At the beginning of every tax season, you receive informational tax forms in the mail from your places of employment, financial institutions and all other organizations you did business with throughout the year that the Internal Revenue Service wants t…
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…
Need to save some cash? Want to cut your spending?
While it’s natural to first consider cutting back your large monthly expenses, sometimes, it’s the small ones that add up. Here are a few small and easy ways to cut your spending each mont…
It’s so easy to put off building your wealth by using the excuse “I just don’t make enough.”
It feels like each month is a balancing act of paying your bills and trying to live a life – so it’s just straight up laugh…
Net worth is a technical term for performing a simple calculation: (Assets) – (Liabilities) = net worth.
Assets refer to everything from your cash in savings and checking accounts to equity in your home to investments and retirement accounts to e…
After the Tax Cuts and Jobs Act of 2017 put a $10,000 cap on the itemized deduction (starting in 2018) for state and local taxes ($5,000 for married persons filing separately), some states created or are considering the creation of workarounds to help…
The IRS announced that it was using a new format for tax return transcripts to better protect taxpayer’s personal information (IR-2018-171, 8/22/18). Starting September 23, 2018, Get Transcript Online, Get Transcript by Mail, and the Transcript Delive…
In 2014, the IRS created the Annual Filing Season Program for voluntary education and testing of unenrolled tax return preparers (Rev. Proc. 2014-42). Those completing the program gain a limited right of representation for clients during audits. The A…
A taxpayer can claim the premium tax credit for assistance in paying for health coverage purchased through a government Marketplace. To be eligible, household income must be no more than 400% of the federal poverty line.
“Household income” is a term t…
Ordinarily, yearly contributions to ABLE accounts are capped at the annual gift tax exclusion ($15,000 in 2018). The Tax Cuts and Jobs Act temporarily increased the contribution limit. For 2018 through 2025, an additional contribution is permitted up …
