Archive for Taxes

All You Need to Know about the New Tax Extender Legislation

January 19th, 2016

Congress has reached a bipartisan agreement on tax extenders, aptly named “Protecting Americans from Tax Hikes Act of 2015”. Much to everyone’s surprise, some were made permanent while others were only extended for a period of time. Congress also modified several provisions and added new ones to reduce tax fraud. Here is a look at some […]

Don’t Be a Victim to IRS Phone and E-Mail Scams

January 12th, 2016

Thieves use taxpayers’ natural fear of the IRS and other government entities to ply their scams, including e-mail and phone scams, to steal your money. They also use phishing schemes to trick you into divulging your SSN, date of birth, account numbers, passwords and other personal data that allow them to scam the IRS and […]

Important Reminder For Purchasing Your Health Insurance Through The Government Marketplace

January 5th, 2016

Article Highlights: Determining Household Income The Advanced Premium Tax Credit Marketplace Estimate of Income Modified Adjusted Gross Income Who Is Family For Health Insurance Purposes? When applying for insurance through a state or the federal health insurance marketplace, you will be asked to provide an estimate of your household income for 2016. Your household income […]

Unpaid Debt Can Take Your Refund

December 29th, 2015

Article Highlights: Bureau of the Fiscal Service Allowable Refund Offsets Disputing an Offset Injured Spouse Claim As the 2015 tax season approaches, you may be getting excited about your potential tax refund. However, that excitement may be premature if you have outstanding federal or state debts. The Treasury Department’s Bureau of the Fiscal Service (BFS) […]

Get Credit for Generating Your Own Home Power

July 14th, 2015

Article Highlights Solar Heating System Solar Electric System Fuel Cell Plant Wind Energy Geothermal Heat Pump Through 2016, taxpayers can get a tax credit on their federal tax return equal to 30% of the costs for installing certain power-generating systems on their homes. The credit is non-refundable, which means it can only be used to […]

Gifting Money or Property Can Have Serious Tax Consequences

June 16th, 2015

Article Highlights: Gift and Inheritance Tax Lifetime Exclusion Annual Exclusion Gift and Inheritance Basis Issues Additional Tuition & Medical Exclusion Gift and inheritance taxes were created long ago to prevent an individual’s assets from being passed on to future generations free of tax. Congress has frequently tinkered with these taxes, and currently the gift and […]

Should You Keep Home Improvement Records?

May 19th, 2015

Many taxpayers don’t feel the need to keep home improvement records, thinking the potential gain will never exceed the amount of the exclusion for home gains ($250,000 or $500,000 if both filer and spouse qualify) if they meet the 2-out-of-5-year use and ownership tests. Here are some situations when having home improvement records could save […]

Is Your Refund Too High or Do You Owe Taxes? You Probably Need to Adjust Your W-4

May 12th, 2015

If your income is primarily from wages and you received a very large refund—or worse, if you owed money—then your employer is not withholding the correct amount of tax (but it probably isn’t your employer’s fault). Sure, you like a big refund, but you have to remember you are only getting your own money back […]

Are You Leaving Tax Money On The Table?

April 21st, 2015

Each year the IRS reports about $1 billion in unclaimed refunds for individuals who did not file a tax return. The IRS estimates that approximately half of the unclaimed refunds are for amounts greater than $600. You may not have filed, thinking that because you don’t itemize and your employer is withholding tax that you […]

Do I Have to File a Tax Return?

April 14th, 2015

This is a question many taxpayers ask during this time of year, and the question is far more complicated than people believe. To fully understand, we need to consider that there are times when individuals areREQUIRED to file a tax return, and then there are times when it is to individuals’ BENEFIT to file a return even if […]

Tools

Tax Updates & Business e-Newsletter

January 25, 2010
by: James • Tools

Free Online Personal Financial Software

October 17, 2008
by: James • Tools