We can insure just about anything we choose: our cars, houses, businesses, ability to work – even our lives. While carrying insurance may be expensive, we’re paying for peace of mind. It seems like the only thing more expensive than insurance is not having it when something bad happens. Fortunately, insurance premiums are often deductible […]
Whether you’re heading off to college for the first time or well on your way to finishing your degree, being a college student presents special financial challenges. Knowing how college might affect your taxes can help you plan ahead and identify tax benefits that may make your finances a little easier while you’re hitting the […]
The deadline for filing 2014 extended corporate and partnership tax returns is Tuesday, September 15, 2015. If you took an extension to file your corporate or partnership income tax returns, the deadline is almost here. By Tuesday, you must finish and file your return or face penalties for late filing.
The Supreme Court has decided that the constitution gives same-sex couples the right to marry in all 50 states. If you are in a same-sex relationship, this change may have tax consequences for you now and in the future. Before this ruling, some states already allowed same-sex marriage. Since 2013, the Internal Revenue Service enabled […]
Starting a new business and keeping it going through its first year is a great accomplishment. Congratulations! When you file a federal income tax return for your business, the paperwork and forms you will use depend on how your business is organized. Here’s how you’ll file your business return, based on your business type:
As of 2015, you can have an estate worth up to $5.43 million before you need to worry about federal estate taxes taking a bite out of the money and other assets you leave to your heirs. Therein lies the problem. If taxpayers stop worrying about death tax planning altogether, their heirs could be in […]
Under the Affordable Care Act (ACA), you must have a minimum level of health insurance coverage or pay a penalty, unless you meet one of the exceptions. That’s easy for people who get coverage through work, or who can afford to pay big premiums for their own plan. It’s also not an issue for people […]
If you’re like most taxpayers, you receive salary and wages from your employer and never have to worry about making estimated tax payments. Even if you receive additional income, such as interest and dividends, stock gains, or freelance income, the income tax withheld from wages usually covers your total income tax. If you have significant […]