tax deductions

Why I Like 529 College Savings Plans

Posted on 03/27/2014 by |AARP Blog Author | Comments

Money & SavingsIf you want to help pay for higher education for a child or grandchild, consider using a 529 college savings plan. These plans allow you to put money aside for tuition and other college-related expenses, while getting some nice tax advantages as well. Since I have a son who will be college bound in a couple of years, I’ve looked at all sorts of ways to pay for it and can say the 529 plan is by far the best …

How to Be a Charitable Cheapskate

Posted on 12/17/2013 by |The Ultimate Cheapskate | Comments

Money & Savings | VolunteeringIt’s the kind of news story that makes national headlines every year or two: A person of seemingly modest means secretly amasses a small (or not so small) fortune while leading a frugal lifestyle, only to reveal that wealth by giving it all away to charity. The latest jaw-dropper came from 98-year-old Jack MacDonald of Washington state. He died in September and left a surprise fortune of $187.5 million to Seattle Children’s Research Institute, the University of Washington School of …

Some Tax Tips to Heed Ahead of the Deadline

Posted on 02/28/2013 by |Money and Work | Comments

Bulletin Today | Money & SavingsThe deadline to file your tax return is approaching, so it’s important you know how to get every refund, credit and deduction you can. Here are some to consider: Long-term care insurance premiums. The older you are, the higher the portion you can claim. Here’s the scale: Age 41 to 50, $660; 51 to 60, $1,310; 61 to 70, $3,500; 71 or over, $4,370. Medical necessities. Did you know you can deduct expenses for things like hearing aids and batteries, …

Tax Deductions and Your Job Search

Posted on 01/24/2013 by |Online Executive Producer | Comments

WorkThe following is a guest post by Alan Kalman.  Previously, I discussed the tax consequences of losing your job. But did you know that there are certain tax deductions you can take while looking for your next job (even if you don’t get hired)? These include: Employment and outplacement agency fees. Amounts spent for preparing and mailing resumes. Mileage and parking expenses for interviews Going back to college to take some courses to improve your skills. (In this case, you may …

Take Tax Deductions for Job-Hunting Expenses, Energy Efficiency & More

Posted on 10/26/2011 by |AARP Blog Author | Comments

Money & SavingsApril may seem far away, but thinking about your taxes now can leave you with more money in your pocket later. Start gathering your receipts and records, and take advantage of every tax break you can. Here are some ways you might be able to reduce your tax burden for 2011, from deductions for job-hunting and self-employment to medical expenses to energy savings to retirement funding.