Charitable donations are deductible if the amount of the donation is within a certain threshold, based off your adjusted gross income (AGI). In most cases, the upper limit is 50% of your AGI for donations, meaning a taxpayer with a $50,000 AGI can deduct up to $25,000 of charitable contributions. In order to deduct items […]
— Read moreHaving a baby means eighteen plus years of expenses related to the care of that child as they grow and develop. The IRS offers a tax credit for parents who have had a baby during the tax year. This credit is worth $1,000 per child, as long as your income is less than $110,000 (joint […]
— Read moreDid you know that even if you don’t have an expense account at your job, you may still be able to deduct some expenses you incur while working? The only catch is that your expenses must be greater than 2% of your adjusted gross income. That means that things like taxi fares, fees paid for […]
— Read moreThe one thing in life that’s guaranteed is that you’ll have to pay taxes. Thankfully, though, the government opts not to force you to pay on your entire amount of income. When determining the amount of income for which you shall be taxed, the IRS uses two determinations of deductions: Above the Line, and Below […]
— Read moreAs technology becomes a bigger part of our lives, the risk of identity theft has increased. Gone are the days where identity thieves were only on the prowl for names, addresses, birthdates, and social security numbers of their victims. Because so many companies, financial institutions and other agencies require heightened security measures for access to […]
— Read moreSo you owe the IRS? Most taxpayers have been there, done that. But what happens if you owe taxes and don’t have any money to cover what you owe? First, you need to not panic. There are options, but before you get to them, you have to ensure you file your return. If you don’t […]
— Read moreDo you owe taxes but are having a hard time paying the IRS? Are you unable to pay anything at all? If so, you have two options: request a temporary delay in collections, or apply for an Offer in Compromise. However, these options are only available if: There is reason to believe the amount you […]
— Read moreNo one enjoys paying taxes, however the fact that you’re entire salary isn’t taxed by the federal government should make it a little bit easier to swallow. During tax time, you’re required to report your entire income, but the IRS deducts certain amounts, like education costs and retirement plan contributions, before determined the amount of […]
— Read moreMany major cities, or even those close to the border of a neighboring state, have a significant portion of taxpayers who travel from another state to work there. For example, many New Jersey residents work in New York City, or Marylanders may drive to Virginia. It may not seem like a hassle to cross the […]
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