Before you head out to file your taxes before the tax deadline, you’ll need to grab more than just your wallet to pay your tax professional for their services. There are a large number of items you need to bring with you when filing your taxes. In many cases, these items are essential to filling […]
Do you find yourself stressed out around tax time? What about even thinking about doing your taxes? If so, you are not alone. Taxes are often thought of as a dreaded part of the year causing stress and leaving people feeling overwhelmed and depressed. Why Are Taxes So Stressful? Sure, the act of filing taxes […]
What is the Sales Tax Deduction?
Posted byThe Sales Tax Deduction is a deduction of your local sales taxes, when itemizing. What is the Sales Tax Deduction? You are deducting the sales tax that you have paid this tax year on purchases. You can either deduct your state income taxes or your state sales taxes, and you cannot deduct both of these. […]
What is the Home Office Tax Deduction?
Posted byWhat is the Home Office Tax Deduction? You may be eligible for a Home Office Tax Deduction if you use part of your home for a business use. This Home Office Tax Deduction can be used for all types of homes, and it is available for both homeowners and those who rent. Who can use […]
There are virtual worlds out there, and also virtual currencies. Bitcoin has come up as the most well-known, traded, and used virtual currency thus far, so much so that it’s spiked the interest of governments and the IRS. So what exactly is a virtual currency, a bitcoin, and how does the IRS treat them for […]
It can be pretty scary and unnerving when you owe the IRS money especially when you did not think you were going to owe taxes. There are many reasons why you may owe the IRS once you are done filing your federal income taxes this year. If you find yourself owing and don’t have the […]
Why Do I Owe Taxes This Year?
Posted byFor many people, they are relieved to receive a refund check from the IRS after filing taxes. After a year of hard work and the stress of filing taxes, it feels good to receive this money to put in your savings account or make your budget more manageable for a while. However, it is possible […]
Being self-employed can be great. Potentially, you can set your own hours, not have to answer to someone over your shoulder, and ideally, be doing something you love. However, being a self-employed person or doing any kind of freelance work can become quite tricky during tax time. While there can be certain benefits to being […]
While we all have to pay taxes, you actually may not have to pay to get your taxes done. There are five options that might just allow you not to pay a penny this year while you are filing your federal taxes. Many of these programs are based on income, age, or the types of […]
Getting a tax refund is always the best part about filing taxes and the entire tax season. Now for the part that can be both fun and a little stressful – you have to figure out what is the best thing for you to do with this lump of money, whether small or large. Whatever […]