A major tax bill has been passed. In the years ahead many Americans will be paying more than before, while many others will pay less. People in both camps will still want to minimize any sums they pay, so here are some tax tips to help many taxpayers lower their bills.Note that many of these actions can be taken throughout … Read More
Why You Should File Early This Year
For an estimated 153 million Americans, January means the beginning of tax season. The official kickoff is Monday, January 23. If reminders about tax time make you want to hit the snooze button until spring, lend your ears. Putting off your taxes can make you a mess come April 18, which is this year’s filing deadline. The IRS encourages early … Read More
Six New 2015 Tax Breaks
The Protecting Americans from Tax Hikes Act of 2015 is a long-awaited legislation which offers a slate of personal and business tax breaks that had expired at the end of 2014. Here’s a quick summary of how the resurrected breaks can affect your 2015 federal income tax return (Form 1040). Option to deduct state and local sales taxes instead of … Read More
Is Forgiven Debt Taxable?
Generally, debt that is forgiven by a lender is considered taxable income by the IRS and must be included as income on your tax return. Examples include a debt for which you are personally liable such as mortgage debt, credit card debt, and sometimes, student loan debt. When that debt is forgiven, negotiated down (when you pay less than you … Read More
Tax season lessons for next April 15
Tax season is over. Is hindsight really that helpful? Now you can take a sigh of relief and push any thoughts of taxes far from your mind, right? Then repeat and rinse by doing the stress-filled mad dash all over again in just under 12 months (just like you swore you wouldn’t this year) to file next year’s taxes? “Doing … Read More
Missed the April 15 tax deadline?
Pay IRS now if you still owe taxes If you still owe taxes and missed the April 15 deadline for filing and payment, you could be incurring interest and late penalties as you read this. File and pay the IRS pronto! If you file your federal tax return late and owe taxes with the return, these two main penalties could … Read More