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Investment Fee tax break IRA

This investment-fee tax break is gone. Here’s what it means for individual retirement accounts

Posted on June 27, 2018
in Michael Smeriglio, Taxes
by Michael Smeriglio

Article Published by: cnbc.com *The Tax Cuts and Jobs Act eliminated the deduction for investment expenses, starting in 2018. *Fees for investment costs were deductible as a miscellaneous itemized deduction, to the extent they and other costs exceeded 2 percent of your adjusted gross income. *To contend with...

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How Do I Determine My Net Worth? - Michael Smeriglio

How Do I Determine My Net Worth?

Posted on June 27, 2018
in Finances, Michael Smeriglio
by Michael Smeriglio

Article Published by: Time.com Essentially, your net worth is the value of what you own, minus what you owe. Or, as a formula: assets – liabilities = net worth An easy way to figure it out it is via an online calculator like the one at Bankrate.com. But...

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Earned Income Tax Credit for Certain Workers - Michael Smeriglio

Earned Income Tax Credit for Certain Workers

Posted on June 18, 2018
in Michael Smeriglio, Taxes
by Michael Smeriglio

Article Published by: mjscpa.com Millions of Americans forgo critical tax relief each year by failing to claim the Earned Income Tax Credit (EITC), a federal tax credit for individuals who work but do not earn high incomes. Taxpayers who qualify and claim the credit could pay...

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Americans are spending like mad again - Michael Smeriglio

Americans are spending like mad again

Posted on June 18, 2018
in Finances, Michael Smeriglio
by Michael Smeriglio

Article Published by: money.cnn Americans are spending. A lot. And not just on Amazon. Retail sales rose 0.8% in May, the government reported Thursday — much better than expected. Spending was up 5.9% from a year ago. And the gains were broad: Spending surged at clothing stores, at...

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TAS Advocates for Taxpayer Facing Economic Burden - Michael Smer

Success Story: TAS Advocates for Taxpayer Facing Economic Burden

Posted on June 12, 2018
in Michael Smeriglio, Taxes
by Michael Smeriglio

Article Published by: taxpayeradvocate.irs.gov Every year, the Taxpayer Advocate Service (TAS) helps thousands of people with tax problems. This story is only one of many examples of how TAS helps resolve taxpayer’s tax issues. All personal details are removed to protect the taxpayer’s privacy. A taxpayer under...

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Ways You Can Legally Quit Paying Student Loans - Michael Smerigl

8 Ways You Can Quit Paying Your Student Loans (Legally)

Posted on June 12, 2018
in Michael Smeriglio
by Michael Smeriglio

Article Published by: huffintonpost.com More than 40 million Americans have student loan debt. Of those borrowers, 5.6 million owe more than $50,000. That kind of crushing five-figure debt can take a real financial and mental toll. If you fantasize about running off to a foreign country or...

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Tax breaks when getting a divorce - Michael Smeriglio

Act now if you want to keep this tax break when getting a divorce

Posted on June 5, 2018
in Michael Smeriglio, Taxes
by Michael Smeriglio

Article Published by: cnbc.com Alimony payments for divorces finalized after Dec. 31 will no longer be tax deductible under the Tax Cuts and Jobs Act. Because some states require six months for a divorce to be finalized, you need to get your divorce proceedings started now...

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Three Common Types of IRS Tax Penalties - Michael Smeriglio

Three Common Types of IRS Tax Penalties

Posted on June 5, 2018
in Michael Smeriglio, Taxes
by Michael Smeriglio

Article Published by: mjscpa.com Three Common Types of IRS Tax Penalties Around this time of year, many people have filed and forgotten about their 2017 tax returns. But you could get an abrupt reminder in the form of an IRS penalty. Here are three common types of...

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  • This investment-fee tax break is gone. Here’s what it means for individual retirement accounts

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