Tax season is in full swing and that means it's prime time for criminals looking to take advantage of unsuspecting victims. Fraudulent tax schemes can take many different forms, oftentimes leaving taxpayers unaware that they've been duped until it's too late. Every year, the Internal Revenue Service compiles its "Dirty Dozen" ... Read More
6 Tax Credits and Deductions You Can’t Afford to Overlook
Tax season is in full swing and if you haven't filed yet, now's the time to get started. Whether you're looking to reduce what you owe to the IRS or net a bigger refund, you'll want to make the most of the tax benefits that are available. If you're not claiming all the tax credits and deductions you qualify for, you could be ... Read More
3 Smart Strategies for Boosting Your 2013 Tax Refund
Tax time is here and for millions of Americans that means a little extra cash in the form of a refund. The average refund is right around $3,000 but how much money you'll actually get back depends on your income, what tax credits you qualify for and what expenses you're able to deduct. Taking advantage of every tax break you can ... Read More
4 Ways to Lower Your 2013 Taxes Before You File
Thanks to several new measures in the tax code, some Americans may find themselves owing more to Uncle Sam this year. Two of the most important changes to take effect are the 39.6% tax bracket, which affects high-income earners and the 3.8% surtax on net investment income. There's also a 0.9% Medicare surtax that now affects ... Read More
IRS Retirement Contribution and Income Limits for 2014
Maxing out contributions to your retirement plan is a smart way to build your nest egg and take advantage of some important tax benefits. The amount you can sock away varies from one plan to the next so it pays to know how much you can save. The IRS routinely adjusts the annual contribution and income limits for retirement ... Read More
Top 5 Reasons to File Your Taxes Early
Tax season has just begun but the April 15th filing deadline will be here before you know it. The IRS is set to begin processing returns beginning January 31st so now's the time to start getting your paperwork together. If you normally wait until the last minute to file, you could be creating some extra hassle and headaches for ... Read More
Report: Health Care Law Fraud Likely Without IRS Changes
The official rollout of Obamacare is still a few weeks away but problems are already plaguing the new health care law. Reports of Americans losing their existing insurance coverage and technical issues with the federal health insurance marketplace website have been making headlines and now it appears that more trouble may be on ... Read More
Key Changes That Impact Middle-Income Taxpayers in 2014
Starting in 2014, taxpayers will see a number of new tax laws hit the books thanks to the Affordable Care Act. While many of the changes are set to impact wealthier taxpayers, there are several tax measures that will have an impact on individuals and families earning less than $250,000. Even though April is still a few months ... Read More
2013 Holiday Tax Deduction Guide to Charitable Donations
The holiday season is in full swing and it's that time of year when everyone is encouraged to help others in need. Giving back can make a positive impact in your community and it can also pay off big at tax time in the form of a tax deduction. If you're planning to do some charitable giving before the new year, here are a few ... Read More
Government Shutdown to Delay 2014 Tax Filing Season
The federal government shutdown created problems for millions of Americans and it looks like it will continue to impact taxpayers into next year. The IRS has announced that due to the shutdown, it expects the 2014 tax filing season to be delayed by up to two weeks. In an announcement issued on October 22nd, the IRS cited ... Read More
IRS Announces Tax Rate Inflation Adjustments for 2014
Last month, the Internal Revenue Service announced the annual inflation adjustments for 2014, which impact tax rates as well as certain deductions and credits. The new numbers won't actually affect your tax filing until 2015 but knowing what you can expect can help you adjust your tax planning strategy accordingly. Here's a look ... Read More
Obamacare Premium Tax Credit: What Is It and Who Qualifies?
Unless you've been living under a rock, you know that most Americans will be required to have health insurance starting in 2014, thanks to the Affordable Care Act. The Department of Health and Human Services estimates that on average, Americans will pay $328 per month for individual health care coverage next year. If you're ... Read More
