As everyone knows, you can deduct charitable contributions on your taxes. That’s why December is such a great month for charities, as everyone is in the holiday spirit and gets ready for tax season! But even beyond writing a check, there are many ways to help the less fortunate while lowering your tax bill. The [...]
If you filed your taxes recently and your calculations told you that you’d be getting a nice fat refund check, you might be a bit surprised when you check the tax refund status and discover that it’s no longer coming. Believe it or not, there are several situations in which the IRS can seize your refund. [...]
April 18 date isn’t just for your return — it’s also a significant deadline for a couple of other items: Claiming an Old Refund If you have money due you for the tax year 2007, April 18 is your last chance to claim it. How many people leave money on the table at the IRS? The service estimates [...]
Are there any tax breaks for parents or grandparents to give money to children or to help pay for their education? There are several tax-smart ways to help your kids or grandkids: 1. Contribute to a 529 plan. Money in a 529 plan can be used tax-free for college costs, and you may get a [...]
The vast majority of Americans overpay the IRS during the year, which means they are due for a tax refund right about now. Last year, 77 percent of taxpayers received a refund, with an average size of $3,000, according to the National Endowment for Financial Education. Of course, most financial experts say that you’re better [...]
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