The annual tax filing deadline has come and gone and if you haven't filed yet, you'll need to act fast. The IRS begins assessing penalties and interest against late filers right away, which can easily inflate your tax bill. Whether you owe taxes or you're expecting a refund, you need to know what your rights and responsibilities ... Read More
How Does the Proposed Internet Sales Tax Affect You?
Shopping online is a convenient way to save on just about anything but great deals may soon be harder to come by. Congress is currently considering the passage of the Marketplace Fairness Act, which would impose a sales tax on a significant majority of Internet purchases. While the bill doesn't necessarily represent a tax hike, ... Read More
Obama Budget Plan Brings Higher Taxes for Rich, Middle Class
President Obama's proposed budget for 2014 is projected to boost revenues and reduce the federal budget deficit by $1.8 trillion over the next decade. The budget plan includes significant cuts to key federal programs, including Medicare and Social Security, but it also features several new tax measures. The proposals, which are ... Read More
Five Smart Strategies for Spending Your Tax Refund
For the 2012 tax year, taxpayers are receiving an average refund of $2,900 according to the IRS. If you're on the receiving end of a substantial tax refund, you may be tempted to splurge a little. While you may be dreaming of a new flat-screen TV or a trip to a tropical destination, there are betters ways to put your tax money ... Read More
Congress Debates Key Changes to Mortgage Interest Deduction
In an effort to tackle the national liability and overhaul the tax code, Congress has proposed a number of measures that could potentially impact millions of taxpayers. Among the topics currently up for debate include making changes to the mortgage interest deduction, which allows homeowners to deduct any and all interest paid ... Read More
IRS Makes Claiming the Home Office Deduction Easier in 2013
Working from home can eliminate some of the stress associated with the traditional workplace but it can also lead to big headaches at tax time. While the IRS allows taxpayers to claim a deduction for expenses related to maintaining a home office, figuring out just how much you can write off can be complicated, to say the least. ... Read More
Top 5 Tax Apps for iPhone and Android to Track Tax Documents
When tax time rolls around, having all of your documents ready to go can eliminate some of the stress of filing. Keeping up with receipts throughout the year can be a hassle but a handful of apps are making it easier for taxpayers to stay organized. Instead of wading through stacks of paper or maintaining a complicated file ... Read More
IRS Rules for Receipts: What You Need to Know at Tax Time
If you're looking for ways to trim your tax bill, itemizing your deductions can potentially reduce what you owe to Uncle Sam. Depending on your situation, you may be able to deduct medical expenses, charitable donations or job-related expenses. If you're thinking of taking advantage of these or other deductions this tax season, ... Read More
IRS Sequester Could Result in Fewer Audits
Earlier this month, the federal government entered a sequestration period, which effectively translates to big spending cuts for certain agencies, including the IRS. While the budget cuts have let to speculation that tax refunds could be delayed for millions of Americans, the sequester could be good news for taxpayers who are ... Read More
New Limits on Itemized Deductions Impact High-Income Taxpayers
Amid worries that the country would fall off the “fiscal cliff”, Congress established a deal that would head off major government spending cuts and help the majority of Americans avoid a significant tax hike. As part of the deal, certain taxpayers saw an increase in their federal tax rate, paired with limitations on the value of ... Read More
Unusual Tax Deductions You Might Be Missing Out On
Claiming certain deductions can lower your tax bill and put more money back in your pocket when it’s time to file. While most taxpayers are aware of the benefits of itemizing for things like mortgage interest and charitable donations, there are some less well-known deductions you could be missing out on. If you’re looking to get ... Read More
Preparing Your Taxes: DIY or Hire an Expert?
At more than 73,000 pages, the federal tax code is a complex document and navigating tax law can be a frightening prospect for the average person. Every year, millions of Americans seek professional help in preparing their tax returns but there are still plenty of taxpayers who tackle the job themselves. There are pros and cons ... Read More
