Taxes

How a CPA Saved Me $4310 in Taxes

I have been doing my own taxes for many years, dating back to the days when I had to drive to the Federal Building 25 miles away to pick up all of my forms, read the books of instructions, then run all of the math on an 8 ½” x 11” pad before transferring the [...]

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5 Plans for Your Tax Refund

According to USA Today, the average tax refund last year was over $3,000.  If you are anywhere near average, you will soon have thousands of dollars in your pocket – money which will disappear if you do not have a plan for it.  Not everyone should have the same plan, but all should create a [...]

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Should you Itemize or take the Standard Deduction?

With income tax filing time upon us,  you need to be asking yourself whether you should itemize or take a standard deduction.  If talking taxes makes your head hurt, I beseech you to stick with me for two reasons:  1) this is simple stuff and 2) understanding these two types of deductions could save you [...]

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Why America Is Doomed to Debt

Fixing the national debt is not about politics or economics; it is about human nature.

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Guidelines and Tax Saving Tips Pertaining to Retirement Savings

Saving for retirement with specialized retirement plans is an excellent way to build wealth on a tax-free or tax-deferred basis. Considering that most people rely on their tax-deferred retirement accounts as income after they stop working, making a mistake can be extremely costly. Here are some retirement saving tax tips that should help you keep [...]

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Five Upcoming Tax Hikes and What They Mean to You

photo credit: alancleaver_2000 I know. Tax season just concluded and the last thing you want to hear about is taxes. I understand, but think of it this way – right now, while this stuff is fresh in your mind, is the best time to start considering what the future holds. So…are you ready?  Take a [...]

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The Fair Tax: Is It Too Good To Be True?

Close your eyes and dream for a moment. Ready? OK. The IRS was just dissolved. No more federal income taxes. No Social Security/Medicare taxes either. Or capital gains taxes or gift taxes or estate taxes or self-employment taxes or corporate taxes. Could this ever become a dream come true? If the advocates for the Fair [...]

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Income Tax Basics: They Really Are Simple

photo credit: piermario “Where,” you are thinking, “does Joe get the audacity to think he can explain taxes in a few sentences?” Good question, but stick with me. The key word here is “basics”. I believe that if you can understand three concepts: Federal Tax Brackets, Standard Deductions and Personal Exemptions, you can understand the [...]

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