Tax Essentials for Freelancers and Working From Home: What You Need to Know
Being self-employed means managing your own business and taxes, which can be a bit challenging but very rewarding. This article simplifies what you need to know about your tax responsibilities and how to file them, ensuring you stay compliant and potentially save money. Understanding Self-Employment Tax Self-employed individuals must pay self-employment tax in addition to […]
The Most Common Reasons Tax Returns Get Audited
“Only about 1% of taxpayers are audited. What triggers an audit is generally something on the tax return that’s out of the ordinary,” he says. “For example, if you have a side business and file a Schedule C, the IRS will flag large losses, particularly if they offset other income. The IRS is looking to […]
10 Most Tax-Friendly States in the U.S.
10 Most Tax-Friendly States in the U.S. Given a choice of several job opportunities across the country, or several contiguous states in which to live for a job in the area, don’t overlook the impact of state and local taxes on your household finances. These ten states impose some of the lowest taxes in the U.S., […]
IRS Budget Cuts May Make For A Nasty Tax Filing Season
IRS Budget Cuts May Make For A Nasty Tax Filing Season The Internal Revenue Service on Tuesday began accepting tax returns electronically, and paper returns will begin to be processed at the same time. In a statement, the IRS reminded taxpayers that filing electronically is the most accurate way to file a tax return and […]
Summary of Federal Tax Law Changes for 2010-2016
Learn how federal tax law changes could impact your tax return in 2010 and beyond. Many of the tax breaks in recent tax-relief bills were designed to be phased in over a number of years, or are indexed to inflation. To help you determine how these tax laws affect your long-term planning, this article explains […]
When Will You Get Your 2015 Tax Refund Check?
The IRS plans to start processing 2015 tax refunds on Jan. 20, 2015. If you’re expecting a 2015 tax refund, every day you wait to file is another day you have to wait to get back money that’s rightfully yours. 2015 Tax Refund Schedule Basics There are two main factors that affect how long it […]
IRS Opens Tax Filing Sooner in 2015
The IRS will open the 2015 tax filing season on Jan. 20, or 11 days sooner than it began accepting returns one year ago. The start date applies to both paper and electronic returns and was set after Congress renewed several “extender” provisions of the tax law that expired at the close of 2013 but have […]
IRS Releases Dirty Dozen Tax Scams for 2014
The Internal Revenue Service today issued its annual “Dirty Dozen” list of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud. The Dirty Dozen listing, compiled by the IRS each year, lists a variety of common scams […]