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Ways To Reduce Next Year’s Tax Bill

Posted in Taxes
April 18th 2017 by
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Did you have to pay taxes instead of getting a refund? You’re not alone, and unfortunately, it could happen again. But there are things you can do to ease your tax burden, and maybe even end up getting some money back. The key is to start planning now, and not wait until December (which will be here before you know it). Here’s what you should do: Donate to Charity and/or Volunteer This is a great thing to do even without the tax breaks, but the tax write-off is definitely a bonus. Keep careful records of all your donations and volunteer…

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What To Do With Your Tax Refund

Posted in Taxes
March 30th 2017 by
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Tax season will be over soon and the refunds are rolling in.  Chances are you’ll be getting a nice chunk of cash, so the question is: what do you do with it? It’s tempting to use it to treat yourself, right? While using a small percentage for something fun is understandable, you want to save the majority for something that helps you. Think of it like this: taking care of important things now will eventually lead to being able to spend more on what you want more often in the future. Here are 10 suggestions for your refund: Pay off…

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7 Common Mistakes When Filing Taxes

Posted in Taxes
February 15th 2017 by
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Many Americans are eager to get through their taxes each year in order to get their refund. But mistakes on your tax return can delay your refund and cause unnecessary stress. Below are common mistakes the IRS sees every year: 1. Wrong Social Security Number A mistype or misprint of your or your dependent’s Social Security number makes things complicated. If you’re breezing through your return, it’s easy to overlook something you feel like you’d never mess up. You’d be surprised how often the IRS needs to deal with this issue. 2. Filing Status Incorrect You can only pick one…

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5 Frequently Missed Tax Deductions and Credits

Posted in Taxes
February 2nd 2017 by
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You want to get the biggest refund you can, but you need to know all the deductions and credits you qualify for in order to get that. Here are five that a lot of people miss out on: Jury Duty Many employers will pay you your normal pay when serving for jury duty, but you may be asked to hand over your jury duty payment right to them.  If this happens, make sure you deduct your jury pay from your taxes. Jury duty is taxable income, so you don’t want to be taxed for money that goes right through your…

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Beware of Email and Phone Tax Scams

January 31st 2017 by
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Every year, millions of people fall victim to tax scams – don’t be one of them. While there is no way anyone can be 100% safe, being proactive and knowledgeable about what to look out for can greatly reduce your risk. Typical Tax Scams It’s a red flag if you experience the following: Someone says they’re from the IRS or State and would like to help you with filing your taxes, requesting your personal information. You get an email about a tax refund or bill, often threatening if immediate action is not taken. Criminals have come a long way with…

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