There is no more noble a contribution to society than participation in the service of the defense, perpetuation and safety of this country. The tax benefits that are in the law are yours and you have earned them. It is the least the country can do to thank you for your service.
The money you get when coming into sudden wealth, whether through a lawsuit settlement, business sale, entertainment or sports contract, or stock options, can disappear in a hurry if you don't manage federal and state income taxes correctly.
If you claim that you drove 50 miles to the doctor, or spent $2,000 on a new computer for your business, you need to be ready to prove it. So keep good records. So let's look at what you should be keeping track of and how.
It is not a best practice to try to do everything yourself -- even in the short time of start-up or beginning a business. The chances are good that you need the expert services of a local small business in areas such as marketing, bookkeeping, law, and taxes.
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.
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.
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.
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.
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.
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.
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.
Each year about half the country gets to experience a "sudden wealth" event in the form of a tax refund. While not necessarily a financial windfall for most, this annual occurrence can create some awfully strange and counterproductive behavior.
Most taxpayers assume that those who get the most money back are homeowners, business owners, and non-profit organizations. But lo and behold, renters are a strong competitor! Most of them just don't know it yet.
As if taxes aren't complicated enough, it can get worse during a divorce or separation. There are certain things that individuals going through the divorce process -- or who are recently divorced -- should keep in mind when preparing their taxes.
Even for tax filers who file in those last few days, April 1-15, those tax returns may be impacted by IRS layoffs due to sequestration as they would likely be processed after April 15. Don't take chances with your tax return. File your taxes now. Get it done. Get that big refund, and go enjoy it.