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Tax Tip 2016: Deduct State Sales Taxes

Itemizers have the choice between deducting the state income taxes or state sales taxes they paid Choose whichever saves you the most So if your state doesn t have an income tax the sales tax write off is clearly the way to go on your federal return Itemizers have the choice...
Posted On 16 Dec 2016

Overlooked Tax Breaks for New College Grads

Because federal tax law reaches deep into all aspects of our lives it s no surprise that the rules that affect us change as our lives change This can present opportunities to save or create costly pitfalls to avoid Being alert to the rolling changes that come at various life...
Posted On 16 Dec 2016

Most-Overlooked Tax Breaks for the Newly Retired

Because federal tax law reaches deep into all aspects of our lives it s no surprise that the rules that affect us change as our lives change This can present opportunities to save or create costly pitfalls to avoid Being alert to the rolling changes that come at various life...
Posted On 14 Dec 2016

Smart Year-End Tax Planning Tips for 2016

Moves you make between now and the end of the year can have a significant effect on how much tax you have to pay next April particularly when it comes to investments you might hold outside a retirement account The goal is to reduce your taxable income or defer it to 2017 when...
Posted On 14 Dec 2016

State Taxes Spiral Upward

Drivers who suffer the New Jersey Turnpike s epic traffic could once count on at least one consolation They could pull over at a rest stop honoring a New Jersey native such as the aptly named Molly Pitcher service area and fill up their tanks with cheap gas Drivers who suffer the...
Posted On 13 Dec 2016

Most-Overlooked Tax Breaks New Parents

Because federal tax law reaches deep into all aspects of our lives it s no surprise that the rules that affect us change as our lives change This can present opportunities to save or create costly pitfalls to avoid Being alert to the rolling changes that come at various life...
Posted On 12 Dec 2016

Got Crypto? How The IRS And Some Software Can Remove The Dread From Tax Time

By Perry Woodin, Founder of Node 40 If you’re an avid reader of blockchain and cryptocurrency news, you’ve already seen that the IRS has been asked to step up its game in implementing a more robust tax strategy for virtual currency users. Calvin Ayre reports that the Treasury...
Posted On 12 Dec 2016

Social Security Taxes Will Nick More of Your Earnings in 2017

ANSWER The maximum amount of earnings on which you pay Social Security taxes is rising from 118 500 in 2016 to 127 200 in 2017 This is the largest increase in recent years The limit was also 118 500 in 2015 and it was 117 000 in 2014 For historical context the Social Security tax...
Posted On 05 Dec 2016

Overlooked Tax Deductions

Years ago the fellow running the IRS told Kiplinger s Personal Finance magazine that he figured millions of taxpayers overpaid their taxes every year by overlooking just one of the money savers listed here We ve updated all the key details in this popular slide show to ensure...
Posted On 05 Dec 2016

Know Before You File: Tax Breaks for 2016

As a new year looms on the horizon, taxpayers’ minds are turning — often reluctantly — to tax day. But April doesn’t have to be all doom and gloom. A number of tax breaks are woven into the Internal Revenue Code to help you keep hard-earned dollars. You just have to know where to...
Posted On 02 Dec 2016