In the past the process of getting rid of a used vehicle that you didn’t want to bother selling was pretty simple. Just find a charity to accept the vehicle as a donation and take a tax deduction the fair value of the vehicle. It seemed like a win-win. The charity sells the vehicle and … Read moreShould You Ever Donate Your Vehicle to Charity?
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 a tax return because they believed they were not due anything. If they only knew! Here are some steps … Read moreHow to Claim Unclaimed Refunds
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, that just because you can request an automatic filing extension, it doesn’t mean you can delay paying your taxes. … Read more4 Quick and Easy Ways to Save on Your Taxes This Year
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 don’t know what it is, it is critical you have a full understanding of the form. This new form … Read moreWhat is a 1099-K and Why Did I Receive One?
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 known as refund anticipation checks (RAC), can impose hefty fees and interest rates for the convenience of being able … Read moreWhat are Refund Anticipation Loans?
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 out of filing a return with the IRS. In fact, you may want to file even if you are … Read moreFederal Income Tax Return Filing Requirements for Retirees
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 to be mailed out to your contractors before January 31st and filed with the IRS before February 28th (March … Read moreHow to Create 1099-MISC Forms and File Online with the IRS
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 from an employer, and that you pay for the facilities you use. Luckily, a number of the expenses you … Read moreShould You Take a Deduction for the Business Use of Your Home?
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 applicable because you are subject to the Alternative Minimum Tax. The AMT is one of the most confusing tax … Read moreWhat is the Alternative Minimum Tax and How Does It Work?
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 still one of the most popular deductions for homeowners. Generally, all mortgage interest can be deducted from your federal … Read moreHome Mortgage Interest Deduction: How It Works and the Big Myth