Archive for the Tax Category

Five Tips to Make Tax Time Painless

Tax time is probably not your favorite time of year, especially if you have to pay the government your hard-earned dollars. Here are five tips on how we can make it just a bit less painful. 1. Have patience. Practicing patience will go a long way when

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Get Ahead on Year-End Tasks

Year-end is just around the corner, and that means a couple of administrative tasks are necessary to take care of bookkeeping and tax chores. Here are a couple of tips to make year-end go smoother. Cleaning up Things will go a lot smoother if you reach out

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One Last Checkup: Are you withholding enough for your taxes?

One Last Checkup Are you withholding enough for your taxes? As we enter into the fall months, it’s a good time to check your tax withholdings to make sure you haven’t been paying too much or too little. This is especially true if major changes took place

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Five Home Office Deduction Mistakes

Five Home Office Deduction Mistakes                 If you operate a business out of your home, you may be able to deduct a wide variety of expenses. These may include part of your rent or mortgage costs, insurance, utilities, repairs, maintenance,

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Avoid a Debt Settlement Tax Surprise

Avoid a Debt Settlement Tax Surprise   The number of Americans struggling with high debt is increasing, according to the U.S. Federal Reserve. U.S. household debt reached a new record this spring, the central bank said, with the average indebted household owing more than $16,000 on their

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The Tax Impact as Your Children Grow Up

The Tax Impact as Your Children Grow Up Prepare now for potential income tax hits As your children grow older, you can easily be surprised by a larger tax bill. To help ease the possible burden, consider these tax implications as your dependent children age. A higher

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Ten Commonly Overlooked Deductions

Don’t forget these ideas to lower your taxes The tax code is about 75,000 pages long, so it’s not surprising there are many overlooked money-saving deductions hidden within it. Check out this list of commonly overlooked deductions. You might wind up with a bigger refund than you

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Tax Time, Ready or Not

It’s always a huge relief to many people who get their taxes done early. That gray cloud of stress that nags at you to get it over with can be gone in a matter of weeks instead of months. April is right around the corner, and here

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Know Your Audit Risk

Nearly every taxpayer can imagine a worst-case scenario where they run afoul of the IRS and are selected for an audit. Here are a few areas that tend to get unwanted audit attention and ideas to help you stay prepared.   Your audit risk is (probably) low.

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When Converting to a Roth Makes Sense

When Converting to a Roth Makes Sense Virtually anyone with a qualified retirement savings account can convert funds into a Roth IRA. A Roth is different from other retirement accounts in that contributions come from after-tax dollars, while earnings are tax-free. The question for taxpayers with funds

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