No 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 […]
— Read moreLooking for someone to help prepare your taxes? It’ll cost you – $246 on average. According to the National Society of Accountants, that’s the median expense for having your Form 1040, accompanied with a Schedule A and your state tax return, prepared for you by a tax professional. If you opt for the standard deduction […]
— Read moreThere are three different ways you can save money at tax time: by claiming exemptions, credits, and deductions. Oftentimes, taxpayers confuse the three and sometimes think the terms are interchangeable. There is a difference between each of the three, however, and it’s important to understand how they work and if you qualify before claiming any […]
— Read moreIf 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 […]
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