Many people spend so much time building their investment portfolios that they consider it a part of their business strategy. However, not all people making regular business investments actually qualify to be taxed as traders (the official IRS name for professional investors). To qualify as a trader, and get the excellent tax benefits that come along [...]
When thinking of retirement, many people don’t consider that the money in their 401(k) or IRA will be taxed. They also don’t consider the tax rate for these plans in the future. Many analysts believe that tax rates are very likely to go up over time. This likely increase is due to the currently rising national [...]
Tax season is finally behind us, and now taxpayers and tax professionals alike can finally breathe a sigh of relief. While we can all appreciate the end of this stressful season, we should also consider what we can do to make sure next year’s tax season is as stress-free as possible. To help both taxpayers and [...]
Waited till the last minute to file your taxes? You’re in luck because the IRS is extending the deadline to April 18. On the night of Tax Day (April 17) the US Internal Revenue Service’s website crashed and was unavailable for most of the day. They later came out to announce that they’ll be giving taxpayers [...]
If you haven’t filed your tax return yet, don’t rush to get it in as fast as you can. Why? Because many of the most common tax filing mistakes are made by those rushing to file close to the tax deadline. Common errors like failing to claim all possible deductibles, failing to claim side income sources, [...]
Whether you tend you use the standard deduction or are a big itemizer, there are many financial documents you need to keep. Generally, the IRS requires that you keep all your important tax-related documents for three years, in case of an audit. But in certain cases, and notably, if the IRS finds you have neglected to [...]
Back when the new tax bill was going through its many revisions, a major tax credit was temporarily cut from the bill, but ended up making it in the final version. That tax credit was the incredibly popular adoption tax credit. The adoption tax credit has been widely hailed by adoption advocates as a way to [...]
If you’re thinking of claiming— or have already claimed— the Earned Income Tax Credit or the Additional Child Credit, the IRS wants to make sure you know your tax refund will be delayed. This year, the IRS has released several notices reminding taxpayers that their refunds will be delayed if they claim these credits. The IRS [...]
A few weeks ago, the IRS put out an official news release urging travelers requiring passports to pay their back taxes or enter into payment agreements. And the reason behind this notice? A new procedure that could put your passport at risk if you owe back taxes. This new procedure comes from the provisions within the [...]
In the wake of major disasters, the Internal Revenue Service has been known to grant certain forms of tax relief to help disaster victims recover. Such is the case for the United States and United States territory victims of Hurricane Irma, the Category 5 hurricane that recently devastated many Atlantic islands and much of the Atlantic [...]
