Where Clinton and Trump Stand on Taxes

Here is the latest Tax News from the NASDAQ.

Where Clinton and Trump Stand on Taxes
Key differences Clinton’s plan would increase taxes on the wealthiest Americans. Trump’s would cut taxes across the board from the lowest income earners to the top 1%. See Also Clinton and Trump on 9 Money IssuesKey Clinton quote “I

6 Estate Planning Tips for Those Approaching Death
If you (or a loved one) are entering hospice or close to life’s end, you may need to act quickly to prevent unnecessary legal, tax and other costs on your estate. Planning is also critical to provide peace of

The Best Time to File Your Tax Return
Timing is everything, especially when it comes to filing your tax return. Miss a deadline by a day and you could be in for a world of hurt — and penalties. It’s never good to be late, but there are advantages to filing at different times depending on what you’re trying to accomplish. Objective: avoid penalties and

6 Things You Need to Know About Your W-2
If you’ve ever been somebody’s employee, you’ve probably noticed that every January or February, you receive a form with a lot of little boxes on it in the mail. It’s not a bill — it’s a W-2, and every employer that paid you at least $600 during the year has to send you one. The W-2 form, formally called the “Wage

Mid Year Strategies to Cut Your 2016 Tax Bill
Okay, the pain of tax return time should be subsiding. And it’s months before you need to start thinking about year end maneuvering to give yourself the upper hand over Uncle Sam next spring. But rather than dream of

9 Things to Know About Social Security If You’re Working Past Retirement Age
The rules surrounding your Social Security benefits can be confusing. And the topic of collecting benefits while you’re still working can add to this confusion. There are any number of reasons to work into retirement while drawing Social Security benefits. These could include the need for the extra income or perhaps

Strategies To Help Clients Take The Bite Out Of Taxes
Advisers may be overly focused on helping clients generate as much income as they can from their investments at the expense of another important objective: They’re not thinking about how to maximize their clients’ after-tax investment return to generate what in industry parlance is known as “tax alpha.” That was the

Tax-Reduction Tips for Small Businesses
Small businesses face many challenges, especially in the early days, including developing a product or service, targeting it to the right market, hiring the right employees and keeping expenses under control. Meanwhile, taking the right approach to taxes is a crucial factor that sometimes is overlooked. We asked

The Tax Consequences of Whole Life Insurance
Deciding on whether to buy a life insurance policy usually comes down to choosing either permanent policies such as whole life insurance or the shorter-term option of term life insurance. Picking between the two requires carefully looking at the pluses and minuses, including the tax implications of both plans. We

8 Ways To Make Divorce Less Taxing
By Ingrid Case PHOENIX — Divorce is an emotional blow, but with good financial advice, it doesn’t have to be a tax hit as well. “The IRS doesn’t have the resources to help a lot around this topic,” Justin Miller, a national wealth strategist at BNY Mellon in San Francisco, said at NAPFA’s spring conference in

Are You Losing Big Tax Savings on Your Charitable Bequests?
I was sitting with a new client the other day, reviewing a summary of his current estate plan, and I noticed that he had several substantial bequests to charities in his will. So, I asked him why he was

4 Ambitious Ideas for Tax Reform
Americans don’t agree on much, but on one issue there’s broad consensus The tax system is a mess. Nearly 60% believe the tax code is so flawed that Congress should overhaul it, according to the Pew Research Center. This

Higher Taxes Don't Scare Millionaires Into Moving, After All
(Bloomberg) – When it comes to taxes, millionaires often have short fuses. Ratchet up their rates and they’re likely to blow you off and move to a low-tax, or no-tax, state. Or so goes one argument against taxing the rich: States that levy a “millionaires tax” risk chasing those millionaires away to Florida, Texas

The Tax Implications of Settling Your Debt
If you’re overwhelmed by aggressive collection calls, you may consider settling your debt for less than you owe. This is a good option for people in over their heads, but it doesn’t come without its difficulties. Read on to find out what debt settlement means for your taxes. What is debt settlement? Debt

Should I Get an FSA?
Your employer’s benefits package may include a lot more than health insurance, and you may not want to take advantage of each offering. Case in point: the flexible spending account, or FSA. Whether it’s open enrollment or you’re starting work at a new company that offers an FSA, you’ll want to know what it is and

A Recipe for Estate-Planning Failure
I was visiting with an attorney in Florida recently. He was explaining his frustration in regards to a client of his, a fellow “who’s worth about $50 million, and I’ve never been able to convince him to do any

Navigating the Alternative Minimum Tax
By Geoffrey M. Zimmerman, CFP Learn more about Geoffrey on NerdWallet’s Ask an Advisor Tax season is over, but if you had to pay the federal Alternative Minimum Tax, the pain may linger long after you’ve filed. The AMT is an alternative method of calculating federal income tax that runs parallel to the

Why Getting a Tax Refund Can Be a Good Thing
By Kathryn Hauer , CFP, EA Learn more about Kathryn on NerdWallet’s Ask an Advisor Many financial experts advise taxpayers to avoid getting a big tax refund. They make the valid point that it’s silly to let the government use your money over the year for free and that you should have access to that money.

5 Best Tips to Save Money on Taxes Next Year
As a financial planner, I often discuss taxes with clients. Taxes are a critical piece of the financial plan and, more importantly, they are one of the elements we have some control over. See Also The Most Overlooked Tax

From Packing Supplies to Truck Rentals, How Much Your Next Move Will Cost
So you’ve rented, or bought a new home, or maybe you’re moving in with your significant other, or back into your parents’ house. You’re staring down one of life’s top stressors: moving. It’s something the average American does about 11 times in their life, but it never really gets easier, only harder as you

How to Amend Your Tax Return
By  Kathryn Hauer , CFP, EA Learn more about Kathryn on NerdWallet’s  Ask an Advisor You’ve submitted your tax return and the refund’s in the bank. Then a W-2 or a 1099 income tax form arrives for work you totally forgot about. Or your mom sends you a form showing interest income for your savings bonds, which

Which Tax Records To Keep And Which To Shred
Your taxes are done. Now it’s time for some tax housekeeping. Tax pack rats insist on keeping every scrap of paper, just in case. “These documents will save me,” they argue, “if an IRS auditor comes visiting.” But that’s not necessarily the case, say tax and organizational experts. There are limits When it comes

Estate Planning Advice Inspired by Prince
Prince’s musical legacy to the world is irrefutable his financial legacy is far less certain. The tragedy of losing Prince Rogers Nelson on April 21 is exacerbated by his reported lack of a will and proper estate planning .

9 Easy Ways to Save Money on Next Year's Tax Bill
It’s never too early to start planning for next year’s tax bill. The contributing financial experts for Kiplinger’s Wealth Creation Channel have offered a lot of sage tax advice this year and much of their wisdom

Benefit From Your 529 Plan and the American Opportunity Tax Credit in the Same Year
Can I use 529 money to pay college tuition and also claim the American Opportunity tax credit in the same year? R.H., Paintsville, Ky. See Also 10 Best Values in U.S. Colleges, 2016Yes, if you plan carefully. The American

Once You Know How Much You Can Spend, Stick to Your Budget
There’s more than one way to make a budget. People with regular and abundant income can plan ahead and allocate income to various spending categories. But if your income is more sporadic or on the small side, another approach might help you spend less than you earn. Calculate How Much You Can Spend To make a plan

Taxes and Insurance: Uncle Sam May Not Be Entitled to Part of Your Payout
If you’re the proactive type, congratulations on an anxiety-free April. Less diligent filers may have used this year’s holiday-adjusted tax deadline for three extra days of procrastination , but you had no need for cushions or buffers. You filed with plenty of time to spare. Then it suddenly hits you: “I forgot to

Tax Files: Which Ones to Throw Out, Which Ones to Keep
I’ve finished filing my taxes, and I’d love to clean out my files. What tax records can I toss and what do I need to keep? See Also Smart Steps to Get Ahead of Your 2016 Tax ReturnThe IRS

Where Do You Rank as a Taxpayer?
Ever wonder how your income stacks up against your fellow workers? Do you make enough to put you in that at once extolled and excoriated 1% of richest Americans? In the bottom 50%? Somewhere in between? And, no matter

3 Ways Student Loans Affect Your Taxes
Anxiety at tax time is common, but millennials feel it more than others. Millennials are the age group most worried about filing their taxes, according to a recent NerdWallet survey conducted by Harris Poll. Factoring in student loan debt can be especially confusing. “You’d be surprised how many people out there

Smart Steps to Get Ahead of Your 2016 Tax Return
It’s not too early to start thinking about your 2016 tax return. Year round record keeping is particularly important in the following areas See Also Amend Your Tax Return to Correct a Filing MistakeCollege. If you plan to claim

Tax Day Freebies and Deals 2016
Tax Day can be, well, taxing, but at least the pressure is off. Now it’s time to de stress with free (or nearly so) food and drink, along with other tempting deals. See Also 69 Valuable Things You Can

5 Things You Can Learn From Your Tax Return
The IRS receives roughly 150 million tax returns each year. If you’re like many Americans , preparing that filing is the closest look you’ve given to your finances for some time. Though it’s far from an exercise in budgeting, in many cases you can’t help but notice things such as investment activity, retirement

Tax Strategies Can Put Free Money in Your Pocket
By Craig Smalley Learn more about Craig on NerdWallet’s Ask an Advisor Many different tax strategies can put cash in your pocket, and on the cusp of Tax Day, you may be wondering which ones can help you for next year’s filing. These “free money” ideas can brighten your financial picture. Medical expenses

Amend Your Tax Return to Correct a Filing Mistake