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
Tax Blog
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
The IRS Makes Changes Again to Help Taxpayers Who Are Struggling
The IRS created its Fresh Start Program last year in February with a goal of providing relief to struggling taxpayers during these tough economic times. The IRS wants to help taxpayers facing financial difficulties get a "fresh start" or get back on their feet. Last year, we reported on the Fresh Start IRS program with the IRS ... 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
IRS Audits On the Rise for Wealthy, Small Corporations and Non-Profits
The risks for IRS audits have been increasing steadily across all income levels, although the wealthiest Americans face the greatest risk increase for an income tax audit according to data released by the IRS. Another interesting trend seen in the data is that non-profits and small corporations are being audited more and more ... Read More
History of the Death and Taxes Quote by Benjamin Franklin
When tax time is looming, Benjamin Franklin’s famous quote about death and taxes is often mentioned. His “Nothing is certain except death and taxes” quote is one of the most enduring quotations from the inventor, politician, writer and founding father. However, few people really understand why the words were uttered and under ... 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
