Tax Law

Choosing the correct filing status is important. The correct status might save you money and could eliminate the IRS coming back and challenging the status on a previous tax filing.Here is a brief synopsis of the each filing status: Choosing the Correct Filing...

It is alway a good idea to review your exemptions and whom you support. This could be the situation in a divorce, elderly parents or the care for a another person's child. Here is a good review of some of the dependency requirements. How Exemptions and Dependents Can...

The Government owes you money. Why not get your money now so you can decide on how to spend it.Here are a few tips to put your refund in your account quicker and in a safe manner: Five Reasons to Choose Direct DepositEasy, safe and fast - that's direct deposit....

Here are a few tax tips to keep in mind when preparing your tax return or reviewing the professionally prepared return. Five Tips on Whether to File a 2016 Tax ReturnMost people file a tax return because they have to. Even if a taxpayer doesn't have to file, there are...

Home repairs can be draining on your pocket book. However, some repairs help the environment and save you money on energy costs. As an incentive, the government is offering various credits to ease the pain of making these changes to your home. Home Energy...

Some taxpayers have a hobby or craft that could be a money maker. This could be almost any type of activity whereby you charge a fee or sell a product. The mere fact that you call something a business, does not mean that the IRS cannot disallow losses or expenses...

Many take up a cause and travel to a place where they can help those in need. This is a great way to give back and to get a small tax benefit for your service. Here is a few tips for those who volunteer with a charitble organization. IRS Offers Tips on Charity...

If you did not get your tax refund, the IRS may not be the reason for the oversight. Other government agencies can grab your refund if you owe specific types of debts. Search deep into your past to determine if there is a reason for the offset. Calling the IRS is an...

Capital gains are nice for two reasons. One, you probably made money. The second reason is that they might be taxed at a lower rate. Capital loss are the opposite. First, you lost money. Second, the losses might be limited.Below are some interesting facts about...