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In 2020, the number of Black and Latino certified financial planners in the U.S. grew 12.6% from the previous year — certainly good news. The more sobering statistic from the…

For some investors, IRAs may be long-term, hands-off investment vehicles. That doesn’t mean you should ignore them completely. This year, give a little love to your IRA and make sure…

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MoneyTips

Preparing a tax return is not most people's idea of a good time. As a result, we tend to procrastinate and wait until the last minute to file our returns. However, there are good reasons to start preparing your tax return as soon as you have all the necessary documents:

1. Reduce the Chance of Tax Identity Theft and Fraud – By filing as early as possible, you can reduce the chances of a thief filing a fraudulent return in your name. Greg McBride, Senior Vice President and Chief Financial Analyst for Bankrate.com, calls tax ID fraud "a massive headache for people" and refers to the practice as "…one that people too often don't find out about until after the fact. They go to file their tax return and it gets rejected because a return's already been filed under their Social Security number."

Confirms Betterment Head of Tax Eric Bronnenkant, "The sooner that you file, the less...

It's STILL Not Too Late To Lower Your Tax Bill

Last-Minute Tax Day Filing

Do You Qualify For An Earned Income Tax Credit?

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MoneyTips


Early Birds Should Be Careful

Have you been waiting patiently to file your taxes? If so, you're in luck. This tax season is now underway. February 12th, 2021, was the first day that the IRS would accept tax returns for the 2020 tax year, either electronic or paper copies. (You can mail in paper copies at any time, but they won't be processed until the tax season kickoff date set by the IRS.)

Why file your taxes early? A better question is: Why leave taxes hanging over your head until April and then spend a stressful week trying to complete your return? In addition, filing early can thwart any identity thieves trying to file a false return in your name – and if you have a tax refund coming, why wouldn't you want to get it as soon as possible?

Even so, early filers must take care to avoid mistakes that negate the benefits of an ear...

No W-2 Tax Form? What To Do

Tax Return Transcripts

New W-4 Form Shows Craziness of Tax Program

I placed more online orders than I can count in 2020. And I justified all of them. My front porch was filled with boxes containing all sorts of things: furniture…

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MoneyTips

One of the most controversial provisions of the 2017 Tax Cuts and Jobs Act (TCJA) was the limit it placed on state and local tax (SALT) deductions. The TCJA capped the deduction on combined payments for state and local property, sales, and income taxes at $10,000 beginning in the 2018 tax year.

According to the Joint Committee on Taxation, the SALT deduction cost the government $100.9 billion in potential 2017 tax revenue. The estimated SALT deduction costs for 2020 dropped to $24.443.1 billion. It's a large part of the tax revenue increase that paid for the corresponding tax cuts.

Many taxpayers won't be affected by the SALT changes. However, people in states with high taxes and high property values can easily reach $10,000 from either property taxes or state taxes alone.

How do you know if you'll be affected? Check Schedule A on last year's tax return. If you entered more than $10,000 on line 5d and your tax status hasn't significantly changed, you'll...

Pack Your Bags And Save Thousands On Taxes

How the Tax Cut Bill Is Raising Your State Taxes

Best And Worst States For The New Tax Law

Being asked to be an executor is an honor you might want to pass up. Settling an estate typically involves tracking down and appraising assets, paying bills and creditors, filing…

Catalytic converter thefts have soared during the pandemic as drivers drive less and leave their cars unattended. Thieves can steal this antipollution device in a matter of minutes and sell…

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