Divorcees can save on taxes — if they take this one step

Why single parents could be missing out on a tax-saving opportunity CNBC If you’re planning on shedding weight in 2019 — in the form of your soon-to-be ex — be sure you understand this tax-planning benefit. Why the “head of household” status is another battleground for divorcing couples. Darla Mercado | @darla_mercado Published 2:07 PM ET […]

The 10 Tax Law Changes Most Likely to Affect Your 2018 Personal Return

By Bill Bischoff, MarketWatch Almost all of the Tax Cuts and Jobs Act (TCJA) changes that will affect individual taxpayers kick in starting with their 2018 Form 1040. Here are the 10 changes that are most likely to affect your return. Lower Individual Rates Much bigger standard deductions but no more personal and dependent exemptions. New […]

Want a Tax Cut? Here’s How Much Typical Americans Saved in 2018

~ Dan Caplinger (TMFGalagan) Find out how middle-income taxpayers will benefit from tax reform — in most cases. Tax time is nearly upon us, and for once, taxpayers are actually looking forward to filing their 2018 returns. That’s because tax reform laws took effect for the 2018 tax year, and so people are naturally curious […]

IRS Forms 1099 Are Coming: Pay Attention To What You Receive

~ Robert W. Wood, Contributor Although most Forms 1099 arrive in January, some companies issue the forms throughout the year when they issue checks. Whenever the forms come, don’t ignore them. Each form includes your Social Security number. If you don’t include the reported item on your tax return, bells go off at the IRS. […]

Be Tax Smart About Leaving Assets to Your Heirs

By ROGER A. YOUNG, CFP®, Senior Financial Planner | T. Rowe Price January 31, 2019 The way you withdraw money in retirement can affect the next generation’s tax burden. Sometimes it’s best to go against conventional wisdom when it comes to when to tap taxable, tax-deferred and tax-free retirement savings. So, you’ve planned well enough […]

Surprisingly good news about IRS audits.

What the Odds Are That Your Tax Return Will Be Audited, and What to Do If It Is Overall, the odds are reassuring. The vast majority (99%, in fact) of individual income tax returns skate safely past the IRS audit machine. Better news: The 1-in-100 chance of being called on the carpet really overstates the […]