Category Archives: General

Tax mistakes are more common than you think, and despite people worrying about making mistakes, they do happen. If you make a mistake when filing, it may take longer for the IRS to process your return but it’s not the end of the world. If you opt for e-filing, you decrease your chances of making […]

It’s halfway through the year, and there’s no time like the present to start thinking about next year’s taxes. With six months left to accumulate and organize your tax documents, starting to prepare early will only alleviate stress and aggravation when tax season arrives. The following five tips can help you make filing your taxes […]

Self-employed taxpayers are those who freelance, own their own business, or work on contract. Self-employed individuals have certain tax requirements that they must meet. If you are self-employed, you should be aware of these requirements when you file your federal income tax return. The IRS offers six different pieces of advice about how to correctly […]

The Treasure Offset Program

The IRS isn’t always out to get you, despite what Hollywood movies want you to thing. If you owe taxes, and aren’t able to pay the entire amount in a single lump sum, the IRS will work with you to make payment arrangements. It’s important to note that any back taxes owed or past due […]

Additional Medicare Taxes

Sometimes, depending on income, you may owe more money to Medicare. This is known as the additional Medicare tax, which is assessed at a 9% tax rate. For those who owe, tax time can be simpler if you’re aware of the following: Income threshold: your income, including Medicare wages, Self-Employment income and railroad retirement compensation, […]

According to the Affordable Care Act, health care that meets the lowest requirements is called a minimum essential coverage. Having minimum essential coverage is one way for taxpayers to avoid any penalties for not having health insurance. Without it, taxpayers may be fined for each month they’re without coverage, although the coverage gap exemption is […]

Save with Exemptions

Exemptions can save you a significant amount at tax time. For 2015, taxpayers can claim exemptions in three different categories, as long as they meet the requirements. Each exemption is worth $4,000, which is $50.00 greater than last year’s exemption amount. The exemption may be phased out for certain taxpayers who are considered high-income. Personal […]

Are you expecting a tax refund after you’ve sent in your return? There’s a chance your refund can be delayed or even altered if certain instances exist. Some reasons for your delay may be: You have an outstanding individual or business tax bill, which will offset your refund amount You are delinquent in child support […]

Are you aware that some Social Security benefits may be considered taxable income? Even though some taxpayers find that their benefits aren’t included at tax time, there are some benefits that will be subject to taxation. The IRS has special rules to help you determine which Social Security benefits are taxed. Form SSA-1099, Social Security […]

If you filed your tax return last year or prior, you may have noticed some legislation which extended some tax provisions that are no longer applicable. Last year, Congress approved some legislation that was highly anticipated. However, this tax year, we lament in the tax provisions of seasons past. The following are no longer applicable, […]