Taxes

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.

When Do You Pay Taxes on a Gift?

When Do You Pay Taxes on a Gift?

The last few weeks have seen some serious hoopla surrounding the situation of Christian Lopez, the fan that returned Derek Jeter’s 3,000th hit ball. Lopez was lavished with gifts and freebies. But, a dark cloud soon […]

How to Communicate with the IRS During Audits and Underpayment

How to Communicate with the IRS During Audits and Underpayment

An audit notification from the IRS is understandably terrifying. Knowing you can’t pay the taxes you owe is scary. The government is big. You are small. Reading the notice bring your blood pressure up and a […]

How the IRS Views Earned and Passive Income

How the IRS Views Earned and Passive Income

For the most part, when we think of income, it falls into one of two categories: earned and passive. Understanding the differences between earned income and passive income can provide you with the knowledge needed to […]

Late Payment Penalty for Quarterly Estimated Taxes

Late Payment Penalty for Quarterly Estimated Taxes

As a small business owner, you normally have to make estimated quarterly tax payments to the Internal Revenue Service throughout the year. This makes it easier to afford the taxes you owe rather than have a […]

Do I Get a Tax Deduction on Home Sale Loss?

Do I Get a Tax Deduction on Home Sale Loss?

In the current housing market, being a seller can be a tough proposition. As my husband finishes his Ph.D., and we start to consider what might happen in the next 12 months, it is becoming apparent […]

Capital Gains Tax Rules on the Sale of Your Home

Capital Gains Tax Rules on the Sale of Your Home

Like buying a home, selling one could be one of the biggest decision in your life. It is important to understand all the rules and factors to consider when selling your home, because knowing what to […]

Taxes: Standard Deduction vs. Itemized Deductions

Taxes: Standard Deduction vs. Itemized Deductions

One of the decisions you have to make when preparing your tax return is whether to take the standard deduction or to itemize your deductions. When filling out your Form 1040 this decision comes after you […]

Do You Need an Accountant This Tax Season?

Do You Need an Accountant This Tax Season?

The first time I used TurboTax software and completed my taxes in less than two hours (prior to that, I actually filled in a paper form every year), I found myself wondering if accountants would soon […]

Where to Find Free Tax Help, Information, and Advice

Where to Find Free Tax Help, Information, and Advice

It’s that time of the year again. Taxpayers all over the country are scrambling to gather their receipts and connect with a tax preparation service in time to meet the April 18 deadline. Since many people […]

IRS Payment Plan: Help for Those Who Can’t Pay Their Taxes

IRS Payment Plan: Help for Those Who Can’t Pay Their Taxes

Tax Day is rapidly approaching. It’s true that you still have until April 18 this year, but you might be surprised at how fast time flies. Especially when you don’t want it to. One of the […]

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