Federal Income Taxes

Are you a procrastinator who waits until the very last moment to file your taxes? Thanks to Emancipation Day, the filing deadline is April 18, 2017, to file your taxes for the 2016 tax year. That gives you a few more days to consider last-minute ways to lower your taxes. Start by reviewing your possible
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If you are preparing to sell your home, taxes are probably not the first thing on your mind — and they probably shouldn’t be. However, when tax time does roll around, you need to understand what effects your home sale will have on your taxes. Generally, profits from the sale of your primary home are
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Contributing to a retirement account can be difficult for lower income households, but one can argue that it is even more important for those families to take advantage of all the retirement savings options that are possible. One of the lesser-known options applies directly to lower-income families – the retirement savings tax credit. Note that
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When people think of tax shelters, they sometimes think of Swiss bank accounts, shady overseas investments, or fraudulent or questionable activities by wealthy but unscrupulous businessmen. That is an unfair characterization. The TurboTax website sums it up nicely – “A tax shelter is any legal strategy (that) you employ to reduce the amount of income
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Your home is your castle, and it is also a source of tax deductions. Yet, every year, Americans let these potential tax deductions pass by, not realizing how to take advantage of them. IRS Publication 530, titled “Tax Information for Homeowners”, can fill you in on the deductions that are available to you for the
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Tax Freedom Day is the day when our collective income as a nation is enough to pay our collective federal and state taxes for the year. Considered in that respect, all of the income we earn after that point may be considered “tax-free.” Tax Freedom Day is calculated in April of each year using projections
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Good news: you finally got that raise. Bad news: your paycheck still isn’t as big as your thought it would be. The problem is deciphering your pay stub; where does all that money go that doesn’t go to you? Don’t worry! Pay stubs are pretty easy to read with some common sense and a little
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