Before you envy those game show contestants who win big, you need to hear the rest of the story. Some winners scoop up prizes worth tens of thousands of dollars, and maybe even a car. But often they don’t realize that those items are taxable. Depending on the details, they may not be able to […]
What Can NFL Players Deduct on Their Taxes?
Football season just kicked off and fans are keenly aware that the players out there are raking in more money in one season than most people will make in a lifetime. New Orleans Saints quarterback, Drew Brees for instance, is averaging $20 million a year. Most team members don’t make anywhere near that, but rest […]
8 Tips to Lower Your Taxes During Retirement
Now that you’re retired, your money is finite. Here’s how to avoid overspending on taxes. More
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Five Tax Credits that Can Reduce Your Taxes
A tax credit reduces the amount of tax you must pay. A refundable tax credit not only reduces the federal tax you owe, but also could result in a refund. Here are five credits the IRS wants you to consider before filing your 2012 federal income tax return: 1. The Earned Income Tax Credit is a […]
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How to File Your Tax Return
Thanks to technology, filing your return is getting easier. Find out which way you should file—electronically or by mail—and how to do it. More
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Do I Qualify for the IRS Fresh Start Initiative?
Earlier this year, the Internal Revenue Service (IRS) rolled out its Fresh Start Initiative, aimed at helping struggling taxpayers. The initiative allows qualified taxpayers to avoid the IRS Failure to File penalty. This penalty is usually placed on unpaid tax balances, with accrued interest. Qualified individuals can request a six-month payment extension in which no […]
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Should You Contact a Tax Attorney?
How do you know if you need a tax attorney? Tax attorneys are lawyers who specialize in the complex and technical field of tax law. According to this article from about.com, you definitely need a tax attorney if: You have a taxable estate, need to make complex estate planning strategies, or need to file an estate tax return. […]
Get Tax Relief With Earned Income Tax Credit
Annually, the Internal Revenue Service (IRS) reaches out to taxpayers across America who earned $49,078 or less to offer a little tax relief by way of the Earned Income Tax Credit (EITC). The EITC varies according to your income, family size and filing status. Basically, it is a federal refund for taxpayers with low to […]
IRS Fresh Start Initiative to Allow More Consumers to Settle Tax Liabilities
The IRS brings good news this week to middle-class Americans who continue to struggle with tax debt by expanding their Fresh Start Initiative. Loosened guidelines for the Offer in Compromise program, which forgives a portion of a taxpayer’s debt, will allow more Americans to qualify as well as eliminate their tax debt in as little […]
How to Remove an IRS Levy
A IRS tax levy is the toughest collection tool in the IRS arsenal. An IRS tax levy means that the government has the right to seize your property and assets in payment for unpaid tax debt. Unlike a lien, a tax levy actually gives the IRS the right to take and sell your property to […]
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