The IRS announced a four and half cent increase to the amount that commuters can deduct on their tax returns. This comes as a big surprise since it was recently reported that IRS officials would be hesitant to make the change during the middle of the year. However, it is likely no coincidence that this announcement comes on the same day that the Obama Administration decided to release thirty million gallons of oil reserves to try to push gas prices down during the summer. Read More.
Starting next year, the federal government will require providers of 401(k) plans to reveal information about the fees and expenses connected with each plan. According to the U.S. Department of Labor, more than 70 million Americans are covered by participant-directed plans, which require individuals to decide for themselves how to allocate their investment dollars. Read More.
It’s a smart move to start planning in advance. During the 2010-11 academic year alone, in-state tuition and fees climbed by almost 8 percent over the previous year at public four-year colleges and universities, reaching $7,605. At private schools, they were a whopping $27,293, according to the College Board. That compares to tuition and fees of $5,492 at public institutions and $20,980 at private schools in 2005-06. Read More.
Scouting around for the best gasoline prices can be hard when you’re taking a road trip, but there are some simple changes you can make that will help improve your car’s fuel economy. And better mileage means fewer stops along the road to fill up your tank. Read More.
Gas prices remain high and continue to pinch the pockets of many commuters. Yet, the IRS has not budged when it comes to increasing the standard mileage rate that many commuters rely on when it is time to claim deductions on their tax return. Currently, you can deduct 51 cents per mile for business travel, 19 cents per mile for moving or medical travel and 14 cents per mile for charitable deductions. Read More.
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