Saving money for retirement is a smart choice for people that want to plan for their future. There is no one size fits all retirement plan, but there is an option available for just about everyone to save for their future retirement. The SEP IRA is available for those that are self-employed or own a small business. This plan is ... Read More
Tax Tips
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
Choosing a Filing Status: Should You File Separately or Jointly?
If you're married, choosing whether to file a joint or separate tax return is contingent primarily on your specific circumstances. You may want to file a joint return for the sake of convenience, but doing so may not be the best option. Fiscally smart couples weigh the pros and cons of filing jointly versus filing separately. ... Read More
6 Most Common Tax Filing Mistakes to Avoid
Tax Day 2012 is April 17th, but don’t let those extra two days to file lull you into a sense of complacency. The time to be preparing your taxes is now. Procrastination leads to last-minute rushing, and rushing leads to mistakes on your tax form. Whether you prepare your taxes by hand, use tax software or hire a licensed ... Read More
Where is My Tax Refund? How to Check Status of an IRS Refund
Some people are not required to file an IRS tax return because their income falls below a certain amount. However, these same people may be owed an IRS refund. Additionally, the IRS receives undeliverable tax refund checks back each year, totaling in the millions of dollars. If the IRS owes you money, here's how to claim it ... Read More
Common Retirement Tax Questions After Losing a Job
Losing your job is a stressful time, but don't bury your head in the sand. You need to get moving, not only to find another job but to make sure your family is provided for and your obligations are paid. You may be tempted to draw on your retirement savings, but that can have severe tax consequences as well as reducing the ... Read More
Tax Credits, Deductions & Advice for Seniors Filing Taxes
There are many ways through which the elderly can reduce their income taxes. Approximately 13% of the U.S. population is over the age of 65, and a large percentage of seniors are on fixed incomes. Reducing tax liability is necessary for many individuals, as senior income doesn't usually increase when living expenses ... Read More
How to Protect Yourself from Identity Theft This Tax Season
Everyone is concerned about identity theft, and tax time can be of particular concern. Identity theft begins when someone gains access to your personal information - most often a Social Security number - and uses it for his or her own gain. The information may be used to get a job or to file for a tax refund, which can result in ... Read More
Roth IRA vs. 401(k): How to Decide Which Retirement Account
Making decisions concerning your retirement account is not always an easy task because what works for one person may not be the best choice for the next. When it comes to choosing between a Roth IRA and a 401(k) account for your retirement savings, the primary concerns involved in the decision are when you expect to pay out the ... Read More
How to Choose a Tax Preparer to Help With Your 2011 Tax Filing
This tax season, you may want to do what millions of people do and hire a tax preparer to help you file your income tax return. To choose the best professional to help you with your specific tax needs, there are several criteria that you should consider. When making this important decision, be sure to take the following factors ... Read More
IRS e-file for 2011 Income Tax Filing Now Available
The 2011 fiscal year tax season will mark more than two decades of the extremely popular and highly successful IRS e-file program. This year, there are more options than ever for the average American to settle up with the IRS in a fast, free, safe and secure manner by using IRS e-file. Since e-filing means filing a paperless tax ... Read More
2011 Business Reporting Requirements for 1099-MISC
If you are a small business owner who pays independent contractors, service providers and other individuals for freelance or contract work, you are required to issue IRS Form 1099. These forms are sent to any individuals who you've made payments to in order to be used in their own tax filing. The information on Form 1099 is ... Read More
