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 Keeping Your Taxes Organized All Year Round
Often, the most frustrating part of preparing your taxes is searching for the information you need—and that process can make tax time much more stressful than it needs to be. Trying to track down all of your forms by the April 15 deadline is enough to drive anyone crazy. On top of the added stress, [...]
Three Important Tax Facts Wealthy People Need to Know
Did you go into shock when you saw how the 2014 tax laws affect you? I couldn’t believe how much of a marriage penalty Congress created. We’re back to the bad old days, when my best advice for folks in the top tax brackets was to get a divorce. Divorce can be good for your [...]
How to Help Ensure You Leave Your Family an Inheritance
You may have considered leaving an inheritance to someone close to you—a child, a sibling, or perhaps your best friend. While it’s nice to know that you might make someone’s life a little easier by giving him or her money, real estate, or personal property, it’s also daunting to figure out how to go about [...]
Three Reasons to Care About Taxes After Tax Season Ends
When I explored a career in taxes, I was promised that I could earn a year’s income by working just three or four months out of the year. That was a lie. The truth is, issues come up year-round, especially since the IRS discovered computers. With all the agency’s clever cross-matching programs that now exist, [...]
June Tax Tips: What to Do Now That Tax Season Is Over
Your life probably doesn’t revolve around taxes the way mine does. I’ll bet you spend time keeping up with friends and family, enjoying your hobbies, and taking trips—all without thinking about taxes. No matter how full and wonderful your life is, though, taxes still manage to intrude. And if you simply ignore them, they will [...]
Are my Social Security Benefits Taxable?
Are my Social Security benefits taxable? That sounds like such a simple question, doesn’t it? The answer should be either “yes” or “no.” But I’m talking about the U.S. Income Tax Code, so of course it’s not that easy. In fact, the correct answer is both “yes” and “no.” First let me make one thing [...]
Can I Write Off the Interest on a HELOC?
The mortgage interest tax deduction is one of the big perks of homeownership. There’s a limit to how much you may deduct, though, and deducting more than your fair share could put you at risk of an audit. You may only deduct mortgage interest if the debt is secured by your main or second home, [...]
14 Things You Can Do With Your Tax Refund
This article was written by guest blogger Eva Rosenberg. Last week, one of my clients forwarded me a letter he received from the IRS. It said that the agency was holding his refund and reviewing his account. As it turns out, the IRS found an extra $40,000 payment he had not included, and his refund [...]
How Do I File a Tax Extension?
If the tax deadline snuck up on you and your tax return is nowhere near ready to be submitted, don’t worry—you do have options. If you file for an automatic extension by April 15, you can give yourself an additional six months to file your paperwork and avoid penalties for late payments. How do I [...]
What to Do When You’re a Victim of Tax Identity Theft
In the rush to file your 2013 taxes before April 15, looking out for federal income tax identity theft may not be at the top of your mind—but it should be. Federal income tax fraud through the use of identity theft topped the IRS’s list of the “Dirty Dozen” Tax Scams for 2014. An identity [...]