Taxes are what you pay to the federal, state and local governments where you live. Different types of taxes include income taxes, capital gains tax, sales tax, estate tax and real estate taxes such as property tax. Learn how to bequest property and do transactions in a way that will help you pay less taxes and follow the law.
Tips for Calculating What You Might Owe in Taxes
The very best way to project your tax liability is to work with a tax professional who uses professional tax tools. So, the first tip to calculating what you owe is to establish a relationship with a tax preparer that you see at least once a year for a consultation. Even if you prepare your [...]
Tax Planning and Retirement
When you’re preparing for retirement, one of the many things people think about is retirement savings. You’ve worked hard and invested for retirement, but you want to help ensure your money lasts as long as you need it. One way some people extend the life of their savings during retirement is to plan their distributions [...]
Back-to-School Tax Holidays and More Tax Holidays
When it comes to taxes, every little break helps, which may be why tax holidays are so popular. Each year, a number of states give consumers a break on paying sales tax, for a couple of days or up to a week, on items like clothing, footwear, school supplies, and even computers. In 2015, sixteen [...]
Phantom Income, the Ghost of Your Forgiven Debts
When your debt is cancelled or “forgiven” by a creditor, you may owe taxes on that debt. This debt is called phantom income, named so because despite the fact that the IRS considers it income, it never appears in your bank account. Imagine losing the home of your dreams, either through a short sale or [...]
The Tax Implications of Participating in the Sharing Economy
With the advent of the so-called “sharing economy,” a world of fun and profit has opened up to consumers. You might be driving for Uber or Lyft, renting out your home on Airbnb, or doing odd jobs on TaskRabbit, all in hopes of making a little cash. While a side job can be a great [...]
My Tax Refund Was Stolen—What Should I Do?
Odds are rapidly increasing that you could become a victim of identity theft or have your tax refund stolen. In early 2015, the IRS announced that tax-related identity theft was once again a major concern for consumers, naming it to the agency’s “Dirty Dozen” tax scams list for the year. According to the latest data [...]
Tax Deductions and Travel: Mixing Business with Pleasure
If you travel regularly for business, there may be times when you decide to bring the family along. After satisfying your work commitments, you have the opportunity to enjoy some quality family time even when you’re on the road, and, as an added bonus, a portion of your vacation might lower your tax liability. While [...]
Ways to Reduce your Adjusted Gross Income (AGI)
This article was written by guest blogger Eva Rosenberg. Your adjusted gross income (AGI), which is your gross income minus deductions such as retirement contributions and other adjustments, is one of the most important numbers in your entire tax return. It’s used to determine limits on many types of deductions, credits, and tax rates, as [...]
What to Do Now If You Can’t Pay Your Taxes in April
What to do now if you can't pay your taxes in April. Four suggestions to help you get back on track with the IRS if you can't pay your taxes in April. This post was written by guest blogger Eva Rosenberg. When it comes to your taxes, the best way to avoid stress and problems [...]