Adjusted Gross Income

Don't Miss Any of These 9 Commonly Overlooked Tax Deductions

You need to pay attention to these.<p>Like most Americans, you probably want to get through your taxes as quickly as possible. However, do not rush …

Personal Finance

Is Social Security counted as income on the FAFSA form?

Q. Will my Social Security be counted against us as income on FAFSA?<br>-- Planning<p>A. We're glad to see you're taking a look at what will impact the Free …


How to save twice with the saver's credit

© Reuters. Bundles of banknotes of U.S. Dollar are pictured at a currency exchange shop in Ciudad Juarez<p>(The opinions expressed here are those of the …


The 7 most valuable deductions and goodies that survived tax reform

Personal Finance

Is A Roth IRA Right For You?

<b>By Craig Eissler and Ross Langley, Next Avenue Contributors</b><p>Roth Individual Retirement Accounts (IRAs) are a great solution for saving for retirement if you have earned income and you’re anticipating higher taxes when you’re in retirement. These accounts can also be passed to your heirs …


4 Tax Tips Every Working Mom Should be Aware Of

Why does tax season always manage to sneak up on us? Every year, we know it’s coming, but somehow we block it out of our mind until there are just a …

Personal Finance

Tax Reform Provides Boost To Small Business Retirement Plans

The Tax Cuts and Jobs Act (TCJA) was signed into law by President Trump near the end of 2017 and it mostly took effect in 2018. While the TCJA impacts almost every single individual taxpayer to some degree, the changes also significantly impact corporations and small businesses. In some areas, the …


Can You Avoid Paying Taxes on Savings Bond Interest?

How to Avoid Paying Taxes on Savings Bonds<p>Some options might help you avoid paying taxes on savings bond interest<p>Updated March 08, 2018<p>Savings bonds …

Personal Finance

Disappearing Tax Breaks

MoneyTipsThe Tax Cuts and Jobs Act (TCJA) was intended to simplify taxes by giving taxpayers more incentive to take the standard deduction and less …

Personal Finance

401(k) Taxes in 2018: What You Need to Know

Make the most of this huge tax break this year.<p>Few tax breaks are bigger than what's available to those who have 401(k) plan accounts at work. In …


The 3 Top Tax Deductions for the Average American

Find out which of these could fall off the list next year.<p>Knowing about key tax breaks is essential if you want to minimize your tax bill. There are …

Personal Finance

3 Reasons to Delay Taking Social Security

When should you start collecting Social Security? Well, your "full" retirement age, at which you can start collecting your full benefits, is probably 66 or 67 or somewhere in between. You don't have to start collecting your benefits then, though. You can start collecting them as early as age 62 and …


Taxes are taking a growing percentage of SS benefits from seniors

Now that the Tax Cuts and Jobs Act is signed into law many Americans will realize some kind of tax cuts. For seniors, depending on their retirement income, some will receive tax cuts while others will see no change, and some may even be worse off.<p>“Recently enacted changes in the tax law will …


Taxes 2018: Everything You Need to Know

Happy Tax Season!<p>So have you done your tax return yet? Well, what are you waiting for? Especially since the average refund was almost $2,800 last …


Tax deductions vs. Tax credits: A guide for simplifying your tax filing experience

If the thought of filing your taxes gives you heart palpitations and sweaty palms, fear not.<p>Yes, taxes can be complicated<b>.</b> But the more you understand, the smoother the process will go.<p>Familiarizing yourself with these common tax terms should make hitting the April17 deadline a little easier:<p><b>The</b> …


Do your own taxes 2018

The best (and cheapest) online tools.<p>There's just no doubt about it: your taxes are going to cost you this year.<p>Whether it's time or money or -- more likely -- both, tax preparation inevitably requires some kind of investment. Unless you're willing to pay a fine or go to jail, your decision boils …


Confirming My Affordable Care Act Subsidy Eligibility

I filed my taxes last week, which means it’s time to report my 2017 income to the Department of Health and Human Services and confirm my eligibility …

Tax Preparation

Slash your tax bill and maximize your savings this spring

Procrastinators, rejoice: You still have time to cut your 2017 tax bill.<p>We're officially in the middle of tax season. Filers have until April 17 to …

Personal Finance

Here's how much you need to earn to be part of the 1%

They’re worth $63.5 trillion. Time<p>Sen. Bernie Sanders highlighted income and wealth inequality across the U.S. on Monday, asking economists Are we satisfied that in the last four decades, there has been a massive shift of wealth from the middle class to the top one percent? AP


The 37 States That Don't Tax Social Security Benefits

Do you live in one of the 13 states that do tax them?<p>When you think of double taxation, you might think of dividends. After all, they're paid to you …


Does Tax Reform Mean You Can Stop Paying Quarterly Taxes?

When you hear "Tax Day," you probably think of April 15. But there are three other tax days every year, as well: June 15, September 15, and January …


Can I get money from my 401(k) at 55?

For many Americans, the balance of their 401(k) account is one of the biggest financial assets they own.<p>But 401(k) plans are meant to help you save for retirement, so there are age restrictions that impose penalties if you take money out before reaching a certain age.<p>Yet even though the general age …


Six tax filing myths debunked

(Photo ©<p>Don’t believe everything you hear about taxes. Your friendly, neighborhood Internal Revenue Service has recently …

Identity Theft

How much do the 1, .01 and .001 percent really earn?

The rising fortunes of the top 1 percent of income-earners in the U.S. is drawing attention to questions of income inequality and fairness. But what …


7 Overlooked Tax Deductions For Your 2017 Return

When you sit down to do your 2017 taxes, you’ll be taking a nostalgia trip of sorts. The tax bill signed into law late last year eliminated some potentially valuable deductions starting in 2018. So your 2017 return may be your last chance to benefit from those write-offs, many of which are easy to …

Personal Finance

States Toy With Separating From Pass-Through Tax Cut

While millionaire business owners around the country gear up for a busy season of tax planning to take advantage of the pass-through tax cut enacted late last year, the same provision has forced a handful of states to undertake a different kind of planning: recovering the revenue they will lose …


Top 1% = $480,930 (AGI)

click for ginormous graphic Source: Bloomberg This is quite intriguing: What does it take to get into the 1 percent? The price of admission is an …

Internal Revenue Service

To Get Into the 1%, You Need Adjusted Gross Income of $480,930

What does it take to get into the 1 percent? The price of admission is an adjusted gross income -- basically, what you make before deductions -- of …


This Is the Price of Admission to Get Into the 1%

What does it take to get into the 1 percent? The price of admission is an adjusted gross income — basically, what you make before deductions — of …

Internal Revenue Service

How the standard tax deduction could cost you

If you search the IRS website for tax forms, you'll get over 900 results. Here are the ones you need to know. Walbert Castillo, Ramon Padilla, Karl Gelles, USA TODAY

Personal Finance