With the cost of college tuition increasing an average of 8% each year, it pays to start saving as early on as possible. Section 529 plans, also known as qualified tuition plans, offer parents a relatively easy tax-advantaged way to save. Every state offers at least one 529 plan option and anyone can contribute, regardless of ... Read More
How to Maximize Your Tax Savings at Work
If you’re looking for ways to decrease your tax liability, a good place to start is at work. There are several simple things you can do to cut your tax bill by hundreds or even thousands of dollars per year. The following tips can help you to make the most of your tax savings while on the job. Using Pretax Dollars Wisely One ... Read More
Top Reasons Why Celebrities Don’t Pay Their Taxes
Stories of celebrities who fail to pay their taxes routinely make the news. Earlier this month, it was reported that R. Kelly owed back taxes to the tune of $5 million and that he hadn’t filed a tax return since 2005. The news came on the heels of reports that singer Lauryn Hill had failed to pay taxes on nearly $2 million she ... Read More
Eduardo Saverin Criticized by Dodging Millions in US Taxes
Just days before Facebook launched its IPO, Eduardo Saverin, one of the company’s co-founders, announced that he had renounced his dual U.S. citizenship and would be moving to Singapore permanently. Since the news broke, Saverin, who has been living in Singapore since 2009, has been battling claims that the move is part of a ... Read More
The Top Five Tax Audit Myths
Nothing can induce fear more quickly than finding a letter from the Internal Revenue Service in your mailbox. Just the phrase “tax audit” can trigger anxiety and panic, often resulting in unnecessary stress and confusion. Statistically speaking, the average person has only a relatively small chance of being audited, with the ... Read More
Last-Minute Tax Filing Tips Prior to 2011 Tax Deadline
As April 17th approaches, some taxpayers may still be scrambling to get their paperwork in order. Rushing to complete your taxes can lead to errors on your return or cause you to overlook valuable credits and deductions which can mean less money in your pocket. If you’ve waited until the last minute to begin preparing your ... Read More
IRS Form 1099-K: What Online Sellers Need to Know
If you use an online marketplace - such as Amazon, eBay or Etsy - to run your small business, the IRS may be taking a closer look at your income. Beginning this year, the IRS is requiring third-party payment processors, including PayPal, to issue a 1099-K form to online sellers who meet certain requirements. The following are ... Read More
Top Tax Scams to Be Aware of in 2012
Every year, the IRS releases its “Dirty Dozen” list of tax scams in an effort to warn taxpayers about individuals or groups who may be promoting fraudulent schemes that promise free money to those who participate. These scams can leave unsuspecting individuals on the hook for penalties, interest and possible criminal prosecution ... Read More
