Category:
Tax

file tax return on a calendar

Didn’t File Taxes Yet? Here’s How To Limit Damage

By Bill Fay | May 11, 2021

April 15 has come and gone, but millions of Americans are still fretting over their taxes, mostly because they haven’t paid them yet. The IRS estimates that 25 percent of…

1040 tax form

Five Tax Tips for Beginners Filing on Their Own

By Bill Fay | May 11, 2021

Whether you’ve landed your first part-time job in high school or made your first career move after college, odds are that you haven’t taken a class on how to file…

man in jail for not paying taxes

How to Avoid Jail When You Owe Back Taxes

By Bill Fay | May 11, 2021

A very rich person once said, “We don’t pay taxes. Only the little people pay taxes.” Her name was Leona Helmsley. Guess what? She went to jail for not paying…

Happy Dad IRS

IRS Gives Parents a Break When Adult Kids Return Home

By Bill Fay | May 11, 2021

The Millennial generation is moving back home in record numbers, and their parents are getting some sympathy from, of all people, the IRS. The much-despised agency has a soft spot…

road sign with tax refund written on it

How to Spend Your Tax Refund

By Bill Fay | May 11, 2021

The big financial question for Americans every spring: How should I spend my tax refund? The Internal Revenue Service says most of you – somewhere between 75 and 80 percent…

Tax return preparation

IRS Shares Tips on How to Avoid Fraudulent Tax Preparation Services

By Bill Fay | May 10, 2021

Tax fraud related to identity theft is a rapidly growing problem. It involves thieves using your personal identifying information to file false tax returns in order to receive big refunds.…

Josh Brooks at work

Didn’t Pay Back Your Student Loans? Tax Return Is Fair Game

By Alanna Ritchie | May 10, 2021

Josh Brooks’ annual tax return is between $500 and $700. It’s a good chunk of money he could use toward paying off his credit cards, motorcycle and living expenses. Instead,…

Blocks that spell out wealth tax next to bag of money

Will the Wealthy Be Taxed More?

By Bill Fay | May 10, 2021

There has been much talk this campaign year about a “Wealth Tax” and whether it would impact the wallets of middle and lower-income America, even if its name doesn’t. Rest…

Home office setup that might be expensed on taxes

How Working from Home in 2020 Affects Income Taxes

By Maureen Milliken | May 10, 2021

Your company sent everyone home when the pandemic began last March and now that is your workplace so you’re probably wondering if that means you’re eligible for some serious tax…

Trump and Biden looking at each other

How Biden & Trump Tax Policies Compare

By Max Fay | October 2, 2020

The gap between the presidential candidates on tax programs is Grand Canyon-esque. And that may understate it. President Donald Trump wants to continue the 2017 tax cut, which his campaign…