Today’s top story: How being late on your taxes could ground your vacation plans. Also in the news: 5 ways to maximize ‘shoulder season’ travel, what it’s like to win money to pay down student loans, and why you shouldn’t use your debit card on anything you can’t afford to lose.
Late on Your Taxes? Your Vacation Plans May Get Grounded
Your passport could be in jeopardy.
5 Ways to Maximize ‘Shoulder Season’ Travel
Off-peak travel offers bargains.
What it’s really like to win money to pay down student loans
Pressing your luck.
Don’t Pay Debit on Anything You Can’t Afford to Lose
Learning from WOW Airlines.
Taxes
Your 401(k) just got more valuable
If your tax refund this year was disappointing, you may be able to do something about it: Contribute more to a retirement fund.
Tax-deductible contributions to 401(k)s, IRAs and other retirement accounts are among the few remaining ways to reduce taxable income if you don’t itemize deductions. And few of us do these days: Only about 1 in 10 taxpayers
As a result, many of the traditional tips and tricks for reducing tax bills either no longer work or are of limited help. In my latest for the Associated Press, how to use your 401(k) to reduce your taxable income.
Thursday’s need-to-know money news
Today’s top story: Why you should love
Why You Should Love Robo-Advisors
Keeping costs low and advice honest.
Taxes in Retirement: 7 Ways to Trim Your Bill
Ideas that can reduce financial stress in retirement.
How Roth IRA Taxes Work
A good investment at tax time.
How to save for the future when it’s uncertain
Preparing for a variety of outcomes.
Friday’s need-to-know money news
Today’s top story: 3 things that will change when you’re a homeowner. Also in the news: 3 times you can pay taxes with plastic and come out ahead, eight ways you can save money right now, and what happens if you default on a loan.
3 Things That Change When You’re a Homeowner
All you’ll think about is money.
3 Times You Can Pay Taxes With Plastic and Come Out Ahead
Build up your rewards.
Eight Ways You Can Save Money Right Now
Automate your savings.
What Happens if You Default on a Loan?
Don’t take it lightly.
Monday’s need-to-know money news
Today’s top story: 3 reasons to choose a college based on price. Also in the news: 3 times you can pay taxes with plastic and come out ahead, 7 tax changes investors should watch for when they file, and why you should check your hospital bill against your explanation of benefits.
3 Reasons to Choose a College Based on Price
Avoiding high debt.
3 Times You Can Pay Taxes With Plastic and Come Out Ahead
Building card perks.
7 Tax Changes Investors Should Watch For As They File
Investors face several new changes.
Check Your Hospital Bill Against Your Explanation of Benefits
Billing mistakes are rampant.
Q&A: Heirs need a pro to sort our tax issues
Dear Liz: I know that when a person dies, their beneficiaries typically will inherit a home or other real estate at the current market value with no taxes owed on the appreciation that happened during the person’s lifetime. Does that hold true for stocks as well?
Answer: Usually, yes, but there are some exceptions.
If the stock is held inside a retirement account such as a 401(k) or IRA, and that retirement account is bequeathed to heirs, withdrawals will be subject to income tax. The same is true for investments held within variable annuities.
Inheritors also may owe capital gains taxes on a stock’s appreciation if the stock is held in certain trusts, such as a generation-skipping trust.
And even when no taxes are owed on the gain that happened during someone’s lifetime, there may be taxes due on the gain that happens after someone inherits the stock or other property, said Los Angeles estate planning attorney Burton Mitchell.
If you’re expecting an inheritance, you’d be smart to consult a tax pro so you understand the tax bill that may be attached.