October 9, 2014
One thing that many new retirees forget is that they may need to pay taxes on a portion of their Social Security benefits. These benefits include monthly retirement, disability, and survivor payments — but not supplemental security income (SSI)...
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 18, 2014
As you may already know, the IRS provides tax deductions for charitable contributions that you make to a qualified organization. However, it is not just direct cash and property donations that are...
September 8, 2014
Gambling — whether it’s at the racetracks, the casino, or the lottery — is a source of entertainment for millions of people. It is also a source of income, whether you win the Powerball...
August 10, 2014
As many are still recovering from the Great Recession, the idea of having income (or even excess income) subject to tax is the last thing people want to think about.
Generally, tax law defines income as “undeniable accessions to wealth”...
May 5, 2014
If you happen to miss the filing deadline (April 15th), you should still try to file your income tax return as soon as possible — especially if you owe additional taxes.
The longer you wait to file your tax return, the more penalties and...
April 11, 2014
Have you always filed electronically? Never done it before? Here are a few things to consider.The Pros of E-File
Accuracy: Estimates for the error rate for paper returns vary from 10 to 21...
March 24, 2014
Modified Adjusted Gross Income (MAGI) can qualify you for a number of credits, benefits, and exclusions, which makes it important to calculate for tax purposes.
Your MAGI is used to determine your eligibility for various Federal tax...
March 18, 2014
Did you know? Almost 120 million people e-filed their tax returns last year, and over 1 billion people have e-filed since 1990. There are a number of ways you can file your tax return if you choose to do it electronically.
March 14, 2014
The costs associated with professional tax preparation can be considerable, depending on how much assistance you need. However, using a tax preparation service does...