Taxes

To pay someone to figure out how much you have to pay the government seems like adding insult to injury. For many taxpayers, there’s an easier way. Formed in 2003, IRS Free File is the product of a partnership between the Internal Revenue Service and a group of twelve online tax software suppliers that form
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If you’re a traditional employee, every year you receive a W-2 form from your employer that records your earnings for the year and the amount of taxes withheld from those earnings. IRS 1099 forms are complements to the W-2 form for non-traditional employee relationships. They are generally designed to record sources of income that have
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To paraphrase the old adage, there are only three absolutes in life: death, taxes, and the rise of scams during tax season. A major tax scam since 2013 involves phone calls by fictional IRS agents that demand immediate payment for alleged tax debts, threatening lawsuits or even jail time to those who refused to comply.
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The Tax Cuts and Jobs Act (TCJA) limited itemized deductions and doubled the standard deduction to entice more taxpayers to skip itemizing – but money-saving deductions still remain for eligible taxpayers. Do you qualify for any of the following nineteen deductions? 1. Charitable Donations – This is one of the few deductions with
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One of the most controversial provisions of the 2017 Tax Cuts and Jobs Act (TCJA) was the limit it placed on state and local tax (SALT) deductions. The TCJA capped the deduction on combined payments for state and local property, sales, and income taxes at $10,000 beginning in the 2018 tax year. According to the
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Identity thieves have many ways to steal your money – including fraudulent tax returns. They file a return in your name as early as possible to beat your legitimate return, with fake financial data designed to claim a large refund. You won’t realize this until your tax return is denied because there’s already been a
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Did you have a happy New Year? We certainly hope so. Now it’s time to get back to regular routines and take care of January chores, including gathering your tax information. The 2019 Tax Season Begins on January 28 Despite the partial government shutdown, the IRS announced that the 2019 tax season will begin on
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It’s been almost a year since the Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the American tax system. Since there have been just a few headlines coming out of Washington, DC, since the TCJA was signed, we offer a reminder of changes affecting your tax returns for the 2018 tax year (filed
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The holiday season is full of plans and activities that make December incredibly hectic. If you are the average American, tax considerations and financial adjustments are pretty low on your holiday to-do list. However, you are not the average American — you enjoy saving money, are diligent in seeking ways to save, and excellent at
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Our prior article, 5 Steps To Be Your Own Mogul – Part 1, covers the first three steps to manage your finances like a business. Below we present the final two steps. 4. Forecasting If you have performed the budget exercise and broken your expenses out into categories, you can start to highlight areas
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Why not take some financial pointers from the business world and apply them to your personal finances? Whether you are a party of one or a family of four, it pays to be fiscally agile. Some of the longest financial plays in the business world today are small businesses that perennially stay afloat and drive
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You have several credit cards and a couple of killer rewards programs. Why not put them to good use and charge every purchase that you can? It’s smart to get the most out of your credit cards, but do so within a budget and with one thought in mind – “Is a credit card the
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The term “administrative offset” brings to mind meaningless governmental jargon. It is governmental jargon – but if you are affected, it’s not meaningless at all. In layman’s terms, administrative offset is the government’s way of applying money that would normally be owed to you (such as tax refunds and certain Social Security benefits) to outstanding
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Retirement has finally arrived. You’re ready to start drawing on your retirement income sources. Enjoy this new phase of your life. Unfortunately, you haven’t been able to retire from taxes – and your taxes will enter a new phase as well. You don’t have an employer to hold out taxes on your salary anymore. You’re
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A summer job is a great way for students to earn some extra money while building a resume for the future and learning new things about the working world. Typically, one of the hardest lessons for students to deal with is income tax. Working students may say, “Why is so much of my paycheck withheld?
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A New Avenue for State and Local Taxes Americans love shopping online, in large part because of lower prices. Online merchants offer lower prices because they have a lower overhead compared to traditional brick-and-mortar retailers – and they also enjoy a sales tax advantage. A 1992 Supreme Court decision prohibited states from requiring businesses to
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How do you plan to fund your children’s education? According to the 2017 Report from Sallie Mae, How America Pays for College, you are probably counting on scholarships and grants. Sallie Mae finds that reliance on scholarships/grants is the highest in a decade, while college savings is on the decline. Savings covers less than one-quarter
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You are experiencing sweet satisfaction knowing that your taxes were filed on time. That is, until you realize that you took a deduction when you did not qualify for it, or forgot to claim an important tax credit that could save you hundreds of dollars … or until Congress suddenly resurrects some expired tax breaks,
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