November 18, 2014
When it comes to tax returns, you will often hear two different terms regarding income: Adjusted Gross Income (AGI) and Modified Adjusted Gross Income (MAGI).
Both AGI and MAGI are important in calculating the amount of...
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...
October 22, 2014
The Earned Income Tax Credit (EITC or EIC), which has been around since 1975, essentially provides a subsidy for low-income working families. To claim this tax credit, you must meet certain eligibility...
October 16, 2014
When you’re getting married, taxes are probably the last thing you want to think about. However, it is still important to understand the tax consequences of marriage. This article explains some basic tax considerations for newlyweds.Name and...
October 10, 2014
Are you wondering if you need to file a tax return? While most people who earn an income must file a Federal income tax return, that is not true for everyone.
Depending on your...
September 24, 2014
The ability to work for yourself and be your own boss is an exciting prospect. Becoming self-employed in your field of expertise can give you the freedom to find a work-life balance that is hard to achieve when you are employed by a someone else...
September 23, 2014
Every year, the IRS publishes a list of the “Dirty Dozen” tax scams that pose the most danger to taxpayers at large. If you fall prey to one of these scams, you are at risk for owing the IRS a large sum of money. In extreme cases, a tax scam can...
September 19, 2014
Starting a new business is an exciting adventure, but also a major undertaking. Although, as a new business owner, you may be an expert in your field or industry, you may be new to paying taxes...
September 2, 2014
If you owe taxes, it may feel as though you’ve been cast adrift upon a sea of uncaring bureaucracy. Don’t despair—you have rights! In fact, there is a new “Taxpayer Bill of Rights” that was...