Obama Proposes Middle-Class Tax Breaks

In his penultimate State of the Union address, President Barack Obama on Tuesday night announced wide-ranging proposals he said would improve the economic prospects of the middle class, including helping families pay for college and child care, while giving more workers access to retirement plans. To help pay for these expanded benefits, the president also wants to increase the taxes paid on inherited assets of higher-income households. Many agree that it’s a long shot the president will get his wish list — …

Congress Extends a Few Tax Breaks for You

So Congress wasn’t totally Scrooge-like this holiday season, as members tossed a few tax breaks to the rest of us. They passed legislation to extend a number of tax breaks that expired at the end of last year. If they hadn’t, you wouldn’t be able to take various deductions and credits when filing your 2014 tax return. >> Discussion: How do you make the most of your money? Among the key tax breaks for individuals: IRA charitable deduction. Those 70½ and older …

Quick Tax Tips for Family Caregivers

April 15 is galloping into view. Give me a break! That’s what we all want when it comes to taxes. And this may be your year. Some of the rules regarding tax breaks for family caregivers have changed slightly since last year. I thought I’d do an update. Software tax programs like TurboTax, TaxAct and H&R Block at Home are easy to use and do many of these calculations for you. It’s still good to know if you qualify. You might …