tax return

6 Overlooked Tax Breaks for Individuals

Confused about which credits and deductions you can claim on your 2013 tax return? You’re not alone. Here are six tax breaks that you won’t want to overlook. 1. State Sales and Income Taxes Thanks to the fiscal cliff deal last January, the sales tax deduction, which originally expired at the end of 2011, was […]

Putting Off Working On Your Tax Return May Cost You, Financial Planner Warns

By Jeff Gorton, CPA, CFP Nearly 150 million Americans will file federal income tax returns this year and, unfortunately, many will be shelling out much more of their hard-earned money than necessary, says veteran financial expert Jeff Gorton. “With the ridiculous complexity of our tax code, I can understand how the average person might want […]

7 Things Tax Preparers Wish You Would Do

By Geoff Williams Between now and April 15, as you start preparing your taxes, the best thing you can do for your wallet is think about how you can make life easier for your tax preparer. Another way to put it: You can present your preparer with a pile of unorganized receipts and get through […]

7 Mistakes to Avoid on Your 2012 Tax Return

By Rick Rodgers, CFP Every year, our politicians talk about the need to simplify the tax code and every year they make it more complex. The average taxpayer will spend an estimated 23 hours completing their return. Eighty percent of taxpayers will hire someone to do the work, or buy tax software, even though 64 […]

Can You Afford Your Taxes

Have you planned for your taxes? It’s all too common for people to spend and spend — running up a huge credit card bill right as tax season sets in. Unfortunately, this leaves many blind-sided when their tax refund never comes and instead they’re stuck owing money to good ole Uncle Sam. Even worse is […]

Using a Car for Business? Grab These Deductions

Whether you’re self-employed or an employee, if you use a car for business, you get the benefit of tax deductions. There are two choices for claiming deductions: 1. Deduct the actual business-related costs of gas, oil, lubrication, repairs, tires, supplies, parking, tolls, drivers’ salaries, and depreciation. 2. Use the standard mileage deduction in 2012 and […]

How to Avoid Identity Theft During Tax Season

Consumers should protect themselves against online identity theft and other scams that increase during and linger after the filing season. Such scams may appropriate the name, logo, or other appurtenances of the IRS or U.S. Department of the Treasury to mislead taxpayers into believing the communication is legitimate.  Scams involving the impersonation of the IRS […]

10 Things You Should Know About Identity Theft

Criminals use many methods to steal personal information from taxpayers. They can use your information to steal your identity and file a tax return in order to receive a refund. Here are ten things the IRS wants you to know about identity theft so you can avoid becoming the victim of a scam artist. Identity […]