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How to Report a Tax-Free Transfer From an IRA to Charity

required minimum distribution SEE ALSO 6 Tax Smart Ways to Lower Your RMDs in Retirement SEE ALSO 6 Tax Smart Ways to Lower Your RMDs in Retirement ANSWER Your IRA administrator should have sent you a Form 1099 R reporting the distribution although the form won t specify that the...
Posted On 31 Mar 2017

4 Ways to Save on Taxes When You Fund Higher Education

Your children are in college You are determined to pay for their education It is a lot of money You wonder if Uncle Sam helps you here I mean in the form of tax incentives Well in fact he does Your children are in college You are determined to pay for their education It is a lot Source
Posted On 31 Mar 2017

A Quick Primer on Tax-Loss Harvesting

Tax loss harvesting can be useful in an array of situations but understanding when to best utilize this strategy is key Tax loss harvesting is the practice of selling an investment for a loss By realizing or harvesting a loss investors can offset taxes on gains and income Tax...
Posted On 31 Mar 2017

9 Smart Ways to Spend Your Tax Refund

You know those articles that offer good-for-you advice about what to do with a tax refund? This isn’t one of them. At least not entirely. With the average taxpayer raking in a refund of more than $3,000 this year, we feel obligated to at least touch on the standard...
Posted On 31 Mar 2017

Is It Possible to Create Tax-Free Income for Life?

By  Dominique Henderson, CFP® Now that you’ve read the somewhat salacious headline of this article, the real question becomes: “Is there any truth to it?” A second question might be similarly: “What’s the catch?” Well, I hate to disappoint you but there is no catch...
Posted On 31 Mar 2017

Use Your Tax Refund to Spring Clean Your Finances

As you throw open doors and cast out the dirt that’s collected in your home all winter, remember that spring is also an ideal time to spruce up your finances  — especially those areas that may benefit from tax refund cash. Tax season is a natural time to think about your current...
Posted On 31 Mar 2017

Is Your Office at Home? Heres How To Deduct Renters Insurance From Your Taxes

If your home is also the main office for your job, you save handsomely on office rent and the commute from home is a breeze. You may also be able to deduct a host of expenses for the space in which you work, including the  cost of renters’ insurance  for the home or apartment in...
Posted On 31 Mar 2017

How to File an Amended Return to Claim an Education Tax Break

SEE ALSO 17 Amazing Tax Deductions and Breaks SEE ALSO 17 Amazing Tax Deductions and Breaks ANSWER Yes You generally have until three years after the deadline for filing your original federal tax return to file an amended return if you missed a tax break or need to make other...
Posted On 31 Mar 2017

How to Deduct Medical Expenses on Your Tax Return

ANSWER Many medical expenses that you pay out of pocket for yourself your spouse and your dependents may be tax deductible but you can only deduct those expenses to the extent they exceed 10 of your adjusted gross income in 2017 for 2016 the cut off was 7 5 for people age 65 and...
Posted On 31 Mar 2017

There Is No Such Thing As Fair Trade

I smile at much of the doo-doo I read on free or fair trade. Some trade “experts” use data on trade balances, or currency manipulation, or export country tax credits, or whatever. Like (almost) EVERYTHING you read out there on any subject – discussions are...
Posted On 31 Mar 2017