
New charitable giving tax deduction worth up to $2,000 is coming soon, and you don’t have to itemize
Millions of taxpayers will soon benefit from a new above-the-line tax deduction worth up to $2,000 for qualified charitable contributions.
Andrea Coombes, a tax editor at Bankrate, translates complex personal finance topics into understandable language that helps people live their best financial lives. She’s a CERTIFIED FINANCIAL PLANNER™ and over the past 25 years has worked as a financial coach, personal finance writer and editor, and volunteer tax preparer.
Her work has been published in The Wall Street Journal, USA Today, MarketWatch and many newspapers nationwide. She's been interviewed on local and national TV and radio, including NPR's All Things Considered, CBS News, NASDAQ and Marketplace.
Andrea has moderated panels on how to invest for retirement, how to use 529 college savings plans and more, and she's an experienced personal-finance speaker who has presented to groups on a variety of topics such as how to budget, improve credit, manage debt, and build savings. She's also worked as a personal financial coach and certified consumer credit counselor, helping people reach their goals. For two tax seasons, she worked a volunteer tax preparer.
A lot of people are nervous about doing their taxes, and about managing their money in general. I'm here to say: It's not rocket science. There are small steps each of us can take to slowly start moving towards our long-term goals. We can do this, people.
— Andrea Coombes, CFP®
If your business is an LLC, you’ll need to pick the tax-filing status that suits your business best.
An LLC can reduce the legal liability of its members, among other benefits, but there are some disadvantages to consider, too.
Here’s how the sales tax deduction works, what purchases are eligible and how to claim it.
Hurricanes can cause immense destruction, but these tax benefits can help alleviate some of the financial costs.
Knowing the difference between gross and net income can help you better manage your financial situation.
A TIN is a nine-digit number used to identify taxpayers. If you need to file taxes, you’ll need a TIN.
FICA tax, also known as payroll tax, is what almost all workers have to pay for Social Security and Medicare.
The W-4 form determines how much in taxes is withheld from your paychecks, which in turn helps you manage your tax refund, or tax bill.