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

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

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

Anyone that regular follows the news and arguments in Washington about taxes knows that capital gains are taxable to one extent or another because the capital gains tax has been the subject of a great deal of vigorous debate in Congress and between the political parties. As such a contentious tax, it is frequently changed or modifies by Congress. For … more

One of the most daunting aspects of the American tax system is just the simple fact that it changes each year. Some of these changes are built into the legislation that enacted the measure, which is why many limits and income restrictions change every year. Other changes stem from the fact that the progressive tax system used by the United … more

The American tax code is extremely complicated, and though this means that it can be a pain to file your annual return, it also means that there are a lot of ways to either increase the amount of your refund or decrease the amount of your tax liability. Despite this, most people are aware of at least some of the … more

The 1099 series of forms are known as “information returns” and required by the Internal Revenue Service (IRS) to be issued by almost all non-employer payers – people, organizations, or institutions that pay money to American taxpayers – in the United States. These information returns show the amount of money paid to the taxpayer as well as other relevant information … more