Have you completed your tax returns yet?
If not, there is still time to make sure that you claim every deduction for which you qualify.
Here are 20 common deductions:
Imagine this nightmare scenario:
You have finished your taxes and feel a sense of relief as you hit the button to submit your return to the Internal Revenue Service electronically. The government, however, blocks the return.
The problem? Someone else has already filed a fake tax return with your name and Social Security number!
As tax season approaches, here is a bit of good news from the nonpartisan Tax Foundation: State and local taxes, as a percentage of Americans’ income, have decreased across the country.
The foundation’s analysis of 2012 tax data concluded that the tax burden declined because Americans’ income increased at a faster rate then tax collections.
With April 15th looming, here are six last-minute tax tips to help you survive the season.
Every year brings with it tax law changes.
As we start the new year, here are changes that you may need to know about:
Standard deductions grow.
The standard deduction that you can take for yourself, a spouse and children when filing your federal taxes will be bigger in 2015.
When you check your mutual fund investment returns, do you believe their performance figures?
If the fund says it rose 10% for the year, for instance, do you automatically assume that your portfolio enjoyed the same boost? Actually, you shouldn’t.
Many times the figures won’t match because of taxes. With the exception of retirement accounts, your actual returns will usually be lower due to the tax drag.
This the time of year when it makes sense to explore last-minute ways to ease the tax bite that could be waiting for you on April 15. Here are eight potential ways to shrink your tax liability: