Tips

pstrongLooking for ways to ensure there’s some extra money at the end of every month? Cut out these 4 expenses./strong/p

pstrongGrandparents can help with college and lower taxable income./strong/p pA grandparent helping their grandchild pay for college can be a win all around. When a grandparent that contributes to a 529 savings plan, it lowers assets within the grandparent’s estate. This helps lowering estate tax./p

pstrongTravel expenses for charity help lower your taxes./strong/p pThe IRS allows you to deduct your expenses when traveling for a charity cause. However there are a few criteria that you need to meet to be able to qualify for the deduction./p

pstrongSo your friend was in a pinch and you thought they’d be good for it and they weren’t. It’s not all bad; you can lower your taxable income as a result./strong/p pMaybe you loaned money to a friend to help with a struggling situation. But now it’s beginning to look like you are never getting paid back./p

pstrongMany businesses regularly overlook 3 common mistakes that wind up costing them dearly and obstructing their path to a successful venture./strong/p

pstrongHow does the government shutdown impact the IRS?/strong/p pThe 16-day government shutdown came at a pivotal time for the IRS as they were prepping their complex systems for the 2014 tax season. Only 10% of IRS were open during the government shutdown. This put the IRS behind by almost 3 weeks./p

pstrongBundle expenses for itemized deductions./strong/p pWill your itemized deductions for 2013 be right around the standard reduction amount? If so, you can bundle expenses for every other year and claim the standard deduction in the in between years. Over two years, this will significantly cut how much income you’re taxed on./p

pstrongDeferring income could lower your taxes!/strong/p

pDid you know anyone paid for babysitting has to report that income to the IRS? Or let’s say you and a neighbor want to trade cars, you’ll still have to pay taxes on what the fair market value of the car you bartered. But not all income is taxable. Here are some examples of income you don’t have to pay taxes on:/p ul

pCollege tuition is rising. In fact, it has risen in costs 500% since 1985! It is outpacing inflation by 121%. Not only is it outpacing inflation but it has eclipsed rising healthcare costs by 286%! Yikes!/ppThe average student goes in debt for about $20,000 and 8% of students have a loan of $40,000 or more.