March 27, 2015
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...
March 25, 2015
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.
March 10, 2015
In general, all businesses operating in the U.S. are required to report their activities to the IRS by filing annual tax returns. The due date and type of tax return that is filed depends on the type of business entity.
March 5, 2015
One of the best ways to reduce your income tax liability (and possibly increase your tax refund) is through Federal tax deductions provided by the IRS.
There are certain...
February 26, 2015
Beyond normal day-to-day business expenses, there are many other tax deductions that can help business owners reduce their tax liability. Not using all the deductions available on your tax return is...
February 20, 2015
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...
February 17, 2015
One of the most prevalent and costly forms of identity theft involves tax return fraud. It is estimated that in 2013, over $4 billion in fraudulent tax refunds were paid out by the IRS....
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...
January 13, 2015
For the majority of Americans, the most commonly used document for filing a tax return is IRS Tax Form 1040. This form is due by April 15 each year.
While there are many...
January 5, 2015
Many parents and people caring for dependent family members can receive a tax credit for expenses paid to care for these individuals. This credit is designed for taxpayers who must pay for a dependent’...