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
Tax time is probably not the best time to seek out the latest tax saving tips. At that point, new saving tips will have little impact on your pending tax bill. Don’t worry; there is always next year. Here are some basic tips to keep in mind for the upcoming year, to help you save … Continue reading A Few Tips for Tax Savings
Teachers and other educators should save their receipts when buying classroom supplies that are unreimbursed, since they may deduct up to $250 of it on their taxes. This tax break originally expired at the end of 2004, but was recently renewed. Eligible educators include K-12 teachers, instructors, counselors, principals, and aides. In addition, they need to … Continue reading The Teacher Tax Deduction
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
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