These days, you probably want to file your taxes as early as possible to prevent identity thieves from filing a false return in your name — but that requires you to have the necessary forms in hand, including W-2 forms. The W-2 form is one of the most critical tax forms, since it is the

As a self-employed person, you probably watched the development of the Tax Cuts and Jobs Act (TCJA) with some trepidation. The tax code is not often kind to the self-employed, nor are most of the changes to the code. However, the new tax law retained most self-employment deductions and offers a few new forms of

Are you ready to cut your tax bill as much as possible? Consider these thirteen ways to keep your contributions to Uncle Sam as low as possible. 1. Filing Status – Are you filing under the correct status? It’s usually best for couples to file jointly, but married couples filing separate returns could

Did you have a happy New Year? We certainly hope so. Now it’s time to get back to regular routines and take care of January chores, including gathering your tax information. The 2021 Tax Season Begins on January The IRS has announced that the 2021 tax season has begin in January. The beginning of tax

The holiday season is full of plans and activities that make December incredibly hectic. If you are the average American, tax considerations and financial adjustments are pretty low on your holiday to-do list. However, you are not the average American — you enjoy saving money, are diligent in seeking ways to save, and excellent at

Tax season is almost over. Have you filed your return yet, or are you still scrambling to beat the tax deadline for 2020? Don’t overlook these common tax deductions that could save you money. When you hurry through your tax return, you may miss valuable deductions that could produce a lower tax bill – or

The Internal Revenue Service has plenty of ways to penalize you for mistakes on your tax return. Some of these potential penalties are so convoluted and complex that there may well be disagreement within the IRS on when they apply. However, most people accrue tax penalties for very simple mistakes. Below are some of the

Are you tired of working for others? Being your own boss can be very rewarding both financially and spiritually, but there are challenges associated with freelance work. Taxes are one of the most difficult aspects because self-employment brings a special set of tests. Freelancers work as independent contractors and those who employ them are not

The Premium Tax Credit (PTC) may sound like it is a credit only available to top-tier incomes, but it is actually quite the opposite. “Premium” in this case refers to health care premiums, and the PTC is a way to help those with relatively low incomes to afford health insurance premiums and avoid the potential

If you are over age 65 or are retired due to a disability, you may be eligible for a separate tax credit designed to help the nation’s seniors and disabled. Even better than a deduction, the Tax Credit for the Elderly or Disabled could take up to $7,500 directly off of your tax bill. (Deductions

The IRS recommends that you keep tax records for at least three years from the date you filed your original return, and longer for special situations. You may need copies of your tax returns for tasks like filing future years’ taxes, applying for a mortgage loan or student aid, or settling IRS inquiries. How to

Married couples have the choice of filing their taxes jointly or separately. What is the best option for you and your spouse? Generally, it is to file jointly – but there are several factors to consider before making your choice. Obviously, the first hurdle is that you have to be married. For tax purposes, you

Tax season is upon us, accompanied by many new federal tax changes. If you are one of the many Americans struggling to understand how to fill out your tax forms, the IRS — yes, that IRS — may be able to offer you free assistance. The IRS offers the Volunteer Income Tax Assistance (VITA) program

While many deductions were cut or modified with the Tax Cuts and Jobs Act (TCJA) of 2017, most tax credits were retained. Tax credits are more powerful than tax deductions because they directly subtract from your tax bill (deductions only reduce taxable income). Refundable tax credits are even better, since refunds can be greater

Early Birds Should Be Careful Have you been waiting patiently to file your taxes? If so, you’re in luck. This tax season is now underway. January 27th, 2020, was the first day that the IRS would accept tax returns for the 2019 tax year, either electronic or paper copies. (You can mail in paper copies

Is it tax time already? You may not want to admit it, but tax time starts well before the filing deadline. Your important tax forms start arriving in the mail in January. If you simply let them accumulate in a pile, it will be April before you realize it, and you will be scrambling around,

Did you have a happy New Year? We certainly hope so. Now it’s time to get back to regular routines and take care of January chores, including gathering your tax information. The 2020 Tax Season Begins on January 27 The IRS has announced that the 2020 tax season will begin on January 27th. The beginning

The holiday season is full of plans and activities that make December incredibly hectic. If you are the average American, tax considerations and financial adjustments are pretty low on your holiday to-do list. However, you are not the average American — you enjoy saving money, are diligent in seeking ways to save, and excellent at

For some parents, sending their kids to day camp is a way to get a bit of peace and quiet. For others, it is an opportunity to work or look for employment without having to scramble for childcare. If you are in the latter category, do not let your hectic life cause you to forget

Procrastinator alert: your taxes are due! If you are nowhere near ready as the scary deadline approaches, you may file an extension with the IRS that gives you up to six more months to file your taxes. Filing an extension will spare you from late filing penalties — 5% of the amount of tax you

How many people like the IRS? According to Facebook, it’s almost 110,000! Does it bother you that the Internal Revenue Service is more popular than you are? If you regularly use social media outlets to stay in touch with friends and follow people or businesses that you find interesting and relevant, consider adding the Internal

Can you eliminate debt by settling with a creditor to pay less than you owed and still come out on the short end? It is possible, based on potential tax liabilities. Not only that, but “…any time an account is settled for less than you originally owe, it’s going to hurt your credit scores,” cautions

You’ve completed your 2018 tax return, and you don’t like the results. How did you end up owing so much money? There’s nothing you can do about it now … or is there? While the 2017 Tax Cuts and Jobs Act (TCJA) made sweeping changes to the tax laws, it didn’t offer any retroactive means

Let’s assume that you drew the short straw on the 2018 tax cuts, and you owe Uncle Sam this year. How do you plan to pay? There are plenty of ways other than the old-fashioned check submitted with a paper tax return. If you file electronically, why not pay electronically? Electronic Funds Withdrawal (EFW) is