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.
How a Tax Lien Can Impact Your Credit Score
If you owe money to the IRS, the agency could file a tax lien against you. A tax lien is a legal claim to all of a taxpayer’s property for the amount that taxpayer owes the IRS. It establishes priority rights against other creditors that might also have liens against the taxpayer’s assets. In addition [...]
How Much Tax Should I Pay On My Fantasy Football Winnings?
Fantasy sports leagues are booming, with an estimated 41 million players last year in the United States and Canada, according to the Fantasy Sports Trade Association. The average U.S. fan of sports fantasy leagues spends about nine hours each week on his or her team. Fantasy sports players also spend an average of $111 in [...]
Welcome to the 2015 tax season
https://www.youtube.com/watch?v=1bQOJeepeW0 If you're looking for a tax professional to help you with your taxes this season around Atlanta, consider the Georgia Association of Enrolled Agents. You can find them online here. Here are four of my favorite enrolled agents, if you need help. Bill Nemeth Bill Nemeth is the immediate past president of the [...]
Unemployed? What You Need to Know About Filing Taxes
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 Five Conditions That Make Charitable Contributions Deductible
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 [...]
How to Help Prevent Tax Identity Theft
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 [...]
9 Tax Resolutions to Make This Month
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) [...]
Will That Early Mortgage Payment I Made in December Affect My 2014 Taxes?
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 [...]
Tax Deductions Extended Into 2014
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 [...]
How Old Do You Have to Be to File Taxes?
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 [...]