Monthly Archives: August 2016

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 […]

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Do you regularly make donations to charitable organizations? It feels great to help out those in need, and you can even get a benefit at tax time in the form of a deduction. In some cases, you may be eligible to deduct your donation from your taxes. The following facts can help you determine if […]

Categories: Deductions Tags: , , ,

Generally, it is easier to just choose the standard deduction when filing your tax return, however it may not be the best method for saving you money. In some cases, opting to itemize your deductions can actually lower the amount of taxes you owe. The best option is to determine the amount you will save […]

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College Student Tax Credits

August 28, 2016

College is an important part of your life, hopefully solidifying your path for the future. However, it comes at a price, and often students need all the help they can get. Thankfully, there are a two different tax credits that can alleviate some of the burden on your wallet as a student. American Opportunity Tax […]

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If you donate to a charity, you may be eligible for a tax deduction. In order to deduct the amount, you’ll need to keep records of each contribution you make. You should always have a hard copy record as proof of your deduction. This proof can include: A canceled check A monthly bank statement showing […]

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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 […]

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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 […]

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The Treasure Offset Program

August 24, 2016

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 […]

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Additional Medicare Taxes

August 23, 2016

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, […]

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