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.
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 [...]
Seven Last-Minute Tips to Maximize Your Tax Refund
Seven last-minute tips to maximize your tax refund. Don't miss out on an opportunity to reduce your taxes owed and maximize your tax refund. Tax season has begun, and while you may think it’s too late to do anything that can impact your taxes, that’s not the case. Even now you still can maximize your [...]
What to Know When Filing a Tax Extension
What to know when filing a tax extension. When you might need to file an extension and how to find the forms you need when filing a tax extension. The deadline to file your taxes is nearly here. Perhaps you are still waiting for the right paperwork in order to file your tax return. Or [...]
Tax Credits vs. Tax Deductions: What’s the Difference?
When it’s time to file taxes, navigating the world of tax credits and tax deductions can be confusing. They seem similar, yet they work differently. How do you know what to claim? What will save you the most money? The Basics: What’s the difference between tax credits and tax deductions? Tax credits reduce your actual [...]