Many Americans overpay the government each and every year and in essence, these overpayments are interest free loans to the government. Now granted, if you file your taxes properly, you should get all of the overpayed taxes back but if you hadn’t overpayed that money to begin with, it could have been sitting in an interest bearing savings account earning … more

Each year as the time comes again to prepare and file an income tax return, many people look and look to find the most deductions to reduce the amount of taxes they owe or to increase the amount of their refund. Here is a compilation of some useful but oftentimes overlooked, tax deduction tips that many people can qualify for.

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The Internal Revenue Service (IRS) form W-2 is an individual’s wage and tax statement for a given tax year. It contains information used by the Internal Revenue Service to determine an individual’s total wages earned and total taxes paid in. State governments use the IRS form W-2 as well, in the calculation and preparation of state taxes, for those states … more

Dreading that April 15th tax deadline? Well then, why not file your taxes early and put all that dread to rest! There are a number of benefits to filing your taxes early and we’ll discuss them here so that you can be informed and prepared before the deadline rolls around.

Probably the most likely benefit that most people see in … more

As the April 15th deadline approaches, many people are looking for ways to reduce the income tax they may owe while increasing the amount of the refund they are eligible for. In general, there are a few ways an individual can reduce their income taxes. They can reduce their income, take advantage of all available tax credits they are qualified … more

One of the defining characteristics of the American tax code is that it is specifically designed to encourage behavior that the government believes are productive and desirable. Not surprisingly, this includes higher education which leads to a better educated and more productive society and workplace. Therefore there are a host of different tax credits and deductions that relate to expenses … more

Generally speaking, the Internal Revenue Service (IRS) actively encourages people to pay their full tax bill by the date it is due. This is the primary reason the IRS actively encourages people to withhold taxes and routinely send in their withholding amounts to the IRS. For the record, getting an extension for your filing date does not extend your due … more

With very few exceptions, all income earned by American taxpayers – both individuals and entities – is taxable in one way or another. This, not surprisingly, includes income earned by renting property. Whether this income is payable by the individual or an entity depends on who the legal owner of the property is, but the income remains taxable. In fact, … more