tax
Is it a terrible idea to rely on tax refunds or bonuses for budgeting?
In the spirit of tax season, someone recently asked, “Is it bad to rely on tax refunds and bonuses when budgeting?” They clarified that revenues had been stable over the past few years, but were not sure whether it was appropriate to include them in the budget. Here are the answers with the most votes. […]
Should I Hire a Tax Inspector?
In an attempt to save money or finally understand every aspect of your finances, you might think it’s a good idea to prepare your own taxes. Before you do, take this as a word of caution: Taxes can be tricky. If you take the leap, you may find that you are not ready to deal […]
Tax credits, deductions and adjustments
Nobody likes the idea of paying more income tax than they need to, and understanding the various options for reducing your tax bill can save you a significant amount of money every year. By using tax credits, deductions, and adjustments correctly, you can seriously reduce the amount you turn over to the IRS. The problem […]
Quarterly estimated tax payments: who, when and why
Business owners, freelancers, and even Uber drivers must pay taxes quarterly. Why? Because they are contractors, not employees. Most companies do not include contractors on their payroll. Instead, they pay contractors after the service is rendered or after an invoice is issued. When you work for a company, the taxes you owe are usually withheld […]
Disaster Tax Relief – Know Your Rights
If you have been the victim of one of the recent devastating hurricanes, you probably already have a lot to worry about. The last thing you want is a long intro to remind you how bad hurricanes are. So let’s get down to business. Here is a breakdown of the tax credits offered by the […]
Don’t worry about moving up to a higher tax bracket
Most people don’t understand taxes. This is understandable because our tax code is messed up and confused. However, there is one concept that many people get wrong and is fairly easy to explain: tax caps. The “Take more with you while earning less” fallacy You may have heard someone boast that they have managed to […]
Gift tax: how much can you give without tax?
When your (very) generous Aunt Betty slips you a $5,000 check on your birthday, do you have to pay taxes on her cash gift? And when you send an annual donation to your favorite charity or alma mater, does anyone pay taxes on that gift? The answer in both cases is no, although, as silly […]
College Student Tax Credits: How to Cut Costs and Get More Back
When you’re in college, taxes are probably one of the last things you think about. After all, why would you worry about taxes if you don’t have a full-time job, right? Well, here’s the thing… Even if you do not have substantial income to report, there may be tax credit or two that you could […]
Need tax breaks? Here is the list
Welcome to the fifth part of Money Under 30’s “Stress-Free Tax Filing Guide”. Today, we’re going to take a closer look at our available deductions. Tax Documents Checklist: A Guide to Getting Started Choosing the best way to file a declaration Tax Software: When to Use and How to Choose Tax tables (details, capital gains, […]
9 simple tax mistakes to avoid when filing your tax return
Tax laws are complex. There is no doubt about this. But strangely enough, many tax mistakes people make are due to shockingly simple things that can be easily avoided. (Some examples include failure to meet a tax deadline, failure to report all of your income, and failure to use the correct tax credits, just to […]