Taxes

Words You Should Know: Social Security Payroll Tax

Does it feel like your paycheck just got a little smaller? That’s because it did, by 2%. Thank the Social Security payroll tax. The Social Security payroll tax is one of the lines on your pay statement, and it is what it sounds like—a 12.4% tax...

What the Fiscal Cliff Really Is

The term: “Fiscal cliff” sounds dire, but it describes a combination of old tax breaks expiring, new tax increases and federal cutbacks that all take effect by January, 2013. President Obama or Governor Romney can’t steer us away from the...

Repent at Tax Time for a Year of Spending Sins

Every year at this time, because of the inevitable confluence of Easter and tax day, my inner Catholic gets resurrected, big time. This year’s guilty, post-itemizing revelation: What the hell happened to our budget, and where did all our money...

We Put Mobile Tax Apps to the Test

Too glued to your smartphone to sit down and do your taxes? We tried out two free tax filing apps for you: SnapTax by TurboTax No kids, real estate, or investment income? SnapTax will help you “magically” file a 1040EZ using a snapshot of your...

Harvest Time for Taxes

The stock market may be surging today, but it hasn't exactly been a banner year for investing. If your portfolio is showing more red than a Valentino runway show, don’t get mad, get tax-savvy. Selling investments at a loss can generate a nice tax...

Pay It Forward on Tax Day

Getting your returns files is one reason to look forward to tax day. But it’s a major money day for another reason—it’s the last day you can contribute to your traditional or Roth IRA. That’s right, Uncle Sam kindly gives you until tax day to max...

Tax Time Treasure Hunt

Tempted to simplify your taxes by taking the standard deduction? Don’t write off the possibility of itemizing just yet. It could save you heaps of cash. The standard deduction is the amount you can deduct from your income pretty much...

Get a Tax Credit for Saving

It sounds crazy, but you could potentially get a chunk off your tax bill just for having contributed to your retirement plan in 2012. Although most people are unaware of the so-called Savers Credit, according to a recent Transamerica survey, it...

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