New accounts aim to jump-start retirement savings for children
A new type of tax-advantaged account created under recent federal tax law changes could give some children a significant head start on long-term investing, but families should understand both the opportunities and the limits before jumping in.
Tax changes to senior income, car loan interest for 2025–28
New federal tax changes will affect some seniors and car buyers beginning in the 2025 tax year, providing potential deductions on income for seniors and certain vehicle purchases.
New tax break on overtime pay comes with limits
COLUMBIA, Mo. – A new federal tax provision allows some workers to deduct part of their overtime pay from their taxable income, but the change is narrower and more complicated than it may sound. The provision, in effect for tax years 2025 through 2028, does not eliminate taxes on all overtime pay, according to Andrew Zumwalt, director of the University of Missouri’s Personal Financial Planning program.
Tax changes affecting tips come with limits, paperwork hurdles
COLUMBIA, Mo. — Recent changes to the federal tax code have drawn attention for creating a new tax break for workers who earn tips. While often described as “no tax on tips,” the provision is more limited and more complicated than that phrase suggests, says Andrew Zumwalt, director of the University of Missouri’s Personal Financial Planning program.
Use gallons per mile to measure fuel efficiency
COLUMBIA, Mo. – If you’re in the market for a car that will save you money at the pump, looking at miles per gallon may not be the best way to compare fuel efficiency, says a University of Missouri Extension financial planning specialist.
MU Extension specialists on coping with COVID-19's financial impact
Get expert advice on managing the financial impact of COVID-19, including budgeting, debt relief, and financial planning strategies.
Property loss from disasters may be tax deductible
Unreimbursed property damage in federally declared disaster zones may qualify for a tax deduction, with limits applied.
Avoid identity theft during tax season
COLUMBIA, Mo. – Identity thieves thrive during tax filing season. Take steps to prevent those electronic criminals from lining their pockets with your refund and personal information, says University of Missouri Extension personal finance specialist Andrew Zumwalt. First, file taxes promptly. Identity thieves try to file early so your refund goes to them before you file.
File a tax return even if you don't have to
COLUMBIA, Mo. – University of Missouri Extension personal finance specialist Andrew Zumwalt offers three reasons why you should file a tax return even if it is not required.
Choose your tax preparer wisely
COLUMBIA, Mo. – Exercise caution if you pay someone to do your taxes, says University of Missouri Extension personal finance specialist Andrew Zumwalt. Most tax return preparers are professional and honest, but not all, he says. Beware of preparers who offer high-cost services or arrange refund anticipation loans that reduce refunds. Refund anticipation loans are a costly way to borrow your own money for a few days.
Paying to borrow your own money is a bad deal
Payday loans often trap borrowers in cycles of debt due to high interest rates and fees, making them a costly option for covering expenses.
Advice for choosing a tax preparer
If you pay someone to do your taxes, be careful. Most tax return preparers are professional and honest, but some are not. Some preparers offer high-cost services or arrange refund anticipation loans that reduce refunds. Take the time to find a qualified tax professional.
Beware of tax scams
Learn how to spot tax scams, avoid return preparer fraud, identity theft, and false tax claims to protect your finances and personal data.
Tax refund advice: Save some, spend some
COLUMBIA, Mo. – Income tax refunds are ready to roll out. You might want to hold on to some of that cash. Refunds are wages you earn throughout the year and should be thought of as hard-earned money rather than found money, says Andrew Zumwalt, personal finance specialist with University of Missouri Extension. For the wise, a refund windfall is a chance to stash some of the cash in an emergency fund. Use some to pay down high-…