Whether you’re self-employed or an employee, if you use a car for business, you get the benefit of tax deductions. There are two choices for claiming deductions: Deduct the actual business-related costs of gas, oil, lubrication, repairs, tires, supplies, parking, tolls, drivers’ salaries, and depreciation. Use the standard mileage deduction in 2016 and simply multiply 54 cents by the number … Read More
Tax Status for Newlyweds
Getting married changes your tax status. Being aware of a few key things can help you avoid trouble come tax time. If you and your partner were married anytime in 2016, the IRS considers you to be married for the full year, so you both should adjust your tax withholding with your employers. A two-earner couple may end up in a … Read More
The Holy Grail of Tax Deductions
Here are three deductions which could be considered “the holy grail” of deductions. That is, they can greatly reduce your adjusted gross income. 1. Contributing to a traditional IRA One of the best ways to reward yourself now — and later — is by contributing to a traditional IRA. A traditional IRA has a maximum annual contribution limit in 2016 … Read More
Did You Make a Tax Mistake?
The April 18th tax filing deadline is finally in the rearview mirror. Now you might be sitting back, waiting for that refund check to hit your account – or trying not to think about that big one you had to write. Then, all of sudden, you realize you made a tax mistake. Maybe it was a simple tax mistake: you … Read More
What Will You Do with Your Tax Refund?
Most people who are expecting a tax refund this year or who already have gotten one plan to use the money to improve their personal finances. About a third (34%) say they’ll use it to pay down their debt, and another third (33%) say they’ll save or invest the money, a new survey shows. About a quarter (26%) say they … Read More
Claim Tax Credits Before It’s Too Late
It’s crazy to think, but many taxpayers every year fail to take advantage of the tax credits they’re eligible for. With April 18 almost here, make sure you’re up to speed on any credits you may be able to claim, as that could make a serious dent in your tax burden or even result in the IRS writing you a nice … Read More
Is Filing a Tax Extension Right for You?
The tax deadline is just around the corner. Maybe you’re overwhelmed at work or you misplaced the W-2 that your employer sent you weeks ago. Whatever the reason, it looks like you might not make the looming April 18 due date and filing a tax extension may be the right thing for you. It’s alright! The good news is that … Read More
10 Crazy Tax Facts for Tax Day
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 has around 700,000 words. The number of words in the … Read More
Tips for Education Tax Benefits
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 more affordable. The benefits have changing rules and limitations, and … Read More
Military Members Tax Tips
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 intended to make life for military members less hard on … Read More