10 Tax Deductions for the Self-Employed
Tax Deductions for the Self-Employed Taking care of the day to day operations of your own business is complicated enough. Taxes can add a whole other level of stress to running your business. This article will go over different tax deductions and benefits that are available to you. Self-Employment Tax Deduction Self-Employment tax deduction refers to the amount of Medicare and social security taxes that you are responsible for paying on your income. [...]
Education Tax Credits
Understanding Education Tax Credits (Form 8863) Education is one of the biggest expenses that parents and students will face. Thankfully, there are two education tax credits that can be used to help offset the cost. These tax credits are the American Opportunity Credit and The Lifetime Learning Credit The American Opportunity Credit The American Opportunity credit is good for the first four years of a child’s college education. This education tax credit is [...]
Tax Bill: Getting More Time to Pay Your Tax
How to Handle your Tax Bill Tax Bill on your mind? Now that you have filed your taxes for 2016, you may be wondering how you are going to pay your tax bill. If you were not expecting to owe and do not have the funds on hand to pay, there are a few things that you can do to help your situation. Do Not Delay Do not think that just because you cannot [...]
Last Minute Tax Moves
Tax Tips Have you been putting off filing your taxes, dreading how much you are going to owe? Don’t stress too much, there are still a few tax deductions that you can make if you act before April 18. We will go through what they are and what you need to do to take them. Contribute to Your IRA If you make a contribution to your IRA before April 18 you can have your custodian [...]
5 Common Tax Myths
Avoid Tax Mistakes: There are many tax myths floating around. Things that have been passed around from person to person. Due to how common they are, many believe them to be true. In this article, we hope to dispel these myths for you so that you do not find yourself in trouble with the IRS due to misinformation. All Work Clothes are Tax Deductible Though some work clothes expenses are deductible, not all are. The [...]
Changes for the 2016 Tax Year
Each year the rules regarding tax filing are changed. Sometimes those changes are small and affect very few people, other times they are large and affect everyone. To prepare you for this tax year we have listed 9 of the most notable changes that have been made. The Filing Deadline is April 18th Since Emancipation Day falls on April 15th this year, the deadline for filing your taxes is extended until Monday, April 18th. [...]