Category Archives: General Filing
Learning the math behind your tax return may seem overwhelming. However, understanding the three different levels of income can make things a little easier. The three amounts are: total gross income, adjusted gross income (AGI), taxable income. Adjusted Gross Income One important term to familiarize yourself with at tax time is adjusted gross income. This […]
— Read moreIt seems like there’s so much to learn about the tax world. Many terms are relative, and once you learn them, you can apply them to other parts of the tax code. Earned income, for example is a vital definition to know so you can know what parts of your income are taxable. The following […]
— Read moreTaxes can be difficult to prepare on your own, and as a parent, the addition of dependents can make things even more difficult. However, by claiming your child(ren) as a dependent, you become entitled to a variety of tax savings from the government. In order to maximize your benefits as a parent, follow these tips: […]
— Read moreSaving for retirement is a great way to gain financial strength. Many taxpayers opt for a 401(k) savings plan. There are two different types of 401(k) plans, and you should be aware of what makes them different from each other. Traditional 401(k) This type of plan is sponsored by your employer and allows you to […]
— Read moreLife as a freelancer can be pretty laid-back. You set your own schedule, you control your own work, and you have a lot more freedom – most of the time. At tax time, being a freelancer can be daunting if you haven’t kept good records or don’t know what to expect. Filing your taxes can […]
— Read moreGetting a divorce can be difficult for all parties, including financially. Your assets are now up for grabs, not only by your soon to be ex, but also by the IRS. Divorce impacts your taxes a lot, so you should be aware of the expectations at tax time when you get a divorce. Filing Status […]
— Read moreWhen going through a divorce, you’re likely not thinking of your taxes. However, alimony and child support will affect your taxes. It’s important to understand how they factor into your return. Alimony If you are required to pay alimony, the amount you are responsible for isn’t accounted into your taxable income. This means your tax […]
— Read moreAre you anticipating your refund? We all like a little cash back in our pockets, as more money leaves than comes in. Waiting for your tax refund can be excruciating when you desperately need the cash. At tax time, put your money back in your pocket quicker using these tips: File As Soon As Possible […]
— Read moreFiling your taxes requires you to be in a certain mental state that helps you be calm, stress-free and organized. Procrastination can be the biggest detriment to tax preparation. Face it: No one likes paying taxes, but it’s something we all have to do. Might as well get it done and over with. Follow these […]
— Read moreSome people think of tax time as a bonus shopping spree. With all the “tax refund” sales and promotions that retail and media outlets bombard us with, it’s easy to understand why getting money back from a tax refund may seem like free money. However, it’s really not. When you break it down, you’re really […]
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