Life in the 21st century is increasingly one where the digital format is the medium of choice. More and more people just stream their music rather than buying CDs to listen to. People read books on their tablets or dedicated e-readers rather than putting printed books on a shelf. Even movies are consumed by digital stream rather than played back on a disc.
It’s true that nobody really wants to think about taxes. From the hassle to the cost, it’s not high on anyone’s to-do list. But, it’s a necessity, and one that you’ll need to give your full attention at some point. Letting the professionals handle the process for you can help cut down on a tremendous amount of the hassle and stress, but it’s also important to make sure that they offer you the option of e-filing your taxes.
Of all the various tax breaks and ways to reduce your total tax debt and potentially increase your tax refund, few are as important or widely used as the earned income tax credit. But just what is it and how does it work? It’s something that’s worth taking a closer look at since this important tax credit could help you get the most from your taxes each year.
There is nothing more devastating than discovering that you miscalculated your withholdings. Finding out from the IRS that you owe them money when you were instead expecting to receive money could be a devastating financial blow. Fortunately, the IRS has provided tips to help prevent you from receiving this news next April.
As November came to a close, did you choose to participate in Giving Tuesday? If not, there’s still time to get in the holiday spirit and donate, thanks to this charitable movement.
Wildfires have been spreading across the state of California, causing extensive damage. Homes and businesses have been lost in a matter of seconds – at one point, the fires were spreading at a rate of 100 feet per second. For those fortunate enough to make it out alive, they face the tough task of having to rebuild and reconstruct their finances. The IRS has offered tips for those who need to reconstruct their records after a disaster. The reconstruction of records can be vital when it comes time to prove a loss, receive federal aid, or receive insurance reimbursements.
As you’ve likely seen on the news lately, there has been a significant damage throughout the country due to natural disasters. Hurricanes recently struck Texas and Florida, while northern parts of our own home state have been ravaged by deadly wildfires. If you or a loved one are victims of the wildfires that began on October 8, the IRS has announced that you may qualify for tax relief.
Did you know that your charitable donations can impact your taxable income? Many charitable organizations are eligible to receive tax-deductible contributions, meaning you can claim a charitable deduction when you file your tax return. Whether you donate a couple hundred dollars to a charity you’re passionate about or a few bucks in support of a friend running a marathon, you should be able to claim a deduction if you take the proper steps.
For taxpayers, this time of year may be the second-most stressful. Obviously the first is the tax deadline itself. But when the IRS begins contacting taxpayers regarding audits, many people begin to sweat. Unfortunately, this nervousness is something that makes many Americans vulnerable and is something that scammers pry on. You should be careful not to fall for a scam, and be aware if you get a phone call from the IRS claiming you owe money.
Throughout the course of the year, you may be forced to relocate because you began a new job or relocated your existing one. Any expenses you have because of this move are potentially deductible, something that is often overlooked or forgotten when it comes times to file your taxes in the following spring.