A major component of your overall expenses are the various taxes that you must pay. Paying taxes is a fact of life; however, it does not mean you should not be looking for way to reduce your taxes. Articles in this section will help you better understand various taxes and things that you could do to minimize your tax burden. Additionally, check out these related sections: budgeting, smart spending, and insurance and risk management.
Taxes is a subsection of expense management.
The IRS recently announced it has over $1 billion in unclaimed refunds from tax returns that were due three years ago. This is an annual problem in the United States as millions of taxpayers avoided filing […]
If you’re the type who dreads tax time each year, chances are you haven’t yet filed. Fortunately, this year, you have until April 17th to file your taxes or request an extension. Keep in mind, however, […]
This year many individuals are receiving an unexpected new tax form in the mail: the 1099-K. This is a new form that is causing a lot of confusion amongst tax payers. If you received one and […]
Tax preparation firms offer loans tied to the amount of your Federal or state tax refund so you can spend your refund as soon as your tax return is validated. These refund anticipation loans (RAL), also […]
Do retirees have to file a federal income tax return? You might think that the days spent filing income tax return each year is behind you once you retired; however, being retired doesn’t necessarily get you […]
If you hired contractors to perform work for you, you will have to create a 1099-MISC form for each contractor that you paid $600 or more to over the course of the year. These forms have […]
When you run a home business, there are a number of expenses that you take on yourself. Owning a business means that you take on some expenses, such as paying for your health insurance without help […]
What could be more stressful than figuring out your income tax? Discovering that you did not pay enough tax this year, and on top of that, many of your exemptions and deductions will no longer be […]
One of the benefits of buying a home is that you can deduct the mortgage interest you are paying on your loan. Since the inception of the income tax in 1913, the mortgage tax deduction is […]
Summer is coming to a close and back-to-school preparation is upon us. For parents of younger children, this shift often means the return to a peaceful lifestyle, free of the headaches associated with finding full-time childcare. […]