Tax Returns

Congratulations! You’ve got your first major job. Unfortunately, you’ve also got new tax obligations. Welcome to the workforce. You probably want to deal with your taxes as quickly as possible. Most people do, regardless of their age. Unfortunately, if you breeze through tax forms, you might miss potential money-saving strategies like the ones below. 1.
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Like most Americans, you probably want to get through your taxes as quickly as possible. However, do not rush through your return so quickly that you simply take the standard deduction and ignore deductions that can bring you a healthy refund. Consider these commonly overlooked tax deductions. For the 2018 tax year, fewer of us
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If you’re a traditional employee, every year you receive a W-2 form from your employer that records your earnings for the year and the amount of taxes withheld from those earnings. IRS 1099 forms are complements to the W-2 form for non-traditional employee relationships. They are generally designed to record sources of income that have
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The 2017 Tax Cuts and Jobs Act will bring significant changes to individual taxpayers, but states will also be affected by some of the law’s provisions. The limitation on deductions for state and local taxes has grabbed the most headlines, because by definition, it affects taxpayers in states with high property values and high taxes
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Are you looking to save money on your taxes? To maximize your tax savings, check your eligibility for tax credits. Tax credits directly reduce your tax bill, while deductions reduce your taxable income and therefore save money in proportion to your tax rate. Refundable credits are even more valuable, since you can receive the credit
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After weeks of negotiations between the House and the Senate, Congress finally passed tax legislation designed to lower taxes and stimulate the economy. President Trump signed the Tax Cuts and Jobs Act on Friday, December 22 – right before leaving for the Christmas holiday. As a homeowner, did this bill leave financial presents under your
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The holiday season is full of plans and activities that make December incredibly hectic. Late federal tax legislation is making it even more so. If you are the average American, tax considerations and financial adjustments are pretty low on your holiday to-do list. However, you are not the average American — you enjoy saving money,
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Charity at holiday time means more than just putting your change into the traditional red buckets at the entrances to big-box stores. Needs at the holidays are even more pressing on families, with cold weather approaching and stress over whether they can provide any sort of meaningful holiday for their loved ones. While traditional holiday
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You know about Black Friday and Cyber Monday – but are you aware of Giving Tuesday? Giving Tuesday is a recent invention – so recent, it is often preceded with a hashtag. It was started in 2012 on the first Tuesday after Thanksgiving and has been gaining in popularity as a symbol of charity to
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If you are attempting to buy a home on a low or intermediate income, you need every bit of help that you can get. Mortgage credit certificates are one of the lesser-known ways that the federal government can help. A mortgage credit certificate (MCC) is essentially a form of tax savings. The mortgage interest that
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MoneyTips Fall is here. It’s time for thinking about cooler weather, Thanksgiving, falling leaves – and taxes? While Congress debates changes to our tax codes, a few hours spent on your taxes now can produce benefits in April with the savings of both time and money. The following tips may be able to help you
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If you have been the victim of a disaster such as a fire, tornado, or the recent Hurricanes Harvey or Irma, you know that the last thing on your mind is how it will affect your taxes. Unfortunately, if you forget to take timely action on your taxes, your misery could be compounded. Depending on
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You have bought an expensive new toy in expectation of your tax refund, and are now desperately waiting for the refund to arrive before the repo man and his large friend Vito come to visit. How can you find out the status of your refund at any time to estimate whether you need to make
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It all looks so obvious in hindsight. Make a $500 deposit and your money will grow 18% in 10 days. You can receive a $1,500 loan by MoneyGram if you pay $170 for fees and insurance. A driveway sealer happens to be driving by and offers to coat your driveway for a low price. You
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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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