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Grad School: Higher Degrees of Debt
the tax guy
Bill Bischoff
Preparing for 'Taxmageddon'; Bischoff: Beneficial estate and gift tax provisions are set to expire at the end of this year. Here's what to expect.
SmartMoney.comThe 2010 Bush tax cut extension legislation also established a favorable, but temporary, federal estate and gift tax regime for 2011 and 2012. But we will go back to the bad old days on Jan. 1, 2013, unless Congress takes action and the ...
What End of Bush Tax Cuts Would Mean for You; Bischoff: Unless Congress takes action, it's not just the "rich" who will see higher tax bills.
SmartMoney.comThe so-called Bush tax cuts are scheduled to expire at the end of this year. While you may already know that, you may not fully understand what's in store for you and your family. Here's what to expect.
Skip the Dorm, Buy Your Kid a Condo; Bischoff: Low real-estate prices -- and sweet tax breaks -- may make buying a condo preferable to student housing.
SmartMoney.comPrices in many real-estate markets may be close to bottoming out. We hope. So the old adage about buying low may be something to consider if you have a kid who will soon be heading off to college. The idea is to buy a condo for the kid to ...
What ObamaCare May Mean for Taxes; Bischoff: The Obama health-care law includes changes for next year -- unless the Supreme Court acts.
SmartMoney.comThe 2010 ObamaCare legislation includes some major tax changes that will take effect next year, unless the Supreme Court strikes them down when it rules on the law's legitimacy in June. Here's a refresher course on what's at stake tax-wise ...
How to Use the IRS as a Credit Card; Bischoff: You may be eligible for a loan from the taxman -- and at a decent rate. Here's what to consider.
SmartMoney.comSay your overall cash-flow situation is good, but you need to cover a short-term deficit over the next few months. In today's still-strict credit environment, taking out a loan may not be much fun. It may not even be possible -- unless you ...
How the IRS Targets 'Hobbyists'; Bischoff: If the IRS determines your side business is just a hobby, you can't deduct losses. Here's what you need to know.
SmartMoney.comIf the expenses of your sideline business exceed its revenues, it's reasonable to think you can deduct the loss on your return. Think again. The Internal Revenue Service may claim your purported business is a hobby that never had a chance ...
How to Fix a Botched Tax Return; Bischoff: With today's ultra-complex rules, anyone can make a mistake. Here's how to fix it.
SmartMoney.comIt's a common occurrence during tax filing season to discover that you botched a previously filed return. Say you figured out that you missed some tax-saving deductions and credits on your 2010 Form 1040, which you filed about a year ago. ...
Mega Millionaires' Big Tax Bills; Bischoff: Winners of the recent Mega Millions jackpot face some serious tax hits. Here's the breakdown.
SmartMoney.comYou hear it all the time: the rich don't pay their fair share in taxes. Baloney! For proof, consider the daunting tax bills that will be faced by winners of the recent Mega Millions jackpot. Here's the true story.
3 Last-Minute Ways to Lower Your Tax Bill; Bischoff: An IRA contribution made between now and April 17th can still be deducted from a 2011 return.
SmartMoney.comAlthough 2011 is way back in the rearview mirror, it's still not too late to make some moves that will save taxes on last year's Form 1040 and maybe on last year's state income tax return as well. Here are three possibilities.
Child-Related Tax Breaks After Divorce; Bischoff: The IRS rules on which parent can claim which breaks are -- not surprisingly -- complex.
SmartMoney.comDivorces cause tax issues, including which parent is allowed to claim valuable child-related tax breaks. Sometimes, but not always, it depends on which parent is allowed to claim the child as a dependent. Here's what you need to know.
More Tax Breaks for Supporting Relatives; Part 2 of the Tax Guy's rundown on how to claim deductions for helping family members.
SmartMoney.comIf you're helping out a financially stressed relative, you're doing a good thing. In return, you might be entitled to some tax breaks that do you some good. Please read this to find out if you qualify. (This is the second ...
Tax Tips for Same-Sex Couples; Bischoff: For tax purposes most same-sex couples are still considered single. But in some cases, that's a good thing.
SmartMoney.comThere have been developments regarding federal income tax filing issues for same-sex couples. I'll tell you what you need to know, but let's first cover the necessary background information.
Your Tax-Cheating Spouse May Cost You; Bischoff: What to do when you suspect a spouse or ex of tax misdeeds.
SmartMoney.comBefore you file a joint Form 1040 for 2011, know this: under the principle of joint and several liability, you and your spouse will both be on the hook for up to 100% of any federal income tax underpayment for the year. It generally ...
5 Little-Known Tax Deductions; Bischoff: It's possible to write off some expenses that were paid for by someone else.
SmartMoney.comIt's now officially time to get serious about filing your 2011 Form 1040, especially if you expect a refund. Here are five little-known write-offs that could make your refund bigger or cut what you owe.
IRAs Are Better Than Ever as Retirement Tool; More folks are eligible -- and the contribution limits are higher. So get on this.
SmartMoney.comONLY A FEW YEARS AGO, IRA contributions were limited to a measly $2,000. Plus, strict income limits prevented many folks from being able to contribute to deductible or Roth IRAs at all.
Inheriting Uncle Henry's IRA; Tax rules are tricky when inheriting an IRA from someone other than your spouse.
SmartMoney.comIN A RELATED ARTICLE , I explained how the IRA minimum withdrawal rules affect spouses who inherit their husband's or wife's IRA. But what if you inherit your Uncle Henry's IRA, or any IRA that belonged to someone other than ...
TIPS Can Help You Weather Economic Storm; These investments offer returns no matter if there's inflation -- or deflation.
SmartMoney.comWhen it comes to retirement savings, preserving principal has always been a key concern. But these days, with unprecedented market swings tearing into investors' savings, it's even more important.
Should Married Taxpayers File Separately? Bischoff: Conventional wisdom says no, but for some couples filing separately is actually the best move.
SmartMoney.comIf you're happily married, conventional wisdom says you should always file a joint federal income tax return with your spouse. However, there are exceptions. Here's the story, starting with the basics.
The Tax Perks of Charitable Giving; Donating cash or other goods to charity can save you a bundle on your taxes.
SmartMoney.comCHARITABLE GIVING is good for more than just your soul. Play your cards right and it can be good for your wallet, too. Here's a crib sheet on how to make sure your good deeds get properly rewarded.
The Tax Implications of Foreclosures; Bischoff: In Part 1 of a two-part series, we look at the federal tax implications of a principal residence foreclosure.
SmartMoney.comForeclosure Basics A foreclosure occurs when a mortgage borrower defaults and the mortgage lender seizes the mortgaged property in order to sell it before things get worse.
Estate Planning Update for Singles; Here's what unmarried individuals need to know about recent tax changes.
SmartMoney.comThe 2010 tax cut extension package made beneficial changes to the federal estate and gift tax rules for 2012. That's good news, but your estate plan may need an update to take advantage of the benefits. Here's what unmarried ...
Why Most People Need an Estate Plan; If you have some assets (maybe just a car and some nice furniture) or minor children, you still need an estate plan--even if taxes are not an issue.
SmartMoney.comThanks to the $5.12 million federal estate tax exemption for those who die in 2012, most folks are not exposed to the federal estate tax right now. However, if you have some assets (maybe just a car and some nice furniture) or minor ...
Closing Down the Estate; Being named the executor of someone's will is tricky tax business.
SmartMoney.comWhen a loved one dies, somebody must step up to the plate to handle all the resulting tax issues. This person may be identified in the decedent's will as executor of the estate. If there isn't a will, however, the probate court ...
More Changes to Tax Form 1040; Part 2 of the Tax Guy's rundown on the changes that kick in with your 2011 return.
SmartMoney.comAny day now, you'll receive your 2011 W-2 and 1099s. That's the official signal to begin thinking about last year's tax return. Before actually getting to work, you should be aware of some key changes. Here's the second ...
What's New for Tax Form 1040; Bischoff: In Part 1 of a two-part series, we look at some of the key changes to consider this year.
SmartMoney.comAny day now, you'll be receiving your 2011 W-2 and 1099s. So it's officially time to think about getting underway on your 1040 for last year. Before you start, be aware of some key changes from earlier years. Here is Part 1 of our ...
Tax Rules for Gamblers; Got lucky at the tables? Here's how to report your winnings -- or losses.
SmartMoney.comWhen the economy is shaky, some folks compensate by trying their hand at gambling. While losses are the usual outcome, some do get lucky. Some even go pro.
Tax Literacy 202; Digging in to various legislated federal tax breaks, credits and extensions.
SmartMoney.comTaxes are (or will be) your largest single expense. In an effort to enhance our collective knowledge on tax policy, we offer up the fourth installment of our 'Tax Literacy' series. This edition looks at various legislated federal ...
Biggest Tax Stories of 2011; Bischoff: After a relatively calm year, tax payers should expect fireworks in 2012.
SmartMoney.comThere was not a ton of tax news this year, due to a welcome lack of legislation. So for one year in a row, the Internal Revenue Code was not a constantly moving target. Thank you Congress. Still, there were two significant developments and ...
Year-End Tax Moves; It's not too late for these tax-saving strategies.
SmartMoney.comWith year-end rapidly approaching, it's time to consider making some moves that will cut your tax bill. Before acting on our recommendations, be sure to gauge your 2012 income expectations. Moves you make this year may affect next ...
Age-Related Tax Milestones; Bischoff: A primer on what to watch for when your calendar turns.
SmartMoney.comAcross economic cycles, two things remain constant: you get older and you pay taxes. As the new year turns, you should also turn to your own age-related tax and financial planning milestones.
Taxing Consequences of Short Sales; Tips for homeowners forced to sell at a price below what is owed on the mortgage.
SmartMoney.comFour years after the residential real estate bubble began to burst, most markets are still depressed. If you borrowed heavily to buy at the top of the market or overindulged on home equity loans while prices were increasing, you may have ...
Owning Gold and Precious Metals in Taxable Accounts; Bischoff: Before jumping in to precious metals, be sure to get your tax facts straight.
SmartMoney.comWith the safest fixed-income investments--CDs, Treasury bonds, and money-market funds---paying next to nothing, investing in gold and other precious metals looks very appealing. But before jumping in to the market for the shiny stuff, be ...
Avoiding the Wash Sale Rule at Year-End; The deadline for harvesting year-end tax losses is around the corner, so time to act.
SmartMoney.comIf you make an ill-fated investment in a taxable brokerage account, you can claim a tax deduction for a capital loss when you sell the loser, right?
The Tax Guy's Tax Plan; Could decreasing the frequency of federal income tax payments alter how government spends?
SmartMoney.comConsider these two points. Over 80% of federal revenue comes from individual income taxes and Social Security, Medicare and unemployment taxes. Most of that money is collected via automatic payroll tax withholding
Predictions for Expiring Small Business Tax Breaks; A look at the fate for several small business tax breaks as 2011 draws to a close.
SmartMoney.comAs the end of 2011 approaches, a slate of business tax breaks are scheduled to expire. Their demise - or renewal - may ease your year-end tax planning.
Predictions for Expiring Individual Tax Breaks; A look at the fate for several tax breaks in 2011.
SmartMoney.comAs the end of 2011 approaches, a slate of tax breaks are scheduled to expire. Their demise - or renewal - may ease your year-end tax planning.
More Year-End Tax-Saving Strategies; Several ways to cut your tax bill, including selling investment losers and giving to charity.
SmartMoney.comWith the end of 2011 rapidly approaching, it's now officially time to consider making some moves that will lower this year's tax bill. However you don't want to take actions that would increase your 2012 tax bill by more than ...
3 Tax-Savings Deals at Your Job; Open enrollment time is right around the corner. Here's how to take advantage.
SmartMoney.comTimes are tough, and conserving cash is important. One easy way to do that is by taking advantage of tax-saving opportunities at your job. Soon it will be time to sign up for these deals for 2012 during your employer's open-enrollment ...
Write-Offs for Medicare Premiums; Seniors may be able to cut their tax bills by itemizing, writes Bill Bischoff.
SmartMoney.comMany seniors have gotten into the habit of claiming the standard deduction instead of itemizing. That's because they typically pay little or no mortgage interest, and they usually don't owe much for state and local income and ...
A Tax Lesson for Unmarried Couples; Making mortgage payments on a residence doesn't automatically entitle you to related tax deductions.
SmartMoney.comIn a 2011 decision, the U.S. Tax Court ruled that an unmarried taxpayer could not deduct home mortgage interest that she paid until she became an equitable co-owner of the property with her boyfriend and was legally obligated to make the ...
What Divorce Means For Your Taxes; Here's what you need to know about splitting up assets with your ex.
SmartMoney.comThere are significant tax consequences to a divorce. Here are some of the most important issues to consider when dividing assets between you and your soon-to-be-ex.
How to Deduct Alimony Payments on Your Taxes; The answer is more complicated than you may think.
SmartMoney.comIf your marriage disintegrates and you are required to make payments to your ex-spouse, it's a big help if you can treat some or all of them as tax-deductible alimony. On the other side of the coin, amounts you are allowed to deduct as ...
Free Lunch: Deducting Expenses You Never Paid; In certain situations, you can claim tax deductions for expenses that someone else paid.
SmartMoney.comIn a 2010 decision, the U.S. Tax Court concluded that a daughter could deduct medical expenses and real estate taxes on her Form 1040 -- even though they were paid by her mother. This outcome may surprise you, because you probably think a ...
HSAs: Still Tax-Smart; Health-savings accounts are alive and well and a good tax-savings deal.
SmartMoney.comAbout a year and a half ago, it looked like health-savings accounts might be outlawed in the rush towards national health care. But with the Republicans now in control of the House of Representatives, HSAs no longer seem endangered. ...
Should You Reverse That Roth Conversion? You have until Oct. 17 to change a Roth conversion back to a traditional IRA.
SmartMoney.comDid you convert a traditional IRA into a Roth account last year? Lots of folks did because, for the first time, conversions were allowed no matter how high your income. Is the Roth IRA now worth less than on the conversion date thanks to ...
Natural Disasters and Your Taxes; Hit by Irene? You might have a tax deduction or an unexpected tax gain.
SmartMoney.comWhile Hurricane Irene turned out to be milder than expected, it still caused deaths, injuries and an estimated $5 billion to $7 billion in property damage. And Irene was not the only big problem this year. In the spring we had devastating ...
Tax-Smart Ways to Take Investment Gains; Here are two strategies for raking in profits without getting hosed with higher taxes.
SmartMoney.comThe current federal income tax rates on long-term capital gains are super low, ranging from 0% to 15% depending on your tax bracket. But the rates on short-term gains are not so low. They range from 15% to 35% for most investors. ...
For Business Owners, a Surprise Tax Hit; Failure to keep up with law changes for retirement plans can be costly.
SmartMoney.comA Tax Court decision issued earlier this year said a single-participant profit sharing plan was disqualified from tax-favored status because it had not been amended to comply with Internal Revenue Code changes enacted in 2000 and 2001. The ...
Make This Estate Planning Move Now; Failure to take this action can have dire consequences.
SmartMoney.comWith the current $5 million federal estate tax exemption, you may not be thinking much about estate planning. After all, there's no way your estate would owe the tax if you happen to die between now and 2013. So no worries, right? ...
Should You Tap Your 401(k) Early? In certain situations, it's possible to avoid the dreaded 10% penalty.
SmartMoney.comIn this tough economy, you may be tempted to take an early withdrawal -- before age 59½ -- from your employer's qualified retirement plan. But don't without considering the tax implications, including the possibility of getting ...
Tax Breaks For Your Business; These tax-savers are scheduled for extinction at year-end, so take advantage while you can.
SmartMoney.comLegislation enacted last year included some very favorable, but very temporary, business tax changes. The best of the bunch are scheduled to expire at the end of this year unless Congress acts. These are the breaks.
Making Charitable Donations from Your IRA; For those 70-1/2 and older, how to take advantage of this tax deal.
SmartMoney.comIf you've reached 70-1/2, you can make cash donations to Internal Revenue Service-approved charities directly out of your traditional IRA. This can be a tax-smart opportunity, but it will expire at the end of this year unless Congress ...
Tax Breaks For Energy-Saving Home Improvements; There are new rules for cashing in on two credits this year.
SmartMoney.comUncle Sam still offers two different tax credits for energy-saving home improvements, but some of the rules have changed since last year in a less-generous way. Here's what you need to know.
Gold for Your IRA? How to invest some of your retirement savings in precious metals.
SmartMoney.comSome owners of individual retirement accounts still have bad vibes about the stock market. However, the safest fixed-income investments are paying microscopic returns, and the risk of inflation remains worrisome. That's why investing ...
A Tax Break for Adoptive Parents; How to claim the adoption credit, which is scheduled to become less generous in 2012.
SmartMoney.comLast year's health care legislation included temporary changes that make the federal adoption credit more taxpayer-friendly than ever before. This is good news for adoptive parents, because adoptions often cost thousands of dollars. ...
Don't Blow Off Minimum IRA Withdrawals; IRA owners turning 70-1/2 this year must comply with required minimum withdrawal rules -- or pay a costly penalty.
SmartMoney.comIf you own one or more traditional individual retirement accounts and will turn 70-1/2 this year, get ready to start taking mandatory annual payouts and paying extra income taxes. In fact, the whole reason our pals in Congress dreamed up ...
A Tax Break for Retirement Community Costs; A little-known tax rule can help offset the cost of some retirement communities. Here's how.
SmartMoney.comFor many aging boomers or their parents, the retirement road eventually leads to what's called a "continuing care retirement community" or CCRC. These places were once called nursing homes and conjured up negative images. ...
Tax-Free IRA Rollovers: 3 Things You Need to Know; If you decide to do a rollover from your 401(k), these steps will save you money.
SmartMoney.comAfter exiting a job, you're generally well advised to roll over money from your former employer's qualified retirement plan (or plans) into your own individual retirement account. In some instances keeping your money in the former ...
Just What You Needed: Higher Taxes; The often-overlooked Social Security tax is expected to start rising again next year.
SmartMoney.comWhile you hear a lot about the federal income tax, you don't hear much about the Social Security tax. That's odd because for many folks – especially the self-employed – Social Security tax can be the bigger hit. Here are some ...
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