Last month, the Supreme Court made a landmark decision when it struck down Section 3 of the Defense of Marriage Act. The move effectively grants married same-sex couples the same marital rights and privileges afforded to heterosexual couples under federal law. This includes access to the same retirement benefits and health ... Read More
Filing Taxes
What You Need to Know About Filing Taxes Late
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
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
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
2013 Tax Filing Checklist: What to Do Before You File
While the April 15th tax deadline is still months away, you don’t want to wait until the last minute to file. Taking the time to get organized before you prepare your return can ensure that you’re taking advantage of every available deduction and credit, reporting your income accurately and eliminating room for potential error. ... Read More
Overview of How Tax Brackets Work
Does the subject of the income tax code make your eyes glaze over? Do the terms tax bracket, marginal tax rate and filing status make your head spin? It doesn’t have to be that way. While the nuances of the federal tax code may be complex, the basics are not. Here’s how the progressive tax system in the United States ... Read More
What is the Exit Tax and Who Does It Effect?
Some people make a decision to give up United States citizenship in an effort to avoid US tax obligations. Ending US citizenship is simple – just need to announce it formally and surrender passport; but the wealthier you are, the more expensive this strategy becomes. In June of 2008, the Heroes Earnings Assistance and Relief ... Read More
How to Prepare for Filing Your 2012 Tax Return.. Now!
Tax preparation should be a year-round process. If you have not started thinking about your 2012 taxes, now could be a great time to start. With a few exceptions, the documents you will need to file your tax return stays the same each year as well. There may be occasions when certain changes in your life warrant additional or ... Read More
Employer Identification Numbers (EIN): How & When to Apply for One
If you’re thinking about starting your own business, you may have heard you need an Employer Identification Number (EIN). An EIN is a Federal Tax Identification Number for businesses, similar to a Social Security number for individuals. Not all businesses are required to get an EIN, but if your business needs one, there are ... Read More
2012 Standard Deduction Amount & What It Means
The vast majority of people subject to filing a federal income tax form with the United States Internal Revenue Service are entitled to what is known as a standard deduction. What is it and how does it work? Are there instances where it actually makes sense to decline the standard deduction? The Standard Deduction The standard ... Read More
Tax Season is Over, Now What? Tax Record Storage and 2012 Planning
For the year of 2011, we all worked to earn our wages, and we all worked just as hard to get our tax return filed for the April 17th deadline, so what should you do now? Since the IRS has the right to audit your tax return several years after it is filed, you should keep your W-2, 1090s and all of your financial documents for a ... Read More
