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Start Getting Ready Now to Itemize Your Deductions for Next Year

Don’t wait until the last minute to itemize your deductions! Starting to itemize now will greatly help you avoid stress when it gets to be tax season again.…

What’s Considered a Business Travel Expense and Can You Deduct It?

Determining what’s a business travel expense and what’s not can be a very gray area. Find out how to clear up the confusion. Essentially, to be considered a…

What you need to know about a Roth IRA

Roth IRAs can be mystifying with all the conflicting information out there. Investments in Roth IRAs are quite simple to understand despite what financial ads that run during…

Keep Saving for Retirement Simple

Saving for retirement shouldn’t be complex. Here’s how to keep it simple. The number 1 thing to keep in mind when saving for retirement is consistency. Overthinking elaborate…

How To Cut Taxable Income

Will your itemized deductions for 2013 be right around the standard reduction amount? If so, you can bundle expenses for every other year and claim the standard deduction…

What is Non-Taxable Income?

Did you know anyone paid for babysitting has to report that income to the IRS if they made over $600? Or let’s say you and a neighbor want…

Expat US Tax Obligations

Living abroad for work can be a tricky tax situation. In many cases both countries want to tax your income that you’re making while working and living overseas.…

The Tax Benefits of Looking for Work

Looking for work costs money. Things like resume paper and printing, a new suit, and paying for premium online job search services can add up. This can be…

What Kind of Business are You Starting?

Starting a new business is exciting! At least until you get the paperwork part. It’s important that you first identify just what type of business you in regards…

The Cheapest City to Spend Summer Vacation

The most affordable city to go to this summer is the one you live in. If it’s a lean year or you have some financial goals you are…

How to fill out a W-4 Allowances

For some, just what number to write on each line, seems to get more confusing every time it needs to be filled out. A W-4 is a form…

Is the Gardener an Employee?

When you need some hired help around the house, you’ll need to know how to handle your tax obligations. This post will tell you how. It may seem…

Rent Your Home Out Tax-Free

While the IRS considers rent paid to you as income, there is one way to make some extra cash and keep it all. No, unfortunately you can’t just…

5 Goals Your Tax Planning Strategies Should Achieve

There are simple tax strategies and there are complex strategies. At the end of the day, these fundamental goals should still be reached. There are many tax strategies…

Liquidation Explained

Why is it some businesses seem to simply “go out of business” and some have a liquidation? Find out what liquidation really means. Essentially, liquidation means that a…

Starting a Business? 3 Things You Need To Know About Taxes

Avoid IRS hassles by starting off on the right foot. You start your own business because you found you have something valuable to give the world and you’re…

What Are The Chances of Being Audited?

The IRS can’t audit everybody but just how many taxpayers are being audited? Find out the percentage by income. There are over 200 million tax returns filed every…

Divorced or Unmarried Parent? Your Need-To-Know For Claiming Your Child

When it comes divorce or being an unmarried parent, who gets to claim your dependents can be a bit tricky. Here’s what you need to know. Many times,…

The Earned Income Tax Credit Explained

Ever wonder about what the Earned Income Tax Credit is? You just might qualify! Essentially, the Earned Income Tax Credit, also known as the EITC, is way to…

What Happens When You Don’t File by April 15th

Putting off your taxes until it’s too late can be damaging. Filing your taxes late can mean that you’ll owe even more money. Or, if you have a…

The Tax Deductions From Homeownership

If you bought a house or owned in house in 2013, there may be more deductions than you knew about. For itemized deductions, most people know that you…

Taxes and Getting Married: 3 Things You Need To Do

Sure getting married means you’ll more than likely change your filing status, but there are also some other administrative things that need to happen as well. Congrats on…

Your Responsibility Regarding 1099s

Not sending out 1099s can be costly. Here’s what business owners are responsible for. If you used independent contractors such as graphic designers, consultants, and attorneys, you are…

The Difference Between Capital Expenditures & Expenses

The distinction between capital expenditures and expenses may seem obvious. But the IRS may see it differently. There are capital expenditures and there are expenses. And most of…

Claiming Your Parents as Dependents

If you’re taking care of a parent in their sunset years, you may be able to claim them as a dependent. It doesn’t have to be a parent…