I don’t need to remind you how expensive a college education has become over the past few years. As a result, more and more students have had to rely on scholarships or grants to help lower these very high costs for higher education.
The son of one of my friends attended Carnegie Mellon View full post…
There are times when a tax professional may help, but, for the most part, doing your taxes by yourself is fairly simple. Like most things in life, when you do your taxes by yourself just once, a lot of the inhibition seems to vanish.
If you’ve been holding back from doing your own taxes because you thought the tax filing process was too complex, then you View full post…
If you’re the type of individual who likes to make your own decisions, be your own boss, and willing to work the hours necessary to succeed, then being an independent contractor may be just for you. Many of this type of worker begin with a side gig to a full time job. When filing your taxes as an independent contractor, you’ll find they may be more complex.
Besides the added complexity to your taxes, you’ll also have more responsibilities, especially if you hire employees View full post…
Are you thinking about moving to a different state, or maybe you already spend a lot of your time in more than one state? Some do this to take advantage of a better job opportunity or being closer to a family member. Others who are retired might be looking for a state where the taxes are lower. In any case, if you do your own income tax, it might get more complicated. View full post…
You’ve finally taken that big step and have retired. You look back and realize that you’ve been paying a lot of different taxes all throughout your working years. Most taxes have been paid on your wages like federal and state income taxes, social security tax, and Medicare tax, but now, some of that will change. When you do your taxes by yourself, they might View full post…
Many of you heard the term cryptocurrency a few years ago, and may have wondered if you were on a different planet. No, it’s not real currency backed up by gold bullion, but a virtual currency. Before we get into our main topic of how and where to report crypto transactions when you’re doing taxes by yourself, we need to digress a little. View full post…
It’s hard to visualize taxes as being romantic in any way. But, they are a part of life, and now that you’re married, you can still do your taxes yourself. When you were single, taxes were a bit different, and now, as a newly married couple, you’ll be faced with more changes.
Don’t feel bad though, every married couple goes View full post…
Time and again, many taxpayers make the same errors when filing their tax returns. Every error doesn’t mean that your return will be pulled for an audit, but it’s best to make sure you’re as accurate as can be. Knowing how to file your taxes by yourself isn’t hard either.
Making these common mistakes may delay a much needed refund, especially if the IRS mails you a notice and you mail a response back. Besides, some errors may lead to View full post…
When a family member dies, there are a few unpleasant tasks that need to be done. Last, but not least, is someone has to file taxes for a deceased person, usually a final return. Yes, the old saying that death and taxes are the only things in life that are certain, is so true. In this case, they both happen at the same time.
A federal return needs to be filed showing View full post…
For many years, some taxpayers hid money in foreign banks to avoid paying taxes to the USA. The problem continued to grow, and in 1970, the Treasury Department came up with a way to correct this. As a part of the Bank Secrecy Act, the FBAR was designed to keep taxpayers from hiding money and other assets in foreign banks.
This report form is the Foreign Bank Account Report, (FBAR), View full post…
