Do you still take your tax records to a CPA or other tax professional for a simple return? Each year, millions of taxpayers are taking advantage of free tax filing online at one of the online tax filing firms.
Cost and convenience are the two major reasons for this change. Having a tax professional prepare even a simple return without itemizing, can cost several hundred dollars. Traveling to and from a tax professional can be very inconvenient as compared to doing your taxes online from the comfort of your home.
You’ve probably heard about the new tax law that goes into effect for 2018 tax returns. The primary change in this law raises the standard deduction to View full post…
Posted: January 18, 2019 Under: Income Tax By: Gust Lenglet
Quite 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…
Posted: December 18, 2018 Under: Income Tax By: Gust Lenglet
Why We Think 1040.com is the Best Way to File Taxes
Did 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…
Posted: May 15, 2018 Under: Income Tax By: Gust Lenglet
If 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.
Tax Deductible Items for your Job – Keep Accurate Records
Most 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.
Our firm provides the information in this website for general guidance only, and it does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with a competent professional tax, accounting, legal, or other professional advisers. For information on how to use this data, you are advised to read our Legal Disclaimer page and our Circular 230 page.