Taxes

The perfect graduation gift: A personal exemption

Kelly Phillips Erb — Fri, 10 May 2013 10:00:00 -0700

With graduation day just around the corner, parents across the country are struggling to find the perfect gift. Might I suggest a personal exemption?

Free food on Tax Day

Sarah Brooks — Fri, 12 Apr 2013 13:00:00 -0700

Tax Day is April 15, 2013, and it’s time to get some free food!

Student loan interest: How parents can pay and give their child the deduction

Kelly Phillips Erb — Tue, 09 Apr 2013 08:00:00 -0700

Paying for college can be expensive. According to American Student Assistance, close to 60 percent of the nearly 20 million Americans who attend college each year borrow to cover the cost. That works out to nearly 12 million students who are financing their education each year.

How to set up a legal home business

Heather Barnett — Tue, 09 Apr 2013 06:00:00 -0700

If you're ready to start your own home-based business, you'll need to do several things to keep it legal. We've got the scoop on things like setting up an LLC, applying for DBAs and keeping your taxes in order.

What to deduct when you're expecting

Kelly Phillips Erb — Fri, 05 Apr 2013 12:00:00 -0700

Having a baby can be expensive. Fortunately, taxpayers can catch a few breaks under the Tax Code to make it a little more bearable.

Your tax season survival guide

Kelli Uhrich — Fri, 05 Apr 2013 06:00:00 -0700

It's that time again! Tax season is here, and you're gearing up to sift through those receipts. But before you get started, take a time-out to simplify this intimidating process. We've rounded up the best advice to help get you through it!

Make the most out of your income tax return

Jessica Watson — Fri, 05 Apr 2013 06:00:00 -0700

Your long-awaited tax return is almost here and you've already thought of a million ways to spend that check. Before you cash it and start spending, there are a few things you should think about that could help maximize the money you receive.

How to file an extension for your taxes

Sarah Brooks — Fri, 05 Apr 2013 06:00:00 -0700

If you’re not going to make the April 15th deadline for filing your taxes, you can file an extension, which will push the due date back to October 15th, 2013. This gives you an extra six months to complete your taxes.

Spring cleaning and charitable deductions

Kelly Phillips Erb — Thu, 04 Apr 2013 11:00:00 -0700

It’s that time of year again — spring cleaning! Throw open your windows, shake off the cobwebs and let in some fresh air. Along with scrubbing down the walls and cleaning away some questionable goo in the mudroom, you’ll probably be tossing out a few things — those items that are too small, too ill-fitting or simply out of date.

Real women speak: What did you do with your tax refund??

Sarah Brooks — Thu, 04 Apr 2013 04:00:00 -0700

Ahhh it’s that time of year again — tax season. Those who typically owe money dread the thought of April 15th, but those who get nice returns look forward to getting some extra cash in their pockets. So we asked, and you answered: What did you do with your tax refund?

How tying the knot can impact your taxes

Jessica Padykula — Wed, 03 Apr 2013 05:00:00 -0700

Getting married has a big impact on your taxes. To help you navigate the changes, TaxACT spokesperson Jessi Dolmage offers this advice.

How to prepare for tax day

Sarah Brooks — Tue, 02 Apr 2013 06:00:00 -0700

April 15th is deemed “tax day,” but hopefully you’ll have your taxes done much sooner than that. Before sitting down to file, make sure you are fully prepared for the daunting task that lies ahead.

Strange tax return rituals we love

Jessica Watson — Mon, 01 Apr 2013 06:00:00 -0700

If you are planning on getting a refund this year you probably already have plans for how to spend it — maybe pay off the credit card, or buy those cute boots that have been calling your name — but you may not have thought of these ideas. Wait until you hear how a few SheKnows readers have spent their tax returns.

Last-minute tax season tips for families

Kelly Phillips Erb — Fri, 29 Mar 2013 08:00:00 -0700

Tax Day is right around the corner. Even if you haven't started preparing your taxes yet, don't stress out. You still have time to get everything together and get your taxes filed correctly and on time.

Dionne Warwick files for Chapter 7 bankruptcy

Kristyn Burtt — Tue, 26 Mar 2013 20:18:00 -0700

Dionne Warwick filed for Chapter 7 bankruptcy last Thursday because her tax liability to the IRS and the state of California ballooned to over $10 million.

Should your child be the beneficiary of your life insurance policy?

Kelly Phillips Erb — Mon, 25 Mar 2013 14:00:00 -0700

We all want to protect our families. It’s part of being a parent, this desire to take care of our kids for as long as we possibly can. We worry about our kids while we’re alive and yes, we worry in advance about them if something were to happen to us. That’s what leads many families to purchase life insurance policies.

Best uses for your tax refund

Kelly Phillips Erb — Mon, 11 Mar 2013 10:00:00 -0700

In 2012, the Internal Revenue Service issued refunds to 110,471,000 taxpayers. The average taxpayer refund was a whopping $2,803. Big refunds may feel like a good thing but keep in mind what they are, really: Interest-free loans to the government.

The kiddie tax: Does your child have to file?

Kelly Phillips Erb — Wed, 06 Mar 2013 11:00:00 -0800

When April 15 rolls around, most of us understand that we need to file a federal income tax return. But what about when our kids earn money? What then?

Signing up for summer camp: Is it deductible?

Kelly Phillips Erb — Tue, 26 Feb 2013 12:00:00 -0800

The first time I tried to sign my kids up for summer camp, I was surprised to learn that most of the camps that I was interested in were already full. When I complained to friends, I was met with blank stares. It was June. Of course, they were full. To get the best camps, I was told you have to start planning earlier — like January and February.

Creating accounts for kids: Practical and tax consequences

Kelly Phillips Erb — Mon, 18 Feb 2013 14:00:00 -0800

It’s never too early to start saving. Opening a bank or other investment account for your child can be a great way to help her save for the future while teaching the importance of being financially responsible.

Top tax tips for the self-employed

Kristen Fischer — Sat, 16 Feb 2013 04:21:00 -0800

Nobody likes tax time, and for the self-employed, it is even more of a nightmare. You have income from multiple sources, and you’re responsible for keeping tabs on all of it — even if the client you’ve worked for doesn’t send you a 1099. You have to know what to deduct and pony up money while everyone else seems to be getting refunds.