Solutions to Make Better Decisions with Your Taxes and Money

5 Popular Tax Credits — Do You Qualify?

There’s a good reason why people love tax credits. Unlike tax deductions, which lower your taxable income, tax credits lower your tax bill dollar for dollar. However, not every tax credit is the same. There are two different categories – nonrefundable and refundable. Most tax credits are nonrefundable, which means they are subtracted from your […]

5 Tax Tips Millennials Can Use to Get a Bigger Refund

Tips to get your maximum refund and put more money back in your pocket. You’ve heard the term “Millennials” used to describe people born sometime between 1980 and 2000. If your birthday fits into that time period, there’s a good chance you may be filing your first tax return. You also may have faced some […]

7 Tax Filing Tips Parents Need to Know

The Internal Revenue Service (IRS) offers many deductions and credits that benefit parents and other taxpayers who claim dependents. To take advantage of these tax breaks, here are seven tax filing tips you need to know.

7 FAQs to Better Understand Form 1095-C

Beginning this January, besides your usual Form W-2 from your employer, you may receive a new form related to the Affordable Care Act; Form 1095-C. If you purchased or received health insurance outside of the health insurance exchanges in 2015, and you worked for a large employer, look for Form 1095-C, Employer-Provided Health Insurance Offer […]

6 Steps to Minimizing Taxes on Retirement Income

If you’re planning to retire in the near future, or if you already have, you know that minimizing taxes is an important part of creating a successful retirement plan. You can live on a lot less if you’re not sending a large portion of your money to the Internal Revenue Service (IRS) every year. For […]

7 Tips for First Time Tax Filers

You’ve probably heard people complain about having to file their taxes. Perhaps you’re a bit intimidated as a result. With tax season now upon us, the time has come for you to file your very first tax return. Filing your taxes probably isn’t as bad as you think. Most first time tax filers just need […]

14 Key Small Business Deductions for 2015

One of the great benefits about being a small business owner is that you may be able to deduct many business expenses that you would not be able to deduct if you were an employee. Those deductions don’t just reduce your income tax. When you take business tax deductions, you also reduce your income subject […]

Taxable vs. Nontaxable Income: What’s the Difference?

If you receive money, goods or services, you might have to pay tax on the value of what you receive as taxable income. That’s true for money you earn, as well as, any interest and dividends you receive on your investments. Unless the Internal Revenue Service (IRS) specifically outlines a type of income as nontaxable…you […]

How to Handle Taxes During a Financial Hardship

The Internal Revenue Service (IRS) is probably the last place you expect to find help during financial hardships. However, thanks to certain provisions of the IRS code, help is out there. Many people are unaware that the IRS has a “hardship status,” meaning they have determined your account is currently not collectible if levy action […]