If getting more energy efficient at home or work is on your to-do list, let Uncle Sam help get things kick-started with some timely tax incentives. One example: you can claim a tax credit equal to 30% of the cost of a qualified solar-electric system if the system is installed this year. In some cases, [...]
Are you making summer plans for visiting your vacation home? If so, do you have to schedule your stay around dates reserved by paying guests? When you use your vacation home personally and also rent it during the year, you may need to be aware of special tax rules. But there's a benefit to knowing [...]
A good credit history is nearly indispensable. Without it, you'll have trouble buying a car, renting an apartment, and perhaps even getting a job, since some employers order job applicants' credit reports. Here are ways to establish a good record. Start by ordering free credit reports from the three major credit bureaus. What's the point [...]
Taxes are an important part of the decision to own real estate. Here's a brief overview of tax benefits you can realize while you own real property, as well as when you sell or otherwise dispose of the property. Current expenses. As a rental property owner, you can deduct current expenses to offset the tax [...]
How often do you take time to talk about your finances? Once a year while preparing your tax return? Only when a financial emergency pops up? Or are money matters a topic you avoid entirely? If discussing financial goals makes you uncomfortable, you're certainly not alone. Surveys by a national financial company found that money [...]
If you helped support your parents or other adult relatives in 2015, tax breaks are available that could lower your taxes. You may be able to claim your relative as a dependent, deduct extra medical expenses, or use a more beneficial tax bracket. Claiming a relative as a dependent. An adult dependent’s gross income must [...]
Only one month to go until tax filing day! That means you still have time to trim your 2015 tax bill. Here are last-minute moves to consider and deductions to remember. Maximize your 2015 IRA contribution. You have until April 18 (or April 19 if you live in Maine or Massachusetts) to make deductible 2015 [...]
You’re slogging through paperwork, gathering and organizing information to prepare your tax return. Take heart – you can make your hard work do double duty by using those same records to improve your financial well-being. Here are suggestions to get you started. Write down your financial goals. How much money will you need to meet [...]
Do you need to file a federal income tax return this year? Your age, income level, and filing status will usually point you to the right answer. But special rules apply in certain situations. Here are the general filing rules for 2015 tax returns. Single taxpayers (including those who are divorced or legally separated): If [...]
