Filing taxes can be a real pain. It is not something that anyone enjoys, especially those who aren’t likely to get a refund but who, instead, will likely have to pay the government. It can be difficult to part with money during tax season, especially if you’re expecting to soon be out what you owe the government. No … more
Form 1040 is one of the most commonly filed tax forms in the United States. It is important to understand, however, that there are actually several different version of Form 1040, and you will need to fill out the form that is specific to your situation. This form allows you to list your gross income, to claim expenses … more
Every taxpayer lives in fear of receiving the dreaded news that he or she is going to be audited. While it is true that audits are sometimes performed at random and are out of the taxpayer’s control, more often than not, audits happen because of mistakes that people make when filing their taxes. The easiest way to avoid … more
When you’re a single person living on your own or with roommates, chances are that your taxes aren’t all that complicated. It’s also likely that you have a little more money than the average married person and/or parent. This is all due to the fact that families, especially families with children, tend to have a lot more expenses … more
A lot of people pay too much back on their taxes, simply because they are unaware of some of the (potentially) biggest and best tax deductions they could qualify for. Don’t let this be you! This year, put in the effort it takes to research available tax deductions, determine which ones you qualify for, and then to file … more
It might surprise you to learn that your status in life—such as whether you’re part of a married couple or still single—can have a big impact on your taxes. Obviously, no matter what your current situation, you want to have the lowest taxes possible, and an easy way to do that is through deductions. With so many deductions … more
So, you’ve opened up a small business. Congratulations are in order, first and foremost, especially if your small business is still going strong. Owning your own business is filled with many challenges and difficulties, but it’s also filled with many surprising and often hidden joys. One of those joys, as you’ll soon find out if you play … more
You’ve probably heard the term “Roth IRA” before, but that doesn’t necessarily mean you knew what it meant. Many people, even those who think they know and understand different IRAs or individual retirement arrangements, often hold misconceptions about what these plans actually are, their purpose, and what they can do for them in terms of reducing taxes. Roth IRAs are … more
You’ve probably heard the old saying, “the early bird gets the worm.” Well, that statement has never been truer than when it applies to filing your income taxes. While it can be tempting to put off filing until that April deadline is looming, it’s really in your best interest to get a head start. So, no matter how busy your … more
