Paying taxes in and of itself is no fun for anyone. However, when you get your tax return all done and then find out that the IRS has added a tax penalty onto your bill in addition to the amount you already owe, or have paid, that really lets the air out of your sails. The IRS tax penalties can be assessed on your bill for a lot ... Read More
Tax Tips
How to Handle an IRS Notice of Deficiency
Receiving any kind of notice from the IRS is usually scary, for most people. A letter from everyone’s favorite tax agency is not a letter most people are looking to get in their mailbox; and usually it’s not good news when that kind of letter shows up. One such letter that no one ever wants to receive is a notice of deficiency. ... Read More
Looking to Keep Your Social Security Tax Bill Down?
Have you reached your golden years and you’re already enjoying your Social Security benefits? Perhaps you’ve just barely reached the age of retirement and you’re still deciding whether or not you should start collecting your payments now, or if you’d be better off waiting for a few more years. Social Security benefits are an ... Read More
The Hidden Cost of Travel Taxes: What You Should Know
Who doesn’t love a great family vacation? A bunch of restless kids crammed in a car that’s too small, for way too many hours. Likewise, you get to enjoy moody teenagers that only stop looking at their electronic devices when they have something negative to say about your family vacation and small children who have to go to the ... Read More
4 Ways to Get Your 2014 Tax Return Prepared for Free
April 15th is still a few months away but it's not too early to think about getting your taxes done. If you've got a fairly simple return, you might be comfortable doing it yourself but when your filing is a little more complicated, it's probably time to call in professional help. Hiring an accountant or another tax specialist ... Read More
3 Important Tax Lessons We Can Learn From the Giudices
Unless you've been living under a rock, you've probably seen all the news stories revolving around Real Housewives of New Jersey stars Teresa and Joe Guidice. The reality TV celebs were recently sentenced to 15 and 41 months in federal prison respectively following their convictions on multiple fraud charges, including tax ... Read More
2014 Year-End Tax Planning Moves to Make Now
Tax season is still a few months away but that doesn't mean you can't start working on your strategy now. There's still time to do a few things that can have a significant impact on your tax filing. The choices you make could mean the difference between getting a fat refund or owing even more money to the IRS. If you're looking ... Read More
5 Tax Tips for Starting a New Business
Starting a business requires a significant amount of planning but the more prepared you are, the greater the odds of success. One of the most important things entrepreneurs need to be concerned with is what new tax responsibilities are involved. If you'll soon be debuting a new business, here's a look at what steps you need to ... Read More
Tax Differences College Palsn: 529 Plan vs. Coverdell ESA
Millions of students are heading off to college and that collective groan you hear is the sound of parents who are scrambling to figure out how to handle the cost. While scholarships and grants can ease some of the burden, the demand often outstrips the supply of funding. Loans are another alternative but as the current student ... Read More
Top 5 Tax Planning Tips for Recent College Grads
Graduating from college feels a little like crossing the finish line of a very long race but in reality, it's just the beginning. Going from the classroom the working world is a major transition that brings new responsibilities, including obligations to Uncle Sam. If you're just starting out in your first job, seeing how much of ... Read More
Pros and Cons of Tapping Your IRA to Pay for College Expenses
Earning a college degree is practically a must these days if you want to get ahead in the workforce but the cost can be a significant obstacle for many students. According to CollegeBoard, the average cost of tuition at a public four-year university was $22,203 for the 2013-14 school year. Students who attend a school pay, even ... Read More
What the IRS Wants Students to Know About Summer Jobs
School's out for summer and for many students, that means joining the workforce. Taking on a summer job is an excellent opportunity for young adults to learn some basic money management skills, including an introduction to how income taxes work. Getting that first paycheck can be a real eye-opener if it's not as big as you were ... Read More
