The news seems to be filled with stories about hackers and identity theft these days, and rightly so. According to the Identity Fraud Study released by Javelin Strategy & Research, there were 16.7 million victims of identity theft in 2017, racking up a total of $17 billion in damages. Identity fraudsters successfully netted 1.3 million
Taxes
By Eric Olsen, Executive Director, HELPS Nonprofit Law Firm
At this time of year, creditors sometimes send out what is called a Form 1099-C. They email it to the Internal Revenue Service (IRS) and copy the person who owes them debt. The form tells the IRS that they, the company who is owed the debt,
By Kelly Hartog
One of the most significant changes in the GOP tax plan is the abolition of the alimony tax break. Until now, the person paying alimony in a divorce could claim a tax deduction on that money. The spouse receiving alimony then had to declare those funds as taxable income.
However, with the
By Ryan Coon, CEO and co-founder of Rentalutions
While the unusually fast push-through of the Tax Cuts and Jobs Act raised eyebrows around the country, potential real estate investors have reason to cheer now that it’s passed. The law, which will affect the taxes we file for 2018 (meaning those we submit in 2019) through
Congratulations! You’ve got your first major job. Unfortunately, you’ve also got new tax obligations. Welcome to the workforce.
You probably want to deal with your taxes as quickly as possible. Most people do, regardless of their age. Unfortunately, if you breeze through tax forms, you might miss potential money-saving strategies like the ones below.
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Like most Americans, you probably want to get through your taxes as quickly as possible. However, do not rush through your return so quickly that you simply take the standard deduction and ignore deductions that can bring you a healthy refund. Consider these commonly overlooked tax deductions. For the 2018 tax year, fewer of us
Every direct employee of a company receives a W-2 form in January. The W-2 is the base document that defines your tax obligations, so it is important that you review and understand yours. However, some people are confused by some of the form’s numbers — for example, why the wage listed on a W-2 form
If you’re a traditional employee, every year you receive a W-2 form from your employer that records your earnings for the year and the amount of taxes withheld from those earnings. IRS 1099 forms are complements to the W-2 form for non-traditional employee relationships. They are generally designed to record sources of income that have
The 2017 Tax Cuts and Jobs Act will bring significant changes to individual taxpayers, but states will also be affected by some of the law’s provisions. The limitation on deductions for state and local taxes has grabbed the most headlines, because by definition, it affects taxpayers in states with high property values and high taxes
Should you itemize deductions or take the standard deduction for tax year 2017 (the taxes you will file in early 2018)? Either path may be right for you, but don’t just assume the standard deduction is your best option. With today’s sophisticated tax software, it’s relatively easy to calculate your itemized deductions and see if
The Earned Income Tax Credit (EITC) is a program designed to provide tax relief for American workers with low-paying jobs. Could you qualify for this tax credit? If you have a relatively low income, take some time to find out.
Earned Income Tax Credit Qualification Some eligible taxpayers miss out on EITC savings because they
In the wake of the housing crisis, it became significantly harder to get a jumbo mortgage due to the risk factors involved. Jumbo mortgages have been making a comeback since then, but they now face a different style of threat – disincentives for high-end homeownership created by the recently enacted Tax Cuts and Jobs Act.
What sort of structure makes the most sense for your small business – a corporate structure or a sole proprietorship? If neither structure fits you well, perhaps the best choice for you is a Limited Liability Company (LLC) – a structure that represents a middle ground between a regulated corporate structure and a simplified sole
Did you hear that there are tax changes for 2018? Unless you’ve been in a coma or vacationing in North Korea over the last several months, you probably know that recent sweeping changes were made to the tax laws. However, you may not be sure how the Tax Cuts and Jobs Act and other tax
After weeks of negotiations between the House and the Senate, Congress finally passed tax legislation designed to lower taxes and stimulate the economy. President Trump signed the Tax Cuts and Jobs Act on Friday, December 22 – right before leaving for the Christmas holiday.
As a homeowner, did this bill leave financial presents under your
Certified Public Accountants (CPAs) are incredibly busy during tax season. Their time is precious, even more so this year with the passage of the Tax Cuts and Jobs Act. That makes it even more important for you to prepare for your allotted tax preparation time.
Your CPA needs the following four categories of information to
Tax Season Arrives In January Are you ready for tax season? Ready or not, tax season, defined as the first day that the IRS accepts tax forms to the tax filing deadline, will be here soon.
For the 2018 filing season (covering the 2017 tax year), tax season begins on Monday, January 19 and ends
Charitable giving is one of the most popular (and fulfilling) ways to save on your taxes. Not only does it make you feel good to help others, but end-of-year charity donations can also help you save on your taxes — if you do it correctly. To help you with your giving efforts, the IRS offers
Does your home state encourage or discourage partying? A simple way to assess the partying tolerance level is through “sin taxes.” Granted, low sin taxes do not necessarily equate to more partying, but they certainly don’t hurt.
Alcohol and tobacco taxes are huge cash generators for governments, adding $7.04 billion and $18.17 billion respectively to
The holiday season is full of plans and activities that make December incredibly hectic. Late federal tax legislation is making it even more so. 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,
As a retiree, how do you plan to spend your Christmas? You may be visiting or hosting family for the holiday, preparing for a special vacation, or simply relaxing and enjoying your pastimes and hobbies. Whatever you choose to do, make some time before the holiday begins to assess your finances and avoid potential tax
How do you adjust the U.S. tax system so that everybody pays his or her fair share? That argument has been going on for as long as taxes have been collected – because it’s very difficult to get everyone to agree on the definition of a fair share. Not everyone receives benefits proportionate to the
Charity at holiday time means more than just putting your change into the traditional red buckets at the entrances to big-box stores. Needs at the holidays are even more pressing on families, with cold weather approaching and stress over whether they can provide any sort of meaningful holiday for their loved ones.
While traditional holiday
For many people, the end of the year represents a hectic time, and the last thing anyone wants to do is add to an already full plate. However, building the following financial moves into your fourth- quarter routine can really pay off over the long run and give you greater peace of mind for the
You know about Black Friday and Cyber Monday – but are you aware of Giving Tuesday? Giving Tuesday is a recent invention – so recent, it is often preceded with a hashtag. It was started in 2012 on the first Tuesday after Thanksgiving and has been gaining in popularity as a symbol of charity to
If you received a holiday bonus this year, congratulations! A 2017 survey by Accounting Principals, found that 63% of the surveyed companies plan to give out a year-end monetary bonus or gift this year based on company, departmental, and/or employee performance.
Your first thoughts are probably about how you plan to spend your reward. The
If you are attempting to buy a home on a low or intermediate income, you need every bit of help that you can get. Mortgage credit certificates are one of the lesser-known ways that the federal government can help.
A mortgage credit certificate (MCC) is essentially a form of tax savings. The mortgage interest that
Cut, Cut, Cut After a short delay and with significant fanfare, the House of Representatives released the Republican tax reform plan last Thursday. The Tax Cuts and Jobs Act – or, if you prefer the Trumpian term, the “Cut Cut Cut Act” – represents an ambitious attempt to change the tax code in a way
MoneyTips Fall is here. It’s time for thinking about cooler weather, Thanksgiving, falling leaves – and taxes? While Congress debates changes to our tax codes, a few hours spent on your taxes now can produce benefits in April with the savings of both time and money. The following tips may be able to help you
The tax reform framework recently released by the Trump Administration repeals both the generation-skipping transfer tax and the estate tax. While most of us are familiar with the latter, we want to introduce you to the convoluted and highly technical rule known by its initials GST.
The idea behind it is simple: It used to