tax tips

Last Minute Tax Tips

I joined CBS This Morning to discuss what Americans need to know about filing for taxes this year, ahead of Tax Day on May 17.

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

CBS This Morning: Last-Minute Tax Tips

There is less than a week left for many people to meet the April 15 deadline. Massachusetts and Maine residents have until the 17th. The IRS reports the number of returns is down 1.4% compared with this time last year. The average refund dropped $20 to just under $2,900. I joined CBS This Morning to discuss what last-minute filers need to know.

Have a money question? Email me here.

Do I Need More Bonds?

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People love the idea of seeing their investments go up and up and up. But what about when things go down? Where’s the protection? That’s why bonds need to be a part of the overall allocation. That’s the discussion as we kick off the latest show with DJ from Texas. A great call and important lessons to be learned.

Hour two was more from the endless pile of emails and a surprise guest to help break down tax season.

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Tax Season Tips with Ed Slott

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With tax season in full swing, it can only mean one thing. It’s time for our annual chat with Ed Slott, the ultimate tax guru, and founder of IRA Help.

Here is your tax season boot camp for the first tax year of the Tax Cuts and Jobs Act (TCJA).

Itemized vs. Standard Deduction: Every taxpayer needs to determine whether it makes sense to claim one of these two deductions, both of which reduce the amount of income subject to tax. TCJA nearly doubled the Standard Deduction to $12,000 for Single and Married Filing Separately, $24,000 for Married Filing Jointly and $18,000 for Head of Household.

A couple of caveats on itemized deductions:

Your total deduction for state and local income, sales and property taxes is limited to a combined, total deduction of $10,000 ($5,000 if Married Filing Separate). Any state and local taxes you paid above this amount cannot be deducted.

The deduction for home mortgage and home equity interest was modified. It is now limited to interest you paid on a loan secured by your main home or second home that you used to buy, build, or substantially improve your main home or second home. So if you used a home equity loan or line of credit to pay off another debt, like a credit card or student loan, it would not be deductible.

There is a new dollar limit on total qualified residence loan balances. If your loan was originated or treated as originating on or before Dec. 15, 2017, you may deduct interest on up to $1,000,000 ($500,000 if you are married filing separately) in qualifying debt. If your loan originated after that date, you may only deduct interest on up to $750,000 ($375,000 if you are married filing separately) in qualifying debt.

Deduction for alimony is eliminated for agreements executed after December 31, 2018, or for any divorce or separation agreement executed on or before December 31, 2018, and modified after that date. In conjunction with this change, alimony and separate maintenance payments are no longer included in income based on these dates.

Claim Credits: Now that personal exemptions have been eliminated, credits are even more important.

The Child Tax Credit has increased to a maximum of $2,000 per qualifying child under the age of 17. Up to $1,400 of the credit can be refundable for each qualifying child as the additional child tax credit. In addition, the income threshold at which the child tax credit begins to phase out increased to $200,000, or $400,000 if married filing jointly.

There are two different education credits available: the American Opportunity Tax Credit (formerly Hope Credit), which is partially refundable, and the Lifetime Learning Credit. Both may apply to expenses you pay for yourself, your spouse and any dependents.Have a money question?

Have a money question? Email me here.

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CBS Evening News: Using Your Tax Refund for Retirement

Many people admit they don't save enough for retirement, but it's never too late to invest in the future. I joined the CBS Evening News with Jeff Glor to explain how your tax refund could be a good jumping off point.

Have a money question? Email me here.

Don’t Blow Your Tax Refund

Don’t Blow Your Tax Refund

Syria! Tariffs! Mueller Investigation! Facebook under Fire! Corporate Earnings! All of these headlines have moved markets over the few weeks, leaving investors whipsawed and exhausted. If you’re keeping score, the Dow and S&P 500 are down slightly on the year (-1.5 percent and -0.7 percent, respectively), while the Russell 2000 and NASDAQ Composite are up (+0.9 percent and +3 percent, respectively).

CFP® Pro Tip of the Week - April 13, 2018: Tax Withholding

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Lessons from Your 2017 Tax Return

Lessons from Your 2017 Tax Return

Your 2017 taxes are done. Congratulations! But you’re not done yet. (Sorry) While you have all your tax forms and documents handy, this is the perfect time to analyze last year’s finances and use those insights to prepare for the big changes that will occur in 2018 and beyond. The sooner you get started, the sooner you can start planning that summer vacation!