Tax Strategies

The Latest

  • January 26, 2015

    Although the IRS only audits about 1.1% of the over 140 million returns it receives each year, for those people who do receive an audit notice it can be a stressful experience.

    If your income is under $200,000, your chances of a tax audit...

  • January 22, 2015

    When you are filing your 1040 tax return, right before you compute your final taxable income, you have the option to either claim...

  • 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 18, 2014

    Giving to charity has two major benefits: it helps those who receive it, and it can be claimed as a deduction on your income tax return.

     ...

  • December 15, 2014

    One of the most valuable and popular Federal tax credits is the Child Tax Credit.

    The Child Tax Credit is a non-refundable credit...

  • 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...

  • December 1, 2014

    Millions of people enjoy having hobbies — whether it’s photography, antiquing, craft making, collecting coins, or breeding horses. It usually costs money to support a hobby, but in some cases, your hobby can also make you money.

    ...