Taxes

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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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.
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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
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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,
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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
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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
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When you were a first-time homebuyer, you were probably surprised by the total amount of fees and closing costs. Are you familiar with the costs on the selling side? A recent study from Zillow and Thumbtack calculated the average costs of selling a home both nationwide and in specific markets. The national average is $20,851,
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“Honey, our taxes are just too high. We’re moving to Alaska,” said no one, ever. Nevertheless, a new study from the moving assistance website HireAHelper.com found that your state tax burden could change drastically with an interstate move. According to the study, if you move from the District of Columbia to Tennessee, your collective state
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