Any amount of savings at tax time is beneficial for the self-employed, and new tax breaks make it even easier to accrue said savings. Legislation was enacted to allow workers to deduct costs related to paying their own health insurance before payroll taxes are calculated. As a self-employed taxpayer, this legislation can reap great benefits […]
— Read moreTaking as many deductions as you are legally entitled to is a great idea, especially if you want to maximize your tax benefit. However, it may not be as obvious as you’d think when it comes to taking deductions legally. Avoid the following deductions, as they are often used in error. Weight Loss Deduction: You […]
— Read moreGiving to charity is a good thing, especially during times of need, such as a disaster response. However, do you know how giving to charity affects you at tax time? There’s a few things you should consider: Itemizing You need to itemize your deductions via a Schedule A in order to deduct your charitable contributions. […]
— Read moreWhen you file your tax return, you should be aware that receiving a large refund (think $2,000 or more) can mean you have some work to do. You should review your withholding options on your W-4, which you fill out with your employer. Basically, each paycheck the government withdraws the amount of taxes they estimate […]
— Read moreDid you use some of your extra cash to invest in the stock market? If so, you may have received a large tax bill that you weren’t expecting. When investing your hard earned cash, remember two things: Securities in which you receive dividends or earned interest, for example a CD, are subject to taxation as […]
— Read moreSo 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 […]
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