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Taxes have been levied on people since the beginning of civilization. Since Tax Day is almost upon us, we thought it would be fun to share some of the most interesting tax facts from the long and fascinating history of taxes: The number of words in Atlas Shrugged is 645,000. The Bible... Read more

Income tax season is here. College students and their families should learn about available education tax benefits that can help lower their education costs. On average, families spend $24,000 a year on college. However, just over a third take advantage of federal tax credits and deductions to help make college... Read more

Joining the military means changing your life. Frequent moves, new skills, and overseas deployments all come with the job description. Even taxes change for members of the Armed Forces. That’s why we’re providing military members tax tips. Over the years, the government has created a number of provisions and perks... Read more

Self-employed workers may have difficulty filing their taxes every year. These workers need to pay taxes on their income in addition to whatever self-employment taxes they might have. However, there are many self-employed tax tips that can help them reduce their tax burdens. Whether workers are fully self-employed or doing... Read more

Do You Owe the IRS? Not everyone gets a refund. Many taxpayers owe money. It is important to make sure you file timely even though you may not have the money to pay to avoid late filing penalties. There are a number of ways to pay your tax:  Check or money order... Read more

Scammers are preying on unsuspecting taxpayers. Most of these tax scams are obvious . None the less, taxpayers continue to fall victim to scammers every day. Here’s a few simple facts that will protect you from the vast majority of scams: 1) Phone calls, text messages, & emails claiming to be from... Read more

The key, as with hiring any professional, is to ask lots of questions. And not just about how much it’s going to cost. Lots questions also apply when hiring a tax preparer. Here’s a list of 10 questions you should ask before hiring a tax preparer: Do you have a... Read more

Early in a new year is often the time when would-be entrepreneurs think about going into business for themselves. Self-employment can be a terrific opportunity to be your own boss and do something you love to do. Being your own business also brings with it a special set of tax... Read more

If you start a business, one key to success is to know about your federal tax obligations. You may need to know not only about income taxes but also about payroll taxes. Here are five key tax tips for new businesses that can help get off to a good start:... Read more

How do you know if someone has filed a tax return using your Social Security number to commit income tax refund fraud? And what do you do then? This is happening all the time—the latest General Accounting Office (GAO) report says that IRS paid out over $5.8 billion in fraudulent... Read more

Welcome, 2016! As the New Year rolls around, it’s always a sure bet that there will be changes to current tax law and 2016 is no different. From health savings accounts to retirement contributions and standard deductions, here’s a checklist of tax changes to help you plan the year ahead.... Read more

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).... Read more

From tax credits and educational expenses to the AMT, many of the tax provisions affecting individuals for 2015 were related to the signing of the American Taxpayer Relief Act (ATRA) in 2012… …tax provisions that were modified, made permanent, or extended. With that in mind, here’s what individuals and families... Read more

With the end of the year approaching, it’s time for strategic moves to lower your 2015 tax bill. Strategy: Prepay deductible expenditures If you itemize deductions, accelerating some deductible expenditures into this year to produce higher 2015 write-offs makes sense — if you expect to be in the same or... Read more

Choosing a return preparer before the next tax season allows you more time to consider the appropriate options. Doing it early also gives you the chance to find and talk with prospective tax preparers rather than during tax season when they’re most busy. Furthermore, it enables taxpayers to do some... Read more

Income tax is often withheld from wages and other types of income such as pensions, bonuses, commissions and gambling winnings. Ideally, taxpayers should try to match their withholding with their actual tax liability. If not enough tax is withheld, they will owe tax at the end of the year and... Read more

Got your year-end tax planning underway for December 31, 2015? WE UNDERSTAND that year-end can be a drudge because it means making sure your business accounts are up to date and in order. But don’t leave it until the last minute. No decision, or rushed decisions, can lead to the... Read more

Is Your Accountant Proactive or Reactive? Does your Accounting and Tax Firm offer you advice before it happens or late or not at all? Do they offer value added services that help your business improve and grow or do they just process your work? Are they constantly looking for legitimate... Read more

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... Read more

Four Ways Technology Can Help With Bookkeeping Does it seem like every time you plan to work on your business’s books , you get distracted? Well, if so, you’re not alone. Tackling the books is one of a business owner’s biggest headaches. Luckily, there’s technology that can help any business... Read more

Matching their passion for jewelry with their drive to revolutionize the industry… Dallas-based Jewelry Theory is not a jewelry store: it is a new approach to jewelry design and creation. And it’s catching on fast. We spoke with one of the four owners and Head of Design, Tony Logan, about... Read more

Managing good business books isn’t something you should only do as a tax-saving strategy It also gives you peace of mind, ensuring you haven’t mixed up funds or miscoded data entries that require a lot of reversal work or resolution by your accountant. Here are four important reasons why maintaining... Read more

Many surprises could arise from now until next April 15, including life changes and new tax laws. Right now is the best time to create a system that better organizes your taxes and gets you a head start on next year’s filing. IRS offers some handy advice on how to... Read more

For most of us, tax season means taking that annual trip to ‘the abyss’ That place where filing cabinets, storage containers and even shoeboxes overflow with dusty receipts, insurance records and old tax returns. Considering the sheer volume of record-keeping required by individuals and business owners, here are four tips... Read more