Failure to plan is planning to fail. That phrase applies to many aspects of life, including taxes. Avoid tax-time failure with adequate planning while watching out for these twelve pitfalls. 1. Disorganization – If you have the stereotypical shoebox full of wadded-up receipts — or worse, if you don’t keep track of receipts and tax
Tax Returns
It’s bad enough that you have to give a chunk of your income to Uncle Sam, but it’s even worse when you also have to give a chunk of money to a tax preparer who fails to spot savings for you or makes mistakes that land you in hot water with the IRS. Good tax
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
The Tax Cuts and Jobs Act (TCJA) limited itemized deductions and doubled the standard deduction to entice more taxpayers to skip itemizing – but money-saving deductions still remain for eligible taxpayers. Do you qualify for any of the following nineteen deductions?
1. Charitable Donations – Under the Coronavirus Aid, Relief and Economic Security
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
Tax preparation software has improved significantly over the past several years, and more and more people are using it to file their own taxes. If you are debating whether doing your own taxes is right for you, consider the following factors:
Simplicity of your Tax Situation – If you have relatively few deductions, few sources
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
To pay someone to figure out how much you have to pay the government seems like adding insult to injury. For many taxpayers, there’s an easier way.
Formed in 2003, IRS Free File is the product of a partnership between the Internal Revenue Service and a group of twelve online tax software suppliers that form
Congratulations! You have just been handed your first little bundle of joy in the hospital and have embarked on the long journey of parenthood. It is a trip full of joyful experiences that make the corresponding aggravations worthwhile, and it comes with many benefits — some of which are tax-related. You can look forward to
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
To paraphrase the old adage, there are only three absolutes in life: death, taxes, and the rise of scams during tax season.
A major tax scam since 2013 involves phone calls by fictional IRS agents that demand immediate payment for alleged tax debts, threatening lawsuits or even jail time to those who refused to comply.
Tax filing season is upon us. Soon you will be filing your paperwork and perhaps receiving a nice check — unless thieves file a return in your name first and falsely claim your refund.
Unfortunately, if a thief has your Social Security number and other relevant information, tax identity theft is very hard to prevent.
The Tax Cuts and Jobs Act (TCJA) limited itemized deductions and doubled the standard deduction to entice more taxpayers to skip itemizing – but money-saving deductions still remain for eligible taxpayers. Do you qualify for any of the following nineteen deductions?
1. Charitable Donations – This is one of the few deductions with
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
What do you plan to do with your tax refund? Maybe you have your eye on upgrading your phone, buying a new computer, or splurging on a long overdue vacation.
Have you considered using your tax refund to build your credit?
Granted, credit building doesn’t compare with lying on the beach enjoying the sunshine, but
Simplification Creates Complexity Do you love getting a big tax refund? You shouldn’t. You paid more than you owed and gave the government an interest-free loan when you could have been putting that money to better use.
Believe it or not, the government agrees. The IRS prefers that you pay the exact amount of taxes
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