With Tax Day just over a week away, the personal finance website WalletHub released its Tax Day By The Numbers report, which features an infographic filled with fun facts about tax season as well as insights from a panel of leading tax experts. You can find a handful of highlights below, followed by additional taxpayer resources from WalletHub. 35 Cents – Cost for the IRS to collect $100 in federal revenue. 1 in 5 – People would get an “IRS” tattoo for a tax-free future. 6 Billion Hours – Total time Americans spend on their taxes … [Read more...] about Tax Day Infographic and Taxpayer Resources from WalletHub
According to a recent Nasdaq survey, 41% of Americans who received a tax refund in 2016 put that money into savings. While 38% used the money to pay off debts. Just 5% of Americans splurged on a big purchase. But, what should you do with your income tax refund? Should you pay off debt or invest? Just like how receiving a big tax refund isn’t always a big deal, putting that money towards something that’s more “entertaining” than “responsible” isn’t always a bad option either. What you should do with your income tax refund depends on your … [Read more...] about What Should You Do with Your Income Tax Refund?
Income tax refund anticipation loans are not a good deal for consumers. In fact, they are down right crummy and can cost you hundreds of dollars. Unless you are in dire need of funds right away for a legitimate emergency, you are better off being patient and waiting for your income tax refund to come to you through direct deposit or even the mail instead of getting an income tax refund loan. What Is an Income Tax Refund Loan? When you complete your income tax return this year, you may be asked if you want your income tax refund right away … [Read more...] about The Dangers Of Income Tax Refund Anticipation Loans
Most colleges are back in session, which means millions of students across the U.S. are in the midst of taking out student loans and paying for tuition, fees, textbooks, laptops, printers, and other school-related expenses. Those costs really start to add up. And, although grants, loans, and other forms of aid can help you maintain financial stability while you’re in school, college students and their parents shouldn't miss out on potential savings through college tax deductions and tax credits. Publication 970 from the IRS lists all the … [Read more...] about 4 Tax Deductions and Credits for College Students and Parents
There are some crazy things that Uncle Sam wants to collect taxes on from you. Did you know that Michael Phelps and the rest of the US Olympians who earned a medal in the Olympics will owe the United States government taxes on their prize money under current law? Having a tax bill on these events just blows my mind. There are some other events and windfalls that can trigger a tax bill if you’re not careful. Here are five of the most random things that generate taxable income and a subsequent tax liability for you when it comes time to … [Read more...] about 5 Amazing Events That Trigger A Tax Bill like Winning an Olympic Medal
This is the next installment in the Reader’s Questions Series, which highlights questions emailed to me by you, the readers of Money Q&A. Be sure to find out at the end of this article how you can receive a free copy of Dave Ramsey’s book, The Total Money Makeover if I feature your money question on the next blog post. If you’re not familiar with Dave Ramsey’s book, you should run right out and get it. It’s one of the top ten best personal finance books you should read. Today’s question comes from … [Read more...] about Reader Question: What To Do If You Get Audited By IRS?
We’re in the thick of tax season, and if you’re having anxiety about handling what you owe whether personally or for your business, you’re not alone. You're not alone if you think, "I can't pay my taxes". If you’re expecting to owe a large sum to the IRS by the April 15th deadline, and know you’re not going to be able to pay off your debt, there are various ways to approach your situation. Filing Issues Even if you can’t pay what the IRS expects of you, you absolutely need to make filing a priority. While the date usually falls on April 15th, … [Read more...] about I Can’t Pay My Taxes: What Should I Do?
You’ve worked your accounting and payroll department to the bone working on tax challenges for your small business. Finally, everybody’s W-2s have been sent out, and you are totally positive that they are 100% correct. Now it’s time to relax, right? Nope. You're a small business owner, and there are tax challenges for small business. Now you get to focus on your company’s taxes for the coming year and making sure you get those correct. This is a little harder because every year the tax codes change and this year there are some … [Read more...] about Tax Challenges for Small Business Owners
Finding a trustworthy accountant can be a difficult decision. Plus, finding an accountant that matches your needs and has experience with your type of business can also be difficult. But, if you’re generating solid income from your business, and no longer have time for the bookkeeping, hiring an accountant can be a worthwhile investment so that you can focus on areas of your business that make you money. Here are some tips to help you find your first accountant. How To Find An Accountant That's Right Understand Your Needs The first … [Read more...] about How To Find An Accountant That’s Right For You
April 15th will be here before you know it. If you are like me, you may be dragging your feet on filing your income tax return. There are many income tax deductions that you may inevitably qualify for, but you do not want to miss them. Make sure that you pay that taxes you owe, but do not pay more taxes than you have to. In 2009, more than 45 million Americans itemized deductions on their tax returns to the tune of $1.2 trillion dollars of savings and deductions. But, the real question is: how many income tax deductions did we … [Read more...] about Five Of The Most Important Tax Deductions You Can’t Forget