Signup to receive email updates
Authors
Recent Posts
- Money Smart Week: A Chance to Keep Up with Changing Realities
- Mind Your Money
- How will the Tax Cuts and Jobs Act of 2017 affect you? Inflation Adjustments, IRAs, 529 Plans, ABLE Accounts, Student Loans, & Estate Tax
- Pay Down Debt or Invest My Money?
- Tax Rates: How Will the Tax Cuts and Jobs Act of 2017 Affect You, Part 2
- Utilizing the Library to Keep Costs Down
- Singing the Credit Card Blues
Categories
- Apps
- Author
- Kathy Sweedler
- Karen Chan
- Kimberly Nute-Jones
- Paul McNamara
- Jennifer Hunt
- Guest Authors
- Pam Atkinson
- Sasha Grabenstetter
- Camaya Wallace Bechard
- Banking
- Budgeting
- Credit and Debt
- Credit Report
- Electronic Security/ Identity Theft
- Estate Planning
- Events
- Going Green
- Health Care
- Holiday Spending
- Home Ownership
- How to Choose/Purchase a ...
- Income Taxes
- Insurance
- Investing
- Job Loss
- Kids and Money
- Organizing Finances
- Paying for College
- Reduce Spending
- Retirement Planning
- Saving Money
- Shopping
- U. S. & Global Economy
Links
- SUBSCRIBE to the Plan Well, Retire Well E-Newsletter
- Choosing a Financial Professional
- More for Your Money: Using Your Money Wisely
- Long-Term Care: Talking, Deciding, Taking Action
- Dealing with Clutter
- Reference to specific external websites, products, companies or trade names does not imply endorsement by University of Illinois Extension, nor is discrimination intended against any that are not listed.
Blog Archives
- April 2018 (1)
- March 2018 (3)
- February 2018 (3)
- January 2018 (3)
- December 2017 (2)
- November 2017 (3)
- October 2017 (2)
- September 2017 (4)
- August 2017 (2)
- July 2017 (3)
- June 2017 (3)
- May 2017 (2)
- April 2017 (3)
- March 2017 (2)
- February 2017 (5)
- January 2017 (3)
- December 2016 (4)
- November 2016 (3)
- October 2016 (4)
- September 2016 (2)
- August 2016 (3)
- July 2016 (5)
- June 2016 (2)
- May 2016 (6)
- April 2016 (2)
- March 2016 (3)
- February 2016 (8)
- January 2016 (5)
- December 2015 (3)
- November 2015 (6)
- October 2015 (4)
- September 2015 (3)
- August 2015 (6)
- July 2015 (4)
- June 2015 (5)
- May 2015 (4)
- April 2015 (5)
- March 2015 (5)
- February 2015 (8)
- January 2015 (4)
- December 2014 (4)
- November 2014 (6)
- October 2014 (3)
- September 2014 (4)
- August 2014 (5)
- July 2014 (5)
- June 2014 (5)
- May 2014 (5)
- April 2014 (3)
- March 2014 (4)
- February 2014 (5)
- January 2014 (6)
- December 2013 (5)
- November 2013 (5)
- October 2013 (5)
- September 2013 (5)
- August 2013 (4)
- July 2013 (5)
- June 2013 (4)
- May 2013 (5)
- April 2013 (3)
- March 2013 (5)
- February 2013 (3)
- January 2013 (2)
- December 2012 (3)
- November 2012 (3)
- October 2012 (4)
- September 2012 (3)
- August 2012 (5)
- July 2012 (4)
- June 2012 (5)
- May 2012 (3)
- April 2012 (3)
- March 2012 (4)
- February 2012 (5)
- January 2012 (3)
- December 2011 (5)
- November 2011 (3)
- October 2011 (4)
- September 2011 (4)
- August 2011 (4)
- July 2011 (5)
- June 2011 (3)
- May 2011 (3)
- April 2011 (4)
- March 2011 (5)
- February 2011 (14)
- January 2011 (5)
- December 2010 (4)
- November 2010 (4)
- October 2010 (4)
- September 2010 (2)
- August 2010 (4)
- July 2010 (4)
- June 2010 (4)
- May 2010 (3)
- April 2010 (6)
- March 2010 (5)
- February 2010 (4)
- January 2010 (4)
- December 2009 (2)
- November 2009 (4)
- October 2009 (4)
- September 2009 (3)
- August 2009 (4)
- July 2009 (6)
- June 2009 (4)
- May 2009 (2)
- April 2009 (3)
- March 2009 (3)
- February 2009 (4)
- January 2009 (4)
- December 2008 (4)
- November 2008 (3)
- October 2008 (6)
- September 2008 (5)
- August 2008 (5)
- July 2008 (5)
- June 2008 (4)
- May 2008 (5)
- April 2008 (4)
- March 2008 (4)
- February 2008 (4)
- January 2008 (5)
503 Total Posts
follow our RSS feed

Friday, March 23, 2018
How will the Tax Cuts and Jobs Act of 2017 affect you? Inflation Adjustments, IRAs, 529 Plans, ABLE Accounts, Student Loans, & Estate Tax
The Tax Cuts and Jobs Act of 2017 affected so many different parts of the tax code that it's taken us three posts to cover them (see Part 1 – a line by line comparison for 1040 and Schedule A , and Part 2 – Tax Rates ). But that's OK because these rules don't affect the taxes you're filing now for 2017. They went into e...
Tuesday, February 20, 2018
Tax Rates: How Will the Tax Cuts and Jobs Act of 2017 Affect You, Part 2
How much income tax you owe is depends on two things: 1) how much taxable income you have and 2) the tax rate applied to that income. Taxes = Taxable Income x Tax Rate Last month , I showed you how the new tax law will impact the calculation of your taxable income, as a result of numerous changes to deductions, ex...
Monday, January 22, 2018
How will the Tax Cuts and Jobs Act of 2017 affect you? Check this head-to-head, line-by-line comparison of your 2017 and 2018 tax returns
As you're filling out your 2017 tax return, take the opportunity to think about how the new tax law will impact you for 2018 and beyond. To help, I've put together a list of the changes, organized by line number on the 1040 and Schedule A (Itemized Deductions). If you file the 1040A or 1040 EZ, your lines numbers will be different. There's been a lot in the news about the changes, but i...
Thursday, April 20, 2017
I thought I hated estimated taxes. But maybe I don't.
Over the past several years, my tax prep software has often said that I should file estimated taxes. You know, those pesky payments that you send to the IRS four times during the year so that you pay enough in advance to not be hit with an underpayment penalty when you file? I always saw estimated taxes as a bother and a detail that I just didn't want to deal with. Who needs to keep tra...
Sunday, April 2, 2017
Celebrate April: Taxes, Money Smart Week, Financial Literacy Month!
With the hint of spring in our gardens, I feel like we're moving out of the slow-moving pace of winter into the season of festivals, events and outdoor activities. On top of all these activities, April is National Financial Literacy Month, taxes are due, and Money Smart Week returns to our communities during the last week! As you can imagine, my calendar is filling up – maybe you'd like to add...
Thursday, March 16, 2017
What Can You Learn from Your Tax Return?
President Trump's tax returns have been front-page news this week. Perhaps it's a good reminder that we should each take a look at our own tax returns to see what we can learn from them. Here are some questions you might want to ask. Be sure to read to the end, where I list some of the actions you can take right now. How much of your income avoided income tax?...
Thursday, January 26, 2017
Making Taxes More Fun!
Every year we dread doing the one thing we must get done, and that is filing our taxes. This year, I want to help make taxes more fun and enjoyable! Have you heard about IRS Tax Form 8888 ? If not, it's going to be your new best friend this tax season! IRS Tax Form 8888 let's you do some pretty cool things,...
Thursday, June 2, 2016
How to Guard Your Social Security Number!
Back in February, I wrote a blog post about scams and what tasks you need to do right away if you become a victim . Recently my sister had her wallet stolen and unfortunately, her social security card was inside. According to the...
Thursday, March 31, 2016
Not Your Grandfather's Tax Filing System
In the old days, I use to run around town looking for the right tax forms, go through several erasers completing the forms, and then madly race to the post office to mail my tax return by the due date. When I lived in Tucson, one post office stayed open until midnight for procrastinating filers; they even gave you a cookie when they stamped that all-so-important postmark that said you made the...
Friday, February 19, 2016
Transitions: What Happens to a 401(k) Loan When You Leave Your Job?
Did you borrow money from your 401(k) that you haven't paid back yet? You're not alone. According to a study by Aon Hewitt, one in every four participants in these plans has a loan. What happens to that loan when you leave your job? Whether you retire, are laid off, or move to another company, the o...
Thursday, February 4, 2016
Scam-Grams! Watch out!
Everyday someone falls victim to a scam or fraud. With the help of technology, scams happen more often each day. Recently a member of my family fell into a scam. She went to look for some help online with her printer, searched online for the phone number and called asking for help. After 45 minutes on the phone, the scammers installed software to "help" her printer and then asked her for $75. T...
Friday, January 29, 2016
EITC Awareness Day!
You work. Let EITC work for you! For the last 40 years, Earned Income Tax Credit made life better for millions of workers. You may have extra money waiting for you. If you qualify and claim the credit, it could be as much as $6,242 from the IRS for some workers. Don't be the one in five that misses this credit. If you or someone you know earned less than $53,267 from wages,...
Wednesday, January 27, 2016
Transitions: Strategies for your 401(k)
Deciding what to do with your 401(k) when you leave your job could be one of your biggest financial decisions. Same goes if you have a 403(b), 457, SEP or SIMPLE plan. I'm hoping you already know that, unless you absolutely can't put food on the table without it, you do NOT want to cash out your 401(k) or any other retirement plan when you leave your job. You got that, right? An...
Monday, January 25, 2016
Why the Next Four Weeks are Critical to Filing Your Taxes
Death and Taxes - two things we can't avoid. I don't know about you but I really hate filing taxes. It is so much paperwork and time consuming, even when my paperwork is organized. I usually put it off until later, much, much later. What I have been reading lately about identity theft and stolen identity refund fraud is making me change my mind. Accordin...
Saturday, December 19, 2015
Transitions: How does leaving a job affect your income taxes?
Most of us expect our income taxes to take care of themselves, except for filing that pesky return: money gets withheld over the course of the year, and then we hope to get some of that back as a refund. When you leave a job, income taxes can get a bit more complicated. If you're retiring or being laid off, the last thing you need is an unexpected tax bill or penalty. On the other hand,...
Friday, December 11, 2015
Seven Things you can do NOW to Prepare for Tax Time.
It's tax time! I know it's only December and you'd rather do anything but think about filing your income taxes which aren't due until April 15 th 2016, but I am urging you to start preparing now and file as early as humanly possible. There are lots of reasons to begin your income taxes before the end of the year that could save you money. Making tax deductible contribu...
Friday, November 13, 2015
Plan Well Retire Well Wins National Award
I'd like to take a minute to toot our own horn. The writing team behind the Plan Well Retire Well blog just won two awards for Internet Education Communications from the National Extension Association of Family and Consumer Sciences (NEAFCS) at their annual conference held November 2-5, 2015 in White Sulfur Springs WV. We received first-place in the Central regi...
Tuesday, May 26, 2015
Child and Dependent Care Credit – for Summer Camp Costs
Now that school's almost out, do you have plans for child care? The cost of child care during the summer can be quite the budget-buster! However, you may be able to cut the costs if you can use the Child and Dependent Care Credit. If you're sending them to summer camp, did you know that the money you pay for that may help you qualify for a tax credit on next year's tax return?...
Thursday, May 21, 2015
Dear Young Friend: IRAs Offer Tax Breaks on Your Long Term Money
Dear Karen, You mentioned that putting my long term savings into an IRA could save me some money on income taxes. How would that work? Your Young Friend ________________ Dear Young Friend,...
Thursday, March 26, 2015
An Extra Chance to Avoid the Tax Penalty: Purchase Health Insurance NOW for 2015
The Affordable Care Act requires that United State citizens have health insurance. However, for some, this information is coming as a surprise when they files taxes this year AND they're surprised by the penalty they need to pay too. If you're one of the ones who first learned of this when you were preparing your taxes, then there's a special enrollment period just for you! You can stil...
Friday, February 27, 2015
Tax Time is a Time to Build Your Savings
Finding money in a tight budget to put towards savings is challenging. However, tax time may provide an opportunity to kick-off that saving goal! The first step is to check if you are eligible for any tax credits. The Earned Income Credit is designed for people who worked part-time or full-time in 2014 and had earned income less than about $48,000. The amount you can re...
Wednesday, September 17, 2014
Tax Uncertainty? Tax Diversification to the Rescue
Diversification is the first rule of investing. You knew that, right? But have you thought about tax diversification? Yep. Smart investing isn't just what you own, it's where you own it and how it gets taxed when you take it out. From a tax standpoint, you have three different types of accounts: Regular (taxable) accounts, like your checking and savings accounts and accounts with...
Thursday, April 3, 2014
What do I do with this year's filed tax return?
This year's tax season will soon come and go, and you may be unsure of what you need to do with this year's tax forms. Below are some questions you may have on what you should do with this year's 2013 – filed 1040 tax return. What should I keep? With any financial record, especially tax forms – you should keep all of the documents you u...
Thursday, March 20, 2014
Losing a Loved One: 1099s and Interest on Savings Bonds
It's been a year since Kathy Sweedler and I started our series of posts about losing someone close to us. For my final post on this subject, I guess it's appropriate that taxes get the last word. My father died toward the end of January of last y...
Wednesday, February 19, 2014
Health Savings Accounts: Ten Things to Do and Not Do
My husband is contributing to a Health Savings Account (HSA), so of course I wanted to learn all the in's and out's of this relatively new animal. If this is new to you, check out the benefits and who qualifies in last month's post . If you take a few moments to learn the rules, you can reap significant benefits for y...