[This deduction has been suspended from 2018 to 2025 for nonmilitary taxpayers] If you recently experienced a career change that necessitated relocating to a new city, you could claim most of your moving expenses as a deduction on your tax return. You would use Form 3903 to figure out your moving expenses and report them as ... Read More
Tax Blog
How to Maximize Your 529 College Savings Plan
With the cost of college tuition increasing an average of 8% each year, it pays to start saving as early on as possible. Section 529 plans, also known as qualified tuition plans, offer parents a relatively easy tax-advantaged way to save. Every state offers at least one 529 plan option and anyone can contribute, regardless of ... Read More
Difference of a Tax Audit, Correspondence Audit & Adjustment Letter?
Nothing sets off panic in the heart of a taxpayer quite like receiving official correspondence from the Internal Revenue Service. Images of being grilled by an IRS auditor in a dank office are sure to dance in your head. But if you do receive an envelope in the mail from the IRS, don’t panic. There are a variety of different ... 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
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
IRS Fresh Start Program – What it Means for Taxpayers
On May 21 of this year, the Internal Revenue Service expanded its Fresh Start plan. The plan supplements the Offer in Compromise (OIC) program that makes it possible for some people who owe back taxes, but are in financial distress, to settle their accounts with the IRS. The Fresh Start initiative makes it possible for many ... 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
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
Carried Interest and the Debate Over Tax Rates
The subject of tax rates on what is known as “carried interest” has been the subject of vigorous debate for a number of years but the news during the Republican presidential nominating season earlier this year that a substantial percentage of Mitt Romney’s earnings came from carried interest brought new attention to the ... Read More
Top Reasons Why Celebrities Don’t Pay Their Taxes
Stories of celebrities who fail to pay their taxes routinely make the news. Earlier this month, it was reported that R. Kelly owed back taxes to the tune of $5 million and that he hadn’t filed a tax return since 2005. The news came on the heels of reports that singer Lauryn Hill had failed to pay taxes on nearly $2 million she ... Read More
