June 27, 2013
Wednesday’s ruling to overturn DOMA will mean major financial changes are on the horizon for same-sex married couples who reside in states that recognize gay marriage. Besides the big change to tax filing status going forward, same sex couples are now also permitted to file an amended return for the past three years to take advantage of the status retroactively. Additionally, death benefits, gift tax exemption, and health insurance (including the Affordable Care Act) will now be inclusive of all married couples.
Some issues to consider include whether or not filing jointly will benefit a couple, and if a married status will help or hurt couples under the Affordable Care Act. While there will undoubtedly be more details in the coming months, here are a few good articles that summarize the preliminary DOMA financial implications from CNBC, Daily Finance, and Huffington Post.
March 25, 2013
Cincinnati.com has a great article on how to apply March Madness bracketology to your personal finances. Here’s just a snippet of their sports-themed advice:
A motto of March Madness teams has become “survive and advance.” Do whatever it takes to make it to the next round. In your financial tourney, this means living below your means. It wasn’t a basketball coach who first said, “No pain, no gain.” It was actually Ben Franklin. What he was referring to was the fact you need to accept some pain now (in the form of saving rather than spending) if you want to reap financial gains in the future. Unfortunately, this is a lesson lost on many at both the consumer and government level today.
After reading this article, you can create your own personal financial bracket by heading over to http://www.financialfour.org/. Here, the National Endowment for Financial Education and Financial Planning Association has already selected 32 sound financial goals. Pick your top priorities to advance through each round, helping you to identify your top financial goals, and see how you stack up to the rest of the bracket entries.
February 5, 2013
It’s not too late to take action now to reduce your 2012 taxes. View Kiplinger.com’s article on making contributions to a tradtional IRA (individual retirement account). This will lower your adjusted gross income, which is a great way to lower overall taxes, even if you don’t itemize deductions. You have until April 15th to make your contributions, so make them count!
To learn more about IRA’s, including the difference between traditional and Roth, visit The Motley Fool’s guide to IRAs.
January 11, 2013
If you are not taking advantage of the tax benefits offered to you as a college student, you could be missing out on an average of $466! Head over to Yahoo Finance to read this article on the four tax breaks that you should be aware of as we head in to tax season.
Also related: see the post on the Graduate Advising Blog regarding electronic 1098-T forms.