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Taxes

Friday’s need-to-know money news

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taxesToday’s top story: How to write a retirement plan. Also in the news: The tax advantages of homeownership, tax tips for members of the military, and the billions of dollars in unclimed tax refunds.

How to Write a Retirement Plan
It’s a lot simpler than you might think.

Still Renting? You’re Missing These Tax Advantages
Homeownership has its benefits.

7 Tax Tips for Military Members
The IRS has special rules for military members.

The IRS Says They Have $1 Billion in Unclaimed Refunds, So Make Sure to Claim Yours
If you didn’t file taxes in 2012, you could be missing out on hundreds of dollars.

Thursday’s need-to-know money news

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services_billToday’s top story: The pros and cons of automatic bill payments. Also in the news: When it’s time to sell a mutual fund, what you need before you file your taxes, and when to consider locking your Social Security number.

Pros and Cons of Automatic Bill Payments
Convenience could come at a price.

5 Reasons to Sell a Mutual Fund
The five signs that point to sell.

What you need before you file your taxes
Gather all your documents.

Should You Lock Your Social Security Number?
Guarding against identity theft.

Wednesday’s need-to-know money news

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img_online-bankingToday’s top story: The biggest mistakes you can make while banking online. Also in the news: Making tax time easier, the single best thing you can do for your financial wellbeing, and how debt can wreck your retirement.

The 5 Biggest Mistakes You Can Make Banking Online
Small mistakes can result in big consequences.

Tips to Make Tax Time Easier
Getting through a stressful time of the year.

The Single Best Thing You Can Do For Your Financial Wellbeing
Just a Hamilton a day.

Here’s how debt can wreck your retirement
Physical as well as mental consequences.

Is Your Tax Refund Safe?

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file_161555_0_tax refundYour tax refund may take a few days longer to land in your bank account this year. That’s because criminals from around the world are determined to get to it first.

“Our systems are attacked about a million times a week,” IRS Commissioner John Koskinen says. “These are Russian syndicates, Chinese. … They’re coming from all over.”

I talked to Koskinen on the same day his agency revealed that last year’s attack on the IRS’ Get Transcript system was more than twice as bad as previous estimates. The hackers apparently accessed tax return information for more than 700,000 people, not 334,000 as was reported last summer.

In my latest for NerdWallet, what the hackers did with that information, and how it could affect this year’s refunds.

Tuesday’s need-to-know money news

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Zemanta Related Posts ThumbnailToday’s top story: How to prevent identity theft. Also in the news: The costs that are often overlooked when deciding to rent or buy, reasons to file a tax extension, and how you’re using your credit card incorrectly.

How to Prevent Identity Theft
Staying one step ahead.

The Major Costs People Often Overlook When Deciding to Rent or Buy
What you need to taje into consideration.

6 Reasons to File a Tax Extension
Beyond procrastination.

5 Ways You’re Using Your Credit Card Wrong
Bad credit habits you should kick.

6 times it’s more expensive to be a woman
Happy International Women’s Day!

Q&A: Tax break for helping out son

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Dear Liz: Our son bought a house and lost his job two months after the purchase. We have helped him stay afloat. Thankfully he has a new job. We don’t expect to get the money back — he is still trying to get out from under — but we have given him close to $10,000. Can we claim this as a “gift” to him on our income taxes?

Answer: The IRS doesn’t view money given to family members as a charitable donation. In other words, there’s no tax break for bailing out your kids.

If you’re so wealthy that estate taxes might be an issue — which means estates worth more than $5.45 million a person in 2016 — then you might be concerned about gift tax rules. You’re allowed to give a certain amount to any person annually without having to file a gift tax return. In 2015 and 2016, that amount is $14,000, so you and your wife together could give up to $28,000 to your son without needing to file a gift tax return. It’s only when the total value of gifts over this annual exclusion hit $5.45 million that you’d have to worry about paying gift taxes. Clearly, this isn’t an issue for most families.