If you count on getting a tax refund every year when you file your return, you may be worried about recent reports that tax refunds are lower than usual this year. With all the changes as a result of the Tax Cuts and Jobs Act of 2017, there is a lot mo…
The IRS recently announced tax penalty relief for taxpayers who didn’t pay enough of their 2018 federal income tax liability last year due to the changes in tax reform.
Penalty Relief Explained
Federal income tax wo…
We all know how important it is to save for retirement. If you’ve started contributing to a retirement plan, at work or on your own, the next thing you’ll want to know is how to deal with it on your tax return.
Fortunately, entering retirem…
No doubt about it, winning the lottery dramatically changes a person’s life. A financial windfall of that magnitude quickly grants you a level of financial freedom you probably have trouble imagining.
But becoming a Meg…
It’s no secret that tracking your business mileage can save you money come tax season. Whether you’re a small business owner or a salesman, a freelancer or an online shop owner, you are leaving money on the table every time you use yo…
Hurricanes, earthquakes, mudslides, tornadoes, floods, forest fires, and other natural disasters wreak havoc on a large scale. Homes and possessions might be damaged or lost. It’s a tragedy when people are injured or killed.
At such times, genero…
With tax season coming soon, you may wonder how you can reduce your taxable income. One smart place to start looking is your 401(k) plan.
The 401(k) plan was passed by Congress in 1986 to help employees save money for retirem…
You’ve heard the term capital gains tax (CGT). But what is that exactly?
Is that something you pay?
If so, when?
Whenever you sell something – a house, car, company stock, or even gold or silver coins – you typically either make or lo…
The federal income tax rates for almost all taxpayers changed in 2018 due to tax reform. Some taxpayers’ rates will change more than others. Here’s how the new tax rates will affect you.
How did tax reform change …
If you work at home – even just part-time – you may claim a tax deduction for expenses related to your home office.
The new tax laws, however, may affect whether you are still eligible to claim those costs as a ta…
