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Tax Deductions

Tax Tips for Self-Employed Professionals, Freelancers and Contractors

Mark Steber | Posted 06.22.2013 | Small Business
Mark Steber

While April 15 is commonly accepted at "tax day," for many taxpayers and especially small business owners, freelancers and self-employed professionals, there are other important "tax days" to keep in mind.

What We're Deducting

The Huffington Post | Carol Hartsell | Posted 04.15.2013 | Comedy

Happy Tax Day, you guys! In case you need any tips for how to definitely get audited get the biggest refund, here's a look at the deductions we're ta...

What You Need to Know About Filing a Tax Return Extension

Mark Steber | Posted 06.12.2013 | Business
Mark Steber

Filing a tax return extension can remove the failure-to-file penalty, which is the larger penalty on a monthly basis, but it will not remove the failure-to-pay penalty.

Tax Deduction for Students Now Will Pay Dividends

Rep. Charles Rangel | Posted 06.12.2013 | Politics
Rep. Charles Rangel

A greater tax deduction for students is not a handout. On the contrary, it helps those who are willing to meet the challenges of higher education to invest in our collective future.

It's Groundhog Day at the White House for Charities

Heather Higgins | Posted 06.10.2013 | Impact
Heather Higgins

Of all the ideas to increase government spending or reduce the deficit, doing so on the backs of charities has to be one of the worst.

Tax Tips for the Last Two Weeks of the Tax Season

Mark Steber | Posted 06.04.2013 | Business
Mark Steber

If you're planning to file an extension because you might owe taxes, you should know that an extension only extends the deadline for the forms to be filed. It is not an extension to pay your any taxes you owe.

8 Ways Your Home Can Lighten Your Tax Bill

The Huffington Post | Shana Ecker | Posted 05.24.2013 | HuffPost Home

Our favorite: donate your clutter, get a deduction.

Caregiving Expenses Can Pay Off at Tax Time

Alexis Abramson, Ph.D. | Posted 05.19.2013 | Fifty
Alexis Abramson, Ph.D.

Whether you're procrastinating filing your returns because you think you'll owe money or caregiving duties haven't left you time to meet with your accountant, consider yourself lucky just this once! That means there's still time for you to claim caregiving expenses on your 2012 tax returns.

Standardized vs. Itemized: Which Tax Deduction Do I Take?

SaveUp | Posted 05.01.2013 | Business
SaveUp

How do you know whether it is more effective to take the standard vs. itemized deduction? Tax specialist Sanae Takagawa, EA has the answers. The most ...

Self-Employed Social Security Nightmare

Nancy K. Humphreys | Posted 04.20.2013 | Small Business
Nancy K. Humphreys

Self-employed pay the highest income tax rate of any group in the US economy. In 2013 self-employed workers will owe a total tax rate of 25.3 to 43.3 ...

Leadership Needed To Protect Charitable Deduction

Eva M. Clayton | Posted 04.12.2013 | Impact
Eva M. Clayton

Recent actions in Washington and within our court system show that our charities are on the brink. Without leadership or public outcry there will continue to be slow creep at existing law and legal precedent. At present, this erosion of our legal and social contracts has manifested itself in two ways.

Tax Games and Redistributing Income Upward

Dean Baker | Posted 04.07.2013 | Business
Dean Baker

President Obama proposed limiting deductions to a 28 percent rate regardless of individuals' tax rate. This policy makes sense as a way of getting more tax revenue from those who can most afford to pay it. Capping the deduction does not.

What You Need To Know About Filing Your Taxes Post-Divorce

Joseph E. Cordell | Posted 03.31.2013 | Divorce
Joseph E. Cordell

IRS forms can come across as a confusing number jumble (1040, 1099, 8332, W-2). What already is a complex and disconcerting process for many is exacerbated by divorce.

Streamlined Home Office Deduction Could Mean Extra Bread for Small Business Owners

John Arensmeyer | Posted 03.25.2013 | Small Business
John Arensmeyer

There's no reason Congress can't work smarter instead of harder, and push through proposals that will do some real good for the majority of small businesses and their employees -- who, as consumers, are critical to our economy.

How to Find a Dependable Tax Preparer This Tax Season

Mark Steber | Posted 03.24.2013 | Business
Mark Steber

Selecting a tax preparer is a very important decision that you should be happy with. After all, for most Americans the annual income tax return is the single largest financial transaction they have each and every year.

Charities Fear New Tax Law Will Reduce Donations

AP | STEPHEN OHLEMACHER | Posted 01.16.2013 | Impact

WASHINGTON -- Charities and nonprofit organizations are worried that new limits on tax deductions for high earners will hurt donations just as charita...

For Sale: Very Large, Slightly Damaged Country

Tom Gerdy | Posted 03.08.2013 | Politics
Tom Gerdy

At this point in our history, I am certain the country would be listed in realtor's terms as a "fixer-upper" or a "handyman special." This country might not have a long history compared with others around the world, but it has a strong one.

Tax Reform Is Irrelevant

Jim Jaffe | Posted 03.04.2013 | Politics
Jim Jaffe

A case can be made that tax reform is the opiate of the people and their elected representatives -- a compelling topic that diverts them from the real issues like collecting adequate taxes to pay for the government services we rely on.

Twas the Night After Christmas -- and Before the New Year

Claudia Jacobs | Posted 02.19.2013 | Politics
Claudia Jacobs

Could we tinker with the charitable deduction and improve it without killing the incentive to give? Could we more sharply define, donating to the public good, the difference between a seat on a prestigious museum board and housing the homeless?

Should We Subsidize Giving?

David Morris | Posted 02.19.2013 | Impact
David Morris

This year individuals will give about $30 billion to help the poor. Government will give close to 100 times more. Indeed, voluntary giving can't even keep up with government cutbacks let alone substitute for government spending.

Taxes: Who Files What, When and How?

Mark Steber | Posted 02.16.2013 | Money
Mark Steber

As the current tax year closes and the next tax season approaches, I thought it would be helpful and informative to highlight some past tax statistics and details related to tax filings in general and even some guidance on how you can make the most of this information.

Why You'll Pay Higher Taxes This Year

AP | By The Associated Press | Posted 02.15.2013 | Money

While much of Washington is consumed by the debate over tax cuts scheduled to expire next year, a big package of tax breaks already expired this year....

The Relative Transparency of Tax Rate Reform

William E. Foster | Posted 02.11.2013 | Politics
William E. Foster

Politicians are far more likely to be held accountable for raising tax rates than for limiting deductions, even if the ultimate tax bills are the same. This incentive to "hide the ball" in tax reform is troubling.

With a Fiscal Cliff Looming Ahead, What Do You Need to Know?

Mark Steber | Posted 02.04.2013 | Money
Mark Steber

The Temporary Payroll Tax Holiday, a two percent reduction in employee Social Security tax withholding, expired Dec. 31, 2012. Beginning Jan. 2013, the average taxpayer will see as much as a $1,000 decrease in take-home pay.

Financial Planning For the Future of Your Special Children

Dafna Maor | Posted 02.04.2013 | Parents
Dafna Maor

This is a lesson for any person, any parent, but especially for parents with special children: Take good care of your health, not just the physical one, but the financial one.