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…
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…
The 2020 tax year is almost over as we approach the October 15 extension filing date. Now is the time for tax planning for the 2021 tax year that is rapidly approaching. Covid and its variants are still causing problems for many and inflation is also rearing its ugly head. If you’re filing your own taxes online, you need to be aware of changes for this year.
Tax credit advance payments for those with children are being sent, and many remote workers have not returned to View full post…
To say that the Coronavirus has changed working routines for most of us, is the understatement of the year. And not in any one particular career field either. Some are still traveling to their work place wearing a mask, and many others work from home as remote workers. One thing for sure, filing an online tax return is going to surprise a lot of people.
There are quite a few Americans who were under View full post…
The best way to do taxes yourself depends a lot on your knowledge of the current income tax code. If you’re a first-timer, just out of school, you might not want to tackle this job using a pen and ink, and then mail your return to the IRS and your state of residence.
If you have a very simple return such as a W-2 and bank interest, you can file your return for free at one of the do it yourself tax sites who offer that type of service. However, if you’re going to be using itemized deductions and/or other tax credits, you will not View full post…
Each year the number of tax returns that were submitted by e-filing has been increasing substantially. In 2001, about 30% were e-filed and in 2020, the number jumped to over 92%. Americans know if you file your taxes electronically, refunds arrive sooner.
There are 5 primary reasons why this technology has taken off and isn’t too far from the 100% goal set by the IRS View full post…
