To most people, June is the beginning of wedding season, especially for those who became engaged during the holidays. Indeed, it is natural for soon-to-be married couples to stress out about the details of their special day, but after the wedding, reality and real...
Finding Real Life Solutions To Your Tax Problem
Income Taxes
Current expenses vs. capital expenses
While many small businesses are preparing to take some time off for the holiday weekend it is only a matter of time before the focus turns to tax planning for next year’s tax season. Indeed, some businesses pay their taxes quarterly throughout the year. However,...
Will you pay Uncle Sam some of your gambling winnings?
Game 1 of the Western Conference Finals between the Golden State Warriors and San Antonio Spurs was an instant classic, depending on your sensibilities and your betting acumen. The Spurs were a 10 point underdog going into Game 1, and are heavily doubted to win the...
Tax deductions that entrepreneurs should not miss
With more freelancing opportunities available than ever before, more people are taking part in the “gig economy.” Having part time jobs enable people to make their dollar go further during the year, but if due care isn’t taken with regard to taxes,...
Why you shouldn’t stress out about owing taxes
With the federal income tax filing deadline looming (it is on April 18 this year, by the way), it is normal for those who are not expecting a refund to be worried about meeting this deadline. Indeed, some see it as the end of the world while others would rather have a...
Major tax filing questions during divorce
Depending on your income and tax bracket, the federal tax filing deadline is another issue to be concerned with in the midst of a contentious divorce. Essentially, tax issues can create a number of financial questions that must be resolved. Indeed, divorcees may...
What is the difference between a tax credit and a tax deduction?
Sometimes it feels like the world changes when daylight savings time comes around. In reality it is just another hour, but as the days get longer and spring arrives, don’t be surprised if you want to spend more time outdoors; especially after work.Unfortunately,...
When will I receive my income tax refund?
If you have slogged through all of the forms and imputed all of the credits and deductions that you legally may include, and you have filed your federal income tax return, you are greatly anticipating your refund (if you are entitled to one, of course). Waiting...
Deductions that the IRS may not allow
It’s no secret that this time of year deductions are the name of the game. After all, who wants to pay Uncle Sam more than he is entitled to; especially if that means writing a check after having withholdings taken out of your income all year? Because of this,...
Reducing taxable income by earning nontaxable income
As we have noted in prior posts, January is the beginning of tax season. The IRS recently announced that the season has officially began since it will now be accepting tax returns. With the season beginning, many taxpayers will be seeking advice on how to reduce their...