October 27, 2015
When you prepare your tax return, you have the option of claiming the standard deduction or itemized deductions.
While the standard deduction is easier to claim, about one-third of...
October 23, 2015
If you owe back taxes, the IRS may place a tax levy on your property and/or assets. A tax levy is defined as “a legal seizure of your property to satisfy a tax debt.”
Keep in mind that a tax levy is...
October 20, 2015
Many people believe that once they retire, they will pay less in taxes due to a lower income. While that may be true for some people, it is not always the case.
Depending on what income you have coming in (e.g., from Social Security,...
October 19, 2015
If you have children, you may be able to lower your tax bill by claiming the Child Tax Credit. The Child Tax Credit is a non-refundable credit, which means it cannot reduce your tax...
October 16, 2015
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.
October 15, 2015
Up until tax year 2005, a taxpayer could file IRS Tax Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return) and obtain a four-month automatic tax extension. An additional two-month tax extension could...