Solutions to Make Better Decisions with Your Taxes and Money

Archives for October 2014

The Eerie Presence of Phantom Income

Halloween evokes spooky images of ghosts and goblins. These specters may not be visible to the eye, but rumor has it, their eerie presence can be felt. Similarly, so-called “phantom income” is money that you don’t actually pocket, but the IRS still treats those funds as taxable income. Nobody likes getting a larger than expected […]

5 Money Books Every Millennial Should Have on Their ‘to-Read’ List

Looking to d­elve deeper into financial topics like creating a budget, paying off debt and saving for retirement? These five books offer advice that’s relevant to the financial concerns and needs of Generation Y:

7 Tax Tips for the Freelance Economy

Tax season feels eons away for many gainfully employed workers. Why bother thinking about W-9s that will come in January when Halloween, Thanksgiving and Christmas are all arriving before tax forms. Not to mention New Years, Valentine’s Day and St. Patrick’s Day all happen before taxes are even due. But for some workers, tax season […]

How to Know Which IRS Tax Form to File — Form 1040, 1040EZ, or 1040A?

As an individual taxpayer, you can file your tax return with IRS Form 1040, 1040A or 1040EZ, depending on your tax situation. How do you know which form you should use? You can always use Form 1040, regardless of whether you qualify to use Form 1040A or 1040EZ. Forms 1040A and 1040EZ are just simplified, […]

Reduce Your Tax Bill with the Earned Income Tax Credit

The Earned Income Tax Credit, or EITC, is a credit designed for lower income working individuals, particularly those with children. If a person qualifies, the EITC can reduce any taxes owed and increase their tax refund. The credit amount a person can receive from the EITC depends on their income level and the number of children […]

The Filing Extension Deadline Is Here—5 Tips for Finishing Your Return

Way back in April, you hadn’t quite finished your income tax return. You filed for an automatic six-month extension of time, until October 15, to file your return. October is here – and perhaps your tax return is right where you left it, six months ago. No problem. With these tips, you should have no […]

Your Complete Guide to Filing Form 1041, U.S. Income Tax Return for Estates and Trusts

IRS Form 1041 is an income tax return for estates and trusts, similar to Form 1040 for individuals. If you are the executor for an estate, you may be required to file Form 1041 – U.S. Income Tax Return for Estates and Trusts. Form 1041 must be filed for the person who died in addition […]

How the Advanced Premium Tax Credit Impacts 2016 Tax Returns

If you bought health insurance through a government-sponsored marketplace, you may receive a tax credit to help pay your health insurance premiums. However, because the credit is directly sent to your insurance company to offset your premiums, you never see the cash. For that reason, it can be easy to forget about the credit amount received. If […]

5 DIY Online Tax Filing Myths Debunked

Still not sure if you should try to file your own taxes this year? Here’s 5 of the most common DIY tax filing myths and the reasons why they simply aren’t true.