Do Your Taxes Online Fast & Accurately

How To Do Your Taxes Online In Minutes

Do your taxes online yourself in minutesQuite often it doesn’t make much sense to have a professional handle your taxes. There are many reasons why it makes more sense to do your taxes online yourself.

It all boils down to cost. When you consider the fees charged by professionals versus the small fees to file your taxes online, its a no-brainer. During the 2018 tax season, the average fee by a pro for a federal and state return using the standard deduction was $175.00.

Filing the same return using itemized deductions, the total fee was $275.00. Say you had a side gig and had to file a Schedule C, the total fees would be in the area of $450.00 and up. In some areas of the country where the cost of living may be higher, your total fees went well View full post…

Read More... 8 Comments

The New Tax Law

The new tax law: What you need to know now

The new tax law(BPT) – With the Tax Cuts and Jobs Act of 2017 having been signed into law, here are some of the things you should be thinking about as tax season approaches, according to Robert Fishbein, vice president, and corporate counsel, Prudential Financial Inc.

2017 tax returns

The new tax law is generally effective starting in 2018, which means that your 2017 income tax return is largely unaffected. However, there may be actions you can take now to benefit from the change. For example, assuming you are eligible, you could fund a traditional IRA before the due date of your tax return; the income exclusion may be more valuable under higher 2017 tax rates.

Lower tax rates and new withholding

The hallmark of the new tax law is lower marginal View full post…

Read More... 2 Comments

1040.com | Best Way To File Taxes

Why We Think 1040.com is the Best Way to File Taxes

1040.com is the best way to file taxes hands downDid I hear you correctly? You haven’t filed your taxes yet? If not, there’s no reason to panic. We can guide you in finding the best way to file taxes – and at a low cost. What’s more, it won’t take you very long and it’s quite easy to do. Just follow our simple instructions and before you know it, filing your taxes will be nothing but a pleasant memory.

Find all of your tax documents that were sent to you

You wouldn’t start a building project without plans and filing your taxes is no different. Gather your W-2 and 1099 forms that you got in the mail, plus View full post…

Read More... 8 Comments

Tax Breaks for Foster Parents

Do Foster Parents Qualify for any Tax Breaks?

Foster child tax breaksIf you’ve ever researched the current tax code trying to find out if there were any tax advantages in being a foster parent, it had to be confusing at best. Normally, a foster child does not qualify for the same tax credits or deductions that you would receive for an adopted or a biological child. However, there are a couple of very important tax advantages that are available.

A definition of a foster child is someone who has been placed in your care by a court order or an authorized state or local government agency. If the child has not been placed with you under those rules, there are no tax breaks available. Under IRS regulations though, the child may be able to be claimed by you as a dependent. You can find out more at the IRS website, Who You Can Claim as a Dependent.

Assuming that the child has been placed with you by View full post…

Read More... 6 Comments

Tax Deductible Items

Tax Deductible Items for your Job – Keep Accurate Records

Use all tax deductible itemsMost individuals who are employed, and earn W-2 wages, usually don’t have on the job expenses. However, many others do have various tax deductible items that can be used on their tax return to reduce their taxable income.

Various professions, such as law enforcement, outside sales, and construction workers, to name a few, incur expenses in the performance of their job that are not reimbursed by their employer.

These could include tools, uniforms, use of personal auto, uniform cleaning, and many others. The important thing to remember is that these employee business expenses can be deductible if you personally paid for them and you were not reimbursed by your employer.

Where do you claim and deduct these tax deductible items?

As an individual employee, you can deduct these items if you use the itemized deduction method on Schedule A, and are not using the standard deduction.

On the Schedule A, the employee View full post…

Read More... 12 Comments