Choosing the right tax professional. Four questions to ask when looking for a tax professional who is qualified to help you maximize your tax refund. Last year, nearly 48 million taxpayers prepared their own tax returns, accounting for 38 percent of all electronic filings. In addition, self-preparation increased by 6 percent compared with 2013. While [...]
A recent issue of Quill, the Society of Professional Journalists’ national magazine, featured articles that explained the benefits of taking on side projects—something many people consider doing in order to make some extra cash. In addition to having fun, the journalists who wrote the pieces honed their skills, made some extra money, and increased their [...]
If you lose your job, your tax bill probably isn’t going to be the first thing on your mind. But when you file for unemployment, you’ll need to pay attention to your state’s tax laws. I live in California, which doesn’t tax unemployment benefits, so I was surprised to find that the majority of states [...]
The National Center for Charitable Statistics reports that more than half of charities and foundations said they received the majority of their donations in October, November, and December. If you made charitable contributions over the holidays and you want to receive tax deductions for them, how you made your donations is important. Situations that don’t generate [...]
The Federal Trade Commission (FTC) is kicking off 2015 with Tax Identity Theft Awareness week, January 26 to 30. The purpose of this week is to educate people about identity theft—which could be anyone with a Social Security number (SSN). More than 1.6 million people were affected by tax identity theft in 2013. The IRS [...]
If you’re looking to make a New Year’s resolution, here’s a good one to consider: Better managing your taxes. You should be receiving your tax paperwork soon, so do some preparation now to optimize your return and streamline the process. Here’s how you can start making this year’s New Year’s resolution—and stick to it: 1) [...]
Smart people use the month of December to work on tax reduction strategies. One of the most common tax reduction strategies is to pay your January mortgage payment in December. If you did this, you may be wondering just how doing so will impact your 2014 taxes—the taxes you pay in 2015. If you paid [...]
Here's a quick list of the tax deductions Congress just extended to the end of the year. 1. Mortgage debt forgiveness. If you did a short sale in 2014, you will not have to pay taxes on the debt the lender writes off in the deal. 2. Deduction for private mortgage insurance. You can continue to [...]
This article was written by guest blogger Eva Rosenberg. Is there an age limit when it comes to paying taxes? No. Age has nothing to do with taxes; it’s all about income. Regardless of your age, if you work for someone who pays you or if you own a business, you are required to pay [...]
While the state in which you live may not seem to make much of a difference when you file your federal tax return, some people, including retirees and entrepreneurs, decide to move for state tax purposes. The option to deduct state and local income taxes or sales taxes on your federal return and the amount [...]
