In the midst of tax season, I can’t help but notice that some deductions, exemptions, and credits are more common than others. Some are so common, in fact, that taxpayers expect to get them no matter what. But like everything else to do with the tax code, it’s not that simple. Requirements must be met [...]
Have you ever thought, "What would happen to me if I didn’t pay my taxes?" I have, but it’s a fleeting, nonsensical thought because to willfully not pay taxes, or not file a return for that matter, is tantamount to crazy. The IRS is one of the most powerful bureaucracies there is, with extremely broad [...]
While I recommend getting help from a tax professional to file a previous tax year’s return, I also understand that some may choose to brave the process on their own. In the spirit of such independence, here are some tips for filing back taxes. Take a deep breath Though you may think the IRS is [...]
There’s a pretty prevalent misconception out there that if you make your own way -- in your business or as an independent contractor -- that you only have to account for your income taxes at the end of the year. A lot of people also incorrectly think that, if they have a side business in [...]
Tax software is great, if you have a scenario that works well within its confines. For example, if you’re a college student who makes very little money annually, and you don’t have any investments or deductions besides the standard deduction – sure, use tax software. But are your taxes that simple? If you have deductions [...]
Where does your tax money go when it’s taken out of your paycheck every two weeks? Or, in the case of contractors and small businesses, when you send in your quarterly payments to the IRS? While knowing this information won’t make filing your taxes any easier, you’re probably interested in hearing how your money is [...]
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