Category: Taxes

No matter if you are eighteen and just finished school or sixty-five and recently retired, you will have records that you will need to keep. Some records will need to be kept for longer periods of time than others are. Knowing what to keep, how to keep it and what to throw out can help … Continue reading Keep your Tax Records Straight

If you have filed taxes before, you should already know that the higher your Adjusted Gross Income, or AGI, the more taxes you are likely to pay. Your Adjusted Gross Income will also determine your eligibility for many of the credits you might qualify for. But what determines the Adjusted Gross Income? Your Adjusted Gross … Continue reading Federal Income Tax Adjustments and Deductions – Adjusted Gross Income (AGI)

Is there a word in the English language that strikes more fear into the hearts of American taxpayers than “audit”? However, an audit doesn’t have to be a terrifying experience. There are several things that you can do to avoid an audit all together, as well as be prepared if you are audited. Avoiding IRS … Continue reading Avoid Being Audited: Fear of the Audit

Basics of the 1040 The IRS Form 1040, as with the 1040EZ and the 1040A, is broken down into sections: Label SectionThe first section you come to at the top of the page is the Label section. The label on your tax return contains several very important items such as the correct spelling of your … Continue reading Understanding the 1040 Federal Income Tax Form

There are many things that you can do throughout the year to help ensure that you don’t owe Uncle Sam in April. Here are some helpful tips and advice to help reduce your end of year tax payment: Owing Income Tax Tracking your Tax WithholdingKeeping track of your withholding is one thing. Find out what … Continue reading Don’t Let Me Owe: IRS Federal Income Tax

At tax time everyone hopes for one of two things. “Please don’t let me owe!” or “I want a really big refund!” The American public doesn’t save money the same way it used to. In the last forty years we have gone from a generation of one-income households on average, to households with two or … Continue reading Withholding Income Tax: Look at a Smaller Refund Differently

There is probably more confusion over Federal Income Tax laws than any other thing the average American citizen will deal with. This is, admittedly by the IRS, slightly on purpose. Every credit, deduction, and adjustment comes with it’s own set of rules and qualifications. The myriad of tax complications can make your head spin if … Continue reading Tax Help: Standard Deduction or Itemized Deductions

The end of the year brings new opportunities for next year. However, keep in mind that there is more work to be done right now. Some of these opportunities may spill over into next year, too. Taxes are coming. However, if you take a few minutes right now to consider any deductions you may be … Continue reading Before The End Of Year Tax Advantages