Are you receiving a tax refund this year? No doubt you’ve already heard about why you shouldn’t be giving the government an interest-free loan. Maybe you’ve decided to revise your withholding or estimated tax payments to reduce the amount of next year’s refund. Either way, you have options. Financial planning means creating effective strategies that […]
Tax Tips
Taxes Not Ready to File for 2017? Here’s what to do
If you need more time to file your 2017 income tax return, you can get an extension — no explanation is necessary. There are a lot of reasons why you may need more time to file your 2017 individual income tax return. For instance, you might want to hold off funding a retirement plan until […]
Thinking about putting your tax refund into a retirement account? Read this first!
If you plan on having the IRS deposit your tax refund into one or more individual retirement accounts (IRAs), most of the hard part is already done: You’ve already decided that you want to save the money instead of spending it on new patio furniture or a trip to Jamaica. Still, you’re not in the […]
Five Home Office Deduction Mistakes
If you operate a business out of your home, you may be able to deduct a wide variety of expenses. These may include part of your rent or mortgage costs, insurance, utilities, repairs, maintenance, and cleaning costs related to the space you use. It can be a tricky area of the tax code that’s full […]
Reap The Benefits Of Hiring Your Child For The Summer
Hiring your children to work in your business can be a win-win situation for everyone. Your kids will earn money, gain real-life experience in the workplace, and learn what you do every day. And, you will reap a few tax benefits in the process. Before you decide if hiring your child is the right thing […]
Answers to Common Questions After You File Your Tax Return
Many taxpayers have questions after they file their tax returns. The IRS provides answers to many of them. These are a few of the most common. * How can I check the status of my refund? You can go online to check on your refund if it has been 24 hours since the IRS would […]