Do I need to report my income from my moon lighting job?
You should always report your income from your side jobs especially that you will most likely receive a 1099 for your income. Just remember to keep track of your expenses to offset your side income.
Is the new tax law going to save me on taxes?
It depends on your situation; some small business owners may save up to 20% in taxes and others may pay more as the new limit on state income taxes and property taxes.
How to check the status of my refund? Where is my tax Refund?
Refunds from IRS are usually processed in 21 days. The status of your refund is available in a day after your taxes are e-filed. Here is a link to check the status of your refund on IRS: https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp
Have you misplace a W-2 or need your income transcript for previous years?
Use the link below to get your transcripts on line from IRS https://www.irs.gov/individuals/get-transcript
IRS does not call you! Phone Calls from IRS is a new Scam
The new scam is that you get a very official sounding phone call from the Internal Revenue Service or the Untied State Treasury of America. Please do not talk or give any information to the person on the other side of the phone. The best thing is to hang up or write the number down […]
How new tax laws can affect your education plans
When the talk of tax reform first began last year, there was a lot of theory about the implications for educational loans and debt. Because students seeking loans, and those already paying on student loans worried that the changes would mean money out of their pockets. Here is what is left intact: American Opportunities Credit […]
4 Simple reasons to participate in your company’s 401K
1. If your company matches a percentage to your 401K contribution, it is actually just like you got a raise. For example, if your company matches 3% of your salary to your 401K contribution, and lets say you make $40,000 a year, you are going to get an extra $1,200. 2. Your contribution to your […]
Is my Scholarship taxable?
Scholarships received by a student toward a degreed education is tax free for qualified expenses such as tuition, fees, books, supplies and equipment. The room and board and travelling expenses are taxable and should be included in the 1040 tax return. The scholarships received for a non-degreed education is all taxable. For more information please refer to […]
I don’t have money to pay my taxes. Should I file my business tax return?
Yes, you are better off to file your business tax return on time even though you can’t pay your taxes due. You pay less in penalties if you file your taxes on time. The penalty of late filing will be added to the penalty of late payment of taxes and you end up paying more […]
Send your kids to day camp and save on taxes
The IRS allows the cost of day camp and babysitters for your kids to be deducted from your taxes. This saving is in the form of a tax credit and it allows you to use 35% of all eligible child care expenses up to $6000 for two or more children. This credit is 35% of […]
