The tax deadline is fast approaching and we are here to make sure you do not throw away your hard earned money by missing tax deductions. One of the ways you can reduce your tax liability is to decrease your taxable income by taking advantage of tax deductions.
In our latest infographic, we take a look at the Top 10 Most Overlooked Tax Deductions, to help you keep more money in your pocket! [Read More...]
The Internal Revenue Service announced that they plan to open the 2013 filing season and begin processing individual income returns on January 30th. Due to the late tax law changes enacted on January 2, this announcement means that the IRS will begin accepting e-filed tax returns for the vast majority of U.S. tax filers on January 30th. [Read More...]
The new design of the IRS tool, “Where’s My Refund?” will give you personalized refund information based on the processing of your 2012 tax return. In years past, the “Where’s My Refund?” tool allowed taxpayers to find out exactly when they would be receiving their refund. The new design will include a tracker that displays progress through 3 stages. So in a change from previous tax seasons, taxpayers will not get an estimated refund date right away. [Read More...]
The Internal Revenue Service announced November 16, 2012, that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Sandy and members of their families. 401(k) plan participants, employees of public schools and tax-exempt organizations with 403(b) tax-sheltered annuities, and state and local government employees with 457(b) deferred-compensation plans may be eligible to take advantage of these streamlined loan procedures and opened hardship distribution rules. Though IRA participants are barred from taking out loans, they may be eligible to receive distributions under liberalized procedures. [Read More...]
As the end of 2012 winds down, it is important to know which filing status applies to you and how it will affect the amount of taxes you could owe. Your federal tax filing status, which is based on your marital and family situation, is used to determine your filing requirements, eligibility for certain credits, what your standard deduction is, whether you must file a return and your correct tax. Your marital status on the last day of the year determines your status for the entire year. If more than one filing status applies to you, you may choose the one that gives you the lowest tax obligation. [Read More...]