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Tax Advice

Charitable Deductions for Animal-Rescue Volunteers

Julian Block | Posted 09.01.2014 | Money
Julian Block

When the annual reckoning with the IRS rolls around, their willingness to help out entitles them to write-offs for unreimbursed expenses incurred while they do volunteer work for rescue groups like the Humane Society of the U.S and the ASPCA.

Man, Woman, Money, Taxes

Julian Block | Posted 08.30.2014 | Business
Julian Block

The courts often have to resolve the troublesome question of whether a tax-free "gift" was actually a payment for services rendered. Not surprisingly, the question has come up when the IRS insisted on its share of sizable amounts received by women from men who weren't their husbands.

Tax Court Upholds Business-Expense Deduction for Topless Dancer's Breast Implants

Julian Block | Posted 07.08.2014 | Divorce
Julian Block

Just because you incur expenses for business reasons doesn't mean that they automatically qualify as deductible. The Internal Revenue Code stipulates ...

Procrastinating on Tax Filing? This List Might Inspire You

Reboot Illinois | Posted 06.14.2014 | Chicago
Reboot Illinois

There are only a few days left before your federal and Illinois state tax returns are due. They must be e-filed or postmarked before midnight Tuesday,...

11 Annoying Bros Who Make Tax Season THAT Much Worse

The Huffington Post | Andy McDonald | Posted 04.11.2014 | Comedy

Tax season is a stressful time for most people. But there are those annoying few who not only seem to relish their yearly tryst with the IRS, but thor...

4 Things To Know About Filing Your Taxes After Divorce

Reuters | Posted 06.10.2014 | Divorce

(Corrects to say custodial parent must sign Form 8332 in 8th paragraph instead of must be signed by the non-custodial parent) By Laure...

7 Last-Minute Tax Filing Mistakes People Often Make

LearnVest | Posted 06.10.2014 | Money
LearnVest

With Tax Day fast approaching, millions of Americans are scrambling to track down receipts, bank statements and other documents. But the more you rush, the more you're likely to make mistakes that can cost you in the form of penalties, a delayed refund and even a higher risk of an audit.

401(k) Moves to Ease Your Tax Time Blues

Catherine Golladay | Posted 05.10.2014 | Fifty
Catherine Golladay

It's been a rough winter for most of the country. And, if you think Mother Nature hits hard, just wait a few weeks until Uncle Sam gets a crack at us.

Tax Time: All The Ways Your Kids Can Save You Cash

GalTime | Posted 05.07.2014 | Parents
GalTime

As you start to gather your documents and tally your receipts for your taxes, don't forget to write off your kids! There are many tax breaks you can claim with Uncle Sam if you have children and some you may not even know about.

2014 Tax Season Filing Requirements for Seniors

Jim T. Miller | Posted 04.20.2014 | Fifty
Jim T. Miller

Whether or not you are required to file a federal income tax return this year depends on your gross income, as well as your filing status and age.

What's Deductible for Legal Fees When Couples Divorce

Julian Block | Posted 04.05.2014 | Divorce
Julian Block

The IRS prohibits any deduction for the cost of personal advice, counseling and legal action in a divorce. For example, there's no write-off for what a husband spends to resist his wife's demands for more alimony or to set aside a pre┬Čnuptial property agreement.

Audit Survival Strategies

Julian Block | Posted 03.15.2014 | Money
Julian Block

Just because you can back up every item on your return, don't think you can forget about an audit. Those relentless IRS computers may bounce your retu...

Tough Rules for Home-Office Deductions

Julian Block | Posted 03.04.2014 | Business
Julian Block

The law allows freelancers and other individuals who work at home to claim home-office deductions only if they pass a series of tests. You must use a ...

Financial Tips That Ease the Sting of Divorce

Julian Block | Posted 02.24.2014 | Divorce
Julian Block

Educate yourself for financial planning. In this lumbering economy, it's more vital than ever that you assume greater responsibility for your financial future.

No Tax Break if Client Stiffs You

Julian Block | Posted 02.11.2014 | Money
Julian Block

Why should freelancers forget about any kind of relief when they fill out their tax forms?

How The Tax Rules Work When You Refinance Your Home Mortgage

Julian Block | Posted 02.09.2014 | Money
Julian Block

Recent drops in interest rates have prompted millions of households to refinance their mortgages. Borrowers who refinance need to familiarize themselves with tricky tax rules on what is or isn't deductible for interest payments. Here are some reminders on how the rules work.

Same-Sex Marriage... and Money!

Terry Savage | Posted 08.26.2013 | Gay Voices
Terry Savage

The Supreme Court's decision allowing legally married gay couples to access federal benefits opens up an entirely new area of financial planning for gay couples. Everything from estate planning to Social Security to income tax returns and retirement benefits will be affected by the rulings.

How Improving a Home Can Improve Your Tax Situation

Mark Steber | Posted 08.24.2013 | Business
Mark Steber

While you can't get time spent on home improvements back, you can often get some of your dollars returned either at tax time or when you sell, provided that you track of all of your costs as you own and work on your home.

Tax Tips and Considerations for Dads (and Dads-to-Be)

Mark Steber | Posted 08.13.2013 | Business
Mark Steber

Not only are there a great many tax considerations related to fatherhood, many of them are often overlooked. So to mark Father's Day, here are some tax-specific ways to take advantage of the unique benefits of being a dad.

The Latest IRS News and How It Affects Tax Returns, Audits and You

Mark Steber | Posted 08.04.2013 | Business
Mark Steber

What should you do to ensure you don't get one of those dreaded "We found an error on your tax return" IRS letters, or even worse a more detailed in-person audit of your tax return?

How Reviewing Your Taxes This Summer Can Save You Money Next Tax Season

Mark Steber | Posted 07.29.2013 | Business
Mark Steber

Summer is unofficially here! Except for a few places in the country still getting a bit of last minute spring snow, the rest of the country is warming up, schools are letting out, and that can only mean one important thing - time to think about your taxes.

Special Tax Considerations for Members of the Military

Mark Steber | Posted 07.24.2013 | Business
Mark Steber

Taxes are complicated and seem to get more so every year. For select groups such as our brave men and women in the military, they can be even more complicated.

Is Your Tax Refund Less Than Expected?

Mark Steber | Posted 07.17.2013 | Business
Mark Steber

Unfortunately, there are many reasons this could happen, and even worse, it happens to many taxpayers each year, causing surprise, confusion and frustration.

What to Do If You Receive an IRS Notice or Letter

Mark Steber | Posted 06.30.2013 | Business
Mark Steber

While fear is a completely normal reaction, here are three steps every taxpayer should follow if they receive an IRS letter.

What to Do If You Made a Mistake or Forgot a Deduction On Your Tax Return

Mark Steber | Posted 06.26.2013 | Business
Mark Steber

Amending a tax return can be very complex. There are many considerations, from determining what is incorrect and what the correct information should be, to knowing what forms to attach, to making sure the state return is amended correctly and timely.