8 Ways You May Be Cheating on Your Taxes
There are many ways you can be cheating on your taxes without even being aware of it. Often times a well-meaning friend or relative will tell you that some type of income isn’t taxable because they’ve been doing it for years and the IRS hasn’t said anything. Ever hear that? We all have, I believe.
Doing all you can to legally avoid taxes is okay, but it’s never okay to evade taxes. Maybe we’re “old fashioned” here at our firm, but we firmly believe that everyone should View full post…
Tax Credits Available Without the Personal Exemption
The Tax Cuts and Jobs Act that took effect on 2018 tax returns, allowed certain tax credits to continue, but only for those who had qualified dependents. Prior to the new tax law, taxpayers had been claiming dependents as personal exemptions and got a $4,050 deduction on their 2017 return for each one.
So, a married couple with two children could deduct a total of $16,200 from their gross income – a pretty good deal. There were limitations, however, View full post…
How to Qualify for the Tuition and Fees Deduction
So, why is this deduction so desirable? Well, for one, the amount of the tuition and fees deduction is taken as a deduction “above the line”, and not on Schedule A. Secondly, Congress reinstated the deduction for the tax year 2020, and it will expire on December 31, 2020.
In essence, the purpose of the deduction is to permit qualifying taxpayers a subtraction from their taxable income to cover a part of the cost for college tuition. It also permits a deduction for fees paid for education related expenses.
The deduction had View full post…
Do You Have a Bona-Fide Business or Is It A Hobby?
Things have been a little tight, money wise, and you decided to start a business with hopes of making a few extra bucks. Do you know what the IRS rules are and how they decide if you have a real business or hobby? You need to know these rules and make sure that you follow them.
Do You Intend to Make a Profit and Pay Taxes if You Do?
This is what it all boils down to…TAXES. The IRS knows View full post…
Taxes for Self-Employed Individuals – Who Qualifies?
People who work as an employee don’t have to be very concerned with having their various taxes paid to the IRS. The employer withholds FICA, Medicare, federal income tax, and also state income tax, and sends in this money to the IRS and the state. Taxes for self-employed individuals are different.
Not so for someone who works as a freelancer. This individual must keep accurate records as to income and expenses, so that he can calculate his tax liability. The taxing agencies aren’t much help either, with their confusing payment dates for estimated taxes.
Most individuals find it View full post…
You Could Be in for a Tax Surprise by Working from Home During the Pandemic
Practically every state in the U.S. has a requirement, that anyone who does work within their state, must file a tax return there and pay state taxes. It doesn’t matter where you live either, and this might be a big tax surprise for some remote workers.
Many wage earners were required to relocate to another state because of Covid-19. Even though their move was temporary, as long as they earned income View full post…
Do Your Taxes Online & Stop Paying Those High Fees
Tax Slayer Makes Filing Fast, Easy, and 100% Accurate
Filing your taxes is a process that we all would like to avoid, and for many good reasons. Not only is the process typically very time consuming, but it can also be so intimidating to know how to properly file your tax information and answer all of the questions correctly. You can do your taxes online here and avoid all of that hassle.
You can hire View full post…
The Best Way to File Taxes When Filing a Tax Return for the First Time
When you do your taxes for the first time, it can be somewhat intimidating. You’re afraid you’ll forget something, or worse, that you’ll mess things up. Don’t sweat it, the best way to file taxes the first time, or for that matter, anytime, is file your taxes online.
Sure, there are lots of rules to look out for, but if you do them online at our site, you don’t have to be concerned with them. We know all the rules and regulations and will make it very easy for you. All you need to do is to answer a few View full post…
Claim the Foreign Tax Credit or Deduct It?
To begin, the United States taxes its citizens on all income, whether earned in the USA or in some foreign country. So, when a foreign country taxes a US citizen on income earned there, it in effect creates a double taxation of that income.
To counter that double taxation, we have what is called the foreign tax credit. This enables anyone who has foreign source income to reduce their US taxes by the amount of the taxes imposed by the foreign country. This avoids the double taxation on income. View full post…
If I Owe the IRS, What Are My Options?
I know, I know…you go through a lot of stress just in preparing your tax return, but when you owe money also, it’s like getting kicked when you’re already down. Then if you happen to be short of cash, and can’t pay your tax balance in full, what is one to do?
Way back in the “old days”, when I was just starting out with my tax practice, if you had a balance due and didn’t pay it in full, the IRS came after you very quickly. As the years went by, and more and more taxpayers found themselves in that predicament, the IRS decided it was in their best interest to work with the taxpayer, and collect more money in the long run. View full post…