If you pay estimated taxes, you may find yourself facing a tax debt when you come to fill in your tax return. As estimated tax payments are predominantly based on your income for the previous tax year, you can easily be crippled with a tax bill that is more than you anticipated if your income … Read moreHow to Resolve IRS Tax Debt
Understanding the many tax deductions can be nothing short of a minefield, and many taxpayers are unaware of the many deductions that can be used to legally reduce your tax bill. This article highlights just a few of the tax deductions that you can claim if your circumstances lend themselves. Standard Deductions A standard deduction … Read moreStandard vs Itemized Tax Deductions, Which is Better?
We’ve briefly touched on the topic of paying income taxes on eBay sales in the past, but a lot of people are unsure as to whether additional income in general needs to be reported to the IRS. By additional income, I’m referring to anything that’s not part of your usual pay packet, which can include … Read moreAdditional Income: Is It Taxable?
If you’re self employed, you’re responsible for keeping track of your own taxes, as well as making payments on time. This also involves being on top of your paperwork, filing your tax return on time and keeping hold of receipts and invoices in case you’re asked to prove certain aspects of your tax return. This … Read moreTips For Paying Self Employment Taxes