Tax deductions and credits are terms often used together when talking about taxes. While you probably know that they can lower your tax liability, you might wonder about the difference between the two. A tax deduction reduces your taxable income, so when you calculate your tax liability, you're doing so against a lower amount. Essentially, your tax obligation is reduced by an amount equal to your deductions multiplied by your marginal tax rate. For example, if you're in the 22% tax bracket … [Read more...]
The College Landscape After Tax Reform
College students and their parents dodged a major bullet with the Tax Cuts and Jobs Act of 2017. Initial drafts of the bill included the elimination of Coverdell Education Savings Accounts, the Lifetime Learning Credit, and the student loan interest deduction, along with the taxation of tuition waivers, which are used primarily by graduate students and college employees. In the end, none of these provisions made it into the final legislation. But a few other college-related items did. These … [Read more...]
“Why do all my friends get bigger tax refunds than I do?”
We hear this question often, and our answer is always the same: “It depends”. There are many factors that go into determining what refund a taxpayer receives after the tax return is filed. Change one of those factors even slightly, and the results can shift a lot. Here are just some of the factors: Are your friends/co-workers/neighbors having a lot of tax withheld from their paychecks all year? And are you have much less withheld? The biggest factor in determining a refund amount is … [Read more...]
2017 Year End Tax Alert
Open/Read 2017 YEAR END TAX ALERT (PDF document) … [Read more...]
Taxpayers Who Receive an IRS Notice
Receiving a notice from the Internal Revenue Service is usually no cause for alarm. Every year the IRS sends millions of letters and notices to taxpayers. In the event one shows up in the mailbox, here are ten things you should know. OPEN/DOWNLOAD ARTICLE: Taxpayers Who Receive an IRS Notice … [Read more...]
Worksheet for Self Employed
WORKSHEET: Self-Employment Worksheet OPEN/DOWNLOAD ARTICLE: Self-Employment Tax … [Read more...]
Rental Income & Expenses Worksheet
OPEN WORKSHEET: Rental Income and Expenses Worksheet OPEN/DOWNLOAD ARTICLE: Rental Income and Expenses … [Read more...]
Non cash Charitable Donation Tracker
OPEN FORM: Non cash Charitable Donation Tracker … [Read more...]
Mileage and Expense Log
Most employees and self-employed taxpayers can use this chart. Do not use this chart if the taxpayer’s home is the principal place of business. OPEN/DOWNLOAD: Mileage and Expense Log … [Read more...]
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