Taxes

As you consider your finances and prepare to file your taxes, you need to think about whether or not you are subject to life changes in recent months. There are some life changes that can dramatically impact your taxes, and you need to be ready for that. 1. Divorce If you have been filing your …

As tax season starts to wind down (or speed up, if you are trying to beat the filing deadline), it’s a good time to reflect on what you should know about paying taxes, and how you can streamline the process. Even if it’s too late for this year’s tax season, you can always put systems in …

Most of us are deep into holiday planning right now, and have no desire to think about taxes. However, before the year comes to an end, it makes sense to take your taxes for a test drive. You should take the time to determine whether or not you are likely to owe money. If you …

I just got back from New Orleans, where I had a great time at the FinCon Expo. The good news is that, even though I had a great time, I also went for business purposes. That means that a lot of what I did during the five days I was in New Orleans was tax-deductible. …

Now that the year is halfway over, it’s a good idea to reflect on your finances, and look ahead to the coming months. This includes considering what’s next for your taxes. As you arrange your finances for the second half of the year, here are some tax tips to incorporate: Organize Your Paperwork The best …

Now that another tax season has come to an end, it’s a good time to take stock of your situation, and consider what you might do to improve your situation going forward. One of the best ways to do this is to plan your quarterly tax payments. Year round tax planning can save you money, …

Starting this year, there is a new home office tax deduction rule that can be applied. This is a new tax deduction rule that some home business owners might find easier to use than keeping track of everything that has to do with your home office. What is the New Rule? Basically, the new office …

When you start building wealth, it makes sense to pay more attention to your tax situation, and what your tax situation is likely to be like in a few years. This is about more than just trying to figure out how to reduce your tax liability for the next year, or even figuring out how …

You can’t escape taxes. Even if you aren’t paying income tax, you still pay taxes somewhere. When you are aware of the taxes you are paying, you can take steps to minimize your tax liability. There are some taxes you can never avoid, but with some careful thought and planning, it is possible to reduce …

The last year is over and we’re well into tax season. However, if you’re still looking for a few deductions, it’s possible for you to benefit from some really last minute tax breaks. You can still make previous year contributions to your IRA and/or HSA. Contribute for the Previous Year Until April 15 You have until April 15 …

Every tax season has its own quirks. No matter the year, it’s important to understand what might impact your taxes and stay on top of the situation. Tax season 2013 is underway, and it’s important that you realize that there have been some changes and delays to tax filing. On top of that, if you …

With Hurricane Sandy causing concern, many are wondering what the latest natural disaster could mean for their taxes. When you suffer a loss due to a disaster, there is a good chance that you will be able to take a tax deduction for it. You need to fill out the right paperwork, of course, and …

Later this week, I’m headed to the Financial Blogger Conference, being held in Denver. I look forward to an awesome weekend of meeting with fellow bloggers, and seeing a little bit of Denver, since it’s not a city I’ve spent a lot of time in. And I’m excited that it will be mostly tax deductible. …

When many of us think of making charitable donations, we think of cash. However, it’s also possible to donate clothing, household goods, and other items to charity — and receive a tax deduction. Recently, I took almost $700 worth of clothes, shoes, and accessories to the local religious thrift store after cleaning out my closet, …

Now that tax season is over, it’s time to get a jump on next year’s taxes. One of the reasons that tax season is so stressful is that many people end up leaving their documents organized all year. Additionally, many don’t keep up with what deductions and credits they are eligible for. Then, at the …

If you haven’t started preparing your taxes, it’s time to get cracking. After all, Tax Day is less than a month away, on April 17, 2012. Whether you are preparing your own taxes, or whether you are getting help from an accountant, it can help to be organized. Make sure you have everything you need …

The cost of health care continues to rise, and many find themselves falling behind as a result. You can’t stop health care costs from rising. It doesn’t seem to matter what legislation is enacted, or what steps are taken. However, there are ways to recoup some of your expenses. In some cases, you can deduct …