Summer is coming to a close and the back-to-school advertising blitz is underway. Hidden in some of those school expenses are tax deductions you can take advantage of. Here are some ways you can save:
As our students prepare to head back to school, many families face the difficult decision to save for retirement or use those funds to pay for their children’s college education. If you are facing that dilemma, here are some thoughts:
Picture this: For the past few years you've received your tax return and have had a small but nice refund. Now imagine your surprise, when next year, you are required to send in a fairly big check to settle your tax bill. Believe it or not, this message is almost as hard to deliver to a taxpayer as it is to hear it. Here are some situations to watch for that can increase your tax liability:
If you own a business, you know that you may accelerate the expensing of qualified capital purchases. This can be done within two special provisions in the tax code that were recently expanded:
Luckily, saving money doesn't have to be hard work. In fact, many successful savers have found simple ways to cut spending and increase their savings. Here's how.
At the end of June, the IRS unveiled a new draft version of the 2018 Form 1040. This newly proposed postcard-sized 1040 form replaces the old 2017 1040, as well as forms 1040EZ and 1040A. While some in Washington are celebrating the design as a simpler way to file, a closer look may tell a different story.
If you're changing employers, the first thing on your mind probably isn't taxes. But the actions you take now can make a big difference next April — and beyond.
A U.S. Supreme Court ruling last week involving the state of South Dakota vs Wayfair (an online furniture retailer) opens the door for states to impose sales taxes on online retailers located outside their borders.
This will have wide-reaching effects on small businesses and consumers. Here’s what you need to know:
The IRS is more strictly enforcing rules that determine whether a worker is actually your employee, rather than an independent contractor. Beware: you have many extra tax responsibilities and expenses if you are an employer in the eyes of the IRS.
If you have problems getting to sleep at night and you turn to the IRS tax code for help, you might find some vocabulary that is very foreign to you. One of the more uncommon words used by the IRS is the term "contemporaneous." So what does it mean and why should you care?