5 minutes read
Where the federal government is concerned, taxing the public is pretty much equivalent to federal spending. Don’t get lost in the legal language associated with taxing—tax credits, tax deductions, exemptions, and exclusions are colorful words that describe adding money to bank accounts, not subtracting money from them.
4 minutes read
The end of 2014 is just days away, and if you’re like many Americans, you are planning to give to one or more charitable organizations before the new year dawns. Around 34 percent of all charitable giving is done in the last three months of the year and slightly more than half of that is during the month of December. Giving is up substantially this year over 2013, thanks in large part to the continued national economic recovery.
4 minutes read
There are tax breaks that come along with owning your home. These breaks may serve as an incentive for the purchase of homes within certain targeted areas of the country or may make up for any losses a homeowner might face when selling his or her home. As a homeowner it is important to understand what tax breaks are available to you in order for you to take advantage of them and help your tax situation.
4 minutes read
Tax season can be intimidating to those who aren’t certified accountants or tax professionals. With all the tax terminology out there, simply understanding the terms on the form you’re filling out can be daunting. No fear—a tax-terminology-debunker is here:
4 minutes read
Everyone know the old adage ‘The only things certain in life are death and taxes”. As it turns out, inflation may have to be included in this saying. Inflation decreases the value of money as time goes on, ultimately making the dollar of today worth more than the dollar of the future. It influences how much we spend on everyday items, how much we make, and how much things like houses and cars cost. It even helps dictate what we owe the government come April...
5 minutes read
As a small business owner, this is the time of the year to begin thinking about the tax filing deadline. According to a study commissioned by the U.S. Small Business Administration (SBA), small businesses in the United States pay an effective federal tax rate of 19.8%. Sole proprietors pay the smallest effective rate of 13.3% while partnerships and Subchapter S Corporations classified as small businesses pay an effective rate of...
4 minutes read
While there are reports circulating that the IRS’ budget has been slashed and audits are going down, there are still many sure shot ways you can get yourself audited by the IRS. Forbes.com list the 15 most common ways to invite an Audit by the IRS:
5 minutes read
IRS audits are feared for good reason: at best, they’re disruptive, and at worst they can cost you vast amounts of money. Though the percentage of audited returns is relatively low, every year the IRS still audits a huge number of returns. Following these tips can help you reduce the chances you’ll end up as one of their targets.
3 minutes read
The notion of taxes can be stressful for anyone, and so can the holiday season. While reading about taxes and finances could destroy the holiday spirit for some, it is a great idea to be cognizant of the various holiday tax deductions to make the season much less stressful. Below is an overview of some common last minuet tax deductions and tax break opportunities that you can take advantage of this holiday season before you close the books on 2013
5 minutes read
With the upcoming tax season already delayed, and many tax proposals still being debated in a contentious congress, Chad Fisher over at gobanking.com lists the 5 biggest changes for the 2014 tax season taxpayers can expect: