Not too many things can make you happy when it comes time to pay your taxes. The tax credit can be your friend and ally during tax season, so it’s important to get informed about which credits you may qualify for. Tax credits reduce the amount of tax you are responsible for paying, and some […]
— Read moreHaving a retirement fund set up to help offset the costs associated with life after employment, is a smart financial decision. However, situations may arise that require you to withdraw some cash from your savings plan earlier than you expected. Doing so can activate an additional tax, and cause you to have to report withdrawals […]
— Read moreIf you’re a parent and you have to work, there a pretty good chance you have to pay for the care of your child during working hours. This can get pretty expensive, but thankfully there is a tax credit that can help offset the cost of childcare services. The Child and Dependent Care Credit is […]
— Read moreGiving to charity can have a lot of benefits. It helps others in need, can make you feel good, and can help you get a tax deduction. There’s all around positives to donating to charity, especially if you follow a few tips that can help you deduct the gift from your tax return. Here are […]
— Read moreIt’s that time to start considering your tax deductions. If you own a real estate business, just about everything you purchase can be a tax deduction, provided it is necessary to the business and the cost is reasonable. Deductions are a great way to save your business some hard earned profits. A $900 computer purchased […]
— Read moreDespite heading into the winter season, preparations you take today could make the springtime a little brighter, in terms of tax time savings. For homeowners, itemizing your taxes can help you get a little extra in savings, as you can claim interest that you’ve paid on your first and second mortgages, up to $1.1 million, […]
— Read moreThere are a variety of status under which you can file your taxes, and understanding the difference between each can help you determine which status you should file. At tax time, you can use all the help you can get to make the process as simple and smooth as possible.
— Read moreDo you know that many donations that you give to charity are tax deductible? That’s right, you can turn your household goods that you no longer need into a tax benefit. So, as you venture into the depths of the Abyss (also known as the back of your closet), keep track of all the items […]
— Read moreMore people are being required to file 1099-MISC forms all over the country, because the IRS is diligent in making sure you pay your taxes – even if you’re an independent contractor. Your client sends a 1099-MISC form to the agency, and the IRS compares it to the form you submit. Ignoring a 1099-MISC is […]
— Read moreOnce you’ve filed your taxes, you should maintain all of your records and supporting documents in a safe place in case you need to refer to them or if you get audited. But how long should you keep your records for? The IRS has a few tips that can help you figure out how long […]
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