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Taxes

Wednesday’s need-to-know money news

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babytrollToday’s top story: Why your newborn doesn’t need to be on your credit card account. Also in the news: Why paying more tax today could be your best AMT strategy, common retirement mistakes seen by financial planners, and how credit card minimum payments are meant to keep you in debt forever.

No, Your Newborn Doesn’t Need to Be on Your Credit Card Account
No need to build credit that early.

Paying More Tax Today May Be Your Best AMT Strategy
Understanding how AMT works.

Seven Common Retirement Mistakes Seen by Financial Planners
And how to avoid them.

Credit card minimums: Perfectly calibrated to keep you in debt
A cycle of perpetual debt.

Thursday’s need-to-know money news

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Today’s top story: Financial advisors on what the election means for your money. Also in the news:sol_helpkidssave How your taxes may change in a Trump presidency, how President Trump could affect your student loans, and how to teach kids about money.

Ten Financial Advisors on What the Election Means for Your Money Plan
A look at what happens next.

How Your Taxes May Change in a Trump Presidency
Big changes ahead.

5 Ways President Trump Could Affect Your Student Loans
What this means for interest rates.

Ask Kids to Contribute to a Family Savings Goal to Teach Them About Money
Teamwork.

Tuesday’s need-to-know money news

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bills-smallToday’s top story: Why you should validate a debt before paying a collector. Also in the news: How to choose a Medicare Advantage plan, how and when to report tips for tax purposes, and how people survived their financial nightmares.

Validate Debt Before Paying a Collector, Avoid Costly Errors
Make sure the debt is legitimate.

How to Choose a Medicare Advantage Plan
Open enrollment continues through December 7th.

How and When to Report Tips for Tax Purposes
Deciphering the rules on tips.

Scary Money Moments: How 5 People Survived Their Financial Nightmares
Just in time for Halloween!

Q&A: How to retrieve old W-2 forms

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Dear Liz: I have several years missing from my Social Security earnings history, dating back to 1999. I have been filing income taxes jointly with my wife but we only kept our files for five years. How do I go about retrieving past income documents like my W-2s? I contacted Social Security and the IRS but can only get tax transcripts dating back to 2009.

Answer: Social Security says you ordinarily have three years to report mistakes. (Actually, being Social Security, it’s “three years, three months and 15 days.”) But you can correct mistakes further back if you have sufficient proof, such as tax forms, W-2s or pay stubs.

You can try contacting old employers to see if they can produce the W-2s you’re missing. Otherwise, write down as much as you can remember about where you worked, including the name of the employer, the dates you worked there and how much you earned. Then contact Social Security again, provide the information you’ve gathered and ask for help in filling in those missing years.

This is one reason why it’s smart to hang onto tax returns indefinitely. Even though you can (and probably should) shred backup documentation after seven years or so, you should keep copies of anything filed with the IRS, including W-2 forms.

Wednesday’s need-to-know money news

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interest-rates-300x225Today’s top story: When to expect a fed rate hike. Also in the news: The hazards of long-distance home shopping, what being a landlord means for your taxes, and why back-to-school shopping doesn’t have to be a budget-buster.

Fed Rate Hike Likely Later Rather Than Sooner, Experts Say
When you can expect a jump.

The Hazards of a Long-Distance Home Purchase
Proceed with caution.

Want to be a landlord? Here’s what it means for your taxes
It’s a whole new ballgame.

Back-to-school shopping doesn’t have to be a budget buster
It’s already that time of the year again.