Kiplinger Post Swap

When doing your taxes this year, Kiplinger advises us not to overlook these tax deductions.

Every year, the IRS dutifully reports the most common blunders that taxpayers make on their returns. And every year, at or near the top of the “oops” list is forgetting to enter their Social Security number at the top of the tax form — or making a mistake when entering those nine digits.

But think about it for a minute: Do you think that’s the most common mistake . . . or simply the easiest to notice?

One thing we know for sure is that the opportunity to make mistakes is almost unlimited, and missed deductions can be the most costly. About 45 million of us itemize on our 1040s — claiming more than $1 trillion worth of deductions. That’s right: $1,000,000,000,000, a number rarely spoken out loud until Congress started tying itself up in knots trying to deal with the budget deficit and national debt.

Another 92 million taxpayers claim about $700 billion worth using standard deductions — and some of you who take the easy way out probably shortchange yourselves. (If you turned 65 in 2012, remember that you now deserve a bigger standard deduction than the younger folks.)

Yes, friends, tax time is a dangerous time. It’s all too easy to miss a trick and pay too much. Years ago, the fellow who ran the IRS at the time told Kiplinger's Personal Finance magazine that he figured millions of taxpayers overpay their taxes every year by overlooking just one of the money-savers listed below

Health insurance can get complicated since there seems to be a lot of changes. Watch out for these notable changes next year and use these tips from Kiplinger to take advantage of them.

The National Business Group on Health conducts an annual survey of health benefits offered by many of the largest employers nationwide, and it always provides a first glimpse at health-plan changes for the coming year. The big headline is that employers expect benefit costs to rise by an average of seven percent in 2013 — on top of increases of about seven percent in both 2011 and 2012. Sixty percent of employers say they plan to pass along a portion of the increase in the form of higher premiums in 2013; in general, premiums will increase less than five percent. Large employers still subsidize a big portion of premiums, typically covering about 80 percent, leaving employees to pay the remaining 20 percent. The premium split for dependent coverage is usually 70 percent for employers and 30 percent for employees. Smaller companies generally pay a smaller proportion of costs.

Employers are making other adjustments to costs and incentives that may make a big difference in your expenses. Here are some changes to look out for and strategies for making the most of them.

Extra out-of-pocket expenses. Many employers are shifting additional costs to employees: 40 percent plan to increase in-network deductibles, 33 percent plan to increase out-of-network deductibles, and 32 percent plan to boost their out-of-pocket maximums. Also, 13 percent of employers plan to increase the co-payment for buying drugs at a retail pharmacy (with a smaller increase for mail-order prescriptions), and about eight percent plan to increase the coinsurance rate for primary and specialist care (coinsurance is the percentage of the bill you pay yourself). Compare overall costs — premiums, coinsurance rates and deductibles — when picking a policy. And be careful to choose providers and pharmacies that participate in your plan; otherwise, your deductibles as well as your co-payments could be higher.

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The first step to being ready for retirement is to start young. Kiplinger shares some steps you should take when you turn 30.

At last, you've gotten your career on course and are ready for your next big moves -- perhaps starting a family and buying a home. Before you get too far down that road, map out a long-term plan, says Jim Oliver, a certified financial planner in San Antonio, Tex. "Most people live the lifestyle they want without putting away enough to meet the goals they want later on. It's like having a budget for a trip and not allocating it. Before the trip is over, they run out of money."

Prepare for contingencies. If you haven't done so already, fuel an emergency fund with enough to cover at least six months' worth of basic expenses. That cushion can prevent you from raiding your retirement accounts after a layoff or keep you from borrowing your way out of a crisis. "Debt is the number-one problem that sabotages most couples," says Deborah Fox, of Fox Financial Planning Network, in San Diego.

Before you have children, contribute as much as you can to your 401(k), but don't neglect the Roth IRA, says Barry Korb, of Lighthouse Financial Planning. "It's costing you in taxes now, but down the road, that money is tax-free. Do it while you can afford it." Keep contributing at least 15% of your gross income toward retirement savings, says Nicholas Yrizarry, of Wealth Management Group, in Laguna Beach, Cal. Once the kids arrive, you'll likely have to pull back if one spouse leaves the workforce or to pay for child-care costs. Either way, "the reality is you can't do 15% of gross income because it's not there anymore."

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College is a great goal for many students in their academic careers, but the thought of paying is not so fun. Kiplinger shares a few points to keep in mind when paying for college.

You've heard the stories about students who borrow $40,000, $60,000, $100,000 to get a college degree and discover upon graduation that the monthly payments are way too high to manage. And then there are parents who stretch to the breaking point to send their kid to a school they can't afford.

Unrealistic expectations, and the thrill of acceptance letters, can impel families to make decisions that may not only hurt their children's future but also impair their own. According to a recent report by the Consumer Financial Protection Bureau, 10 percent of new grads have monthly loan payments that consume more than 25 percent of their income, and default rates have soared since 2008. Even more depressing, the New York Federal Reserve recently reported that more than two million people ages 60 and older are still paying down student debt.

You — and your kids — can avoid that fate if you steer clear of the mistakes that trip up families when they’re paying for college.

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Retirement is something to look forward to in life, but the financial aspect is something to be aware of. Our friends at Kiplinger share some tips on retirement for women.

For women heading toward retirement, there’s good news and bad news. The good news is they’re likely to be blessed with long life. The bad news: they may not be able to afford it.

That, in effect, is the conclusion of a recent study by the US General Accounting Office. Despite the increase in women’s workforce-participation rates over the past two decades, the poverty rate in 2010 for women 65 and older was nine percent — nearly twice the rate for men, at five percent. And while six percent of widowers lived in poverty, 12 percent of widows were poor.

According to the GAO report, women have a tougher time saving for retirement in part because they take time out from the workforce to care for family members, and when they do work, they have lower earnings than men. Other studies bear this out: women who are 50 to 69 have about 20 percent less in retirement savings than men in that age group, according to a recent report by the ING Retirement Research Institute. Another report notes that while half of baby-boomer men have retirement savings of at least $200,000, only 35 percent of female boomers have that level of savings.

Women who are five to 10 years from retirement can take some steps to improve their financial readiness. Many of these moves can apply to women of all ages.

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We have good news for you: just because you didn't go to college doesn't mean you can't have a great job! This article from Kiplinger reveals the top 10 jobs that don't require a degree.

College isn’t for everyone. Sure, earning a degree will improve your income potential, but skyrocketing tuition costs are a deterrent for some. Others choose not to continue their schooling for a host of reasons, from family obligations to a desire to start collecting a full-time paycheck.

You can still find a good job without a college degree. According to the Georgetown Center on Education and the Workforce, 44 percent of high school graduates make better money than college grads. It's just a matter of picking the right career field.

To identify the 10 best jobs you can get without a college degree, we focused on two critical factors: salary and job growth. We started with the more than 300 professions that the US Bureau of Labor Statistics classifies as requiring only a high-school diploma or postsecondary nondegree (typically awarded by a trade school or vocational training program). We trimmed the list by filtering for jobs with annual salaries well over the national median of $41,444 and projected long-term growth rates above the average of 14 percent. Continue reading to find out the 10 best jobs you can get without a college degree!

Before you decide on a major or career, maybe you need to weigh all your options, especially in this economy where unemployment rates are high. Kiplinger compiles a well-thought-out list of the best majors.

Many Millennials grew up hearing that they should study what they love. While that's a nice sentiment, it's also landed countless recent grads in quagmires of student debt and unemployment. In today's tough economic climate, some college majors simply offer better prospects than others — and savvy students should want to know the difference.

That's why we came up with our list of the 10 best college majors for your career. We analyzed the unemployment rates and salaries for graduates of the 100 most popular college majors, using data from Georgetown University's Center on Education and the Workforce and PayScale.com.

What did we look for? Fields of study with grads — both recent grads within the past five years and those well into their careers — who enjoy an attractive combination of big paychecks and abundant employment opportunities. The undergraduate programs that we ranked can take from two to five years to complete.

Take a peek at our list of the 10 best college majors for your career.

10. Medical Assisting Services

Unemployment rate: 2.9 percent (Average for all grads with a bachelor’s degree: 4.9 percent)

Unemployment rate for recent grads: 5.4 percent (Average for top 100 majors: 7.7 percent)

Median salary: $51,000 (Median for all grads with a bachelor’s: $54,756)

Median salary for recent grads: $43,000 (Median for top 100 majors: $37,000)

Projected job growth for this field, 2010 to 2020: 31 percent (Average: 14 percent)

If you don't mind following doctors' orders, medical assisting is a pretty sweet deal. The average medical assistant with a two-year associate’s degree will enjoy far better job prospects than most grads and earn nearly as much money as a young B.A.-holder. Medical-assisting majors study office administration and basic clinical skills, such as transcription, coding, and lab procedures. They generally work in doctors’ offices, taking patient history, performing basic tests, and tracking insurance and other paperwork as needed.

9. Management Information Systems

Unemployment rate: 4.2 percent

Unemployment rate for recent grads: 7.4 percent

Median salary: $71,000

Median salary for recent grads: $51,000

Projected job growth for this field, 2010 to 2020: 18 percent

Not all computer majors are created equal, contrary to rumor and admissions-office hype. Computer-networking majors, for instance, see 8.2 percent unemployment and a $37,300 salary upon graduation. But management information systems majors can expect high starting salaries right out of school, and strong job and salary growth after that. The major prepares students to work in IT for big organizations — helping clueless technophobes fix their email, sure, but also building, securing, and maintaining a network for an entire company.

8. Construction Services

Unemployment rate: 5.4 percent

Unemployment rate for recent grads: not available

Median salary: $65,000

Median salary for recent grads: $50,200

Projected job growth for this field, 2010 to 2020: 17 percent

Construction services may seem an odd choice in a down economy, when building projects can grind to a halt. Still, there's enough demand for general contractors and construction managers to keep unemployment at a tidy 5.4 percent. Construction-services majors study project scheduling and construction law and go on to oversee projects ranging from office buildings to power plants. The workplace isn't as glamorous as a swanky office, but new construction services grads make more money than new grads in finance, general engineering and pre-law.

7. Medical Technologies

Unemployment rate: 1.4 percent

Unemployment rate for recent grads: 5.4 percent

Median salary: $58,000

Median salary for recent grads: $45,100

Projected job growth for this field, 2010 to 2020: 13 percent

Medical technologists are in serious demand — so serious, in fact, that some hospitals try to tempt recent grads with perks such as sign-on bonuses. In addition to the abundance of employment opportunities, medical-technologies majors can look forward to above-average starting salaries. In school, majors study chemistry, biology, and clinical laboratory skills; after graduation, they work in hospitals, doctors’ offices, and diagnostic labs analyzing patient samples.

Read on for more.

Thinking of buying a home? Kiplinger shares details on what it takes to become a home owner.

Tired of renting? It could be a great time to buy your first home. In many cities, home prices have bottomed and rents have risen. Mortgage rates are still superlow. In fact, homes haven't been as affordable since 1971. On the downside, in many cities buyers have fewer homes from which to choose and more competition for the best houses.

In Austin, Tex., newlyweds Mark and Ariane Corcoran bought their first home in March. They were renting in a popular downtown neighborhood, where they paid $1,200 a month for a 500-square-foot loft apartment, when they inherited enough money for a down payment. When they began shopping, they expected to buy a classic 1930s Austin bungalow. They found lots of prospects online but drove by most of them. "Agents are really good at taking photos that exclude what they don't want you to see, like the used-car lot out back," says Mark.

They put in an offer on a $225,000, 800-square-foot home. But after the home inspection, they realized that it needed $20,000 to $30,000 in renovations and repairs and that they'd quickly outgrow it. They walked away during the state-mandated rescission period (during which a buyer can back out for any reason and get back any earnest money deposited).

Ariane identified their next prospect within an hour after the listing appeared online. It was a newly built, 1,600-square-foot home with three bedrooms, 2.5 baths, and a yard for the dogs. The builder asked $270,000, the couple offered $260,000, he countered and they paid $268,000. They put down 20% to avoid private mortgage insurance and snagged a 30-year fixed rate of 3.75% from a credit union. Their monthly mortgage payment is $1,524.

Before you take the plunge, consider the answers to questions often posed by first-time buyers:

Will I qualify for a mortgage?

Lenders will scrutinize your "three C's"—credit history (your credit score as well as a deeper dive into your record of debt payment), capacity (income, savings and investments) and collateral (your down payment and the value of the property you want to purchase, as determined by an appraisal).

Lenders will verify your employment (job, school or military) for the past two years and try to predict how likely it is that you will keep your job. If you're weak in one area, strength in the other two areas or in a spouse's bona fides may compensate. Or you may need to beef up your credit score (see Improve Your Credit Score Before Applying for a Loan), establish a more stable income history or save for a bigger down payment.

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Saving money is always tough, but Kiplinger has some moves that will save thousands in a few minutes.

You'll be surprised how much you can pocket in so little time.

Want to save a thousand dollars without leaving the house? It's possible with these quick, easy tips on everything from credit cards to audiobooks.

Ditch that expensive airline credit card

What you need: Driver's license, credit card, and bank account numbers

How to do it: Annual fees for airline-specific credit cards can run as high as $95. With these no-fee travel cards, you earn points good on dozens of airlines, not only eliminating the fee but giving you a wider variety of airline choices. Apply for the Simmons First Visa Platinum Travel Rewards card or the PenFed Premium Travel Rewards American Express card. To get the PenFed card, you'll need to join the credit union, which costs just $15 for membership in Voices For America's Troops.

ANNUAL SAVINGS: $95
(based on one credit card change)

Lower the interest rate on your plastic
What you need: An excellent credit score — 720 or higher

How to do it: Go to LowCards and click on Low Interest Credit Cards. Then search through the offerings and apply. With a high credit score, you should get a card with a rate in the seven-percent-to-eight-percent range.

ANNUAL SAVINGS: $346
(switching from an average 14.17 percent rate to 7.25 percent, on a balance of $5,000)

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Banks seem to find a way to add extra charges to their online services. Kiplinger has put together a list of banks where there are no fees to cringe over.

As banks attempt to bolster their bottom line, many customers, especially at big banks, are getting stung by fees for formerly free checking accounts. The assault of new fees wouldn't seem so onerous if banks were paying more on deposits. But the average yield on savings was recently 0.22 percent and on checking accounts only 0.14 percent, according to the online bank-comparison site DepositAccounts.com.

However, these seven online banks (including one credit union that anyone can join) offer free checking accounts, charge fewer fees than big banks, and tend to offer higher rates. Because these banks lack dedicated ATMs, they usually reimburse you for other banks' ATM charges. You'll have to rely on direct deposit to put money in your account, although some banks allow you to deposit checks via your smartphone. As with traditional institutions, up to $250,000 per account is protected by the Federal Deposit Insurance Corp. or the National Credit Union Administration.

Related: Little Banks, Better Deals

Ally Bank
Website: ally.com

Ally lets you open its Interest Checking account with just $1 and promises 24/7 access to its customer-service representatives by phone, email, or online chat. The account has no monthly maintenance fee and offers mobile banking and free bill pay. Plus, it rebates all ATM fees nationwide. It also offers free person-to-person payments through Popmoney.

The account pays 0.4 percent interest on balances up to $15,000 and 0.75 percent on balances over that amount. By the end of the year, you will be able to use an iPhone, Android, or BlackBerry mobile device to deposit checks, transfer funds to accounts at other banks and pay bills.

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