In the News: 4 Helpful Quotes from CPAs

I read so many great quotes from CPAs every day and have such a limited space to summarize them on the blog– it can get to be a bit frustrating.  As I began drafting my bi-weekly ‘In the News’ post, I decided to switch things up this week.

I present to you four helpful quotes from CPAs. Hey – everyone can use a little help now and then.

As Kelli Grant reports in MarketWatch, going to summer camp may be a rite of passage for children, but for parents, it seems more like an initiation into the woes of tuition payments.

What parents might not know is that camp expenses can translate into a tax break.

In the News: Americans are Feeling the Effects of Money Stress

For many Americans money stress brought on by lighter paychecks this year is affecting more than their wallets — it’s taking a toll on their waistlines, friendships and the amount of sleep they get. That’s according to results of a new survey fielded for the American Institute of CPAs by Harris Interactive in recognition of National Financial Capability Month.

The telephone survey, conducted between March 14 and March 17, asked 1,011 U.S. adults to name all the ways financial stress is affecting their lives. Of those who rate their financial stress “very” or “somewhat high,” almost half, 47 percent, said they are sleeping less; 43 percent said they have less patience with friends or are seeing them less often and 31 percent are eating more junk food or gaining weight.

In the News: You Missed the Deadline to File Taxes, Now What?

As I’ve mentioned previously on this very blog, I am a procrastinator by nature. My ‘to do’ list from January of this year is littered with winter-related items (two prime examples are ‘purchase warmer jacket’ and ‘book ski trip for President’s Day weekend’) that I simply didn’t get around to. In those instances, I can shake my head, let out a self-pitying sigh and put it off until next year… But if you missed the April 15 deadline to file either your federal income tax return or an extension, you don’t have the luxury of simply waiting until next year – the time to act is now.

Melissa Labant, AICPA director of tax advocacy, speaking to the New York Times Bucks Blog, advised taxpayers to file as soon as possible and to avoid falling into the trap of thinking ‘oh, the deadline passed so there’s no rush now.’

In the News: Using Tax Refunds Wisely

Do you see your neighbor waiting by the mailbox for their tax refund? Chances are it’s not so they can use it on a fancy vacation or a new spring wardrobe.

This year, workers are most likely to save their refund or use the money for day-to-day expenses, according to a recent survey conducted for the AICPA by Harris Interactive for National Financial Capability Month. And that refund money is substantial. An AccountingWEB article on the survey results states that through March 22, the average refund this tax season is $2,827. That’s trending slightly lower than this time last year, when the average individual refund was $2,860.

In the News: You Got Tax Questions? We Got Answers!

It’s been more than a month since my (legendary?) first post of this tax season and there has been a ton of recent media coverage. In my second tax season post, I’ll share a few articles for those of you who haven’t filed yet. In addition, I promise to throw in some good information for people who have their refunds already and are just rubbernecking.

Once again this year, members of the AICPA are using their expertise to answer one daily tax question from USA TODAY readers and help the public understand how to approach some common filing issues.

Thus far, readers have asked questions regarding the requirements for claiming adult children as dependents and how to handle the tax implications of rolling over an IRA.

Readers can submit their questions to taxadvice@usatoday.com through April 15.