Susan Tompor Detroit Free Press Published 12:14 PM EST Feb 13, 2019 So did you — or didn't you — get a tax cut? Frustration is hitting a frenzy early this tax season. The heated political environment only helps trigger hashtags like #GOPTaxScam as Democratic presidential contenders put a bullseye on the Trump tax cut. But the fury is fueled by early numbers, too. It's not just politics. We're hearing more talk in the office or neighborhood about friends and family who either owe money or are getting a smaller refund than last year. The average federal income tax refund was down 8.4 percent to $1,865 in the first week of the filing season through Feb. 1. That's down from $2,035 for the same week in 2018, according to data from the Internal Revenue Service. "People want a larger refund," said Edward Karl, vice president of taxation for the American Institute of CPAs. Several factors, though, are coming into play this year so it's not … [Read more...] about Why tax refunds are shrinking under first Trump tax cut
Maximum social security tax 2017
Smart Ways to Be a Tax-Savvy Investor
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By Tom Herman WSJ Sun., Feb. 10, 2019 Investment pros often remind clients: It’s not how much you make that counts. It’s how much you take home after tax collectors grab their share. “Taxes can be a major drag” on investment returns, says Christine Benz, director of personal finance at investment research firm Morningstar Inc. Few among us enjoy thinking about taxes, especially at this time of year as we struggle with tax-law complexities and worry about how soon our refunds will arrive, or how much more we might owe. Even so, Ms. Benz and other experts say many investors would benefit by paying more attention to tax-savvy investing techniques all year long—and by learning to steer clear of painful tax traps that have ensnared unsuspecting investors. “To make a move solely for tax purposes is silly, but to ignore taxes when investing is equally as foolhardy,” says Robert Gordon, president of Twenty-First Securities. … [Read more...] about Smart Ways to Be a Tax-Savvy Investor
When to file your taxes and what new rules to expect
Susan Tompor and Janna Herron Detroit Free Press Published 6:00 AM EST Jan 25, 2019 Sitting down to do your taxes in the next few weeks — or talking with your tax preparer — will involve tackling the most sweeping changes in the federal income tax rules in more than 30 years. Tax filers need to keep in mind that more than 600 changes took place under the Tax Cuts and Jobs Act, which was passed by Congress in late 2017. All those changes even drove some industry experts to raise concerns early on about possible delays to the typical late January start of the tax season — and that was long before the federal government shutdown hit on Dec. 22. Even so, the Internal Revenue Service promises to kick off tax season as of Jan. 28, the earliest date you can file your returns. Will things end up being simpler? Maybe, if you’re able to tap into a substantially expanded standard deduction and you no longer must string together all sorts of receipts … [Read more...] about When to file your taxes and what new rules to expect
Do You Qualify For An Earned Income Tax Credit?
provided by Published 3:00 pm CST, Friday, January 18, 2019 MoneyTips The Earned Income Tax Credit (EITC) is a program designed to provide tax relief for American workers with low-paying jobs. Could you qualify for this tax credit? If you have a relatively low income, take some time to find out. Earned Income Tax Credit Qualification Some eligible taxpayers miss out on EITC savings because they have no taxes withheld and think that they cannot possibly qualify. However, EITC is a refundable tax credit, meaning that even if you owe no taxes you may be eligible to get money back — as long as you file a tax return. You cannot qualify if you do not file. But if you do file, and owe no taxes, you may get a check from Uncle Sam anyway! To claim this credit, you must meet certain requirements. First, you must have earned income. Generally, this refers to wages, salaries, tips or self-employment income. Other earned income sources include long-term disability benefits … [Read more...] about Do You Qualify For An Earned Income Tax Credit?
Social Security checks to rise in January
By Brittany De Lea Published December 27, 2018 Personal Finance FOXBusiness Facebook Twitter Comments Print video Social Security is one of the biggest frauds going: David Asman “Bulls & Bears” panel discuss FBN host David Asman’s op-ed “Social Security’s ultimate insult” and the problems surrounding the entitlement program. Retirees are set to see the biggest increase in their monthly Social Security checks in seven years. Continue Reading Below The Social Security Administration’s cost-of-living adjustment for the coming year is 2.8 percent, which will boost the average beneficiary’s check by about $39 per month (or $468 per year). The increase is the largest since 2012. It will raise the current maximum benefit collected by someone who retires at full retirement age – age 66 for people born in 1943 through 1954 – by about $73 per month. About 67 million Social Security and … [Read more...] about Social Security checks to rise in January