If you are looking ahead to tax time, you may be considering itemized tax forms for the very first time. However, you may have also heard a rumor that itemized tax returns take forever to complete. Without really knowing how long it takes to complete a standard form versus an itemized one, how can you be certain of the time constraints? Better yet, if you knew you could gain a thousand or more dollars simply by filling out “…
Several types of state and local taxes are deductible on a federal income tax return. To deduct state and local taxes, individuals must itemize their deductions. Tax filers reduce both their taxable income and their net federal tax by maximizing their deductions for state and local taxes paid.
Each tax filer can choose between either itemizing their deductions or claiming a standard deduction amount. All itemized deductions are reported on IRS Schedule A, which is a supporting form for Form 1040.…
If you have not been able to pay your property taxes for an extended period of time, then you may be able to work with your local government’s tax collector on a payment schedule or settlement of your past due taxes. While the exact procedure to arrange to make a one-time settlement will vary from one area to another, there are some things you can do to help ensure your success, such as:…
When you calculate your final level of income tax at the end of the year, you might not be pleased by the amount of money that you have to pay. In order to reduce your total amount of taxable income, you are going to want to ensure that you hit as many deductions as you possibly can. Here are some of the more commonly overlooked income tax deductions that you might be able to use.…
Every year you file your taxes. When you get a refund, you’re more motivated to file and may even be excited for the beginning of the year to roll around. Other times you may feel too busy or that your taxes are too complicated to file, so you let years of unfiled tax returns pile up. Whatever methods you use to motivate yourself to file your taxes, here are 3 habits you need to stop.…
Unless you’re a tax pro, you’re probably considering getting some kind of help in filing your taxes quickly. Tax software and a tax service are two of the common options for easy tax preparation. Here are some of the benefits and drawbacks of each of these services.
Pros and Cons of Tax Software
The main benefits of tax software are that it’s quick and cost-effective. You simply enter your information into their user-friendly system and they fill out the relevant boxes for you on the tax return.…
Individuals must sometimes deal with the aftermath of a sudden casualty or theft loss. If insurance does not cover the incident, the individual usually absorbs the financial cost. Tax filers may claim a deduction on their tax return for a portion of a casualty or theft loss.
A casualty loss is the partial or total destruction of property due to an unexpected event. To be a casualty loss, the damage must be sudden and not be a result of gradual wear and tear.…
You’re successful because of your expertise in your products and services. As your company grows, the demand for internal operational services increases. You’ll allocate more time and resources to those services to support your expansion plans. One way to expand and keep your focus on those things you do best is to consider contracting out some of your important tasks. Here are a few of the areas where you can use outside talent to support your business.…
