There is an old adage that says “In this world nothing is certain but death and taxes.” Ironically, however, even the death of a taxpayer does not eliminate his need to file a tax return. After the death of a taxpayer, a personal representative or surviving spouse will need to file a tax return on [...]

As we round the corner and head toward the end of 2011, many of us are beginning to think about our year-end taxes – whether we will end up owing money come tax season and, if so, how much? Although the 2011 federal income tax brackets haven’t changed very much, now is a good time [...]

If you are thinking of becoming self-employed, it is important to consider the tax impact and to understand the new tax reporting requirements that you will be subject to. When you are an employee, your employer takes care of withholding taxes from your paychecks. However, once you become self-employed, you must calculate and pay your [...]

If you have income that does not have tax withholding, chances are that you will need to pay estimated tax to the IRS. Estimated taxes are required for corporations, partnerships, S corporation shareholders, sole proprietorships and – in certain circumstances – individuals.

If you experienced damages and losses as a result of Hurricane Irene, you may be able to take tax deductions at tax time to help offset the expense. In general, people can claim casualty losses, like damages or losses from hurricanes, floods, fire, earthquakes or volcanoes on their federal income tax returns – provided they [...]

Preparing and filing your tax return can be daunting, especially when trying to determine which deductions you qualify for and choosing between taking the standard deduction and itemizing. It is a difficult decision to make, but ultimately you will want to go the route that will result in you having the lowest possible tax liability. [...]

If there is one thing that all taxpayers can agree upon, it is the desire to pay less in taxes and keep more of your hard-earned cash where it belongs – in your pocket. With the ever-changing tax laws and so many life-changing events occurring, staying on top of one’s taxes is essential to avoid [...]

Wrongly reporting income or claiming false deductions, expenses and credits on tax returns is not worth the severe penalties that may result from doing so.

A sad aspect of America’s educational system is that, despite the fact that schools are often helped out financially by fundraisers and parent donations, their budgets remain small, requiring teachers and other school staff to frequently buy supplies and equipment in order to properly educate their students. The good news, however, is that the IRS [...]

As if tax season isn’t complicated enough, it can be a complete nightmare for same-sex couples. Same-sex couples face numerous challenges when it comes to filing income tax returns. While it is important for everyone to keep good records for tax time, it is even more critical for same-sex couples to do so. Extra time [...]