If you’re preparing for summer nuptials, make sure you do some tax planning as well. A few steps taken now can make tax time easier next year. Here are some tips from the IRS to help keep tax issues that may arise from your marriage to a minimum: • Change of name. All the names…
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When you hire your first employee, you create an entire new task of complying with employment and labor laws and issuing a payroll. Payroll taxes create more administrative burden for small businesses than any other tax, according to the 2015 Small Business Taxation Survey from the National Business Association. Plus, compliance with payroll laws is a…
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On June 26, the Supreme Court ruled that the Fourteenth Amendment to the Constitution requires all states to license marriages between two people of the same sex and to recognize same-sex marriages performed in other states. This comes approximately two years after the Supreme Court overturned the Defense of Marriage Act (DOMA) enacted by Congress…
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There are many tax benefits for members of the military and their families, including disabled veterans. IRS Publication 3, Armed Forces’ Tax Guide, is a free booklet packed with valuable information and tips designed to help service members and their families take advantage of all tax benefits allowed by law. Information available in this publication…
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Working from home promises big benefits: extra income, flexible hours and a dress code of slippers and sweatpants. The trick, of course, is finding legitimate, well-paid positions because work-at-home scams abound. To assemble our list of top work-at-home jobs, we combed through employment data to identify occupations with good hourly wages and promising growth prospects.…
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Retirees in these 13 states will prosper from the Supreme Court ruling. Read more at http://www.kiplinger.com/article/business/T055-C012-S000-supreme-court-rules-in-favor-of-same-sex-marriage. The Supreme Court’s landmark finding that same-sex couples have a constitutional right to marry will mean a financial gain for such couples who live in the 13 states that allowed only a man and a woman to wed The…
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The Internal Revenue Service has issued proposed regulations to implement a recent federal law authorizing states to offer specially designed tax-favored ABLE accounts to people with disabilities who became disabled before age 26. The Achieving a Better Life Experience, or ABLE, account provision was signed into law in December 2014 as part of the tax…
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For you to receive a tax break, the school must be accredited and eligible for federal financial aid. Do online college courses qualify for the American Opportunity and Lifetime Learning tax credits, or do only classes taken in person at a brick-and-mortar college qualify Whether you take a class online or in person doesn’t matter;…
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If your child is younger than 13, you may qualify for the child-care credit. If you pay for the day camp and a babysitter so that you can work, the expenses can qualify for the credit. If you’re married filing a joint return, both you and your spouse must work (one spouse may be a…
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Yes. If your annuity is not in a traditional IRA, 401(k) or other retirement account, the way you take the money can make a big difference in the way it is taxed. No matter where the annuity is, earnings are not taxable until the money is withdrawn. If you withdraw money from the annuity on…
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