Taxes

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.
0 Comments
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
0 Comments
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
0 Comments
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
0 Comments
In the wake of the housing crisis, it became significantly harder to get a jumbo mortgage due to the risk factors involved. Jumbo mortgages have been making a comeback since then, but they now face a different style of threat – disincentives for high-end homeownership created by the recently enacted Tax Cuts and Jobs Act.
0 Comments
What sort of structure makes the most sense for your small business – a corporate structure or a sole proprietorship? If neither structure fits you well, perhaps the best choice for you is a Limited Liability Company (LLC) – a structure that represents a middle ground between a regulated corporate structure and a simplified sole
0 Comments
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
0 Comments
Did you hear that there are tax changes for 2018? Unless you’ve been in a coma or vacationing in North Korea over the last several months, you probably know that recent sweeping changes were made to the tax laws. However, you may not be sure how the Tax Cuts and Jobs Act and other tax
0 Comments
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
0 Comments
Does your home state encourage or discourage partying? A simple way to assess the partying tolerance level is through “sin taxes.” Granted, low sin taxes do not necessarily equate to more partying, but they certainly don’t hurt. Alcohol and tobacco taxes are huge cash generators for governments, adding $7.04 billion and $18.17 billion respectively to
0 Comments
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,
0 Comments
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
0 Comments
For many people, the end of the year represents a hectic time, and the last thing anyone wants to do is add to an already full plate. However, building the following financial moves into your fourth- quarter routine can really pay off over the long run and give you greater peace of mind for the
0 Comments
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
0 Comments
If you received a holiday bonus this year, congratulations! A 2017 survey by Accounting Principals found that 63% of the surveyed companies plan to give out a year-end monetary bonus or gift this year based on company, departmental, and/or employee performance. Your first thoughts are probably about how you plan to spend your reward. The
0 Comments
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
0 Comments
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
0 Comments
With summer ending, the end of the year will be around before you have time to figure out whether it is better to finally take down the Christmas lights or, at this point, just leave them up. That makes it a good time to look ahead on your taxes, as well as a few other
0 Comments