Tips

Children may raise your blood pressure but they can lower your taxes. Here’s how:

Depending on your situation, there are a few ways children can lower your taxable income.

Dealing with unfiled past taxes isn’t as stressful as it you might think.

A third of major retailers’ revenue comes from the last 2 months of the year. So obviously the Holiday season gets people to spend way more than usual.

If you sold your home this year for a profit, it may not be taxable income!

In most cases, if your home has been your primary residence 2 out of the 5 years you’ve owned it, you may not have to report it as income. Usually, you don’t have to report up to $500,000 dollars for joint returns—$250,000 for individuals.

Deduct the money you put towards a Health Savings Account!

Contributions you make to a Health Savings Plan are deductible and the withdrawals you make from it are tax free when you use the money towards medical expenses.

Sure you’ve got an idea of what you’re gonna spend on Holiday gifts but what about all the costs that sneak up on you?

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

Grandparents can help with college and lower taxable income.

A 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.

Travel expenses for charity help lower your taxes.

The 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.

So 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.

Maybe 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.