saving for retirement

New IRA And 401(K) Limits For 2014

As the Christmas shopping season winds down, many Americans are starting to look toward the future — and their taxes. One of the easiest ways to reduce your income tax each year is to contribute a portion of your income to a 401(k) or traditional Individual Retirement Arrangement (IRA). For example, if you earned $70,000 […]

beware of scams

Charity Scams and Donation Fraud

It’s getting harder and harder to be a savvy consumer. Scammers attempt to get our money by sending emails, creating fake websites, calling on the phone under false pretenses, and sending text message designed to scare us. Worse still, fraudsters are taking increasing advantage of natural disasters like the tornadoes that swept through Oklahoma and […]

debt settlement terminology

The Surprise Taxable Income

If you’ve had a debt settlement last year, you can expect to receive Form 1099-C from the Internal Revenue Service (IRS). This is because under current IRS regulations the amount that you saved by entering into a settlement agreement with a creditor or a debt collector is considered to be taxable income. If the amount […]

small business owner filing tax return

New Tax Credits and Deductions For Small Businesses

First, the good news: according to the Small Business Administration (SBA), the majority of small business in the United States shouldn’t see their income taxes increase this year. Now here’s even better news: the American Tax Payer Relief Act of 2012 has deductions that not only benefit individuals but businesses as well. For example, Section […]