Some individuals who start drawing social security benefits end up with a nasty surprise come tax time – they owe tax on a portion of these benefits! After all, such benefits were historically exempt from any federal income tax. Times have changed, however, and you need to
Read more →All About the Earned Income Tax Credit Individuals who are working and who have low-to-moderate taxable income may qualify for this income tax credit. When you think about ways to offset your income as you’re preparing for income tax time, do you primarily consider the deductions you
Read more →Granted, retirement plans are usually easier if you’re a full-time employee. But if you’re self-employed, you can still contribute to a retirement plan. It’s expensive to be a sole proprietor. If you’ve been one for any length of time, you already know that. There’s the self-employment tax.
Read more →Haven’t completed your 2015 taxes yet? Be sure you don’t short-change yourself on business expenses. If you’ve been in business for several years, you have a pretty good idea of what expenses can be claimed on your income taxes. But even if you think you know or
Read more →Taxpayers neglect to file returns for countless reasons. If you’re one of them, here’s what you need to know. Believe it or not, there are individuals who don’t file tax returns even though they’re owed a refund. (They do have three years to claim it.) It’s more
Read more →It can reduce your income tax obligation, but be sure you understand the IRS’s rules. One of the many ways the internet has changed business over the last two decades is the increasing numbers of part-time entrepreneurs. Simple do-it-yourself website design tools have made it possible for
Read more →Even if you guard that critical 9-digit number carefully, you can still have a fraudulent tax return filed using it. Your first thoughts when you become the victim of a tax identity thief might go along the lines of: Did I click on a link in an
Read more →
