January 30, 2015
Spring has arrived and April 15 will be here before we know it, but many of us won’t be ready to file our tax returns in less than a month.
Thankfully, the IRS allows taxpayers to request an extension of time to file, as long as the...
January 27, 2015
Saving for your retirement through individual retirement accounts (IRAs) can have a significant impact on your taxes. IRAs are designed to give people incentive to save for their retirement, potentially offering greater tax benefits over other...
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 23, 2014
There is a tax credit or deduction available for those who have paid taxes on foreign earned income if they also paid U.S. taxes in the same year. This is a somewhat complicated option, giving taxpayers the choice to choose to either use a...
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...
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.
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)...
October 7, 2014
Have you given or received a large gift? Do you know what the tax consequences are? You may be subject to the 40% Federal Gift Tax.
According to the IRS, a gift is "Any transfer to an individual, either directly or indirectly, where full...
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...