50 Ways to Save $500 This March
Saving hundreds of dollars in just one month might seem next to impossible for some of us. After all, you would have to cut out everything you like, eat only ramen noodles and live like a hermit, right? Not so. There are plenty of things you can do to cut costs — some small, some big — that can add up to major
Clients Moving to Low-Tax States? Document Carefully to Avoid Tax Disputes
Living in a low-tax state can bring savings that add up to a small fortune over time — and clients living in high-tax states may want to consider a move to low-tax paradises like Florida or Texas. Advisors should help their clients choose a state that makes sense and prepare to document every step of the move.
Tips to Make Tax Time Easier
By Laura Scharr-Bykowsky Learn more about Laura on NerdWallet’s Ask an Advisor Tax time can be stressful for many people, for two reasons — the filing process itself and the knowledge that if you’d made different decisions the year before, you might be facing a smaller tax hit this year. Let’s explore ways to
When Are Taxes Due in 2016?
If you’re a last minute filer, this year offers you some extra relief Tax day will be April 18, 2016, three days after the traditional April 15 due date. See Also The Most Overlooked Tax DeductionsThe cause is a
Turning Your Hobby Into A Business Means Tax Breaks
Hobbies provide a great way to relax from the daily grind. For many people, they also offer a way to make extra spending money. Be aware, however, when your hobby produces income, you owe tax on it. You can reduce your taxable hobby income by deducting your hobby expenses. Or you can turn your hobby into a business
10 Most Important Tax Deadlines In 2016
When you think about filing taxes , you might focus on that specific cutoff day in mid-April. However, the deadline for filing taxes isn’t the same for everyone. Tax day can vary based on the type of work you do and where you live. More importantly, there are a number of other important tax deadlines that occur
The Worst State to Live In for Taxes
California is a killer when it comes to taxes. After analyzing the tax policies of all 50 states and the District of Columbia, we ranked the Golden State the absolute worst in terms of the overall tax bite that
Steps to Lower Your Property Tax Bill
Home values have risen across the country, which means many homeowners’ property taxes are going up, too. In New Jersey, home to some of the highest property taxes in the U.S., the average property tax bill
5 Ways to File Your Taxes for Free
For fans of modern technology, filing a tax return on paper may seem as antediluvian as reading by candlelight or riding a horse to work. But while filing a paper return takes more time and increases the likelihood of
What to Look for in a Tax Professional
By Craig W. Smalley, EA Learn more about Craig on NerdWallet’s Ask an Advisor Tax laws are living and breathing. They change frequently. As a tax professional, I spend the first two hours of my day reading law updates just to stay abreast of key tax changes . Despite the industry’s complexity, tax preparers
Audit Red Flags for the Self-Employed
Being in business for yourself can be exciting, lucrative and a great way to get in the sights of the Internal Revenue Service’s audit division. Short on personnel and funding, the IRS audited only
What Business Expenses Are Tax-Deductible?
By Craig W. Smalley, EA Learn more about Craig on NerdWallet’s Ask An Advisor Small-business owners often have questions about what expenses they can deduct on their taxes. But allowable business-expense deductions vary based on the type of business you are in. The IRS states in tax code IRC §162(a) that
Take Every Deduction
Every possible tax deduction can help when your money is tight. Yet many available legal deductions go unclaimed each year simply because most taxpayers still don’t know the breaks exist. From eyeglasses to airline baggage fees, you might qualify
7 Signs You're the Victim of a Tax Scam
By Laura Woods A lot of preparation goes into doing your taxes . You have to gather all of your necessary tax forms, download your tax preparation software or even sit down with your accountant to go over the countless tax deductions or tax breaks you might qualify for. In fact, you might be so busy during tax
How to File an Amended Tax Return
I read your column about how you can take advantage of a portion of the child care credit even if you use your flexible spending account for child care costs. I have two kids and a lot of child
Tax Breaks That Refuse to Die
Congress has a habit of waiting until the last minute to change tax rules. But at the end of 2015, lawmakers did taxpayers a favor by making some temporary tax breaks permanent. See Also 9 Tax Breaks for the
The Best State to Live In for Low Taxes
States tax residents in a variety of ways. Place too much emphasis on any one tax, and you run the risk of missing the bigger tax picture. A state with no income tax might very well levy high sales
13 Worst Things to Do With Your Tax Refund
By Caroline Banton People typically don’t want to pay more taxes than they need to, but a tax refund implies just that. Withholding more money than necessary each paycheck means that an individual forgoes the opportunity to earn interest on that money elsewhere. Approximately 77 percent of taxpayers receive a tax
Key 2015 Tax Changes to Know About
A lot has changed this year – but not the penalties associated with filing
Claim Your Tax Refund ASAP to Thwart ID Thieves
You’re more likely to be struck by lightning than audited by the IRS, but that doesn’t mean filing your taxes is worry free. The rapid rise of tax identity theft has forced nearly a million victims to wait months
How to Decide Which Tax-Filing Method Is Best for You
By Michael McDonald As tax season approaches, it’s safe to say that few people are looking forward to the annual headache of filling out mounds of paperwork. Even after filing, many Americans wonder if they’ve made mistakes on their tax returns. For the average person, the tax-preparation process begins with the
Doing Taxes Yourself Isn't as Hard as You Think
By Kathryn Hauer , EA, CFP Learn more about Kathryn on NerdWallet’s Ask an Advisor When I was a 21-year-old newlywed, I couldn’t bear the thought of paying someone to do our simple taxes. So I went to the library, got the forms and did them myself. That was back in the days when you did taxes by hand using
Claiming the Dependent-Care Tax Credit for 2015
I paid child care expenses of $14,300 for my two children in 2015 and used my dependent care flexible spending account at work for $5,000 of those costs. My tax software is saying I can only take $200 for
Don't Fall for These IRS Scams
By Craig W. Smalley , E.A. Learn more about Craig on NerdWallet’s Ask an Advisor About a year ago, I got a phone call from a frantic client. The Internal Revenue Service had called to tell her she was under investigation for tax fraud and that a warrant had been issued for her arrest — unless she paid the
Kitces: Avoid Big Tax Bills With This Special Trust
Most income tax planning is focused on shrinking federal tax liabilities. With state income tax rates as high as 13.3%, strategies that reduce those liabilities are increasingly popular, as well. A newly-popular strategy is the so-called NING trust, a Nevada Incomplete Gift Non-Grantor trust. It’s an extension of
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