Medical Deduction rules change

If you itemize your deductions on Form 1040, Schedule A, new rules may affect your medical expense deduction. The new rules raise the threshold that unreimbursed medical and dental expenses you paid for yourself, your spouse, and your dependents must reach before a deduction is permitted. Most people who itemize their deductions can claim deductions […]

Find unclaimed pension benefits by using search tool

The Pension Benefit Guaranty Corporation has millions of dollars in unclaimed pension benefits.  Does some of this money belong to you?  You can check to see if you are owed a benefit by clicking here. The PBGC recently disseminated this message to encourage pensioners to claim their benefits: Across the country, there are more than […]

South Carolina reafirms it does not recognize same sex marriages

In a draft ruling today, the state of South Carolina reaffirmed it’s intention to not recognize same sex marriages.  The preliminary draft ruling can be found here (PDF). A marriage between one man and one woman is the only lawful domestic union that shall be valid or recognized in this state. Since South Carolina tax […]

2014 Tax Season to Open Jan. 31; e-file Can Speed Refunds

WASHINGTON — The Internal Revenue Service announced plans to open the 2014 filing season on Jan. 31 and encouraged taxpayers to use e-file or Free File as the fastest way to receive refunds. The new opening date for individuals to file their 2013 tax returns will allow the IRS adequate time to program and test […]

Track Santa on Christmas Eve

If you and your children would like to track Santa’s journey on Christmas Eve, visit NORAD Tracks Santa. In addition to tracking Santa, you can play games, watch videos, listen to music, and learn about holiday traditions from around the world on NORAD Tracks Santa. Find out why and how NORAD (North American Aerospace Defense Command) tracks […]

Three Year-End Tax Tips to Help You Save

Although the year is almost over, you still have time to take steps that can lower your 2013 taxes. Now is a good time to prepare for the upcoming tax filing season. Taking these steps can help you save time and tax dollars. They can also help you save for retirement. Here are three year-end […]

Healthcare enrollment deadline near

From If you’d like your health coverage to begin January 1, 2014, be sure to enroll in the Health Insurance Marketplace by December 23, 2013. There are four ways to apply for health insurance through the Marketplace: online, by phone, in person, and by mail. Although December 23 is the deadline for coverage beginning January 1, you can apply for Marketplace […]

2014 Standard Mileage Rates for Business, Medical and Moving

WASHINGTON — The Internal Revenue Service has issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 […]

Which Financial Documents Should You Keep On File?

… and for how long? Provided by Milton Cooley You might be surprised how many people have financial documents scattered all over the house – on the kitchen table, underneath old newspapers, in the hall closet, in the basement. If this describes your financial “filing system”, you may have a tough time keeping tabs on […]

Tax Credit Helps Moderate Income Workers Save for Retirement

WASHINGTON — Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2013 and the years ahead, according to the Internal Revenue Service. The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs and to 401(k) plans and similar workplace retirement […]