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Welcome to Part 6 of the ol' blog's series on 2018 inflation adjustments. Today we look at changes to estate, gift and kiddie taxes. You can find links to all 2018 inflation posts in the first item: Income Tax Brackets and Rates. Note: The 2018 figures apply to 2018 tax returns that are due in 2019. For comparison purposes, you'll also find 2017 amounts to be used in filing 2017 tax returns due next April. Real wealthy families like the fictional filthy rich Darlings of ABC's "Dirty Sexy Money" welcome the latest estate tax inflation adjustments. (Cast photo courtesy ABC... Read more →


Welcome to Part 4 of the ol' blog's series on 2018 inflation adjustments. Today we look at changes to some popular credits and deductions. You can find links to all 2018 inflation posts in the first item: Income Tax Brackets and Rates. Note: The 2018 figures apply to 2018 returns that are due in 2019. For comparison purposes, you'll also find 2017 amounts to be used in filing 2017 returns due next April. Millions of taxpayers depend each year on tax deductions and tax credits to cut their annual tax bills. The main tax reduction strategy is claiming the standard... Read more →


October marks the start for many companies of open season for employees' workplace benefits, many of which provide workers some nice tax savings. It's also a good month to make other tax-related moves. It's time to turn our attention to health care again. This time, though, it's not medical insurance via the Affordable Care Act/Obamacare. Instead, October marks the beginning of open enrollment season for workplace-provided benefits at companies across the country. Decide now for next year: Open enrollment periods vary from company to company. Most run from two to four weeks for workers to evaluate their current benefits and... Read more →


Here's some United Kingdom news that's much more exciting than the blowout NFL game played today in London. Two million married couples in Great Britain are missing out on their share of £1.3 billion ($1.76 billion U.S.) available via a marriage tax break. It's official, this bride indicates, by showing off her wedding band. (Photo by Pulathi Talagala via Flickr CC) Those unclaimed billions were calculated by Royal London insurance group after it received data from HM Revenue and Customs (HMRC; the U.K. version of America's Internal Revenue Service) following a freedom of information request. HMRC figures show that only... Read more →


Life is a carousel, at least for a while, for this youngster and her grandmother. Once play time is over, financially secure grandparents have some tax-favored ways they can help ftheir grandchildren. (Photo by Rob Bixby via Flickr Creative Commons) Happy Grandparents Day! If your pop-pop and mam-maw (insert your own personal and/or regional affectionate nicknames here) are still around, take some time to tell them how much you love and appreciate them. Most of the time, younger — and that's definitely a relative term — folk think of grandparents as ancient. In many cases, elderly grandparents (and parents) do... Read more →


If you've been paying attention to Donald Trump Jr.'s meeting with some Russians last summer, you know the White House has given two reasons for the get-together. The explanation that caught my tax eye was that the group talked about adoptions. The president's oldest son said that one of the Russian nationals came to Trump Tower to lobby for reversal of the Magnitsky Act. The law gets its name from attorney Sergei Magnitsky, who died in 2009 while being held in a Moscow prison. Foreign fight, domestic family effects: In 2012, the U.S. law bearing Magnitsky's name was enacted. It... Read more →


Happy World Emoji Day! It's held on July 17 each year as a way to promote the use of emojis — like we need to do that! — and, according to Emojipedia (really!), spread the enjoyment that the colorful icons bring. The enjoyment goal got me thinking of how emojis might make one of our worst tax tasks more pleasant. I'm talking, of course, about our annual filing of returns. Most of us already use tax software. Surely it wouldn't be that difficult to incorporate the option of adding emojis to the lines we fill electronically complete. Dressing up your... Read more →


Regardless of which month you marry, there are and will be tax matters to consider. Relaxing after the ceremony. (Photo by Barney Moss via Flickr) Ever wonder why June is "the" wedding month? Me, too. So I looked it up. The Old Farmer's Almanac, which I never realized was a go-to wedding planning resource, says that June is the most popular month to marry thanks to some ancient traditions. The Roman goddess Juno, for whom the sixth month was named, was the protector of women in all aspects of life, but especially in marriage and childbearing. So, says the Almanac,... Read more →


Dancing with Daddy (Courtesy Wifflegif.com via Giphy) Those of us lucky enough to have (or have had) great dads are well aware of all the support they provide. There are the traditional demonstrations, like teaching us to dance (like the dad above, sort of) or ride a bicycle and later to drive a car. And of course, there is Dad's perpetually open wallet, especially for us daughters who will always be our fathers' little girls. But families have changed over the years. More single fathers: Of the 72.2 million fathers in the United States, just more than a third (34... Read more →


June is here! Summer. Beaches. Holidays. Weddings. Tax breaks. That's not a non sequitur or the fevered delusions of tax geek. As schools close their doors for a few months and families head out on much-needed vacations, it really is the perfect month to look at some traditional June events and their related tax moves. 1. Batten down the hatches: OK, that's a nautical phrase, but when summer rolls around, landlubbers along the Atlantic and Gulf of Mexico coasts take it to heart. They don't need a calendar to tell them that the annual hurricane season starts June 1. They... Read more →


In his new book, "The Vanishing American Adult: Our Coming-of-Age Crisis — and How to Rebuild a Culture of Self-Reliance," Nebraska Sen. Ben Sasse says young people in the U.S. are failing to launch. He explained to Elaine Quijano on "Red & Blue" how we ended up here and what Americans can do to prepare for adulthood. (Click image to view CBSN video) Sen. Ben Sasse swears that his book is not just 320 pages of old man "get off my lawn" rants at neighbor kids. First of all, the 45-year-old Sasse is far from old. Plus, says the Nebraska... Read more →


May flowers, like these Texas poppies, are one of the reasons it's such a merry month. Other reasons to be happy is that there are some tax moves you can make now to cut your 2017 IRS bill. (Photo by Kay Bell) Welcome to the merry, merry month of May, which is particularly joyous for folks who've finished up their 2016 tax returns. That's almost 136 million of us, with around 17 million of those 1040 forms arriving at Internal Revenue Service processing centers in the final days of this year's main filing season. While the 2017 filing season got... Read more →


Ah, youth. The excitement. The energy. The illusion of immortality. The first-ever filing of a tax return. Boom. Taxes often are the first indication of young adulthood. And apparently it's a grown-up responsibility that many millennials are turning over to other grownups, specifically their parents. Real mom-and-pop tax help: More than a third (37 percent) of millennials relies on their parents at least in part for tax help, according to a new study released by TaxAct. The survey, conducted by ORC International earlier this year on behalf of the tax software company, also found that young men are more likely... Read more →


Whenever I want to escape the crazy that is real life, I turn to the movies. Sometimes it's my favorite tax-themed films. Amanda Abbington and Martin Freeman, pictured here on the set of "Sherlock" with Benedict Cumberbatch, who plays the show's title character behind them, have separated. (Photo courtesy PBS Masterpiece) Other times when I can't get away for a couple of hours, I surf entertainment news. Go ahead, judge me. Then admit you've done the same! In perusing the web recently, I stumbled across a list of celebrity couples who have split. In addition to the usual Brangelina and... Read more →


Donald Trump is batting .500 for cabinet members who screwed up nanny tax reporting. This morning, the Senate narrowly confirmed Rep. Mick Mulvaney (R-South Carolina) to head the White House Office of Management and Budget. The vote was 51-49. At least Vice President Mike Pence didn't have to up to Capitol Hill to break a tie this time. Click image to watch the C-SPAN video of Mick Mulvaney's confirmation hearing before the Senate Homeland Security and Governmental Affairs Committee. His testimony apparently convinced just enough Senators to approve him on Feb. 16 for the White House budget post. Did Mulvaney's... Read more →


You're married. You got married on Dec. 31. You're a parent. You take care of an aging parent. You're a single dad. You're divorced. You got divorced on Dec. 31. All of these personal situations can affect your tax filing status. So getting it right on your tax return is critical. Dad helps his children with their homework. If he's the only parent, he could have a couple of tax filing status choices depending on his personal situation. Why does filing status matter so much? It determines the amount of standard deduction you can claim. It is used to establish... Read more →


Oh, c'mon people! What is so hard about hiring a legal household worker and then paying the proper taxes for such help? Mother with a baby and toddler hauling, in her words, "a lot of crap." If she hires childcare help, she'll need to pay attention to nanny tax rules. (Photo by Mrs. Flinger via Flickr Creative Commons) However, some high-power folks with political aspirations apparently cannot get this right. Not even three weeks into the Trump Administration and we have a second nanny tax scofflaw. Puzder joins Mulvaney with household help issues: First there was the South Carolina Republican... Read more →


Hello February. Although you're the year's shortest month, your fewer days can be full of extremes, like snow this week in the Midwest and Northeast and weather warm enough here in Central Texas for us to turn off the furnace and open windows. Image courtesy Tammy King's February Pinterest Board February's changes can be dramatic. But there's no need to over-react to your taxes this month. There are lots of easy moves you can make over the next 28 days. Collect your tax statements: Filing data on a variety of forms is filtering in this month. If you work for... Read more →


A Jacksonville, Florida, mother and father finally saw their daughter after being separated for 18 years. Kamiyah Mobley was known as Alexis Manigo when she took this undated Instagram selfie with Gloria Williams, the woman she grew up thinking was her birth mother. Kamiyah Mobley was a newborn when Gloria Williams, 51, allegedly posed as a nurse and took her from her birth mother in Jacksonville, Florida. Now Kamiyah, who grew up as Alexis Manigo, is getting to know her birth parents, Shanara Mobley and Craig Aiken. The young woman, however, says the woman accused of taking her when she... Read more →


Rep. Mick Mulvaney is going to have to answer some nanny tax questions if he hopes to become President-elect Donald Trump's budget director. Rep. Mick Mulvaney speaks to some of his South Carolina constituents on last September's Constitution Day. (Photo by Erik B. Corcoran via Twitter) The South Carolina Republican was elected to Congress in 2010 as part of the midterm Tea Party wave. Since then, the man whom some have called a debt warrior has been a major player in the conservative Freedom Caucus and has focused on ways to cut federal spending. He probably should have focused on... Read more →