Photo by Chris Potter via ccPixs.com School is about to start, so all the students who contributed to the just-released July jobs report are wrapping up those seasonal gigs. Many of these young workers plan to use the money they earned to pay some of their college costs. Kudos for them for contributing to their educations. But it's also a great idea for young people to start thinking about the day when they can quit working for good. The problem is that too many young people, like a lot of us, don't think that far ahead. Plus, a young person's…

Republicans unveiled their outline for additional tax changes on July 24 and it's just that. A bare bones framework. House Ways and Means Committee Chairman Kevin Brady (R-Texas) acknowledged the skimpy structure. That was by design, he said, with the outline to serve as a starting point for his GOP colleagues to offer feedback. Yes, he said Republican feedback. As with the original Tax Cuts and Jobs Act (TCJA) that was enacted last December, Democrats were excluded from the legislative writing process. Once things are fleshed out, Brady said he expects a Tax Reform 2.0 bill to go before the…

It's hot. Not just here in Texas, but across the United States. In fact, around the world. That means we all need to be careful. More careful than the hubby, who decided to mow our yard yesterday. And not during the relative cooler morning when temperatures were in the 80s, but in the afternoon when the thermometer nudged 100 and it felt even hotter. It wiped him out for the rest of the day and evening. I love my man, but I guess it's true that the heat does make us do dumb things. Deadly heat: Excessive heat also tends to be…

Couples by Michael Lehet/Flickr CC The hubby and I basically have a pretty equal, albeit traditional gender swapped, marriage. He's more persnickety when it comes to cleaning. So he does much of those household duties, including bathrooms and whole-house vacuuming. I hate that noise, so he vacuums when I'm out; that's one of the reasons I love him! We split kitchen duties, with the person who doesn't cook dinner doing the cleanup. We collaborate on investments, deciding how much and where our money goes. As for the day-to-day expenses, I take care of making sure the bills are paid on…

One of those hammocks has my name on it, after I finish a few July tax tasks. (Photo by Roberto La Forgia via Flickr CC) School is out. The fireworks have been shot (except for the stashes of my neighborhood's teens, which based on prior post-July 4 experiences, probably will last another week). And the heat is definitely on. That means it's finally, fully summer. And that means that it's time to get down to some serious summertime tax moves. Yes, I know you want to head to the pool or beach or catch up on neglected novels or just…

Taking a post-vows moment. (Photo by Barney Moss via Flickr) If you were a June bride or groom, congratulations! My best wishes also go out to folks who wed in any other month. I've been a wife a long time and I highly recommend matrimony. You've got someone who, as most vows still say, will be there for all the good and bad times. Plus, you've got a built-in excuse for getting out of things you don't want to do ("So sorry, but we can't make it. The hubby has to work."). There also, as I've noted numerous times here…

Fathers Day Happy Fathers Day GIF from Fathersday GIFs Happiest of days to all the dads out there. And thank you Sonora Dodd. Dodd was raised by her father after her mother's death during childbirth. While listening to a sermon at church on Mother's Day, Dodd thought about all her father had done for her and her siblings and decided fathers should have a day, too. Because Dodd's father was born in June, she encouraged churches in Spokane, Washington, where she was living, to honor fathers that month. The first Father's Day was celebrated in Spokane in on June 19,…

Prince Harry and Meghan Markle exit St. George's Chapel as husband and wife. (Photo: Kensington Royal Instagram) I'm not a fashionista, but I was impressed with Meghan Markle's wedding dress. The simple, elegant Givenchy gown was perfect. So what happens to the hand-stitched dress that reportedly cost around £100,000 (almost $135,000 U.S.)? Will it be sent to a museum? Sealed, boxed and stuck at the top of a closet for use by a next-generation bride? Lent to a friend for her coming wedding? There's another option, maybe not for the new Duchess of Sussex, but for us commoners. Donate your…

You're parents! Congratulations! Now that you've welcomed your new baby with a special name, be sure to get him or her a Social Security card before you leave the hospital. It will help in completing many of life's tasks, including filing taxes. Click image to watch the Social Security Administration's top baby names of 2017 video at YouTube. How did your folks come up with your name? Were you named after a relative? A place? A friend? A favorite movie star? By a random dart that landed on a sheet of potential handles? My grandmother named me. Well, she at least…

Click image to watch the Mos Eisley cantina scene, in which these musicians provide the catchy background tune, from the 1977 Star Wars movie that launched the sci-fi film franchise. Merry May 4th. Yes, this is another goofy, made-up holiday, but one that's dear to sci-fi fans (and punsters), particularly those devoted to Star Wars. The film franchise's iconic "May the force be with you" greeting is celebrated each year on the similar sounding "May the Fourth be with you." As a long-time sci-fi fan and a college student who waited in a long line to see the 1977 debut…

It's all about the angle for a budding photographer attending summer camp to hone her skills. (Photo courtesy Olds College via Flickr Creative Commons) Hello, May. You are indeed a very merry month, what with your longer days, warmer weather, lovely flowers and the impending end of classes. Yep, all you parents were smiling until you got to the end of that sentence, weren't you? School is far, far more than a day care for our children. But the fact that teachers and other educators keep an eye on kids for much of the day is a very consequential consideration…

Tax Day is less than a week away. But finishing up your 2017 Form 1040 is not the only tax task facing millions of Americans. Here are 10 tax matters that must be taken care of by April 17. 1. File your 2017 tax year federal tax return. Yeah, I started with the easy (so to speak), obvious one. But it is the reason for the tax season. If you don't get your return into or on the way if snail mailing by Tax Day, the late-filing penalty is 5 percent of the additional taxes owed amount for every month…

Kids all across the country, including those in my neighborhood, spent Saturday hunting for brightly colored eggs. Or, if they're in the Washington, D.C. area, perhaps they're getting ready to participate in tomorrow's (Monday, April 2) 140th annual White House Easter Egg Roll, like the youngsters in the photo above did last year. Their parents, however, are more likely this weekend to be hunting for tax breaks as the April 17 filing deadline nears. Every tax season, lots of taxpayers overlook some deductions, credits or other tax moves that can reduce their eventual Internal Revenue Service bill. Here are some that…

UPDATE, April 11, 2019 #NationalPetDay: As noted in this post from 2018, the Tax Cuts and Jobs Act (TCJA) makes changes to two of the five pet-related tax breaks noted when this post was published in 2018. For the 2019 tax season, during which tax year 2018 returns are filed, the miscellaneous expenses itemized deduction is gone and the moving expenses above-the-line deduction applies only to active military personnel. So for now, the headline is 3.5 pet-related (I'm counting the moving  tax deduction as one-half since it's still partially in effect) breaks. However, these altered/expired pet tax breaks, like all…

I hope she said yes! (Photo by Matt via Flickr) Valentine's Day has become one of the most popular days of the year to propose. If you're anticipating popping or answering the big question at an intimate romantic dinner tonight, taxes likely won't be on your mind. But perhaps they should be. Love and money: I'm a big fan of marriage. I've been in a mostly happy one with the hubby for a looong time. (Yes, I was a child bride!) But even back then, I was a tax geek. That's why our choice of wedding date — the year…

There's a tax bill, but there is no tax reform. There's still an estate tax. There are still (some) state and local itemized tax deductions. There's still an alternative minimum tax. And there are enough other tweaks to confuse filers and keep tax pros very busy over the next 12 (and more) months. Ways and Means Chairman Kevin Brady (R-Texas) presides over the lone public hearing Dec. 13 of the House-Senate conference committee on H.R. 1, the Tax Cuts and Jobs Act. Final House and Senate votes on the bill are planned for next week. Basically, the Republican tax bill…

U.S. families have been getting smaller in recent years, but some still have lots of children and they could end up being adversely affected by the tax law changes now under consideration. (Photo from the Forks Timber Museum Collection via Flickr) In selling their tax cuts to the American public, Republicans emphasize that the standard deduction amount is almost doubled. That sounds good. But that's not the whole story. You'll lose personal exemptions. For taxpayers, exemptions are excellent. That's especially the case for filers who have lots of dependents. Under current law, a tax exemption helps reduce your income so…

Photo by Katina Rogers via Flickr CC Most of us will spend time with family this Thanksgiving. If the gathering includes an aging parent (or two), it's a good time to gauge how they're doing. Now I'm not advocating a full diagnostic discussion. That's not only a bit intrusive, but such conversations probably will start fights if your family is anything like mine. My 80-something mom simply refuses to acknowledge that she's 80-something and that entering her eighth decade presents some limitations. And by refuses to acknowledge, I mean she dives head-first into vehement and lengthy denials. This is not…

    Welcome to Part 6 of the ol' blog's series on 2018 inflation adjustments.Today we look at changes to estate, gift and kiddie taxes.You can find links to all 2018 inflation posts in the first item:Income Tax Brackets and Rates.Note: The 2018 figures apply to 2018 tax returns that are due in 2019. For comparison purposes, you'll also find 2017 amounts to be used in filing 2017 tax returns due next April. Real wealthy families like the fictional filthy rich Darlings of ABC's "Dirty Sexy Money" welcome the latest estate tax inflation adjustments. (Cast photo courtesy ABC TV) It's always good to be…

Welcome to Part 4 of the ol' blog's series on 2018 inflation adjustments. Today we look at changes to some popular credits and deductions.You can find links to all 2018 inflation posts in the first item:Income Tax Brackets and Rates.Note: The 2018 figures apply to 2018 returns that are due in 2019.New tax laws also have altered some of the 2018 amounts and are noted in the post below. For comparison purposes, you'll also find 2017 amounts to be used in filing 2017 returns due next April. Millions of taxpayers depend each year on tax deductions and tax credits to cut their…

Updated: Thursday, Oct. 17, 2019 October marks the start for many companies of open season for employees' workplace benefits, many of which provide workers some nice tax savings. It's also a good month to make other tax-related moves. It's time to turn our attention to health care again. This time, though, it's not medical insurance via the Affordable Care Act/Obamacare. Instead, October marks the beginning of open enrollment season for workplace-provided benefits at companies across the country. Decide now for next year: Open enrollment periods vary from company to company. Most run from two to four weeks for workers to…

Here's some United Kingdom news that's much more exciting than the blowout NFL game played today in London. Two million married couples in Great Britain are missing out on their share of £1.3 billion ($1.76 billion U.S.) available via a marriage tax break. It's official, this bride indicates, by showing off her wedding band. (Photo by Pulathi Talagala via Flickr CC) Those unclaimed billions were calculated by Royal London insurance group after it received data from HM Revenue and Customs (HMRC; the U.K. version of America's Internal Revenue Service) following a freedom of information request. HMRC figures show that only…

Life is a carousel, at least for a while, for this youngster and her grandmother. Once play time is over, financially secure grandparents have some tax-favored ways they can help ftheir grandchildren. (Photo by Rob Bixby via Flickr Creative Commons) Happy Grandparents Day! If your pop-pop and mam-maw (insert your own personal and/or regional affectionate nicknames here) are still around, take some time to tell them how much you love and appreciate them. Most of the time, younger — and that's definitely a relative term — folk think of grandparents as ancient. In many cases, elderly grandparents (and parents) do…

This post was updated March 27, 2018. If you've been paying attention to Donald Trump Jr.'s meeting with some Russians last summer, you know the White House has given two reasons for the get-together. The explanation that caught my tax eye was that the group talked about adoptions. The president's oldest son said that one of the Russian nationals came to Trump Tower to lobby for reversal of the Magnitsky Act. The law gets its name from attorney Sergei Magnitsky, who died in 2009 while being held in a Moscow prison. Foreign fight, domestic family effects: In 2012, the U.S.…

UPDATED July 17, 2019 Happy World Emoji Day! It's held on July 17 each year as a way to promote the use of emojis — like we need to do that! — and, according to Emojipedia (really!), spread the enjoyment that the colorful icons bring. The enjoyment goal got me thinking of how emojis might make one of our worst tax tasks more pleasant. I'm talking, of course, about our annual filing of returns. Most of us already use tax software. Surely it wouldn't be that difficult to incorporate the option of adding emojis to the lines we fill electronically…

Regardless of which month you marry, there are and will be tax matters to  consider. Relaxing after the ceremony. (Photo by Barney Moss via Flickr) Ever wonder why June is "the" wedding month? Me, too. So I looked it up. The Old Farmer's Almanac, which I never realized was a go-to wedding planning resource, says that June is the most popular month to marry thanks to some ancient traditions. The Roman goddess Juno, for whom the sixth month was named, was the protector of women in all aspects of life, but especially in marriage and childbearing. So, says the Almanac, a…

Dancing with Daddy (Courtesy Wifflegif.com via Giphy) Those of us lucky enough to have (or have had) great dads are well aware of all the support they provide. There are the traditional demonstrations, like teaching us to dance (like the dad above, sort of) or ride a bicycle and later to drive a car. And of course, there is Dad's perpetually open wallet, especially for us daughters who will always be our fathers' little girls. But families have changed over the years. More single fathers: Of the 72.2 million fathers in the United States, just more than a third (34 percent) were married and living in families with…

June is here! Summer. Beaches. Holidays. Weddings. Tax breaks. That's not a non sequitur or the fevered delusions of tax geek. As schools close their doors for a few months and families head out on much-needed vacations, it really is the perfect month to look at some traditional June events and their related tax moves. 1. Batten down the hatches: OK, that's a nautical phrase, but when summer rolls around, landlubbers along the Atlantic and Gulf of Mexico coasts take it to heart. They don't need a calendar to tell them that the annual hurricane season starts June 1. They already…

In his new book, "The Vanishing American Adult: Our Coming-of-Age Crisis — and How to Rebuild a Culture of Self-Reliance," Nebraska Sen. Ben Sasse says young people in the U.S. are failing to launch. He explained to Elaine Quijano on "Red & Blue" how we ended up here and what Americans can do to prepare for adulthood. (Click image to view CBSN video) Sen. Ben Sasse swears that his book is not just 320 pages of old man "get off my lawn" rants at neighbor kids. First of all, the 45-year-old Sasse is far from old. Plus, says the Nebraska…

Happy Mother's Day! What a perfect day to talk about tax audits. You don't see the connection? Then you missed the season finale last week of the CBS show "Mom." I'm not really a fan, but it was on in the background as we were fixing dinner. Scene from the May 11 season finale of CBS sitcom "Mom," where the characters portrayed by Anna Faris and Allison Janney consult an attorney, played by Leonard Roberts, about some tax trouble. (Photo courtesy CBS) But as I was chopping veggies I heard "the IRS put a lien on my account." So naturally…

Based on how much Mom is enjoying her homemade card, I'm sure she'll absolutely love the creatively wrapped Mother's Day gift. (Photo by Loren Kerns via Flickr CC)  Moms usually embrace the adage that it's the thought that counts when it comes to Mother's Day gifts. They love those macaroni picture frames we made as kids as much as the store-bought gifts we started giving them as soon as we were making our own money. But state treasurers don't agree. In the 45 states and District of Columbia that collect sales tax, they are hoping we spend a lot on…

May flowers, like these Texas poppies, are one of the reasons it's such a merry month. Other reasons to be happy is that there are some tax moves you can make now to cut your 2017 IRS bill. (Photo by Kay Bell) Welcome to the merry, merry month of May, which is particularly joyous for folks who've finished up their 2016 tax returns. That's almost 136 million of us, with around 17 million of those 1040 forms arriving at Internal Revenue Service processing centers in the final days of this year's main filing season. While the 2017 filing season got…

Ah, youth. The excitement. The energy. The illusion of immortality. The first-ever filing of a tax return. Boom. Taxes often are the first indication of young adulthood. And apparently it’s a grown-up responsibility that many millennials are turning over to other grownups, specifically their parents. Real mom-and-pop tax help: More than a third (37 percent) of millennials relies on their parents at least in part for tax help, according to a new study released by TaxAct. The survey, conducted by ORC International earlier this year on behalf of the tax software company, also found that young men are more likely to…

This post was reviewed and updated Friday, May 4, 2018. Whenever I want to escape the crazy that is real life, I turn to the movies. Sometimes it's my favorite tax-themed films. Amanda Abbington and Martin Freeman, pictured here on the set of "Sherlock" with Benedict Cumberbatch, who plays the show's title character behind them, have separated. (Photo courtesy PBS Masterpiece) Other times when I can't get away for a couple of hours, I surf entertainment news. Go ahead, judge me. Then admit you've done the same! In perusing the web recently, I stumbled across a list of celebrity couples…

Donald Trump is batting .500 for cabinet members who screwed up nanny tax reporting. This morning, the Senate narrowly confirmed Rep. Mick Mulvaney (R-South Carolina) to head the White House Office of Management and Budget. The vote was 51-49. At least Vice President Mike Pence didn't have to up to Capitol Hill to break a tie this time. Click image to watch the C-SPAN video of Mick Mulvaney's confirmation hearing before the Senate Homeland Security and Governmental Affairs Committee. His testimony apparently convinced just enough Senators to approve him on Feb. 16 for the White House budget post. Did Mulvaney's…

This post was updated April 1, 2021. You’re married. You got married on Dec. 31. You’re a parent. You take care of an aging parent. You’re a single dad. You’re divorced. You got divorced on Dec. 31. All of these personal situations can affect your tax filing status. So getting it right on your tax return is critical. Take, for example, this dad helping his children with their homework. If he’s the only parent, he could have a couple of tax filing status choices depending on his personal situation. Read on to find out how. Why does filing status matter…

Oh, c'mon people! What is so hard about hiring a legal household worker and then paying the proper taxes for such help? Mother with a baby and toddler hauling, in her words, "a lot of crap." If she hires childcare help, she'll need to pay attention to nanny tax rules. (Photo by Mrs. Flinger via Flickr Creative Commons) However, some high-power folks with political aspirations apparently cannot get this right.  Not even three weeks into the Trump Administration and we have a second nanny tax scofflaw. Puzder joins Mulvaney with household help issues: First there was the South Carolina Republican…

Hello February. Although you're the year's shortest month, your fewer days can be full of extremes, like snow this week in the Midwest and Northeast and weather warm enough here in Central Texas for us to turn off the furnace and open windows. Image courtesy Tammy King's February Pinterest Board February's changes can be dramatic. But there's no need to over-react to your taxes this month. There are lots of easy moves you can make over the next 28 days. Collect your tax statements: Filing data on a variety of forms is filtering in this month. If you work for a company,…

A Jacksonville, Florida, mother and father finally saw their daughter after being separated for 18 years. Kamiyah Mobley was known as Alexis Manigo when she took this undated Instagram selfie with Gloria Williams, the woman she grew up thinking was her birth mother. Kamiyah Mobley was a newborn when Gloria Williams, 51, allegedly posed as a nurse and took her from her birth mother in Jacksonville, Florida.  Now Kamiyah, who grew up as Alexis Manigo, is getting to know her birth parents, Shanara Mobley and Craig Aiken. The young woman, however, says the woman accused of taking her when she…

Rep. Mick Mulvaney is going to have to answer some nanny tax questions if he hopes to become President-elect Donald Trump's budget director. Rep. Mick Mulvaney speaks to some of his South Carolina constituents on last September's Constitution Day. (Photo by Erik B. Corcoran via Twitter) The South Carolina Republican was elected to Congress in 2010 as part of the midterm Tea Party wave. Since then, the man whom some have called a debt warrior has been a major player in the conservative Freedom Caucus and has focused on ways to cut federal spending. He probably should have focused on…

NOTE: This post was updated Nov. 22, 2017. Millions of us will be seeing our parents during Thanksgiving. For many, it's the first they've seen of mom and dad in months. Thanksgiving traditionally is a multi-generational celebration. But adult children might need to pay special attention to their aging parents over the holiday to gauge whether mom and dad now need some extra help. (Photo courtesy NealeA via Flickr Creative Commons) If you're heading to your parents' place this holiday and they're getting up there in years, it's a good time to make sure they're doing OK when you're not…

Welcome to Part 6 of the ol' blog's series on 2017 inflation adjustments. You can find links to all 2017 inflation posts in the series' first item: Income Tax Brackets and Rates. Today we look at changes to estate and gift tax amounts, as well as limits on investment income for children, known as the kiddie tax.Note: The 2017 figures apply to 2017 returns that are due in 2018. For comparison purposes, you'll also find 2016 amounts to be usedin filing 2016 returns due next April. There's a time for play and a time for generational tax planning. (Photo by Ryan Ruppe via Flickr.) If you…

Welcome to Part 4 of the ol' blog's series on 2017 inflation adjustments. You can find links to all 2017 inflation posts in the first item:Income Tax Brackets and Rates. Today we look at changes to some popular credits and deductions.Note: The 2017 figures apply to 2017 returns that are due in 2018. For comparison purposes, you'll also find 2016 amounts to be usedin filing 2016 returns due next April. You can jump for joy like these youngsters if you can claim some of these popular inflation-adjusted credits and deductions. The key to paying the least tax possible is to get your…

If you follow celebrity news, you've already heard about the impending dissolution of the marriage of one of Hollywood's highest profile couples. Angelina Jolie is seeking a divorce from her husband of two years, Brad Pitt. Brangelina's divorce likely will be much more difficult than separating their Madame Tussaud wax representations. (Photo by Cliff via Flickr) I'll leave it to the internet and tabloids, both print on television versions, to hash out the exact sordid "irreconcilable differences" Jolie cited in her Sept. 19 filing in Los Angeles Superior Court. The couple, who share six children, was together for 12 years, but…

If you thumb through Internal Revenue Service instructions — since we all want to make sure we get our taxes right, who doesn't? — you're likely to run across photos of missing children. Man answering phone at a National Center for Missing and Exploited Children call center. Click image for info on how you can help. This is a public service provided since 1999 by the IRS through its partnership with the National Center for Missing and Exploited Children. The photos, selected by the Center, are placed on tax document pages that otherwise be blank.   As the text accompanying the photos…

Were you a June bride or groom? Congratulations and best wishes! "We did it!" The happy couple and friends celebrate. (Photo by Lindsey Child via Flickr CC) You have some tax tasks to take care of once you're back from your honeymoon excursion and the thank-you notes have been sent. Marriage is just one of the big life events that has tax implications. Today's Weekly Tax Tip has details on 7 such milestones, starting with your birth and continuing through retirement. And since your wedding day is one of the happiest days of your life — remember it when you do have post-I do…

Being a parent is tough. Being a single parent is even tougher. Beach-combing with dad. Photo by YoTuT via Flickr. So on this Father's Day 2016, here's a shout out to the millions of dads who are taking care of their kids on their own. There were almost 2 million single fathers across the country in 2015, according to the U.S. Census Bureau. That, according to the nation's official people counters, represents 16 percent of the single parent population. In conjunction with the annual day to honor dads, those 1.9 million single fathers also earn this week's By the Numbers…

More than 1 million men and women have died during U.S. military service. Memorial Day is when we take special time to remember them and their ultimate sacrifice. To ensure the ultimate hallowed duties of America's fallen heroes are never forgotten, The National Moment of Remembrance Act was enacted in December 2000. This law created the White House Commission on the National Moment of Remembrance. The Commission's charter is to "encourage the people of the United States to give something back to their country, which provides them so much freedom and opportunity" by encouraging and coordinating commemorations in the United States of…

This post was reviewed and updated Friday, May 11, 2018. Happy Mother's Day!  There's no better Mother's Day gift for mom than a homemade "<3 U Mommy" message. (Photo by Donnie Ray Jones via Flickr) Whether you are a mom, have a mom, are planning to become a mom, or are married to a mom, chances are you're taking part in a special celebration this Sunday. Enjoy! Millions of magnificent moms: While mothers often feel like they're all alone when it comes to their kids, some data from the U.S. Census Bureau shows that all types of mothers have lots…

When the hubby and I head to a sporting event where only young fans are given freebies, say a team-logo cup or a bobble-head doll, we joke that we should be able to rent a kid or two so we could get the goodies. Yes, we would take sports-related candy etc. from children! This baby didn't hamper dad's ability to snag a foul ball. Plus, he provides his parents with several potential tax saving options. Click image to see MLB video of the catch and story about the ensuing controversy.  Well, one Missouri man allegedly took our jesting approach to an illegal tax extreme…

The hubby and I have no children. We often, however, seem to find ourselves at places and events chock full of families. For the most part, that's OK. Although we're child-free, we get a kick out of kids in small doses. They often provide some chuckles. Or as in the case of the poor baby pictured below, literal out loud laughs. Sorry, kiddo, but peas are good for you. Really! Plus, it always helps to know that when we get in our car and head home, it's just the two of us! Families still rule: We're in the minority. Most of our friends…

Go big or go home. That's not just a catchy tune. It's President Barack Obama's philosophy regarding his eighth and final fiscal year budget blueprint. Click image to watch American Authors' hit "Go Big or Go Home" via YouTube. Even when Congress and Commander in Chief get along, getting everything in an administration's annual budget is tough. When things are outright hostile like now — in an unprecedented move, both the House and Senate budget committees, headed by Republicans, announced they won't hold hearings on Obama's proposal — the chances of a lame-duck president getting what he wants fiscally is…

Twice the love, twice the early morning feedings and twice the tax breaks. That's what parents of twins can expect. And when the twins are born in different tax years, the earlier child's arrival provides tax breaks before mom and dad have to change a diaper. That's the unusual, but not unheard of, situation when one twin is born late on New Year's Eve and the sibling arrives early on New Year's Day. In fact, it happened twice — that I know of — on Dec. 31, 2015, and Jan. 1, 2016. And both doubly delightful deliveries were in Southern California. Luis Valencia holds his…

Welcome to the last week of 2015. The end of the calendar year is important not just for your New Year's Eve party planning purposes, but also because when it comes to most tax moves, Dec. 31 is a critical and firm deadline. So with the soon-to-be-old year rapidly winding down, here are 10 tax moves to make by Dec. 31. 1. Take your retirement account distribution.Most owners of tax-deferred retirement accounts who are age 70½ or older must take a specific amount out of their nest eggs by the end of the year or face stiff penalties. This applies to…

Happy Thanksgiving to you and all your family members, even — or for many of us, especially — the furry ones. My mom and her furry child having an important pre-Thanksgiving dinner conversation. As we gather today to say thanks for all we have, many of us will include our pets among our blessings. I know my mother would be lost without her constant companion. She is not alone. Almost every pet owner will tell you that their animal is a member of the family. The IRS, though, tends to disagree. That's why the taxman won't let you claim your dog, cat, guinea pig or whatever…

It seems that the "SSL Secure Site" notation on AshleyMadison.com was as dependable as the promise of its clients' wedding rings. Which is to say, not very. That's right. The cyber security and privacy of the adultery website has been violated. Hey, no judging here. But I do want to offer the philandering members of the website, which advertises using the slogan "Life is short. Have an affair.", some divorce related tax tips. Just in case the cyber infiltrators follow through on their threat to make public the info on the 37 million marital cheaters. UPDATE: The wait is over. On…

More teenagers are working this summer. There aren't any jobs out there for young workers. Employers are struggling to find teens to work at traditional summer jobs. Google "teens and jobs" and you'll find all three of those reports on seasonal youth employment. So just what is the youth employment situation for the summer of 2015? Great, good or terrible depending on where you and your teenage live and the type of work you and your youngster are seeking. The ebb and flow of youth jobs: The Pew Research Center recently looked at what's happened over the years to the…

In an historic 5-4 decision, the U.S. Supreme Court ruled today that all couples, regardless of gender, have the right to be married in all 50 states. Marriage equality advocates celebrate the Supreme Court ruling that all 50 states must allow and recognized same-sex marriages. (Photo courtesy Human Rights Campaign) The victory for marriage equality advocates was expected, given the number of lower courts that have ruled that way and the dramatic shift in public support for same-sex marriages. However, no one wanted to get out ahead of this Supreme Court, which has had a habit of issuing decisions, read…

June 26 could be the day that marriage equality officially arrives in the United States. The U.S. Supreme Court is expected to hand down its ruling in Obergefell v. Hodges either today or Monday, June 29. Supporters of same-sex marriage rallied outside the Supreme Court in April when oral arguments were presented. Photo courtesy Human Rights Campaign video via YouTube.  The case actually is a consolidation of four same-sex marriage federal lawsuits, one each from Ohio, Kentucky, Tennessee and Michigan. But the ramifications of the high court's ruling ultimately will affect all 50 states. The imminent decision is the culmination…

The annual arrival of Father's Day emphasizes just how much being a dad has changed. When I was a kid, a father's main role was being the breadwinner. And dads back then weren't all that emotional, or at least mine wasn't. But that was OK. I didn't need dad around all the time telling me he loved me. My brother and I both knew it and we cherished the time we spent with Dad, either on our own or in family gatherings. Today, however, a lot of fathers take a more hands-on approach to raising kids. Good for them and…

My fellow Texan Kinky Friedman, as well-known for his often outrageous comments and political dalliances as for his writings and music, declared his support for marriage equality because same-sex couples "have a right to be as miserable as the rest of us."  However, unhappily married gay and lesbian couples don't have the right in the Lone Star State to get a divorce. Or do they? Texas, like 13 other states, does not sanction same-sex marriages. Neither does it recognize such marriages that were legally performed in other states. So, argue some Texas officials, the state cannot grant a same-sex couple…

Happy Mother's Day, not just to the women with children, but to those who help take care of the kids. I'm not just talking dads here, although fathers are much more involved in their children's lives now than they were a few generations ago. I'm thinking of day care employees. There were 862,043 day care services employees across the country in 2013, the year with the most complete data as compiled by the U.S. Census Bureau.  Kasey Tanner, a Fort Jackson Family Child Care provider, shows two toddlers how to play with an educational toy. Photo by Kris Gonzalez, Fort…

Tax deductions, whether itemized or above-the-line, and tax credits can save you money, but they do so in different ways. A deduction lowers the amount of your income on which tax is figured. Less income generally means a lower tax bill. A credit, however, is an even better tax reduction tool. Credits are claimed once you figure your tax liability and they then reduce what you owe Uncle Sam dollar for dollar. That means a $1,000 tax credit could cut your $2,000 tax bill in half. Even better, a few tax credits are refundable. As the name indicates, these credits…

Life. It just keeps keeping on (if we're lucky!). For most of us, our day-to-day activities fall into a predictable routine. Sometimes, though, the daily route detours. That's what happened yesterday, as the hubby had an unexpected day off. So I took time off, too, to enjoy the down time with him … not, as he jokingly — I'm pretty sure he was joking! — said, to make sure he didn't have too much fun! Click image to watch a video of Ferris Bueller's sage advice about enjoying a day off. And that meant that I didn't get around to…

Two months ago lots of families got pets as Christmas gifts. Now, many of those puppies and kittens and other would-be furry friends are, sadly, bunking at animal shelters … or tragically worse. Some New York lawmakers think a tax change could help get those and other pets abandoned year-round into new homes. Eager dog in animal shelter, photographed by Dave Cooper via Flickr. Pet adoption tax credit: New York City Councilwoman Julissa Ferreras (D-Queens) has introduced a bill that would give Empire State residents a state tax break for adopting a homeless pet. The measure has the support at the…

President Abraham Lincoln is famous for so many wonderful, impressive, inspiring actions and words. He gave us stirring arguments in the Lincoln-Douglas debates in his unsuccessful quest to unseat U.S. Senator Stephen Douglas. But the campaign battle laid the foundation for his eventual political triumphs. After becoming the 16th president, he confronted the Civil War, one of our nation’s darkest times. From that tragic era came Lincoln’s long remembered Gettysburg Address and the Emancipation Proclamation. To finance that grim internecine battle, Lincoln signed into the law the country’s first income tax. The Aug. 5, 1861 law imposed a 3 percent…

Taxes and politics are inextricably linked. Raising them, or even saying you might think about doing so, generally dooms campaigns. Lowering them, of course, is seen as a political plus. And actually giving people real tax money back goes a long way toward a ballot box win. At least that's what some New York incumbents no doubt are hoping happens this election year. Family tax credit rebates: Millions of Empire State residents soon will be $350 richer. Tax rebate checks for that amount are going out this week to New Yorkers who, among other things, had a child younger than 17…

He who controls the purse strings makes the rules. Although this popular quote uses "he" in the general, universal sense to make a money point, the pronoun is the operative word in most domestic violence cases.  Not to get all wild-eyed feminist, but as the recent spousal abuse cases in the National Football League have underscored, women generally are the victims when relationships take a physical turn for the worse. No money, continued abuse: In addition to physical violence, abused spouses and partners also often face financial abuse. The spouse or partner who makes the most money uses that resource to…

Our beloved cat Zeke was part of our family for 19 years. He's been gone for 15 now and we still think about him every day. Zeke chilling out in a box at our Maryland condo back in 1984. Our human family and friends are stunned we never adopted another cat. When I've broached the subject of a new kitty over the years, the hubby's reaction has remained consistent and firm: "Do people get another kid when they lose one?" Sometimes, but that's a topic and blog post for another time. Today's focus is on our collective devotion to our…

I'm on a business trip this week in Orlando, attending the Internal Revenue Service's final Nationwide Tax Forum of 2014. The hubby and I have been here many times on pleasure travel. You're right, we have no kids, but we're kids at heart. What can I say; I loved the Pirates of the Caribbean ride long before Johnny Depp created Capt. Jack Sparrow. We talked about tacking on a few days to this Sunshine State visit to see how Mickey and Harry Potter have held up since we moved from the state in 2005. But after much consideration, the hubby…

Former Virginia Gov. Bob McDonnell and his wife Maureen are on trial, facing charges of taking $177,000 in gifts and loans from Star Scientific in exchange for promoting the firm's dietary supplements. But the former first couple of the Old Dominion has more than just legal and political troubles. Their 38-year marriage is kaput. That was obvious with the defense's first inkling of how it would approach the case: The couple was so estranged that they couldn't have conspired to do anything. As the trial has progressed, with each spouse fielding a separate defense team, the missus is coming off…

Today I'm spending the day with my mother. It's a rare weekday visit, which allows us to take care of some things that must be done during regular business hours, not on weekends. My mother turned 80 this year. You wouldn't know it. For the most part, she's still very vital and active. In fact, her social life is much more vibrant than one the hubby and I have! She can't, however, drive. So part of each visit is devoted to errands that are hard for her to accomplish using the limited public transit options where she lives. I'm thankful…

I know I alluded to kids and day camp not too long ago when our driveway was ground zero for the neighborhood skateboarders' personal X Games. But in clearing out the way too many photos on my phone, I ran across this snapshot of a day camp flyer on the local coffee shop's bulletin board and I couldn't resist. Frisbee camp. Go figure. I guess I shouldn't crack wise. As a middle schooler — we called it junior high back in my day — I went off to twirling camp. Baton twirling, not spinning around in a circle, although given…

Every summer our neighborhood newsletter looks like a mini Craig's List. All the kids are looking to make some money. A day every father dreams of courtesy woodleywonderworks via Flickr CC We have teens and preteens wanting to walk dogs, water plants, do more extensive yard work, tutor (class work and sports skills), scoop pets' poop (this kid will get a real job quickly!), fix computer glitches (so will this youngster) and house, dog and/or baby sit. Hooray for such industrious youth. The Internal Revenue Service is cheering my young neighbors, too. If kids are lucky enough to land a…

It's summer, so that means kids are everywhere. Heck, they're even in our yard — OK, our driveway, since we don't have much of a front yard. Obviously inspired by the X Games held earlier this month in Austin, the neighborhood skateboarders and cyclists have taken over our block. And they've deemed our sloped, circular driveway a perfect practice area. (The hubby thinks its for competition, not just practice.) This is not a surprise. When we moved here nine years ago (Yikes! Where did the time go?), we soon learned that opening our garage doors in the summer would send…

Dad deserves as much rest as he can get. So on this Father's Day, a good and easy gift is to let your father sleep a little longer. "There should be a children's song: 'If you're happy and you know it, keep it to yourself and let your dad sleep.'" — comedian and father of five Jim Gaffigan A bit more shut-eye is especially welcome by fathers who are raising families on their own. There were 2 million single fathers in the United States last year, according to the latest U.S. Census Bureau data. These solo pops, who accounted for…

It's another Mother's Day and for the last few years, my mom and I have lived close enough so that we've been able to spend it together. I'm about to head over to her place for the day. My mother has taught me many things, including that being a mom is a tough job. That's one of the reasons I opted out. She definitely raised a smart daughter! Not that mom complained. She desperately wanted kids and my brother and I were always very aware of the depth of her love. Child-related costs: But it takes more than parental devotion…

The recent harsh winter weather has been tough on everyone. But parents are feeling special heat. Sorry. I mean special pressure. Schools have been closed an inordinate number of days across the country. That's meant working moms and dads have had to stay home with the youngsters, take the kids to work with them or hustle to find day care. Even in the best weather and circumstances, finding reliable child care is difficult and costly. There is, however, a tax break that can help, the child and dependent care tax credit. While this credit can be claimed by eligible taxpayers…

Despite my best intentions, my posting lately of the Daily Tax Tip has been, let's be honest, crappy. I won't bore your with my excuses explanations reasons. But as way of apology, I am pleased to report that I have finally updated February's running tax tip list. In doing so, I noticed that last week four of the five tax tips dealt with family tax issues. Was your last family reunion as well attended as the Miller gathering in 1951? Photo shared by Hilary Kanupp Perez via Flickr CC. Most families today, be they as large as the Miller clan…

This blog post was updated Feb. 13, 2017. Getting married means lots of changes for the newlywed couple, even at tax time. That's when new husbands and wives file their first post-wedding federal Form 1040, choosing a new-for-them filing status. Since the 2014 tax filing season, that decision has affected even more couples. That year marked the first time that same-sex married couples were able to file federal tax returns jointly or as married filing separately. And that means that even more couples now encounter the marriage tax penalty or tax bonus. Just Married Bride and Groom image courtesy photostock/FreeDigitalPhotos.net…

Singer, songwriter and political and social activist Pete Seeger died last week. He was 94. Seeger was as well known for his commitment to causes that at the time were unpopular as he was for his songs, and that's saying a lot. After being blacklisted for being a "godless communist," Seeger turned to the Bible (and gave co-writing credit to Ecclesiastes) to compose Turn, Turn, Turn, one of the most beautiful and timeless songs ever. It became a No. 1 hit for the Byrds in 1965. Other widely beloved Seeger songs include "If I Had Hammer" and "Where Have All…

Lorraine Yaleni Begazo and her younger brother Brandon Ferdinando Begazo have no idea of the tax benefits they've provided their parents. The twins just want their next meal and clean diapers. That's to be expected, they're just a few days old. But because they were born in two different years, the New Year's Eve/New Year's Day babies give their mom and dad an immediate tax benefit when the folks file their 2013 tax return. Then they get double the benefits with their 2014 filing next year. New mom Yaleni Santos Tohalino (pictured with her babies) delivered Lorraine, who weighed in…

The birth of Jesus is one of the most well-known stories. For Christians, it is, as the saying goes, the reason for the season. But even many non-believers are moved by the tale of the birth of a child in stable, with a manger serving as his crib. One of the most beautiful renditions of those humble circumstances is in What Child is This? It was a tough call, but that song barely beat out Away in a Manger for the final spot on the 2013 Christmas Tax Tip Tunes play list. Both songs celebrate the birth of a child. And…

The part of West Texas where I grew up definitely had winter weather, but not much snow. We'd get a dusting now and then. And one Christmas when I was in high school we spotted some flakes falling. So I always romanticized the snow. And no song does a better job of creating a perfect vision of the coldest season than Winter Wonderland. OK, it's not technically a Christmas song. But I'm guessing that Winter Wonderland gets its most air play in December. And it's on just about every Christmas carol collection every recorded. So the song is today's featured…

The busiest travel time every year is around Thanksgiving. But plenty of folks also hit the road for Christmas. Despite the craziness of the season and often messy, and dangerous, winter weather, we go. Why? Because, as Perry Como so melodiously notes, There's No Place Like Home for the Holidays. Your travel to and from family gatherings at any time of the year is all on your own dime. But as today's Christmas Tax Tip Tune notes, other types of travel are tax deductible. In fact, the Internal Revenue Service even makes it easier for you to figure your write-off…

Today, Nov. 12, 2013, is a big day for all sorts of gamblers. For traditional gamblers, it's MegaMillions drawing day. The jackpot is $132 million (a $71 million lump sum payout option). It's also lottery day for many state games of chance. And let's not forget folks who are in Nevada, Atlantic City or casinos across the country. They are sure to include today's numerical representation of 11-12-13 in their bets. Gamblers tend to be superstitious and anything, and I mean anything, that might help produce a win is embraced. "Dates are significant to a lot of players," Danielle Frizzi-Babb,…

What with the continuing debate over the Affordable Care Act, aka Obamacare, and the recent easing of the medical flexible spending account (FSA) use-or-lose rule, most of the attention during this fall's workplace benefits enrollment season has been on the health-care options. If you have kids, however, you also should check out your company's child care FSA. In most cases, businesses that offer workers the medical FSA option also provide a similar plan to help them cover child care costs. And like its medical companion, a child care FSA saves you tax money because you put money into the account…

Just like Sen. Ted Cruz, I'm on my spouse's company health care policy. That and a Texas address are the only thing the Tea Party darling and I share. Because Ted and Heidi Nelson Cruz and the hubby and I have workplace-provided medical insurance, we get a chance in the coming weeks to decide exactly what type of coverage and other related workplace benefits we want for the coming year. Yep, it's annual workplace open enrollment season. Like many employer-provided plans, our options are part of a cafeteria plan, so named because they allow employees to select benefits from a…

The incredible television series Breaking Bad ends tonight. My Sunday evenings will be without nearly as much turmoil, except on those nights when the Cowboys play, but I will definitely miss this show. In winding down the series this past week, I popped in and out of AMC's Breaking Bad marathon. I'm sure it comes as no surprise that the repeat viewings reminded me of the show's tax-related story lines. And as quickly as fulminated mercury crystals can blow out a crazed drug dealer's office windows, I got to thinking about other tax lessons we can learn from high school…

The hubby and I have been filing joint federal returns for 31 years. Yes, I was a child bride; that's my story and I'm sticking to it. Now that the Internal Revenue Service is accepting 1040s from same-sex married couples nationwide, I thought it a good time to review the process of filing federal taxes as married taxpayers. This also is something that all newlyweds, regardless of gender, need to know. And it's not a bad refresher for those of us who've been filling in joint 1040s for a very long time. So take your spouse's hand and let's look…

Welcome to my tax world, same-sex married couples. Treasury and the Internal Revenue Service today announced that you can file a joint tax return regardless of where you live. If you were legally married in one state, that's good enough for the federal government when it comes to your tax returns. Even if you move to a state that does not recognize same-sex marriages, the IRS will still take your joint 1040. The decision applies to affected couples who got extensions of their 2012 returns (due Oct. 15), those who married in 2013 and will file their first taxes as…

Congratulations to the new royal parents on the arrival of the future king of England. Kate Middleton, officially known as Catherine, Duchess of Cambridge, delivered an 8 pound, 6 ounce son at 4:24 p.m. today local time, 11:24 a.m. Eastern time here across the pond. The proud father, Prince William, the Duke of Cambridge, was in the delivery room. As for the royal heir's name, Buckingham Palace issued a statement that it would be announced "in due course." Even though we Americans vehemently rejected the monarchy 237 years ago, we remain fascinated by the modern royal family. And I suspect the new prince's…

If your kids are too old for day camp, then maybe they a job to fill their class-free summer hours is a good idea. Not only will it teach your teen responsibility and help develop a healthy work ethic, it will provide them with some pocket money. And it also could provide some valuable tax lessons. The traditional teen summer job tax connection is this week's Weekly Tax Tip. Generally, the Internal Revenue Service wants its share of all earners income, regardless of age. That generally leads to the young worker's the first hard tax realization: Just who the heck is…

The Supreme Court on June 26 declared the Defense of Marriage Act, or DOMA, dead. That same day, Attorney General Eric Holder said that President Obama had directed the Justice Department to work with other agencies to expeditiously implement the decision making federal benefits available to same-sex married couples. And expedite they did. On Friday, two days after the DOMA decision and the same day that same-sex marriages resumed in California thanks to the high court's removal of the Proposition 8 roadblock, the Office of Personnel Management (OPM) announced that same-sex spouses are eligible for a wide range of federal…

Can you hear the cheering? It's still going on and it's coming from gay and lesbian couples, their families and friends and same-sex marriage supporters across the country who are thrilled that the U.S. Supreme Court today ruled the Defense of Marriage Act unconstitutional. This federal law, enacted in 1996, defined for federal purposes a marriage as between one man and one woman. Yeah, right. DOMA was enacted because the ship on expanding marriage had already set sail. Gay and lesbian couples currently can get married in Connecticut, Iowa, Maine, Maryland, Massachusetts, New Hampshire, New York, Vermont, Washington and the…

UPDATE, March 7, 2018: No, it's not hot yet, even here in Texas. But parents across the country already are making summer camp plans for their kids since some of the programs fill up quickly. And the child and dependent care tax credit, which survived the Tax Cuts and Jobs Act enacted on Jan. 1, 2018, can help cover some of those costs as long as the camp is of the day-only variety. This oldie-but-goody (and reviewed and refreshed) tax tip has the scoop. If the hot weather hasn't already tipped you off, all the kids roaming the streets make…

Dad. Pop. Papa. Daddy. Father. Whatever you call your dad, enjoy not only Father's Day, but every day with him. My dad, whom we lost many years ago way too early, was of the era where fathers didn't play as obvious a role in their children's lives. But my late brother and I knew that both our folks played critical, and loving, roles in our lives. Father and son fishing. Photo courtesy Sue's Point of View via photopin cc The debate continues today over a dad's involvement in the day to day upbringing of his kids. I do what works…

Yet another high-profile marriage apparently is about to end in divorce. Media mogul Rupert Murdoch has filed for divorce from Wendi Deng, his third wife of 14 years. The 82-year-old head of News Corporation and his 44-year-old wife are the parents of two young daughters. Expect the breakup to be messy. Murdoch is worth a reported $11.2 billion that comes from News Corp, corporate parent of, to name a few, Fox News, various entertainment TV outlets, a film studio and a publishing empire that counts the Wall Street Journal among its holdings. When Murdoch and his second wife divorced in…

Kids. If your neighborhood is anything like mine, it's full of 'em. And chances are that some of those children racing bicycles down the street and yelling at each other and laughing with each other and tossing baseballs and soccer balls into your back yard were adopted. Parents have a lot of reasons for adopting children, but they share a couple of things. The process is time-consuming and expensive. Uncle Sam can't help speed up adoptions, but he can help, as today's Daily Tax Tip shows, cover some of the costs of adding a new family member. According to Adoptive…

On two successive days at the end of this month, the U.S. Supreme Court will hear two cases dealing with gay marriage. Hollingsworth v. Perry, schedule for argument on March 26, involves California's constitutional amendment that forbids same-sex marriage. Then on March 27, the justices will hear arguments in United States v. Windsor. This case concerns federal law that denies gay couples who legally marry the right to obtain federal benefits available to heterosexual married couples. Specifically, in the Windsor case, Edith Windsor filed suit against the federal government in 2010 following the death of her spouse, Thea Spyer, in…