taxes

Figuring out the Retirement Number

tax 2.jpg

So you’re planning for retirement and have a pretty good handle on your expenses and what you think you’ll need to live on when you hang it up. You even know what your ballpark Social Security estimate is. But what about Uncle Sam? How does one factor taxes into the retirement equation? That’s how we started the show this week with Heather from Denver.

More emails in hour two. This week and likely next and then we may be caught up! But for how long is the million dollar question…

Have a money question? Email me here.

Please leave us a rating or review in Apple Podcasts.

Connect with me at these places for all my content:

https://www.jillonmoney.com/
https://twitter.com/jillonmoney
https://www.facebook.com/JillonMoney
https://www.instagram.com/jillonmoney/
https://www.youtube.com/c/JillSchlesinger
https://www.linkedin.com/in/jillonmoney/
https://www.stitcher.com/podcast/jill-on-money
https://apple.co/2pmVi50

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

CBS This Morning: Last-Minute Tax Tips

There is less than a week left for many people to meet the April 15 deadline. Massachusetts and Maine residents have until the 17th. The IRS reports the number of returns is down 1.4% compared with this time last year. The average refund dropped $20 to just under $2,900. I joined CBS This Morning to discuss what last-minute filers need to know.

Have a money question? Email me here.

Last Minute Tax Prep Q/A and Resources

Last Minute Tax Prep Q/A and Resources

The clock is ticking for the millions of Americans who have not yet filed their tax returns. And probably for good reason, as this is the first tax year of the Tax Cuts and Jobs Act (TCJA), and there has been a lot of confusion. To help, here are the most frequent questions that have arisen, as well as a bunch of resources:

Do I Need More Bonds?

bonds 2.jpg

People love the idea of seeing their investments go up and up and up. But what about when things go down? Where’s the protection? That’s why bonds need to be a part of the overall allocation. That’s the discussion as we kick off the latest show with DJ from Texas. A great call and important lessons to be learned.

Hour two was more from the endless pile of emails and a surprise guest to help break down tax season.

Have a money question? Email me here.

Connect with me at these places for all my content:

https://twitter.com/jillonmoney

https://www.facebook.com/JillonMoney

https://www.instagram.com/jillonmoney/

https://www.linkedin.com/in/jillonmoney/ 

http://www.stitcher.com/podcast/jill-... 

https://apple.co/2pmVi50

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Make Your Financial Life Spark Joy, Not Oy

Make Your Financial Life Spark Joy, Not Oy

Tidying Up Queen Marie Kondo has taken the world by storm, helping people de-clutter their lives with a methodical approach. She says that we should “Keep only those things that speak to the heart, and discard items that no longer spark joy. Thank them for their service, then let them go.”

Tax Season Tips with Ed Slott

tax2.jpg

With tax season in full swing, it can only mean one thing. It’s time for our annual chat with Ed Slott, the ultimate tax guru, and founder of IRA Help.

Here is your tax season boot camp for the first tax year of the Tax Cuts and Jobs Act (TCJA).

Itemized vs. Standard Deduction: Every taxpayer needs to determine whether it makes sense to claim one of these two deductions, both of which reduce the amount of income subject to tax. TCJA nearly doubled the Standard Deduction to $12,000 for Single and Married Filing Separately, $24,000 for Married Filing Jointly and $18,000 for Head of Household.

A couple of caveats on itemized deductions:

Your total deduction for state and local income, sales and property taxes is limited to a combined, total deduction of $10,000 ($5,000 if Married Filing Separate). Any state and local taxes you paid above this amount cannot be deducted.

The deduction for home mortgage and home equity interest was modified. It is now limited to interest you paid on a loan secured by your main home or second home that you used to buy, build, or substantially improve your main home or second home. So if you used a home equity loan or line of credit to pay off another debt, like a credit card or student loan, it would not be deductible.

There is a new dollar limit on total qualified residence loan balances. If your loan was originated or treated as originating on or before Dec. 15, 2017, you may deduct interest on up to $1,000,000 ($500,000 if you are married filing separately) in qualifying debt. If your loan originated after that date, you may only deduct interest on up to $750,000 ($375,000 if you are married filing separately) in qualifying debt.

Deduction for alimony is eliminated for agreements executed after December 31, 2018, or for any divorce or separation agreement executed on or before December 31, 2018, and modified after that date. In conjunction with this change, alimony and separate maintenance payments are no longer included in income based on these dates.

Claim Credits: Now that personal exemptions have been eliminated, credits are even more important.

The Child Tax Credit has increased to a maximum of $2,000 per qualifying child under the age of 17. Up to $1,400 of the credit can be refundable for each qualifying child as the additional child tax credit. In addition, the income threshold at which the child tax credit begins to phase out increased to $200,000, or $400,000 if married filing jointly.

There are two different education credits available: the American Opportunity Tax Credit (formerly Hope Credit), which is partially refundable, and the Lifetime Learning Credit. Both may apply to expenses you pay for yourself, your spouse and any dependents.Have a money question?

Have a money question? Email me here.

We love feedback so please leave us a rating or review in Apple Podcasts.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Connect with me at these places for all my content:

http://www.jillonmoney.com/

https://twitter.com/jillonmoney

https://www.facebook.com/JillonMoney

https://www.instagram.com/jillonmoney/

https://www.youtube.com/c/JillSchlesinger

https://www.linkedin.com/in/jillonmoney/

http://www.stitcher.com/podcast/jill-on-money

https://apple.co/2pmVi50

CBS This Morning: Common Tax Scams

The IRS is warning taxpayers about the top 12 tax scams it calls the "dirty dozen." The agency is announcing one fraud each day. The IRS is revealing its latest scam on the list: dishonest tax preparers. It previously announced identity theft, phone scams, and phishing scams. I joined CBS This Morning to discuss with what you need to know this tax season.

Have a money question? Email me here.

CBS This Morning: Lower Tax Refunds

Millions of Americans could receive smaller checks after filing their 2018 tax returns. The average refund is down more than 8 percent compared to the same time last year, according to the IRS. I joined CBS This Morning to clear up some of the confusion.

Have a money question? Email me here.