What is Tax Deducible- For the Not-So Rich and Famous

Sometimes it seems like you need an MBA, a PHD, or some other multi-letter, high-level academic degree to keep up with the IRS and the 1040 forms that seem to change every year. And when it comes to what’s deductible, what’s not deductible, changes in the deductibles, half deductions, partial deductions and every other confusing percentage of a number, it’s almost impossible to keep up. Not to worry, for the normal, time-honored deductions don’t change; it’s the trendy ones that soak up their 15 minutes of the sun before heading south for the winter that you have to watch out for. 

Know When its Time to Call in the Professionals- Tips to Pick the Perfect Accountant

The Internet has made it so incredibly easy to file a personal tax return; it’s almost funny that tax specialists are still in-demand during tax time.  Some people remember their parents doing their taxes back in the day, and they were unable to eat dinner sitting down due to the stacks of papers scattered all over the dining room table.  Add that to a very cranky father, and the tax professionals might just have your business forever.

All You ever Needed to Know about Doing Your Own Tax Return

Sure, you can pay someone or a company to complete your tax return for you, but the majority of us would rather spare this expense if at all possible, or at least cut it down to a reasonable size.  The truth is simple: If you have a basic sort of tax return, complete with a house, picket fence, dog and 2.3 kids, you can complete your own tax return and save yourself some serious cash. Even with a few extra deductions, like business expenses that haven’t been reimbursed (mileage driven as well as physical supplies), you shouldn’t shy away from the relatively intimidating IRS forms.

Avoiding Audits-Tips to Keep the IRS from Banging Down your Door

Filing early, filing late, filing in March and filing online are each viable reasons for the IRS to pick you for an audit, right?  If you make over $100,000 a year, you have a higher risk of being audited than someone who makes less than that, right?  And if you have a lot of medical expenses in one particular year, you’re doomed to be audited by the Feds, right?  To be honest, there’s a bit of truth to each of these scenarios as well as a touch of fiction added for good measure, as the fear of an IRS audit is one that plagues us as US citizens, to say the least.

All You Really Wanted to Know about the US Tax System (but were afraid to ask)

It seems like every time you turn around, there’s another tax or an increase that takes our hard earned money out of our pockets and into the hands of the Feds.   But have you ever wondered what part you play in the “big picture”? There’s a lot more to the US Tax System than just nickel and diming us to death, seemingly sucking the life out of our paychecks.  In fact, the majority of the income generated by the feds comes from the income taxes we pay.