On Today’s Money 911 we talked about retirement plans for federal workers and if free online budgeting websites are safe to use. To learn more check out the video clip below.
On Today’s Money 911 we answered viewers questions on refinancing a home, self employment tax rates and the best way to increase your credit score when paying off credit cards. To learn more check out the video clip below.
In my latest American Express OPEN Forum article, I offer some tips on how to make the most of the dollars you’ve been doling out on health care premiums come tax time.
On Today’s Money 911 we talked about who to call first if you’re years behind on your taxes and if credit cards could lead to future debt problems. To learn more check out the video clip below.
In this week’s New York Daily News column, I give you a round up of several important tax issues that should be on your radar.
On Today’s Money 911 we talked about the best ways to save for retirement if your company doesn’t offer a 401(k) and how to negotiate a debt with the IRS. To learn about these topics and more check out the video clip below.
You deserve a tax break today: If you thought the IRS wasn’t romantic, think again. Today itemizers can begin filing their taxes, and capturing their share of oft-missed tax breaks. Here’s a quick look at the most missed tax deductions so that you can make sure you get what’s coming to you:
Other taxes you paid. Taxes you pay elsewhere are deductible. This includes property taxes and state and local income tax – or sales tax if you live in a state that doesn’t charge state income taxes.
Medical expenses not covered by your health insurance. You can write these off as long as they top 7.5 percent of your adjusted gross income. (If you didn’t qualify this year, try “bunching” big health expenses every other year.)
Job hunting expenses. Looking for a job in the field you’re already in qualifies for a deduction in job hunting expenses. That includes career coaching and the cost of traveling to interview. (If you move more than 50 miles to begin a new job you can deduct your moving expenses as well.)
Charitable contributions not made in cash. You know all that stuff you dumped into the Salvation Army box? They’re deductible. You have to create a list of items you donated and then attach an approximate cash value. Not sure? Check out eBay for a sense of what these things sold for at recently completed auctions.
On Today’s Money 911 we discussed financial planning for living with a chronic illness and how best to allocate your income tax refund. To learn more check out the video clip below.
In my latest American Express OPEN Forum article, I discuss what you need to know to go about structuring a barter agreement.
Enjoy your segments on the Today Show — wish they could be longer. I’m looking for information on how much tax deduction I realize for donating an item. I have a couple of instruments that could be donated to organizations who will put them into the hands of kids who wouldn’t otherwise have the opportunity to make music, but wondering if donating will be a huge loss or if I should continue to try and sell them.
When you’re donating an item or piece of property – rather than cash – you have to get at its fair market value, that is, what the item would sell for on the open market. That’s the amount that the IRS will allow you to claim as a deduction on your tax return. In most cases, it’s going to be a lot less than what you paid for it, because the item is now used. (more…)