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.
Since the laws that govern estate taxes are constantly changing, it’s hard to provide a concrete explanation of when a state tax return should be filed. Filing an estate tax return is confusing enough as it is, and the inconsistency of estate tax laws only worsens the headache. With the following information, we hope to educate you on when and how to file an estate tax return.
Is your take-home pay smaller than you would like it to be? Or, do you typically owe the government a large sum at year’s end? There is a quick fix to these problems: adjusting your tax withholding. If you are one of many who wonder: how do I adjust my tax withholding? We have the answer.
Every so often, it pays to update your tax withholding code to avoid owing a big tax bill at year’s end. Otherwise, you are essentially loaning the government your hard-earned money at zero interest. Especially if you’ve gotten married or had a baby in the last year, consider updating your information with the IRS today.
Around tax season, it’s important for everyone to remain vigilant with protecting personal data because of an increasing number of IRS scams nationally. By learning these warning signs now, you can avoid becoming the next victim.