while you are in college are: dependency problems, education credits, exclusions and deductions, multiple tax obligations of the state, and the mandates of new 'insurance

Here. tax planning strategies for students 4:

1. Understand your dependency exemption

If your parents are paying more than 50% of your expenses, and you are under age 24 at the end of the year, they usually can claim you as a dependent on their taxes. This means that even if you file your own taxes, you can not claim your own exemption (up to $ 3.00).

If you are close to the line of 50%, you may want to spend more of your own money on your own expenses so you can take your own exemption amount.

on the other hand, if your parents are in a much higher tax bracket, it might be smart to let cross the 50% mark so they can make the exemption. They will get more benefits of it

Note that you can make as much money as you want and still have your parents pay more than 50% of your support -. Food, housing, clothing, education, medical and dental care, recreation, transportation, and other necessities.

The money you earn and put in the savings do not count as support.

2. tax breaks for education

The IRS offers several tax breaks for education. These are the most common:

American Opportunity Credit, formerly Hope Credit

Try this first credit. It pays to essentially the first installment of $ 2,000 you spend on tuition, fees, books, supplies and equipment. 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 Hope credit, the American Opportunity credit is good for four years of undergraduate study.

Lifetime Learning Credit

If you do not qualify for the American opportunity credit, the Lifetime Learning credit is the best thing. It gives you a tax credit equal to 20% of tuition and certain related expenses up to $ 10,000. The maximum credit is $ 2,000.

Tuition and fees deduction

The next choice is a deduction of up to $ 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.

Try to time your tuition to get the maximum benefit from these breaks. You can take the credit or deduction for tuition you paid for academic periods that begin during the tax year or during the first three months of the following year.

3. Tax Plan in several States

If you work in more than one state - for example, if you live in one state and go to school in another - . You may need to file more of declaration of a state income

You do not have to worry about no tax on income states :. Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming

You also do not have to worry about paying income tax twice on the same income. tax state laws vary widely, but generally you only pay the state taxes on the same income once.

4. Avoid penalties for not carrying health insurance

If you do not have health insurance in 2014, you might have to pay a $ 95 per person or penalty 1% of your annual income, whichever is greater.

you do not have to worry about it if you are not without health insurance for more than three months, or if your income is low enough that you need not file a tax return.

you are exempt from this law if you are a member of certain religious groups or sharing recognized health ministry, members of a tribe federally recognized, and people in to other special situations.

you also will not be penalized if your premiums cost more than 8% of your family income.

You can obtain insurance through the health insurance market, also known as exchanges. Your state may have its own market, use of the health insurance market from the federal government, or offer a hybrid of the two.

You might be able to get a tax credit to help pay for your insurance. HealthcareACT.com of tax credit calculator can help you see if you may qualify.

If you're lucky enough to have parents with health insurance, you may be able to stay on their insurance plan until you turn 26. Your insurance company Parents will usually charge for this coverage your parents.

Be sure to compare the cost of the amount you would pay after all credit and subsidies on the exchange before you decide where to get insurance.

you expect to stay on the health insurance policy of your parents as long as possible

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Accept Returns IRS 2013 beginning January 31, 2014 -

The IRS has announced that they will begin processing tax returns of individuals to from 31 January 2014.

This does not mean you have to wait. TaxACT now accepting tax returns filed electronically

Here are 4 tips to get your refund fast secured max with TaxACT :!

Tip # 1

TaxACT has been updated with final forms IRS and any tax law last minute changes so you can prepare, print and e-file your tax return TaxACT. We will then submit your return to the IRS as soon as he begins to accept returns of TaxACT and other tax preparation solutions.

Tip # 2

Whether you start your Web returning to TaxACT .com or by applying the tablet, you can access your information in two places - at any time - using the same username and password. PC users can install TaxACT from a CD or download directly from taxact.com.

Tip # 3

The fastest way for your guaranteed maximum federal reimbursement has an e-file connection TaxACT and direct deposit. The IRS treats the statements on a first come first served, so the sooner you e-file into TaxACT, the more you at the front of the line for repayment!

Tip # 4

by electronic filing, you can get a notification on your return TaxACT was treated by the IRS. In addition, you can check the status of your return and 24/7 federal reimbursement efstatus.taxact.com.

Get your guaranteed maximum federal reimbursement is quick and easy with TaxACT. Start or sign now!

Want essential tax tips and money saving strategies throughout the tax season? As TaxACT on Facebook and Subscribe to this blog

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10 ways to say no to spending -

There is no need for complicated strategies to save money in the new year.

If you're like most people, you just need to say "no" to unnecessary spending -. those that drain your bank account and give you little in return

Here are 10 ways you can say no to spending money on things that you regret later:

1. Do not talk to vendors unless you started the conversation.

This is true for sellers at the mall who jump out of their booths and start talking, and sellers who call during dinner.

If you have not went to get them, we do not need to stop and chat.

2. Do not take gifts sellers.

Giving away free stuff works.

This is why you should not go to timeshare presentations, unless you're actually shopping for a timeshare or take free samples if you do not buy cosmetics department stores.

3. Clean and straighten your wardrobe / closet / pantry before you go shopping.

You may decide that you have enough. At least you can have a better idea of ​​what you really need.

Anyway, you can spend less know what you already have.

4. Cut down on trips to the mall, big box stores, or any place where you are spending money.

Try to go to some stores and not buy anything unnecessary is like trying to jump into the ocean without getting wet.

5. Shop online.

It is easier to buy the only thing you need online and place your order as the wheel of a truck all the way through a store without something unnecessary jump in the basket .

6. absolute rule never to buy anything from solicitors at your door or phone.

Never.

7. Before buying something, think about how you will feel about this purchase in a month or a year.

Would you even miss?

8. Treat yourself without spending money.

Ask a friend for coffee. Discover the films in the library. Go to free community events. Or just put the list of things to do and relax.

9. Spend time with those who spend smart.

Put peer pressure to good use. When you hang out with people who are good with money, you find it easier to do the same.

10. Keep your eyes on your goals.

Write your goals, such as creating an emergency fund or buying a car, and post them where you see them on a regular basis. Some people like to put photos where they can see them.

It is easier to say "no" to unnecessary expense when you have very good reasons to do so.

What's your escape plan when you are stuck with a very persistent seller

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You Got This weekly series: Can I write-Off Dental Payments -

Each week we'll answer the 'one of? frequently asked on the blog of Facebook, Twitter and TaxACT in "You Got It" weekly series

issue :.

Can I use dental payments as a tax write and how much would I have to pay for this make a difference?

Susie via Facebook

reply :.

In addition to other medical expenses, dental expenses can be claimed as an itemized deduction

other medical expenses include the costs of clinic visits and hospital, prescription drugs , and health insurance premiums.

There are two obstacles that you must overcome to these fees to make a difference in your statement.

First, the total expenses exceed 10% of your adjusted gross income (AGI) (or 7.5% if you or your spouse is 65 or older).

Suppose you are married filing a joint return, or spouse is 65 or older. If you have $ 5,000 of medical and dental expenses and your AGI is $ 40,000, you will be entitled to claim $ 1,000 of your medical and dental expenses as an itemized deduction. (TaxACT included the total for you.)

Second, you need to compare the total eligible medical and dental expenses as well as your other itemized deductions allowable in your standard deduction.

The amount of the standard deduction for each filing status for 2013 tax returns is as follows:

• single or married filing separately - $ 6.100
• head of household - $ 8.950
• Married filing jointly or widower qualification (ve) - $ 12.0

Generally, you'll want to claim the deduction claimed amount is high. In other words, arguing your dental expenses is most beneficial if your total itemized deductions exceed your standard deduction.

Using the previous example, let's say your $ 1,000 of eligible medical and dental expenses as well as your other itemized deductions total $ 13,000.

since $ 13,000 is more than the $ 12.0 standard deduction allowed on joint return, you will receive itemize deductions.

For "you got this" weekly series issues here.

6 things to know about pre-existing conditions and health insurance -

You have heard now that health insurance companies can no longer refuse to cover you because you have a pre-existing condition, thanks to Affordable Care Act (ACA).

sounds like good news, and for many people it is.

is not quite simple, but

Make sure you understand the new rules for pre-existing conditions :.

you can not buy insurance on the way to the hospital

It takes time - sometimes weeks - ask and to obtain health insurance. Besides, if everyone could wait until they are loaded onto an ambulance stretcher before signing up for insurance, why would anyone buy in advance?

You can not buy insurance through the exchanges any time of the year

If you buy insurance through the exchanges (also called markets), you can do so for open enrollment periods.

the current open enrollment period ends on 31 March 2014.

The open enrollment period for coverage proposed in 2015 begins November 15, 2014 .

you might be able to buy insurance on exchanges outside of open enrollment periods when you have a qualifying life event, such as marriage, divorce, change of level income, or move to another state.

individual health plans grandfathered may not cover preexisting conditions

If you have any of the health insurance plans that you are allowed to keep, these plans are not subject to the rules on pre-existing conditions.

sharing of health care departments usually do not cover pre-existing conditions

Although the sharing of ministries of health, such as Medi-Share, are not defined as the insurance, ACA regulations state that you are not subject to the tax penalty for not having insurance if you are a member.

However, you can not be accepted as a member if you have pre-existing conditions.

Short-term health insurance plans, often used for people between jobs, generally do not cover pre-existing conditions

Short-term health insurance plans are not considered adequate insurance coverage under the affordable care Act, so you can always liable to a penalty, despite the payment of premiums.

age is not a preexisting condition

you can not pay more or insurance refused on the basis of a pre-existing condition, from 2014. However, you can be charged more for being older.

in general, people use more health care services as they age. The ACA allows insurance companies charge more to individuals based on their age

If you have a pre-existing condition, the new rules mean that you can get health insurance coverage, although you have diabetes or other health problems. - Now or in the past.

rules does not mean it's a good idea to wait to obtain health insurance.

Go without insurance is still taking a huge risk with your health and your finances. Know the rules, and make sure you and your family can still receive health care you need.

Have you ever been denied insurance because of a preexisting condition?

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You Got This weekly series :? What are the tax advantages of buying a home -

Each week we'll answer one of Questions frequently asked on the blog of Facebook, Twitter and TaxACT in "You Got it" weekly series

issue :.

I think about buying a new home. What are the tax benefits

Anna via Facebook

Answer:

Buying a house is a big decision of life and there are many things to consider in your decision making process. These considerations should include the benefits on your tax return now and in the future.

Here are 7 tax advantages of buying a house.

1. Mortgage interest

Most people do not have the luxury of buying a house outright. In general, most buyers to get a mortgage to buy a new home.

Each mortgage payment is the interest of the room, main room. The interest paid during a year is deductible for taxpayers who itemize their deductions. You should receive Form 1098 from your financial institution with total mortgage interest paid during the tax year. You can then claim the interest paid as an itemized deduction on your tax return (Annex A).

2. Property Taxes (property taxes)

Similar to the mortgage interest deduction, you can claim the property taxes (property taxes) as an itemized deduction.

In the year of purchase you may have paid these taxes at closing. Otherwise, these fees are usually paid during the year, either directly or through an escrow account.

If your bank makes the payment on your behalf, this information will be reported on your Form 1098.

3. Qualified Mortgage Insurance Premiums

Some buyers need to obtain mortgage insurance to buy their home. This insurance protects the lender if the borrower defaults on the loan.

If you are required to purchase mortgage insurance premiums you pay throughout the year can be an itemized deduction.

4. Exclusion of gain on sales

When you sell your principal residence, the IRS allows all or part of the gain on the sale excluded from income.

If you have ownership of the IRS and use tests, you may request an exclusion of up to $ 250,000 ($ 500,000 for joint filers them) for the gain on the sale of your home main.

5. Home Improvements

In general, you can not deduct the costs of home improvements. However, home improvements can increase the base of your house, what matters in the sale of your home.

The foundation of your home is usually the amount you paid for the home. This amount is used to determine the gain or loss that applies after the sale of your home by taking the difference between the sales proceeds and your base.

By keeping track of all home improvements, you can increase your home base as improvements are made. At the time of the sale, your basis is more than your original purchase price. This will then reduce any gain attributable to the sale of your home.

For example, John bought a house for $ 125,000 (base) and selling the house for $ 0,000. This should normally calculate a gain of $ 75,000.

However, while John was the owner of the house, he added some landscaping totaling $ 10,000. John grew its base of $ 10,000. Therefore, when John sold the house for $ 0,000, he hired a gain of $ 65,000 because its base is $ 135,000, not $ 125,000.

6. Tax credits

While most home improvements can not be claimed as a deduction on your tax return, some improvements can result in a tax credit .

Making your home more energy efficient could increase your refund. The residential energy efficient property credit is worth up to 30% of the cost of qualified property.

7. No punishment IRA Disbursement

If you buy your first home, you can take a distribution from an Individual Retirement Account (IRA) without being subject to early withdrawal penalty 10%.

This refers to a distribution of up to $ 10,000 used to buy, build or rebuild your first home.

first buyers are considered those who did not own a house during the period of 2 years before the date of acquisition.

for "You got that" weekly series questions, click here or sign up to receive weekly tips and resources in your email.

Filed an extension? What now -

April 15 has come and gone. If you have not quite finished your tax return, you must have filed Form 4868, Application for Automatic Extension of Time to File , to the IRS.

This automatic extension gives you six months to file your tax return -. no questions asked

your tax return is now due October 15.

It is easy to breathe a sigh of relief, put away your files and forget about taxes for now

Before you do, however, consider the following :.

to finish will not be easy in October

Unless you are waiting for a form or specific information it n 'there is probably nothing that will be easier to do this fall now. Life has a way to be just as busy later, and it certainly will not become easier to remember details 2013 six months from now.

you can continue working on your back and finish as soon as possible.

If you have most of your information, do as much as possible to your back now. Use estimates if necessary, so that you have as close a possible idea about the amount of taxes you owe.

If your return is complex or you keep hoping to find another deductible receipt or other tax relief, you may be tempted to continue to put off filing your return. Rather than wait, go ahead and file. If you find an important item after you file, you can always file an amended return.

You can not get a refund until you file

If the IRS owes you money, you must file your return and get your refund as soon as possible .

of course, interest rates on bank savings accounts are there right now, leading many people to think that it does not matter if Uncle Sam takes their money for them. It's your money, however, and you can at least invest.

If you have a credit card debt, perhaps 18% interest or more, which is one more reason to file your return now. Pay interest while the IRS gets to keep your money for free is a losing idea.

If you need more taxes, you could be penalized

Even if you have paid tax when you said your role, you might find you need more when you complete your return. It happens. Because of penalties and interest on taxes not only makes things worse.

The longer you wait, the more the two penalties and interest will be.

Do not forget to enter the payments you have made with your extension

when you resume working on your tax return, make sure to enter all the taxes you paid when you filed an extension in order not to overpay. It is an easy mistake to make.

When you file, there is no need to inform the IRS that you filed an extension.

How long do you think it will take you to finish your return

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5 most common myths insurance and why they are not true -

The insurance can be incredibly complicated, so it is not wonder, sometimes, rumors, myths and lies can be held as fact and distributed as such.

We have listed some of the home and auto insurance the most common myths and explain why they are not true.

The red car owners pay more for coverage

Many people believe that red cars are somehow more prone to accidents, traffic stops, and general chaos. In fact, most carriers do not ask the car color at all when signing up for coverage.

Why?

Research shows that the color of your vehicle has no effect on traffic stops, passenger safety, or interactions with other drivers

insurers care much on the make and model: .. aspects of the car that can actually affect your safety and therefore your premiums

If your tree falls on your neighbor's house or yard, your neighbor pays

it can be difficult, but in most cases, your insurance pays for damages -. less the deductible

You want to file a claim with your insurance. The tricky part is if the tree is sick or weakened otherwise - and you can document that you warned the neighbor

In this situation, the neighbor could be liable for damage

Home insurance .. will pay for any damage to natural disaster at your home

It is easy to assume that your house has insurance coverage for any event. Home insurance does, however, have limitations and exclusions

Two main causes of damage that do not get coverage - .. floods and earthquakes

If you live in or near a floodplain, consider buying a separate flood policy through the National flood Insurance Program.

If you live near a fault line or region has a history of earthquakes, buy an earthquake endorsement or separate policy.

All the contents of your home are covered by

home insurance

If you buy only the standard home insurance, you can keep your valuable property (jewelry, art, sports equipment, electronics) unprotected or at least insufficiently.

Carriers set strict limits for items of great value. Sometimes these limits can be as low as $ 0.

If you have valuable items in your home, you can fully protect the purchasing approval, although floater arts, or collection policy.

the good news?

These items may qualify for protection, even if they are damaged or stolen when stored outside the home.

You are not legally responsible for an intruder on your property

you may know that you can be held liable for injuries to customers on your property.

you may not know your responsibility for injuries to unwanted guests on your property as well.

If you have a pool, trampoline, or other "attractive nuisance" on your property and do not protect properly, you could be held responsible if anything goes wrong.

Tell your carrier of all these elements on your property so that you can determine your liability and provide appropriate safety measures.

Understanding the complexity of home and auto insurance can be difficult.

these are just a few ways can be confused perceptions towards your protection.

familiar with insurance databases to make sure that you are covered both at home and on the road. Tweet this

Better yet, dig your policies and go over them carefully.

If there is something you don 't understand, ask your agent for clarification. Do not be caught off guard by a problem with your policy when you really need

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6 Tips for Millennials Looking to control their personal finances -

The mortarboards were thrown, tassels hang mirrors and a new group of college graduates remain in place until 3 am submit resumes for each job opening, they can find on the web worldwide.

It is not only the anxiety of entering the workforce and desperately looking for a job that keeps young learners until late at night.

the idea to wean the bank of mum and dad is enough to scare even the most intrepid new graduate to sleep at night, drenched in a cold sweat.

a few lucky suddenly feel flushed with money after signing their first job.

Many tips are to find a job, the network learning, and always giving tasks, even servile 100% effort.

While career guidance is important for all new graduates, advice money can play an even greater role.

Here are six simple tips to ensure millennials can manage their finances independently.

1. Set a budget

This does not mean that every penny must be monitored and your checkbook must be balanced before bedtime (but I don ' not object).

Setting a budget means how much. of each paycheck should go towards bills, savings and time, and happy, and shopping

The first priority should be taking care of basic human needs: food, shelter and modern as lights, Internet, and phone bills.

most graduates also need to budget for debt payments, most likely in the form of student loans.

then the remaining money can be considered surplus funds for shopping, watching movies, Esquire a love interest in the city or whatever

When starting, surplus funds may only a pittance every month - .. so be careful not to spend more than you have won

If you are lucky enough to make a lot of money right out of college, he is extremely important to establish a budget to avoid lifestyle inflation and debt.

2. Pay yourself first

Pay yourself first is the holy grail of personal finance advice. Share on Twitter

Start saving money from the first paycheck in addition to contributing to retirement.

Put the money in a savings account to build the emergency fund of prime importance. You should aim to have three to six months of living expenses in savings and readily available - therefore not invested -. In case the unexpected happens (such as job loss, medical emergency, car accident)

Three to six months of living expenses may seem out of reach, but everything you need to start is a small amount. If only $ 5 of each paycheck goes to the body, so good.

It is important to build a habit of saving. Just be sure to increase as $ 5 paychecks increase.

3. Contribute to 401 (k) your employer

Except in certain circumstances, continue to contribute to an employer-matched 401 (k) or similar retirement funds.

By delaying or failing to do at all, you leave hundreds of thousands to tens of thousands of dollars on the table.

Pensions are going the way of VHS, so a 401 (k) is often the preferred means for financial stability in retirement.

4. Do not accumulate credit card debt

Credit cards are an effective tool for credit building history and even earn lucrative rewards, but beware, do not buy more than you can afford.

does not make a habit of paying the minimum amount due on a credit card. It does nothing but charge interest.

Paying just the minimum does not help to improve credit scores. Pay the time credit card bill in full each month and.

Confused about how to manage credit card debt? Try using MagnifyMoney.com.

5. Create a strategy to pay off student loans

Evaluate student loans and research how to effectively pay down with less accrued interest.

Does it make sense to consolidate? forgiveness student loan programs available? What loans have higher interest rates? Can you afford to pay more than the minimum to help pay the principal faster?

Take time to create a strategy and explore the free resources like ReadyForZero.

6. Ask for help

The transition to life after college can be overwhelming. It does not matter if freelance or a job with a six-figure salary (think oil engineers), manipulation of the life of finances can be daunting.

Ask for help or support persons councils (teachers, friends, relatives, colleagues), even if it means sharing a book or useful website

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7 Pitfalls of personal spending and how to avoid -

Regarding expenditure control, sometimes everything seems to be against us. There are so many ways to spend money -. And so many reasons, it is hard not to

It is possible to take control of your spending, however. Many people have done

Take a look at these personal spending pitfalls and how you can avoid :.

dimed to death

problem :. small expenses add

Some people seem to leave a trail of money behind them throughout the day, starting with a latte or two in the morning, one at noon magazine and mints, and take away the evening.

If you have a good cafeteria at work, you easily spend $ 10 or more, without leaving work. That's hundreds of dollars per month, but it never seems like you are really spending much

Solution: .. Give yourself an allowance for "strolling"

Consider putting the amount you want to spend for the month in an envelope or special wallet, and when he left, he left.

Stop using your debit or credit card for minor purchases. You are more likely to notice how much you spend if you hand over real money

Spending to impress

Issue :. You are trying to maintain. with friends who are big spenders

they drop brand names like other drop names, and they consider themselves upper class consumers - even if they can not really afford it. You are going broke trying to keep

Solution: .. Get new friends

This may be drastic, but at least you can try to make some good friends to the land that you do not feel like the "poor boy" if you spend less than $ 500 on a handbag.

Another solution is to just be honest with your friends. Admit that you can not afford lunch in this advanced restaurant. Chances are, you're not the only one who would be relieved if the group went somewhere more reasonable

Murphy has done

Issue :. According to Murphy's Law, whatever can go wrong, will

The car breaks down, you get a ticket for speeding, and your cell phone dies -. while one month. What good is a budget when you have to spend money on unforeseen expenses

Solution:. Expect the unexpected

There is no way most people can pay large unforeseen expenses on their monthly budgets. This does not mean that it is useless to make a budget.

Build an emergency fund just for these types of expenses, so as not to ruin your spending plan every time they occur.

Not every "emergency" needs immediate financial correction. Unless you are a seller on the outside, you might be able to go out without a mobile phone until you can afford a new one.

You may be able to borrow a tool or device, or to get along without it.

repetitive loads

problem :. you signed up for Internet services, magazine subscriptions and other services being

Sometimes you do intend to use the trial subscription, but you forget to cancel so it is always on your credit card statement a year later. Other recurring charges do not seem very big, until you consider how much they add to the months and years

Solution: .. Make a list of your monthly recurring charges and other

There may be a wake up call just to see how many things you pay for month after month. immediately cancel all you do not use, and try to limit the number of things you pay for each month.

Keeping your subscription list from now. And be sure to read your credit card statement each month

larger purchases

Issue :. You pinch pennies every month, but you own no house or car you can offer. You're in trouble before you start

Solution: .. Never, never spend the amount of money a seller or lender says you can afford

The amount they usually tell you "qualify" to spend is far too often. Make your own budget, and stick to it. Tweet this

When buying a car, the safest way to avoid overspending is to pay cash. If you are seeking payment amounts, it is easy to spend five or ten thousand dollars more on a car that you wanted.

So, save and buy a used car, then start saving for a better one. If you want

The difference between a comfortable and another perpetually tight budget often if you have car payments

Irresistible sales

problem :. When people are raised to be thrifty and save money, thriftiness that can actually make sensitive overspending.

a sale may seem like a bargain, so they buy things they do not need, or do they never will use. Sound familiar

Solution:. Do not give up sales quite

When the cans are sold, the additional purchase is intelligent. Before buying anything on sale, however, ask yourself if you want to buy, if it were not for sale.

At the grocery store, the best deals on food rarely go on sale. If the main attraction for an element is the low price, think through

Emotional spending

Issue :. You stay on a spending plan until you are working too many hours or your nerves are frazzled

Then maybe you treat yourself to something that makes you feel better temporarily - . at least until you get the bill. For some people, the problem is even more serious

When the going gets rough, they can not always remember what they bought in a frenzy of emotional spending

Solution: .. Remember that excessive spending will not solve your problems.

It will only make them worse. Indulge yourself so do not sabotage your financial goals. The time spent on the relationship is infinitely more rewarding than buying things.

Consider calling a friend, or go to visit someone.

If your emotional spending is a serious ongoing problem, consider getting help. Debtors Anonymous has helped many people trying to recover from compulsive overspending

Photo credit :. Chrisschoenbohm

5 lessons of money for children Millennium Other generations can learn from

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Generation Y has been called lazy, entitled Smarty -all.

But the harsh reality is that this generation is also a degree in one of the toughest job markets with a portion of the loan debt the highest student They then, was to be scrappy AOVE to find their financial footing in an uncertain economic climate.

accordingly, today, AOS twenty and early thirties have purchases than previous generations considered a rite of passage and forged their own way in the labor market largely avoided.

Of course, there are exceptions to these generalizations, but in broad terms, here are five lessons money for learners that other generations can learn.

invest in your personal brand

many Millennials watched parents or other relatives receive leaflets roses after decades of loyalty to a company.

after seeing two recessions in their young lives, they don, AOT plan to retire with a gold watch for 30 years of service to a company.

instead, They, Aore embracing the hustle, secondary Äîperhaps that sell jewelry, creating a tutoring business or freelancing on the weekends, Äîand build their personal brand through blogs , networking events, social media and more.

This mentality will help them recover from layoffs and other setbacks and reduced their dependence on a single company for income.

Reduce housing costs

housing is the largest line item in most people, AOS monthly budgets.

Keep this cost to a minimum, Äîperhaps living with roommates, moving with mom and dad, or choosing a less expensive city, Äîcan help release funds for payment of student loans , savings or other categories.

The New York Times recently reported that one in five people in their 20s and early 30s are now living with their parents.

Meanwhile, a recent survey Trulia found that the 18-34 and over 55 were more willing to reduce staff in the event of financial difficulties, while 34-55 year olds were least willing.

Many people in the middle of the group may have children and a mortgage, which makes downsizing difficult, but not impossible.

Rethinking property

[1945001maisons] generations of Americans bought cars and because Äúthat, AOS just what, done. AOS at

But many wonder Millennials these assumptions and choosing to pass on experiences rather than McMansions and Mercedes.

Several studies show that fewer young people are buying cars, Äîor even have a driver, AOS license, Äîcompared previous generations.

Without a mortgage or car payment, Millennials have greater mobility and financial flexibility. And when they need a set of wheels, they can always ride a bike or use a car sharing service.

Embrace innovation

Millennials are extremely comfortable using applications, posting on social media and online communication.

This understanding of the new technology makes these digital natives as marketable job candidates and means that They, Aore take advantage of new ways to monitor their spending or pay invoices in real time.

This means they can easily stay on top of their finances using a smartphone, but it, AOS significant for people of all ages to password protect their phone and avoid too shared on social media.

not to do so could lead to potential fraud or identity theft.

Save for the future

Two recent studies show that Millennials are saving money for the future, which is a very positive behavior, given the long-term upward care costs and the uncertainty of social security.

on the other hand, however, some younger workers benefit from the tax benefit and the employer matching a retirement account and many are now cash savings rather than investing.

Setting up an IRA or participate in a company-sponsored 401 (k) or 403 (b) would be to help these young workers to save even more effectively.

Tell us!

Can you relate to any of these lessons? What would you add

Credit: Joel Bedford via photopin cc

How the advance tax credit Impacts on 2014 premiums - Tax Returns

If you have purchased health insurance through a government sponsored market you can receive a tax credit that helps pay your Medicare premiums.

Because the credit is sent directly to your insurance company to pay for your premiums, you never see the money.

It would be easy to forget the total credit. If nothing changes in your financial or family situation which may prove to be agreed

If things go gift, AOT as expected. for example, if for some reason you don, AOT eligible for some or all of the credit after all, That, AOS another story.

When would the advance tax credit premiums change my refund?

Except you, Aore paid on a salary, it, AOS not always easy to predict how you, Äôll make in a year.

If you, Aore underemployed, unemployed, self-employed, or if you work seasonally, you may have a hard time to predict how you, Äôll do.

When you asked health insurance through the market, you have probably done your best estimate.

When you file your 2014 income, TaxACT reconciles the amount of the tax credit you received with the actual tax credit of the amount you should have received based on your actual income for 'year.

If this results in a larger tax credit you received you overestimated your income . (You felt the higher your income, the less credit you are likely to receive.)

You, Äôll get the difference as part of your refund or reduction of your tax bill on income total.

on the other hand, if you underestimated your income , and qualify for less or no credit when you file your return, you may have to repay part or all credit on your tax return.

what should I do if my income changes during the year?

If your income changes, report the change to the market as quickly as possible so that your advanced tax credit amount of the premiums can be adjusted, if necessary.

do not report changes by mail.

You can report changes online by logging into your account. Or you can call the market call center at 1-800-318-2596 (TTY: 1-855-889-4325).

What other lifestyle changes may affect my eligibility for the tax credit on advanced premiums [?

Further changes to your income, you must also report some life changes your market if you receive the tax credit on the premiums Advanced:

• birth or adoption of a child
• Loss of a dependency for a child; for example, when the child hits on its own, or the child, AOS other eligible relative to the exemption
• Marriage or divorce
• Movement
• Changing eligibility for the employer or other coverage of health care
• change in disability status
• other changes to your income and the size of your household

TaxACT can help me estimate my income for 2014 and 2015?

With the Preview Edition TaxACT Online, you can enter your tax information now to estimate your annual income and other tax information.

the earlier and more precisely estimate your tax information, the better you can plan to receive the right amount of tax credit advances premiums for 2014 and 2015.

What tax issues do you have on the advanced premium credit?

#YouGotThis

The presence of Eerie income Phantom -

Halloween conjures images of spooky ghosts and goblins. These spectra may not be visible to the eye, but rumor has it, their mysterious presence can be felt.

Similarly, so-called "phantom income" is money that you do not actually pocket, but the IRS still treats these funds as taxable income.

Nobody likes getting a larger than expected tax bill, especially on the money they never had in fact, but because the money (or "phantom income" ) appears on the income statement, it is fair game for uncle Sam

These situations are not very common, but some examples of phantom income :.

non-marital medical benefits

A growing number of employers offer health care coverage national health partners, in addition to legally married spouses.

medical benefits of a spouse are not taxable, but when two people (a couple of the same sex or otherwise) are not legally married, the benefits of non-employees are taxable.

all States not recognize gay marriage, so some employers have begun to "gross" domestic partners benefits, which means that the employer pays income taxes rather than the employee.

However, if both partners have employers who offer health insurance, they should compare the cost and coverage of two plans to see which plan is the most logical.

In some cases, registration for insurance through their own employers can be more profitable and should not pay additional taxes.

income Forgiven

If you have a credit card debt or loans forgiven, the lender can declare the amount on 1099-C IRS form ( "debt Cancellation").

the same can be true of a short sale or foreclosure because the mortgage lender allowing you to walk away from the property without paying the mortgage balance.

While you do not actually get the money, you may still owe taxes on the forgiven amount.

this may not be as scary as it sounds, because there are exceptions to the tax on the forgiven debt.

there was an exception to the mortgage debt that was forgiven by the short sale or foreclosure of your primary residence.

Unfortunately, the law that allowed this exception, the law on Mortgage forgiveness debt relief, expired at the end of last year.

However, the debt forgiven in bankruptcy or if you are not financially solvent is not taxable, so that although the law has expired, you may be exempt from tax debts canceled if your liabilities exceed your assets.

If you are filing bankruptcy or treatment of canceled debts, then you may want to consult a lawyer about the potential tax consequences and avoid unpleasant surprises come tax time.

file IRS Form 982 to exclude discharged debt from your gross income.

Have an S corporation or LLC

people who own these types of business entities can receive money through their S corp or LLC must pay taxes on (ghost) earnings before they receive that income, which can be frustrating.

In the case of a company, however, the company, not the individual, should the tax.

If you configure an S corp or LLC, talk to your business attorney or accountant on how these structures may affect your taxes.

Receive equity in a company

If you invest "sweat equity" in a startup company, while someone else provides the money , receive a percentage of equity in the company could create tax consequences for you.

a way around this might be to the investor giving money to lend money to the company or having the person providing the fairness of sweat buying of equity shares over time.

Consider the potential fiscal impact before you put in place a capital structure for a new business

photo credit :. Brett Kiger via photopin cc

You still have time to make the pension contributions -

If you're planning to put money into a retirement plan for 2014, but it hasn 't quite yet, take heart. You still have time.

The most convenient way to make contributions to the pension plan is throughout the year.

If you can have contributions to pension deducted from your regular pay, it can be quite painless. In fact, it is surprising how quickly your contributions added when they are taken automatically from your income all year.

Sometimes it is not so easy, however.

If you're self-employed, or if you do not receive your income evenly throughout the year, you can not know how much you can afford to contribute, or what your contribution limits are, at the latest.

There is always a good idea to make contributions to pension plans as soon as you can every year.

is your most effective tool for retirement planning is time. Tweet this

next year, try to finance your retirement plan earlier this year to get the maximum benefits of compounds investment returns.

Here are the deadlines for implementation and make contributions to different types of pension plans:

401 (k) plans and 403 (b) plans

When you start working for a company, a 401 (k) or 403 (b) plan is usually set up already.

All you have to do is sign up and start to have deducted from your pay dues.

If this is the case; For example, if you work for a new company, your employer may implement a plan by December 31 of the year in which you make a contribution

Your employer can make contributions even after the end of the year. - Until the due date of the tax return on corporate income, including extensions.

Solo 401 (k) Plans

If you're self-employed, you have until December 31 to set up and fund a participant 401 (k) plan, also known as a 401 (k) Plan solo.

You can make your contributions "employer" in your solo 401 (k) plan until your tax return on corporate income because to date, including extensions.

traditional IRA and Roth

There is no rush to get your individual retirement arrangement (IRA) contributions before December 31.

You can contribute by any time up to and including the due date of your tax return.

In fact, some people are motivated to bring this traditional IRA contribution when they prepare their tax on income and to discover how a deductible IRA contribution can save on taxes this year.

an IRA is the only plan on this list that requires you to make contributions to the due date of the original statement, not the due date if you apply for an extension.

you can make contributions to your traditional or Roth until your business income tax return date of maturity, not including filing extensions.

This means that you have until April 15, 2015, to put money in your traditional or Roth IRA and as a contribution for 2014.

September IRA

September IRA are another great choice for independent individuals and small businesses. They are easy to set up as the "system of simplified employee" implies.

You have until the due date of the company, including extensions, to establish a SEP IRA and make matching and non-elective contributions.

This is true for SEPs and independent SEPs employees.

SIMPLE IRA

If you want to set up a match incentive savings plan for employees or SIMPLE IRA, be sure to do so before October 1st of the year in which a contribution is applicable.

to contribute to 2015, be sure to implement the plan by October 1, 2015.

If your employees make salary reduction contributions to their IRA sIMPLE, you must file these contributions within 30 days after the end of the month in which you would have paid employees.

If you are self-employed and have no right of Commonwealth employees, you can file salary reduction contributions until January 30 of following year.

you until your business income tax return date deadline, including extensions, to make corresponding and non-elective contributions to a SIMPLE IRA.

#YouGotThis

Tips for filing taxes for the first time -

You can not understand many important things in life until you do them for the first time: cycling, getting your first job, and to do your taxes.

filing your tax return on income is one of those adult rites of passage may seem shrouded in mystery until you sit down to table for the first time.

the good news is that filing taxes for the first time is usually quite painless. Uncle Sam might even end up paying you!

The tax on income process actually begins on your first day of work, when you fill out a W-4 form.

The form includes a worksheet where you can match basic information, such as if you are married or have dependents, and how allowance may claim.

based on this number, your employer will deduct the money from each of your paychecks, that goes to your income taxes.

you can ask for extra money to be withheld from each check if you anticipate a project larger tax law than normal, you'll be covered.

Yes, taxes are collected throughout the year, not just on April 15.

filing a tax return is a way to "fix" with Uncle Sam. If you did not withhold enough taxes from your paychecks during the year, you may have to pay the balance - but if the opposite happens, you get a refund

First thing;. do you even need to file a tax return?

The IRS only requires tax returns of people making the minimum amount of money for their filing status.

This is the minimum filing requirements for the tax year 2014 for persons under 65 years to 31 December 2014.

• simple people : $ 10.150
• heads of household: $ 13,050
• the filing of married couples jointly: $ 20,300
• widows with dependent children :. $ 16,350

Married couples filing separately have a $ 3.950 threshold, regardless of age

If someone claims you as a dependent on his tax return filing requirements are below:

• Simple (under age 65): $ 6.0
• single (over 65 years): $ 7750
• Married (under 65): $ 6.0
• Married (over 65): $ 7750

most of the information you need file your taxes will be included on a form called W-2 your employer will send you in January or February.

form shows exactly how much you were paid during the tax year and how much has been retained as federal tax and state (if your state income tax).

What if you're self-employed? Do you pay taxes on income all year round?

For most independent people, the answer is yes.

Whether you are an independent contractor or a sole proprietor of a small business, you need to pay quarterly estimated taxes.

instead of receiving a W-2, independent people receive Form 1099-MISC for all business customers that provide "non-employee compensation."

With your W-2 or 1099-MISC in hand, you are ready to complete your first declaration of income tax. But IRS Form 1040 you need to file

This depends on the complexity of your tax situation:

• 1040EZ is for single filers with no one dependents and no mortgage wishing to claim the standard deduction.
• 1040A is for singles or married people who own a home, dependents and want to claim certain credits or tax deductions, but also do not want to detail all their
• 1040 for people who own their own business, having a rental income or want to itemize deductions.

rather than navigating to 1040 form, you must file tax law and deductions.

, let TaxACT Free Federal Edition guide.

What are the tax benefits for the Affordable Care Act -

One of the central goals of the Affordable Care Act Protecting Patients and - also known as the ACA or "Obamacare." - is to make coverage more affordable health care for millions of Americans who previously could not get or could not pay, health insurance

ACA accomplishes this, in part by providing tax subsidies to individuals and low income families.

These are the people who make too much money to qualify for Medicaid, but still find most unaffordable health insurance plans.

There are two distinct types of tax subsidies available to eligible Americans under the ACA

• premium tax credit
• sharing subsidy costs

But first, what is a subsidy?

a healthcare subsidy lowers the amount you spend on your monthly premium or reduces your pocket-off costs for things like copays, coinsurance and deductibles.

subsidies are "subsidized" by the federal government and are paid by taxes.

tax credit on premiums

tax credit on premiums is a credit that lowers the monthly premium for a health insurance plan offered by the health insurance market the federal government or any of the insurance exchanges run by the state.

the amount of the tax credit depends on variables such as annual income and household size (how many people in the family).

In general, the tax credit on premiums is available to taxpayers who earn between 100% and 400% of the federal poverty level for a household size.

How do you know if you qualify for a tax credit on premiums?

the best way is to apply an insurance plan through the online market.

After entering your financial and household information, the system will see how your financial situation corresponds to the plans available in your area.

If you qualify for the tax credit on premiums, you can claim the credit in advance to reduce your monthly premium or claim on your next tax return to receive as a refund (or reduce the amount of taxes due).

Keep in mind your eligibility for the tax credit on premiums depends on the cost of health insurance plans in your area.

If the premiums are relatively cheap where you live, you are less likely to receive a tax credit that someone who earns the same amount in a market of more expensive health insurance.

more precisely, the market uses the cost of the second cheapest money "" plan to make its calculations.

sharing subsidy costs

sharing subsidy costs for low-income households, those earning between 100% and 250% of the federal poverty level.

While the tax credits reduce the monthly premium for health insurance, cost-sharing subsidies reduce the costs of a health plan out of pocket.

These include things like co-pays for doctor visits and deductibles.

sharing subsidy costs are paid directly by the government to the insurance provider, not as a tax refund.

households may be eligible for premium tax credits and grants cost sharing.

10 Tax Deductions Every current and future retirees should know -

You've finally reached your 66th birthday, and it's time to say goodbye to the daily grind and went on a life of ease retirement.

or so we think.

Verily retirement for most of us, it will take a prudent budget and smart financial planning to make our economies last two or three decades.

One way to save every penny is to maximize your retirement tax deductions.

Here are 10 significant tax deductions each current and future retirees should know.

standard deduction

when we talk about maximizing deductions, most of us immediately jump to itemize deductions when we file our taxes.

But if you have already paid your home and have limited out-of-pocket medical expenses, the standard deduction may be your best bet.

Even better, people over 65 get an extra $ 1.550 if the single deposit, or an extra $ 1,0 if married filing jointly.

Medical Deductions

as much as we try to push the clock, our aging bodies require medical attention more for retirement.

Recognizing this, the IRS allows taxpayers over 65 to deduct all medical expenses out of pocket that exceed 7.5% of their adjusted gross income, rather than the floor of 10% required young Americans.

Deductions business Home

Being retired does not mean you can not make money.

Many people retired to find meaningful employment as consultants or start a second career with a home business.

While you certainly pay taxes on earnings, you can also deduct many business expenses, the home office deduction on gasoline consumption costs for equipment related to companies.

elderly or tax credits for disabled

Contrary to what the name suggests, you can apply this credit even if you are not disabled.

If you are over 65 and meet the income requirements, you can qualify a tax credit of up to $ 7,500 for married couples filing jointly or $ 5,000 for individual filers for 2014 taxation year

the same credit is available to people under 65 who have a total and permanent disability.

Selling a home

retirement is a great time to downsize to a smaller place or invest in the RV you've always wanted.

If you have lived in your home for at least two of the last five years, you can sell the house virtually tax free.

There are limits, but they are very generous.

single filers can earn up to $ 250,000 -Free taxes on the sale of a home, while married couples filing jointly can make $ 500,000 on the sale of a house without paying taxes on earnings.

IRA

If you have invested in a Roth IRA, you have the luxury of withdrawing money from the account tax-free after age 59 ½.

withdrawals from a traditional IRA or 401 (k) will be taxed as income, but at least you do not have to pay a penalty for early withdrawal if you are over 59 and a half.

retirement savings

If you have a retirement income source, you can continue to make contributions to a retirement savings account as a traditional or Roth IRA.

In fact, the 2014 contribution limit is $ 6,500 if you are over 50, which is $ 1,000 more than people under 50 can invest.

charitable gifts

As part of your post-retirement reduction, you can decide to get rid of one of the cars or erase all the old children's furniture.

If you give these items to a charity, you can deduct the fair market value of your taxable income

There is a limit on charitable deductions -. 50% of adjusted gross income - but do not forget that the money you spend out-of-pocket while doing volunteer work can also be deductible.

capital expenditure

investment income is taxed at a lower rate than income from employment. This is great for retirees hoping to live their wise investments

More good news: .. You can deduct most expenses related to investment, including the fees brokers , financial planners and lawyers

the deductions must be itemized and are subject to the 2% rule.

Social Security

most of us rely on Social Security checks to help fund our retirement.

It is important to note that part of your Social Security checks may be taxable, depending on your income during retirement.

The most you could possibly be imposed is 85% of the Social Security income, but that is only for the highest incomes.

single filers earning less than $ 25,000 and married couples earning less than $ 32,000 for 2014 will not be liable for taxes on social security gains.

Deposit income as an entrepreneur (Did not get the 1099-MISC) -

In the "You Got It" weekly series, we will answer a question of our customers are on Facebook, Twitter, Blog and TaxACT around the web

issue :.

In 2013, I worked for a startup and was paid as a contractor. In 2014, I worked for the same company. They ended up going bankrupt and never paid me the last 1.5 months of wages due. They likely will not be sending a 1099-MISC. January-February I was paid $ 4000, while from March to April, I am not paid, but I'm due to pay $ 4,0. Since then, I moved states for new jobs. August to December 2014, I work at a new company and received a W-2. When I get my W-2 information, he said I'm about $ 2.800 Federal return and $ 0 from the state. I added the $ 4,000 income in Schedule C and now he says I'm $ 1,0 federal and $ 350 from the state.

Is it possible to count the unpaid wages of $ 4,0 as a loss and return more money?

answer

If you are a taxpayer cash method (most people are), you must include the wages you actually received during 2014 income.

Unpaid wages are not included as income, and you can not deduct either.

you generally can not take a deduction for the amount due to you that you never included as income.

If you do not receive a 1099-MISC form in mid-February and you think you should be issued one, contact the employer (payer).

you can call the IRS at 800-829-1040.

Whether you receive a 1099-MISC form, you must declare the appropriate amount of income on your tax return.

as an independent contractor or self-employed, your income will be reported on IRS Schedule C -. Net income from business (with your Form 1040)

to enter or review the information for your business in TaxACT:

1. Click the federal Q and TaxACT tab in
2. Click "business income" to expand the category, and then click "corporate income or loss of a sole proprietorship"
3. Click "Add "to create a new copy of the form or the review to examine a previously created form and follow the instructions step by step