So you’ve done some spring cleaning and found some extra items that made you some cash on one of the popular auction sites online, such as eBay. If you’ve sold anything on one of these sites, you may be curious to know how it will affect you at tax time. Let’s say you sold roughly […]
— Read moreIt’s April 15th and you just realized you forgot to file your tax return. Now what? Well. For starters, you should file your return as soon as possible. The less late it is, the better, as you’ll incur less penalties and interest if you owe taxes. It really depends on how much you owe, as […]
— Read moreNow that you’ve got yourself a pretty sizeable refund from the IRS, you should consider what that actually means and how you should use your newfound cash. Basically, what just happened is you lent the federal government money for a year, without interest, and the money you are getting is really just your own. You’ve […]
— Read moreIf life gets in the way, and you find yourself filing your tax return at the last minute, you should be extra sure you have everything correct and complete the process as timely as possible. Follow these steps if you find yourself filing on April 15th. File an Extension You can apply for an extension […]
— Read moreDo you own your own home? If so, are you aware of the deductions you can take at tax time? There are three major deductions available to homeowners when they file a return that can mean big savings when it comes to taxes. Mortgage Interest: if you have a mortgage for either your first or […]
— Read moreAre you one of the unfortunate Americans who aren’t getting a tax refund, but instead have to pay? The IRS has many options for how to pay your taxes, and you may not be sure which the best is. First, figure out what works and what doesn’t with each method, and how it applies to […]
— Read moreHome Office Do you work from home? Is there a special part of your home that you use exclusively for business on a regular basis? If your home office is the place where you meet clients, customers, or other business related persons, you may qualify to deduct expenses related to the operating costs. Generally, expenses […]
— Read moreStandard Deduction You can take this deduction, which reduces the amount of income which you are taxed on, as an alternative to itemizing all of your expenses. The standard deduction is variable depending on your filing status. In 2015, the standard deduction is: Single or married filing separately: $6,300 Married filing jointly: $12,600 Head of […]
— Read moreDonating items and other noncash contributions to a charitable organization can net you a deduction up to the full market value of the assets, as long as they were in your possession for longer than a year prior to the donation. If you owned the asset for less than a year, then the deduction is […]
— Read moreUsing funds form your IRA, whether a traditional plan or a Roth, can be a great way to cover some major expenses that you may incur through your lifetime. Just be aware of certain terms and conditions that apply when withdrawing. Home Purchase If you chose to withdraw funds from your traditional IRA before you’ve […]
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