Happy Easter weekend to all who celebrate. I've always enjoyed the more secular activities, like my neighborhood's annual Easter egg hunt. I always get a kick out of watching the youngsters scramble to fill their baskets with colorful eggs. Today’s hunts feature multi-hued plastic eggs, which is a good change from the targets of my childhood. I still remember finding stinky spoiled real, dyed eggs that were overlooked during the original quest. And yes, in my (geezer alert!) day, parents actually hid the eggs, instead of just scattering them across open areas. I also remember my mother not being thrilled... Read more →
Education
Photo by Belle Co We made it. Tax Day 2025 is finally over for most of the country’s 140 million or so individual tax return filers. Now what? First, take a minute or more to celebrate being done with this annual tax obligation. Then, start thinking about taxes again. Wait! Come back! You did click over here, after all. And to reward your post-Tax Day curiosity, here are seven tasks you should consider. I promise they aren’t that difficult. 1. Adjust your paycheck withholding. Your tax goal each year should be for your paycheck withholding to cover as closely as... Read more →
Photo by D. Myles Cullen via Wikimedia CC Every year, millions count down the April days until their tax return is due. But there’s another sizeable group paying close attention to another date this month. It’s the day (well, actually the evening) when the college basketball champion is crowned. Two of the Final Four teams — Auburn, Duke, Florida, and Houston — will meet in that game on Monday, April 7. All involved obviously are focused on achieving the dream of becoming the champs. But excelling at a college sport these days literally pays off in other ways. Several NCAA... Read more →
Feeling flush thanks to your tax refund? If you’re looking for ways to spend it, here are some suggestions. (Photo by Karolina Grabowska) By mid-March, the Internal Revenue Service had sent out almost $163 billion in tax refunds. The average refund amount was $3,271. That's a nice chunk of change. Even if your refund isn't quite that large, or is more, when the money arrives comes the decision on how to use it. Most people already have ideas of what to do with their cash back from Uncle Sam. Some have already put those plans into action. But just in... Read more →
Photo by Polina Tankilevitch Special needs individuals and those who work with them are understandable concerned about many of the changes being made or proposed by the Trump administration and its Department of Government Efficiency (DOGE) henchmen partners. But the Internal Revenue Service, even though it is dealing with its own DOGE issues, is reminding people with disabilities of how an Achieving a Better Life Experience, or ABLE, account can help. The accounts were created in 2014 by the eponymous Achieving a Better Life Experience (ABLE) Act, a federal law that allows states to create tax-advantaged savings programs for eligible... Read more →
A towering city overlook is always impressive, but you don't necessarily need the telescopic help when it comes to overlooked tax breaks. Tax software, your tax adviser, and yes, the often-missed tax breaks listed below, can help you save on this year's filing. (Photo by Ricky Esquivel) The goal of every taxpayer is to pay Uncle Sam as little as legally possible. Even the Internal Revenue Service has enshrined that goal in its Taxpayer Bill of Rights. It’s number 3 on the 10-point list. A good way to ensure you pay no more tax than required is to claim all... Read more →
A related, and larger question, is what will happen to all federal student loans if, as the Trump administration also wants, the U.S. Department of Education is dismantled? And if your student loan already has been canceled, your celebration could be dampened if you live in one of 19 states that wants tax on the forgiven loan amount. The entrance to the National Museum of Education, located in the U.S. Department of Education headquarters in the Lyndon Baines Johnson Building, Washington, D.C. (Photo by Carol M. Highsmith for LBJ Building Architecture Gallery at GSA.gov) When the White House announced last... Read more →
You aren't legally required to file a federal tax return, but maybe you should. Here are six reasons why it might be a good idea. (Photo by Unsplash+ in collaboration with Getty Images) Millions of taxpayers have filed their returns so far this year. Millions more are working on their taxes. But not you. You checked out my post on who has to file a tax return (thank you!) and confirmed that you're one of the lucky few who doesn't have to file a Form 1040 this year. You might want to rethink that no-filing decision. Even if you aren't... Read more →
Photo by Pixabay The 2025 federal tax filing season officially starts Monday, Jan. 27. Millions of taxpayers already are working on their returns. Some have even completed them. Most of these folks are in a hurry to get their Form 1040 to the Internal Revenue Service because they are expecting a refund. Many also don’t have very complicated tax situations. Or they think they don’t. But something may have changed in their personal lives that could affect their filings, for better or worse. So before they — or you — hit send on their tax year 2024 filing, it’s a... Read more →
The Internal Revenue Service will start processing 2024 tax year returns on Jan. 27. Millions of people will file then, or before, getting their forms into Uncle Sam’s tax queue. But to file a complete and accurate Form 1040, you need all the information that form requests. That’s generally income statements like W-2s and 1999s. But there are many other documents that have tax-filing relevance. And most of those aren’t require by law to be sent to you until the end of January. So, most of us are just going to have to be patient for a couple more weeks.... Read more →
Saying "I do" also means saying hello to some tax changes in your new wedded life. (Photo by Jakob Owens on Unsplash) The end of each year is a good time to reflect on what happened the previous 12 months. For most of us, that includes some good events, some sad ones, and some still shaking out as we’re about to enter a brand new year. Many of these changes also could affect our taxes. So, as a bit of year-end preplanning, here are six ways that the Internal Revenue Code shows up when we encounter personal and lifestyle changes.... Read more →
Stumped when it comes to some Christmas presents? It can happen to even the most experienced gift-giver. Here are some tax-related suggestions that might help you be a good Tax Santa this year. Not that anyone is counting, but Christmas is just two weeks away. OK, we’re all counting. And some of us are freaking out a little bit over what to get certain people in our lives. If you, like me, haven’t finished your holiday shopping, here are five financial gifts, some with Internal Revenue Code benefits, that could help you be a great Tax Santa. Open a Roth... Read more →
I love Santa Claus, but even the Jolly Old Elf isn’t magical enough to provide the tax solutions you asked for in your letter to him. You’re going to have to make some tax moves, like the 10 below, yourself. (Photo by Kaboompics.com) Ho, Ho, Holy Moly! December sure got here quickly! Thanks to the 2024 calendar, we (or at least I) haven't even had time to sufficiently recover from Thanksgiving. But time, and taxes, march on, meaning we’ll just have to deal with a compressed holiday schedule as best we can. I hate to be the Tax Grinch adding... Read more →
Taking advantage of these inflation-adjusted tax breaks could put more money in your hands instead of Uncle Sam's bank account. (Photo by Osarugue Igbinoba on Unsplash) Many taxpayers look forward to tax filing season because they are getting a refund. Others just want to pay the smallest possible tax bill. Some Internal Revenue Code provisions, ranging from tax deductions to tax credits to income exclusions, can help in both cases. Deductions, like the standard amounts discussed in Part 2 of the ol' blogs annual tax inflation series, are a relatively easy, and popular, way to reduce a tax bill. Deductions... Read more →
Having trouble making your student loan repayment plan and your budget add up? A workplace benefit that helps cover college debt could help. (Photo by George Becker) School is, or soon will be, starting across the United States. That means students, parents, and teachers are hearing about the variety of educational tax breaks that could help them. But what about all the former students, especially those who took out loans to cover higher education costs? You and your lots of student loans are not forgotten. Almost 43 million U.S. borrowers have federal student loan debt, according to data collected by... Read more →
Photo by Yan Krukau Some classes have already started. Others, like those in my local suburban Austin school district, begin next week. And most will be underway by the end of August. So, families are hitting the stores, especially in places with back-to-school tax holidays, picking up the supplies that will help their youngsters succeed this semester. But parents and guardians aren’t alone. Teachers also regularly spend their own money to make sure that their students have a positive educational experience. If you’re one of those educators who’s shelling out your own money for classroom supplies, save those receipts. You... Read more →
Photo by Helena Lopes Is college worth the cost? It depends. That’s not a cop out. That’s the finding of a new Pew Research Center survey. “The public has mixed views on the importance of having a college degree, and many have doubts about whether the cost is worth it,” reports the Washington, D.C.-based nonpartisan organization that follows issues, attitudes, and trends shaping policy. College survey findings: About a fifth of U.S. adults (22 percent) say the cost of college today is worth it even if someone has to take out loans. Nearly half (47 percent) say it’s worth it... Read more →
Update Aug. 6, 2024: Classes have resumed in some school districts. Others will open their doors to students soon. And most across the United States will be in session by the end of this month. So, it's no surprise that parents are shopping for supplies, especially in states holding back-to-school sales tax holidays. Two that started in July, in Florida and Ohio, are wrapping up into this month. And three others, in starting date order, begin this weekend: Texas from Friday, Aug. 9, though Sunday, Aug. 11; Massachusetts from Saturday, Aug. 10, through Sunday, Aug. 11; and Maryland, from Sunday,... Read more →
Students, and their families, have a lot to worry about. 529 plan savings can help ease some of the financial concerns. (Photo via Unsplash+ in collaboration with Andy Quezada) Happy 529 Day! OK, it’s not an official holiday. It was started in 2021 by National Day Calendar and College Savings Foundation (CSF), and is one of the many commemorations that fill up the 365 days, 366 in Leap Years, of each year. Some of the special days are, to my thinking, downright goofy, although I do believe ice cream deserves to be celebrated every single day. But some merit serious... Read more →
Photo by Keith Luke on Unsplash Congratulations to this year’s high school and college graduates. Walking across that stage and getting that diploma is a ceremony they and their families have long waited to experience. So what, besides sincere well wishes, do you give the graduates in your life for reaching this milestone? There are lots of gifts that can help young adults as they head off to college or into the work world. My personal favorite when I was that age was cash. (Truth be told, it still is my preferred present!) If your favorite graduate is like me,... Read more →