Help for Hurricane Sandy Victims

Hurricane Sandy devastated large portions of the East Coast late in October. It left many people without homes; others struggled for days or weeks to regain power and have access to gas for their vehi...

Proving the Amount of a Disaster Loss

Hurricane Isaac and the devastation it wrought to the Gulf Coast region in August is a reminder that a disaster can strike at any time in any location. Hopefully, you have adequate insurance, such as ...

If your personal car is damaged or destroyed in an accident and the damages are not fully covered by insurance or other reimbursement, you can deduct your loss as a casualty loss, provided you itemize...

Homeowner's insurance may not cover all of your losses resulting from a storm or other unexpected catastrophe. Fortunately, the tax law can help by allowing you to deduct the uninsured loss. Here's wh...

Tax Tips

Fix Your Salary Reduction Contributions

If you participate in a 401(k) or similar plan and/or a flexible spending arrangement (FSA) at work, you must usually commit to your contributions for the coming year before December 31. Decide how much you can afford to put into these plans. Best strategy: For retirement plans, contribute enough to obtain employer-matching contributions (essentially free money for you). For FSAs, keep the use-it-or-lose-it feature in mind and don’t contribute more than you’re confident you’ll be able to timely spend.

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In the government’s fiscal year ending September 30, 2011, the IRS processed more than 144.7 million individual returns during the 2011 filing season and issued almost 110 million refunds totaling $345 billion. The IRS collected $2.415 trillion in taxes, representing 92 percent of federal government receipts.

Source: IRS Fact Sheet 2012-10

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