I realize I made a mistake on my 2015 taxes. Is it too late to fix it? 9 Financial Fumbles You Can FixRules for Paying Off Back TaxesResolve a Complaint About an eBay PurchaseUndo Your Social Security Claiming DecisionResolve
Rules for Paying Off Back Taxes
I made a mistake on my tax return and now I’ve got a bill for back taxes. Will the IRS let me pay it over time? 9 Financial Fumbles You Can FixRules for Paying Off Back TaxesResolve a Complaint
Tax Deductions: Homeownership Has Its Privileges
Remember the day you moved into your first house? From the moment you slid that shiny new key into the lock to the moment you drifted off to sleep in the bedroom that was now yours, you knew this date would always be stamped on your memory. What’s more, you may even have a soft spot in your heart for the 15th of
Can 'Boomerang Kids' Help With Their Parents' Taxes?
About 43% of men and 36% of women ages 18 to 34 still live with parents or relatives, according to the Pew Research Center, but experts say there are a few things parents can do at tax time to help offset the costs of letting those adult children stay in the nest. As with parenting, though, it can be a tricky
What to Do With the New Proof of Health Insurance Tax Form
I just received a Form 1095 C from my employer about my health insurance. I already filed my taxes for 2015. Do I need to make any changes because of this form, and should I have sent it in
Save on Taxes on Your Parking and Commuting Costs
How can I get tax free commuter benefits? Is the money available for parking, or do I need to use it for the subway or bus? If your employer offers commuter benefits, you can set aside up to $255
Your March Madness Gambling Losses Could Soften the Blow of Tax Season
By Jerry Mitchell Learn more about Jerry on NerdWallet’s Ask an Advisor Late March is upon us, and that means tax season and the NCAA college basketball playoffs are underway. March Madness makes this time of year a little more fun, as fans get to delight in the roller coaster ride of triumphs and upsets. Not
Why We No Longer Fear the IRS
Our tax laws are complex and often difficult to understand. Tax professionals warn us of the perils of audits. Penalties for getting our taxes wrong can be stiff — up to and including jail for those who deliberately evade the taxman. So why don’t we fear the IRS? Clearly, we have some fears about April 15 . A
Fund Your Retirement, Save on Taxes Now
As you tackle your 2015 tax return, make sure you haven’t overlooked one of the best ways to cut your tax bill and secure your future funding a traditional IRA. (There is no upfront tax break for funding a
Tax Deadline Countdown: Who Gets to Claim the Kids?
As the countdown to file your tax return winds down to the April 18 tax deadline, the pressure builds as thousands of taxpayers contend with the vital issue of claiming dependents on taxes after divorce. Divorce procedures are financially and emotionally straining enough, but often, new divorcees are caught in a
IRS Warns of 400% Spike in Online Tax Scams
A client recently forwarded me an email that appeared to be from the Internal Revenue
IRS Tax Audit Red Flags
Ever wonder why some tax returns are eyeballed by the Internal Revenue Service while most are ignored? Short on personnel and funding, the IRS audited only 0.86% of all individual returns in 2014. And the audit rate
Beware (Tax Scammers on) the Ides of March
Tax scammers are now playing the good cop bad cop game. For months, taxpayers have been receiving aggressive and threatening phone calls from crooks who claim to be IRS agents and demand immediate payment of back taxes with a
7 Hidden Tax Breaks for Retirees to Maximize Tax Refunds
Managing your taxes in retirement can be quite an undertaking. When it comes to filing taxes, there are many write-offs you should consider. Make sure you understand all of the tax deductions, write-offs and tax breaks for retirees that might apply to you. To maximize your deductions and your tax refund, learn
What to Do If You're a Victim of Tax ID Theft
If you believe someone has filed a tax return in your name either because your return bounced back or you received a notice from the IRS about a suspicious filing notify the IRS Identity Protection Specialized Unit at 800
4 Sure-Fire Ways to Pay Less on Your Tax Bill
Are you facing a hefty tax bill this year? If so, don’t panic — there are ways you can lower your tax bill and keep more money in your pockets. In addition to claiming tax breaks, deductions and credits , give these four smart tax strategies a try: 1. Use a Tax Software Program If your return is simple, using tax
4 High-Earner Tax Tips That May Help Middle-Class Filers, Too
Minimizing taxes is an important part of building wealth and financial security, which is why there’s a lot to learn from people who have presumably done that already — people the IRS dubs “high earners.” A look through IRS data on individual tax returns for 2013 and 2014, for example, reveals that some deductions
A Tax Break for Long-Term-Care Insurance Premiums?
Can I take a tax deduction for my long term care insurance premiums? Maybe. If you have a tax qualified long term care insurance policy, you may be able to deduct a portion of your premiums as a medical
8 Ways to Save on Your 2015 Tax Return
Tax procrastinators, rejoice. You have until April 18 (April 19 if you live in Maine or Massachusetts) to file your tax return this year. That’s because federal offices in Washington, D.C., will be closed on Friday, April 15, for
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
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