In addition to having been a professional or semi-professional musician throughout my entire adult life, I’ve also served as a life insurance advisor and retirement planner for other musicians. Unfortunately, I have found that most musicians are not very savvy at financial planning. The harsh reality is that being an artist does not exempt you [...]

Financial Planning Guide for Musicians & Performing Artists is a post from the Money Crashers personal finance blog.

After the first time trying to prepare and file personal taxes, most Americans learn the same lesson: The American tax system is complex and difficult to understand. Many people also feel that corporations, wealthy individuals and families, and special interest groups have unfair access to loopholes and exemptions that help them avoid paying their “fair [...]

What Is the Fair Tax Act Explained – Pros and Cons is a post from the Money Crashers personal finance blog.

Early retirement…most of us want it, but few actually have the motivation and the know-how to get it. Just like a regular retirement, at or after age 59 1/2, retiring early requires planning and saving. But that doesn’t mean it’s easy. One, you’ll have to save more money and start earlier because you’ll need your retirement [...]

Early Retirement Planning: 6 Best Tax Efficient Investments is a post from the Money Crashers personal finance blog.

According to the National Center for Health Statistics (NCHS), about 41% of first marriages end in divorce. For second and third marriages, that number increases to 60% and 73%, respectively. Single parents with children should have a basic understanding of child support. Unless parental rights have been legally terminated, every parent in the U.S. must [...]

What Is Child Support – Laws & Guidelines for Payments is a post from the Money Crashers personal finance blog.

If you have investments, such as stocks or mutual funds, you might be missing out on a commonly overlooked tax deduction. When you itemize, you can add investment fees and expenses to your miscellaneous deductions down at the bottom of Schedule A (line 23). You can only deduct miscellaneous expenses that are in excess of [...]

Investment Expense Tax Deduction – Which Fees Can You Deduct? is a post from the Money Crashers personal finance blog.

If you’re handy with finances, you might have helped some of your family or friends do their taxes. Want to get paid for it? If you take the H&R Block tax course, you’ll learn a lot about how taxes work and get an opportunity to work for H&R Block during tax season. This class is [...]

H&R Block Income Tax Course – How to Become a Tax Preparer is a post from the Money Crashers personal finance blog.

Over the years, many people have conjured up incredible arguments about why they shouldn’t have to pay taxes. Using convoluted arguments or ultra-specific, twisted-around readings of tax codes, they convince themselves that the tax laws are there to be ignored. There’s a reason the United States Tax Court officially refers to these claims as “frivolous [...]

Frivolous Tax Arguments and Cases of IRS Tax Fraud is a post from the Money Crashers personal finance blog.

From tax season to every time you see taxes withheld from your paycheck, a common question usually comes to mind: Is it possible to owe the government less money? One of the biggest breaks you get from the IRS is being allowed to take either a pre-determined amount off your taxable income, based on your [...]

Standard Deduction vs. Itemized Tax Deduction is a post from the Money Crashers personal finance blog.

The cost of healthcare has been growing much faster than inflation. In fact, medical expenses are rising more quickly than most household budgets can handle. You can’t solve the healthcare crisis, and you can’t necessarily stop premiums from going up while benefits go down. However, you can get a break on your healthcare costs by [...]

Deducting Health Insurance Premiums & Healthcare Expenses on Your Taxes is a post from the Money Crashers personal finance blog.

Divorce can complicate every aspect of your everyday life. Untangling your financial situation after a divorce settlement is challenging, and following a complicated divorce, tax issues get even more complex than they already were. If you’ve been through a divorce, then you know how tough it is to prepare for every situation. Fortunately, the IRS [...]

Filing Taxes After Divorce – Tax Implications & Claiming Children is a post from the Money Crashers personal finance blog.

Taxes are a burden for everyone, but especially for low-income individuals and families who need all the money they can get. Interestingly, low-income earners pay a much larger percentage of their salary to Social Security than high earners do, which makes their tax bite effectively larger. In an effort to help offset this effect and [...]

What Is the Earned Income Tax Credit (EITC) – Requirements & Eligibility is a post from the Money Crashers personal finance blog.

If you spent days poring over your tax return this year and mailed it in by the tax filing deadline, only to discover that you forgot to claim the computer that you bought as a work deduction, don’t fret! The IRS allows you call a do-over on your taxes, and fix any mistakes after they’re [...]

Form 1040X Instructions – How to File an Amended Tax Return is a post from the Money Crashers personal finance blog.

If you hate doing your own taxes, you’re not alone! More than 60% of Americans hire tax professionals to fill out those seemingly unending forms. But while having someone else do your taxes can take a load off your shoulders, if you don’t choose the right person, you might have bigger problems. There are unscrupulous [...]

How to Choose a Certified Tax Preparer – 3 Common Tax Scams to Avoid is a post from the Money Crashers personal finance blog.

Many investors choose to invest in dividend-bearing stocks, or mutual funds focusing on dividend payers, as part of their portfolio. And those dividends are no small peanuts! While investing in dividend-bearing stock usually means you’re forgoing a quick profit, over the long-term they can be a great choice for investors who plan ahead. You can choose [...]

IRS Tax Form 1099-DIV – How Are Dividends Taxed? is a post from the Money Crashers personal finance blog.

As everyone knows, you can deduct charitable contributions on your taxes. That’s why December is such a great month for charities, as everyone  is in the holiday spirit and gets ready for tax season! But even beyond writing a check, there are many ways to help the less fortunate while lowering your tax bill. The [...]

Tax Deductions for Charitable Contributions & Donations is a post from the Money Crashers personal finance blog.

If you filed your taxes recently and your calculations told you that you’d be getting a nice fat refund check, you might be a bit surprised when you check the tax refund status and discover that it’s no longer coming. Believe it or not, there are several situations in which the IRS can seize your [...]

4 Reasons the IRS Can Seize Your Income Tax Refund Money for Debt is a post from the Money Crashers personal finance blog.

Whether you’re new to the world of investing, or you’re thinking of selling stocks, bonds, or real estate you’ve had for some time, it is important to consider how you’ll be taxed on those items. Since you only pay taxes on the profit you make, it’s necessary to keep good records from the time you [...]

What Is IRS Capital Gains & Losses Tax – Calculate Rates & Deductions is a post from the Money Crashers personal finance blog.

When your retirement accounts are growing, it’s great to see the numbers climb. But when you retire and start taking money out of your IRA and 401k, the taxes you owe can take a surprisingly big chunk out of your total. Hopefully you’re taking advantage of the tax breaks that come with contributing to most [...]

Tax Implications of Retirement Accounts – IRA & 401k Distributions & Withdrawals is a post from the Money Crashers personal finance blog.

If you were one of the millions of people who became a homeowner between 2008 and 2010, whether it was your first time or your fifth, your purchase will have quite a noticeable effect on your taxes. That’s not only due to the lovely bump you’ll get from deducting your mortgage interest and property taxes, [...]

First-Time & Repeat Home Buyer Tax Credit – Rules and Limits is a post from the Money Crashers personal finance blog.

As we head towards the April tax filing deadline in the U.S., hopefully you’re working on your calculations or have everything completed by now. If you’ve gotten your total and see that you owe the IRS some money, don’t fret! There are many ways to get the IRS what you owe them in a timely [...]

How to Pay IRS Taxes – Online, Check or Credit Card is a post from the Money Crashers personal finance blog.