Tax Conveniences: Paying and Filing

The Internal Revenue Service has announced that taxpayers who need to make a payment in cash can now do so at 7-Eleven convenience stores across the United States. While it may seem like an unusual arrangement, it caters to a large number of Americans who do not have a bank account or credit card. The […]

Considerations Before Filing Your 2016 Tax Returns

Overall, the methodology and approach to filing your 2016 tax returns will be quite comparable to that of 2015. Nonetheless, there are important bits of information you should be aware of: Taxpayers will again be given three additional days to file since April 15 falls on a non-business day (Saturday). The deadline is now April […]

The Value of Contributing to Retirement Accounts

If you have not already done so, it is an excellent idea to fund your retirement account for 2016 (specifically by April 17, 2017). April 17, 2017 is the deadline for contributions to an IRA (traditional), whether deductible or not. This is also the deadline for a Roth IRA. If you have a Keogh or […]

Four Common Tax Myths Debunked

As we approach “tax day” there is often misinformed chatter about what is acceptable when filing your taxes. There are rumors out there about various deductions and loopholes that can potentially get you into trouble if followed. Here are a few: 1. Filing Taxes are non-mandatory. Believe it or not, there are a considerable number […]

What To Know For Tax Season 2017

What should you know for this year’s upcoming tax season? 1. New Filing Date Generally, taxes are due on April 15, but this year the deadline has changed because April 15 falls on a Saturday. This was normally push the deadline to Monday, April 17, but that is Emancipation Day, a holiday in Washington, DC. […]

4 Tax Mistakes that Hurt Your Bottom Line

As tax season approaches, be sure not to fall victim to these common oversights: Charitable Deductions You can receive charitable deductions for your old clothing and furniture that you wish to dispose of. The important component is ascertaining the value of those items. If your deduction exceeds $500 for noncash donations, a Form 8283 will […]