For decades, lawmakers have complained about the“marriage penalty”, which refers to the areas within the Internal Revenue Code (IRC) that tend to favor unmarried couples who cohabitate over those who are married. The marriage penalty just became a lot bigger with the IRS’s
For entrepreneurs and small business owners, the way you manage your taxes can be the difference between finishing the year in the red or in the black. This is why it is important to evaluate your tax situation at least a few times
Special tax benefits apply to members of the U. S. Armed Forces. For example, some types of pay are not taxable, and special rules may apply to some tax deductions, credits, and deadlines. Here are ten of those benefits: 1.
Are you planning to pay for college in 2016? If so, money you paid for higher education can mean tax savings on your tax return when you file next year. If you, your spouse or your dependent took post-high school
If you give money or goods to a charity in 2016, you may be able to claim a deduction on your federal tax return. Here are six important facts you should know about charitable donations. 1. Qualified Charities. You must
Some natural disasters are more common in the summer, but major events such as hurricanes, tornadoes and fires can strike at any time. It’s always a good idea to plan for what to do in case of a disaster. Here
What if there were a tool that helped you create crystal-clear plans, provided you with continual feedback about how well your plan was working, and that told you exactly what’s working and what isn’t? Well, there is such a tool.
Between mortgages, car loans, credit cards, and student loans, most people are in debt. While being debt-free is a worthwhile goal, most people need to focus on managing their debt first since it’s likely to be there for most of
Each year, the IRS mails millions of notices and letters to taxpayers for a variety of reasons. If you receive correspondence from the IRS here’s what to do: Don’t panic. You can usually deal with a notice simply by responding
Did you know that a name change could impact your taxes? Here’s what you need to know: 1. Report Name Changes. Did you get married and are now using your new spouse’s last name or hyphenate your last name? Did
