Paying Taxes

The Latest

  • December 17, 2014

    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 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 8, 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 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...

  • November 24, 2014

    It’s the age-old question: Should you take the standard deduction, or should you itemize your deductions?

    To properly answer this question, you must first understand what the standard deduction is.

    The Standard Deduction

    The...

  • November 13, 2014

    If you have to move because of your job — whether you’re starting a new job or working at the same job in a new location — you may be able to deduct some of your moving expenses on your income tax...

  • November 6, 2014

    Did you make a mistake on your Federal tax return that you need to correct?

    First, you should know that not all errors require an amended tax...

  • November 3, 2014

    Beginning in 2014, the Individual Shared Responsibility provision of the Affordable Care Act takes effect. This means that each and every taxpayer (and family member) is now required to maintain basic health insurance, also called “...

  • October 30, 2014

    Tax credits, available through the IRS, can bring you a substantial savings on your Federal income tax bill.

    A tax credit reduces your tax liability dollar-for-dollar. This means that a $500 tax...