Should you do your own tax return or pay a professional to help you? The answer varies for everyone. If you have an easy tax situation, you can save money by handling your own return, but in other cases, a professional is well worth the investment because they can help reduce your tax liability, increase your refund, or save you ... Read More
Tax Tips
Guide to Avoid Owing Taxes on 1099 Income
If you've recently landed a gig driving for Uber, walking dogs for Rover, shopping for Instacart, or doing odd jobs on TaskRabbit, you need to be aware that this extra 1099 income may generate a tax bill. Similarly, if you work as a freelancer, ranch hand, doctor, dentist, veterinarian, lawyer, accountant, hairdresser, ... Read More
When and How to Start Paying Estimated Tax for IRA Withdrawals
Regardless why, you’ve decided to withdraw money from your IRA. Therefore, you need to know what tax liability (if any) you’re responsible for and if you need to make estimated tax payments. If you don't pay estimated taxes, you may face an underpayment penalty. Paying estimated tax for IRA withdrawals is not uncommon. You need ... Read More
Cryptocurrency and the IRS: What You Need to Know
With the price increases of nearly 500 percent in 2017, bitcoin has recently caught the eyes of a lot of investors and speculators, but the IRS has had its eyes on bitcoin for years now. If you use bitcoin or other cryptocurrencies for your business, you have to report the transactions, and in some cases, you may also need to ... Read More
Why Getting a Big Refund Is Not Ideal
For millions of people, it’s often one of the most exciting days of the year. Christmas is unbelievable! But, this isn’t about Christmas, although, it is possible that you’ll end up using the results of this day to help pay off some of your remaining Christmas liability. In any case, the day I’m referring to is tax refund day. ... Read More
How Tax Withholdings Works & How to Adjust Optimally
Recently, the IRS issued a statement urging taxpayers to double check their withholding status. That simply refers to the amount of income tax your employer withholds from your paycheck. Wondering what and why you need to double check? Here's what you need to know. What Happens If You Don't Withhold Enough? If your withholding ... Read More
How Will the Equifax Data Breach Affect Your Tax Return?
Filing your next tax return is probably the furthest thing from your mind right now. But you might want to give it at least a little attention. It’s only September, but in case you haven’t heard there was a massive data breach recently and nearly half of the entire country was likely affected. 143 Million People Potentially ... Read More
Why Your Taxes In Retirement May Be More Than You Think
Are you worried about what your taxes in retirement will look like? What's the reward for approximately 45 years of your life spent working? It's a relaxing and fulfilling retirement, of course. Retirement is something that almost everyone looks forward to "some day". Pretty much every day feels like a Saturday in retirement. ... Read More
Getting Ready to Retire – Are You Ready for Taxes?
You’ve worked hard all your life and you’ve been smart with your money. Now you’re ready to finally call it quits and enjoy the so-called “golden years.” Many people look forward to retirement all their lives. Day after day, week after week you clock in and clock out all with your eye on that glorious final last day. Whether you ... Read More
What Can You Do to Get a Bigger Tax Refund in 2017?
While no one wants to pay taxes, it’s an inevitable part of life. If you make money then you have to pay the government a portion of that money. It really doesn’t matter how you make your money, you will have to pay some of it to Uncle Sam. The rates will vary depending on how you earned it and on how much you earned, but ... Read More
Are You a Newbie to Doing Your Taxes – Follow These Tips
Tax time is here and by now some of you might already have your return filed and your refund deposited into your bank account. If so, then give yourself a pat on the back for being one of the “first responders” so to speak. However, at this early stage in the game most people are likely either still waiting for their refund or ... Read More
Can a Flexible Spending Account Help Save You Taxes?
Flexibility. It’s a word that is usually associated with something positive. The more flexibility a person has in their joints and muscles the healthier they seem to be. The more flexibility people have at work, the happier they seem to be with their employment. The more flexibility people have to pay off liability or a bill, ... Read More
