If you’re married, you have two different status options for filing your taxes. You can file Married, Filing Separately, or Married, Filing Jointly. Whether or not you share a bank account, or have separate financial accounts doesn’t actually matter. What does matter is your marital status. Filing your tax return separately from your spouse’s is […]
— Read moreThere are two different options for taking deductions at tax time. You can use the standard deduction, which ranged from $6,300 to $12,600 for 2015 taxes, or you can itemize. The choice is up to you. You should check to make sure that itemizing your expenses doesn’t amount to more than the standard deduction if […]
— Read moreYou’re probably focused on soaking up the last of the summer sun more than you are on your taxes. However, you can use the end of summer to get organized and ahead for the upcoming tax season. Summer isn’t a busy season for tax advisers, so you should tax advantage of the less traffic. By […]
— Read moreOnce you get divorced, your taxes will change dramatically, as well as which status you use and the credits you are eligible for. If you are used to filing Head of Household status, a divorce can alter your eligibility to use that status to file at tax time. Head of Household status generally has a […]
— Read moreWhether you freelance, own your own business as a sole proprietor, or are an independent contractor, you are likely considered self-employed. Self-employment income has certain tax requirements that you need to be aware of when it’s time to file your federal income tax return. Be aware of the following six pieces of advice from the […]
— Read moreThere are certain taxpayers who, depending on their income, may owe an Additional Medicare Tax. If this applies to you, it’s important to be aware of certain facts to make tax time simpler. The Additional Medicare Tax rate is 9%. The tax is assessed when your income exceeds a specified threshold. Medicare wages, self-employment income, […]
— Read moreFiling your tax return doesn’t have to be stressful. Many people worry about making a mistake when filing, and surprisingly, mistakes do happen. It’s not the end of your tax world. It does mean that the IRS may take longer in processing your return, leading to a delay in your refund. Mistakes are less common […]
— Read morePaying for college is never cheap, and students can use all the help they can get. You may be able to alleviate some of the cost of college education through two different tax credits that lessen the amount you owe at tax time. American Opportunity Tax Credit: The American Opportunity Tax Credit (AOTC) allows you […]
— Read moreNot only can making a donation to those in need feel great, it can also benefit you at tax time. Depending on a few requirements, you may be able to deduct your charitable gift from your taxes. If you’ve made a contribution, consider the following tips to see if you are eligible to claim a […]
— Read moreContrary to popular belief and what is often portrayed in movies, the IRS isn’t always the bad guy. If you aren’t able to pay the full amount you owe in taxes, the IRS will make arrangements to make repayment easier. Though you should be aware that back taxes or past due amounts will reduce your […]
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