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Understanding Your Taxes

March 29th 2016 by
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Before going out and spending your tax refund check, take some time to understand where that refund comes from. Upon getting hired, your employer had a W-4 filled out in which you selected how you wanted your income taxes to be deducted from your paycheck by confirming your marital status, dependents and other information.  As a result, the payroll office can estimate your tax rate.  In the following paychecks, a percentage of your gross pay was taken out and sent to the IRS as your withholdings.  The formula for withholdings is designed to protect people from having to pay money after…

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7 Tax Deductions You Might Not Know About

March 1st 2016 by
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Taking every deduction you’re entitled to can make a real difference at tax time. These seven unexpected tax deductions will reduce what you owe, or perhaps even earn you a refund. 1. Taxes already paid Most people know to deduct state, local and property tax, but these aren’t the only deductible taxes. You can also deduct sales tax, which brings sizable savings after major purchases such as diamond jewelry or a car. Foreign taxes paid may qualify for deduction as well, and co-op owners can deduct their portion of the building’s property tax. For the self-employed, the required 15.3% of…

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7 Things to Do Now to Maximize Your Tax Refund

Posted in Taxes
December 17th 2015 by
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2015 is quickly coming to a close, but there are still some things you can do to help you get a bigger tax refund (or owe less, if that’s your case). 1. First, Make a Decision: Itemize or Not? Some of the tips below will only apply if you itemize your deductions. Figure out now if it’s worth it to itemize, or opt for the standard deduction ($6200 for individual, $12600 for married, filing jointly). 2. Make Energy-Efficient Home Improvements Have some extra cash to do some quick home improvements? Make it a green one! Certain energy-efficient home improvements may…

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What You Need To Know About the Latest Tax Scams

April 2nd 2015 by
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Every year, many taxpayers are exposed to numerous scams related to the tax season. This season appears to be particularly bad. David Dewey, director of research at Pindrop Security, says that his company is seeing about 9,000 calls per day related to IRS scams. We want to take the time and make sure everyone is aware of the problem and what to look out for. The Big Scam People impersonating IRS agents call taxpayers to let them know they owe taxes and demand an immediate payment. This is the first red flag: the IRS will never call demanding an immediate…

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Common Questions About Taxes (Part 2)

Posted in Taxes
March 5th 2015 by
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Here are more common tax questions and answers to help you out this season. What is the Earned Income Tax Credit? This credit is designed to help lower income families. Here are the qualifications: $46,997 ($52,427 married filing jointly) with three or more qualifying children $43,756 ($49,186 married filing jointly) with two qualifying children $38,511 ($43,941 married filing jointly) with one qualifying child $14,590 ($20,020 married filing jointly) with no qualifying children And here are the credits: $6,143 with three or more qualifying children $5,460 with two qualifying children $3,305 with one qualifying child $496 with no qualifying children Is…

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