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
Tax Tips
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
Holiday Giving Could Mean Big Tax Deductions at Tax Time
‘Tis the season to be jolly and it’s also the time of year when people are reminded to give back to those in need. Making a donation of cash, toys, clothing or other items to a church or other charitable organization is a great way to share the holiday spirit and it can add up to big savings at tax time. The IRS has specific ... Read More
What Duty Free Means and How to Take Advantage of Duty Free Shopping
Most people have heard the term “duty free shopping” before, or seen “duty free shop” signs at airports, but many consumers have only a vague idea of what it means and how they can take advantage of it. Duty Free Defined The concept of duty free shopping enables the citizens of a country to shop for items in another country ... 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
Tax Tips and Tax Deductions for Bloggers
Many people regard blogging as a hobby—something that they do in their spare time, for their own personal enjoyment. But if blogging is your profession—an activity that you do for the purpose of making a profit—you probably qualify for various tax deductions that can help decrease your taxable income. Before asserting any tax ... 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
Sales Tax Takes a Holiday in the US: Dates & Descriptions of Holidays
More than one dozen states across the U.S. now offer sales tax holidays, days where shoppers can stock up on essentials like clothing and school supplies without paying any extra to Uncle Sam. The programs are typically offered over a weekend, often in conjunction with the beginning of the school year. In southern states that ... Read More
Tax Deduction & Tax Benefit for Donating a Car to Charity
When going over your finances in any given year, it is not only important to assess your income, but it is also vital to see which types of tax deductions you qualify for. Donating a car can equate to a significant tax donation depending on how much your car is worth, as well as the amount of money the charity sells it for. Keep ... Read More
Tax Tips for Independent Contractors
Independent contractors are not employees of another company, which means they have different tax requirements than individuals who receive a W2 from their employer. Independent contractors are self-employed, either as a sole proprietor or business, and offers tax deductions an employee wouldn’t be able to claim. Here are some ... 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
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
