How Student Debt Affects Your Taxes Americans owe over $1.3 trillion in student debt, a number that continues to increase as the cost of education rises. Nearly 40% of adults under 30 have student loan debt with two-thirds of college seniors taking out a loan to pay for their education, according to the Pew Research …
Making smart choices about your living situation will have a big impact over the long term on your finances. A lot of consumers aren’t sure whether it’s best for them to rent or buy a home in their particular situations. It’s hard to provide a simple rule for which is preferable. While you build equity …
Continue reading “Which is better for your wallet: Renting or Home-owning?”
Back taxes are any taxes not paid during prior tax years. The United States Internal Revenue Service estimates 8.2 million Americans owe a combined tax debt of $83 million in back tax debt. Owing back taxes can greatly affect the quality of someone’s life, but misinformation, not being able to pay, and fear of penalties …
President Trump signed The Job Cuts and Jobs Act on December 22, 2017. The legislation that actually passed is quite different from the promised 35 percent tax cut Trump promised on the campaign trail. In fact, the main beneficiaries of this tax law are taxpayers at the top of the heap, specifically, the top five …
Continue reading “Everything You Need to Know About the New Tax Plan”
The spirit of entrepreneurship that drives many to open a small business often comes with a fierce independence and self-reliance. While these are admirable traits and some may say essential for success as a small business owner and operator, they can make one less likely to seek outside guidance and assistance where it could prove …
While organizing just about anything in your life can become a daunting task, there are some that can truly change the way you live. The organization of your finances can help you and your family stay on budget, pay bills on time and do your taxes quickly, just to name a few. The professionals at …
When filing an individual tax return, use the correct version of the IRS 1040 forms. It is essential to educate yourself about income restrictions and report all earned income. Report All Income Sources The main sources of income to be reported on an individual tax return are: Wages, Salaries, Tips Self-Employment Income Interest These are …
Business owners have responsibilities to the IRS and State beyond filing their personal income taxes; they must also pay business taxes on behalf of their company. Just as individuals sometimes have difficulty paying their income taxes to the IRS/State, businesses owners, both large and small, are sometimes in need of business tax services and business …
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Starting and running a successful business is challenging enough. Keeping track of all the forms you need to file with the IRS/State to qualify for business tax deductions and to stay current on your corporate taxes can be overwhelming. Not to worry, we’ve highlighted the key tax forms you need to be aware of here: …
You could end up owing the IRS taxes and penalties if your IRS tax returns are not filed correctly or if you do not file your return at all. Not only can the IRS assess penalties on your unpaid taxes, they also charge interest on the total of both the back taxes and penalties, which …
