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PersonalHub

Your one-stop resource for everything related to your financial well-being. 

 

Federal Income Tax Update 2018: How Will it Affect Me?

As you may have heard, the U.S. government recently signed off on a tax reform bill, and some of the changes are pretty big! To help you understand what to expect and what is likely to impact you personally, here is an explanation of the changes that will affect the average American the most.

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How Charitable Giving Can Impact Your Tax Bill

Donating to charity can provide us with a sense of purpose and fulfillment. While helping worthy organizations and individuals is the true reason most people choose to give to charity, donations allow you to enjoy some charity from the U.S. government as well. Here's a guide to making the most of charitable-giving tax breaks from the federal government.

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6 SAVVY Ways to Get a Financial Return on Your Tax Refund

In 2014, the average U.S. tax refund was $3,034. What's the best use for your refund money? Before running out the door to purchase that new flat screen or MacBook Pro, take a moment to contemplate these six ideas to make your mini-windfall grow rather than shrink!

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Don't Miss Out on Deducting Medical Expenses from Your Taxes

Now that it's tax time, of course you want to maximize your allowed deductions so you can minimize your tax bill. If you had the misfortune of paying large medical bills for yourself or dependents during the tax year, the Internal Revenue Service (IRS) allows U.S. taxpayers to deduct medical expenses that exceed 10% of your adjusted gross income (7.5% if you or your spouse is 65 years of age or older at some point during the tax year). Adjusted gross income is defined as your taxable income minus IRA contributions, student loan interest, and other deductions. If you need help with the math, CNN.com offers a calculator to help you figure out your adjusted gross income. 

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