If you haven’t claimed an old income tax refund check in the past few years, you might be in luck. The IRS may still be holding on to your money. Anyone is eligible to claim a tax refund up to three years after the filing date.
While it may seem simple, there are many rules to who you can and can’t claim as a dependent. Since each qualified dependent can reduce your taxable income by more than $4,000, it’s worth examining to see if you qualify. These answers to typical tax questions about dependents will tell you everything you need to know.
Although everyone enjoys receiving a large tax refund from the IRS, it’s usually not the most-sound financial strategy. Each year, many Americans fall victim to tax overpayment by either not adjusting their withholding rate or failing to capitalize on tax credits and deductions. Although there are numerous ways to reduce taxable income, it’s up to taxpayers to realize those savings.
Whether you rent out your second home for a week or all-year-round, you are eligible for certain tax deductions. Before next April 15, increase your summer tax savings by taking advantage of these vacation rental tips.
For many people, summer is a time when spending is at its highest. With vacations, childcare and other seasonal expenses, it’s tough to find summer savings. But rather than cutting into your pleasure spending, take advantage of these terrific tips and tax breaks.
While it may feel good to toss out old paperwork, there is good reason to hold on to financial documents. But, you don’t have to hold on to everything, forever. If you are wondering how long to keep tax records, the short answer is, well, it depends. Let us explain the long answer.
Financial planning is essential to leading a worry-free retirement. Even if you already have set aside a little money, it’s always smart to increase your retirement savings some more. Our analysis of the benefits of IRAs, 401(k)s and HSAs will show you how to reduce taxable income today.
When it comes to individual tax planning and preparation, the last thing you want to do is leave money on the table. But, it isn’t always easy to find those diamonds in the rough amidst the complexities of the tax code. Our guide to commonly overlooked tax deductions shows you seven possibilities for increasing the size of your tax return.
Topics: Tax Laws
The IRS allows self employed workers to deduct many expenses related to their work, including housing, travel and health insurance. If itemized thoroughly, these deductions can add up to a larger tax return than expected from the government. By practicing a few of our simple self employment tax deduction tricks, business owners and freelancers will be rewarded with a return they can invest for their future.
In late December, Congress approved the Tax Extenders Act, which makes many temporary individual and business tax breaks permanent. The $680 billion in tax incentives benefits small businesses, parents and students, among others.