“I am proud to be paying taxes in the United States of America. The only thing is – I could be just as proud for half the money.” Arthur Godfrey First a confession: Don’t believe the title of this article. I got it from a book by Jeff Schnepper, a popular tax guru whose book [...]
Tax Tips
It’s tax time once again, creating a lot of pressure for the accountants out there. But I also see many regular folks under pressure, especially those who find it challenging to get their information together. (More about this below.) With an election looming a year from now, not much is new in the tax laws. [...]
For those of you who can’t imagine what I find so interesting about taxes, picture the following scenarios: 1) A widow with three children makes $20,000 a year from her job. To deal with the crushing finances, she decides to work as a cleaning lady on Sundays and evenings, and earns $12,000 a year to [...]
Why is this tax season different from all other tax seasons? Answer: because, based on everything we are reading, IRS audits are going to increase, so let’s be careful – very careful.
Baltimore City has high real estate taxes – double what people pay in the County. The City is facing a major deficit and, because of a limited tax base, must get money wherever it can find i
American opportunity tax credit. A new tax law says that parents can save $2,500 on their taxes per undergraduate college student, provided that their income does not exceed $160,000. If it tops $180,000, there is no tax credit at all.
The HSA also corrects the flaw in the “cafeteria plan,” in which an employee sets aside some of his salary for that year’s medical expenses, tax free
The turn of the new year is an important milestone for anyone paying income tax – which means the vast majority of us.
You cannot receive the rebate if you do not file a return. Therefore, you should file, even if you do not earn enough to file, or if you are a senior citizen whose only income is from Social Security. Some of these people have not filed in years but should file this year.
As yet another tax season rolls around, here are some planning tips that can be critical to saving you money: