In making the right choice of which tax professional to use, there are several factors that should play a role in the decision. For many people, the final choice comes down to which preparer is located closest to the home. This may seem like the easiest choice, but choosing your tax preparer based on location is akin to buying a … more

In preparing for later years, the use of an individual retirement account, also known as an IRA, can be very beneficial. There are several different types of IRAs, but the most common are the traditional IRA and the Roth IRA. Both exist as investment vehicles and almost always have a better return than parking money into standard savings accounts. Besides … more

For years, more and more people have been led to believe that they are qualified to do their own taxes and that hiring a specialized tax professional is needless expense. This shift in mindset has created the illusion that tax professionals no longer offer a valuable service. However, the opposite is true – today’s tax professionals are extremely underrated and … more

After a couple gets married, one of the common questions is whether they will able to get any tax benefits from filing married jointly rather than separately. As is the case with most things tax-related, it depends on the individual situation. There are some cases where filing jointly will produce a lower total tax, but many couples will still run … more

While the official deadline to file taxes falls on April 15th each year (except in cases of national holidays), many people choose to apply for an extension to gain more time to prepare their returns. In the majority of cases, the extension will move the deadline back by six months, typically ending on October 15th..Contrary to popular belief, asking for … more

Current tax laws are structured to make it possible for anyone to enjoy the benefits of higher education by deducting several expenses from their yearly income tax bill. Before beginning a school year, a person will need to become familiar with the expenses that are deductible and which ones will need to be paid in full. While a person cannot … more

If you are dreading the upcoming tax season because of the complex forms that are involved, you are not alone. Many people find the early part of the year up to the April 15th deadline to be a cause for concern as they struggle with the historically difficult chore of preparing their tax return. There are several ways to deal … more

After filling out your tax return for the 2011 fiscal year, you may be excited to learn that a big check is headed your way. As with any payment, the question of when it will arrive is common among those that will receive a refund. The answer is not so simple and depends on many different factors. If you can’t … more

Perhaps the biggest fear of any income tax filer is the fear of being audited by the Internal Revenue Service. When this happens, a person or business must prove that the deductions and credits that they’ve claimed on their tax returns are legitimate to avoid costly fines. The actual process of being audited can be expensive as well, requiring the … more

A person that would like to get the most deductions in 2012 must know where to begin. Tax forms can be very confusing and many people fall victim to choosing the easiest route rather than the one that will return the largest refund or lowest amount of taxes. The starting point for doing your taxes correctly is choosing the right … more