Tax records should be kept year-round, not hastily assembled just for your annual tax appointment. Without tax records, you can lose valuable deductions or have unsubstantiated items disallowed if you’re audited. Generally, returns can be audited up to three years after filing. However, if income
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If you have a sizable refund of your 2017 taxes, it may be time for you to check your withholding. Reducing your withholding is as simple as filing a new Form W-4 with your employer. The form comes with a worksheet to figure out how
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If spring cleaning has left you with items that you want to donate to charity, remember that donations of used clothing and household items must generally meet certain requirements to be tax-deductible. First, such items must be in “good used condition or better.” Second, a
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Do you feel like your credit card spending is out of control? Follow these six ways to lead you off the path of financial catastrophe.
This year, the IRS ranked email phishing schemes as a top tax scam concern to make the yearly Dirty Dozen list. This type of scam targets taxpayers as well as tax professionals by using fake emails and bogus websites to collect sensitive taxpayer information. The
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If you’re thinking about divorce, you should also be considering what tax filing status you should choose. Here’s why.
Small business owners and self-employed individuals who work from a home office may be overlooking a common deduction. The IRS encourages small business owners to explore the guidelines surrounding home office deductions and learn more about the options available. Check out Publication 587, Business Use
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Even though your chance to be audited may be slim, there’s still a bright side if you do. You could get an additional refund. Of the approximately 1.1 million audits performed in fiscal year (FY) 2017, nearly 34,000 resulted in extra refunds for taxpayers. Those
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There are a lot of ways a business appraisal can help business owners. Take a look at why you should consider getting one.
Congress cracked the whip on home equity interest tax deductions in 2018. Now only loans used to buy, build or improve your home will be deductible. That means if you used a home equity loan to consolidate debt or fund a purchase that was not
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