Most people dread the process of filing their taxes. But maximizing your return with a few minor tweaks in the way you file could take a bit of the anxiety out of the process. Reevaluating your W-4, reconsidering your filing status, and claiming the earned income tax credit are just a few ways you can get the biggest return possible on your income taxes. So, stop dreading filing your taxes and start looking forward to a big return by following these simple tips.
For most taxpayers, reducing their annual tax burden is a major financial goal. According to the Internal Revenue Service, millions of Americans claim deductions on their taxes every year. Some examples of popular deductions include real estate taxes, home mortgage interest, charitable gifts, and local taxes. However, many taxpayers overlook a number of tax write-offs that could make a significant impact on their tax burden. Where applicable, consider applying the following tax deductions to your return this year.
Most people are extremely busy from November through year end. The combined holiday season seems to get busier with Thanksgiving followed by purchasing Christmas gifts and putting up decorations. With all of the festivities, it can be easy to forget that tax season is just around the corner. By acting wisely and taking a few simple steps before year end you may be able to save a bundle on your taxes.
n addition to the IRS targeting members of conservative organizations it appears that the IRS and other government agencies are targeting ordinary citizens for “Asset Forfeiture” which is another word for outright theft as there is no “due process” involved and the defendant is presumed guilty until proven innocent. In today’s post Matt Chilliak of Live and Invest Overseas describes this latest threat to our “Pursuit of Happiness”.
Paying taxes can put a great burden on your family’s finances plus this is in addition to other major expenses like your children’s education and health costs. However,there are a lot of tax breaks and credits provided by the federal government, you can ease your tax burden significantly and save a substantial amount of money […]
Instead of waiting for the last minute,make the first move this tax season, get yourself from behind the financial eight ball by preparing yourself for April 15 with the following steps: One – Organize Your Expenses into Personal and Business Expenses One of the best ways to keep the Internal Revenue Service off of your […]
According to an Internal Revenue Service report, the U.S. treasury was shorted $385 billion in tax receipts in 2006 alone due to, “underreporting and underpayment,” by U.S. taxpayers, both individual and corporate. The amount would be $65 billion higher but the IRS managed to collect that amount through audits and enforcement. IRS audits could be […]
When considering relocating, one important factor in your decision might be state income tax. The most obvious choices are the handful of states that do not have a state income tax, listed below in alphabetical order. Alaska The economic growth is still slow, slightly under one percent. Jobs are mainly found in service industries, such […]