January 29, 2015
The e-file process allows taxpayers to submit their taxes electronically by connecting to the Internal Revenue Service’s (IRS) Electronic Filing System. E-filing can be done from a computer (as well as modern smartphones and tablets) using a tax...
January 27, 2015
Saving for your retirement through individual retirement accounts (IRAs) can have a significant impact on your taxes. IRAs are designed to give people incentive to save for their retirement, potentially offering greater tax benefits over other...
January 21, 2015
Every year, the IRS sends millions of letters and notices to taxpayers for various reasons. There are many different types of notices issued by the IRS — depending on the notice you receive, you may have a range of options for responding.IRS...
January 12, 2015
Below are the tax rates and related numbers that you will need to prepare your 2014 income tax return, which is due by April 15, 2015.2014 Income Tax Brackets
There are 7 tax brackets for the Federal income tax: 10%, 15%, 25%, 28%, 33%,...
December 30, 2014
The Federal income tax is a “pay-as-you-go” tax. This means that you are expected to make tax payments throughout the year, instead of all at once at the end of the year. For most people, this requirement is satisfied by having tax withheld from...
December 29, 2014
During the month of December, consider these year-end tax tips that could save you money when April 15th comes around.
1) Give to Charity
If you plan on a itemizing your deductions, you can reduce your tax liability...
December 23, 2014
There is a tax credit or deduction available for those who have paid taxes on foreign earned income if they also paid U.S. taxes in the same year. This is a somewhat complicated option, giving taxpayers the choice to choose to either use a...
December 10, 2014
The American Opportunity Tax Credit (AOTC) was originally introduced for tax years 2009 and 2010 under the American Recovery and Reinvestment Act (ARRA).
The AOTC was designed as a stimulus to assist individual taxpayers into a new career...
December 3, 2014
Everyone must pay taxes on the income they receive during the year, whether it is from a job, self-employment, or other sources. The IRS expects to receive tax payments as your income is earned...
November 26, 2014
It is recommended that you file any tax returns that are due, whether or not you can pay your tax liability in full. The longer you wait to file, the higher your late fees and interest charges will be.
You can file a late tax return the...