Category: Tax Preparation

Tax Considerations for Divorced Parents with Joint Child Custody

When you have children, the divorce process can be very complex. Not only do you need to decide who the children live with and when, but you also must determine who is responsible for paying what. One issue that often gets overlooked in favor of the all-important child custody agreement is the issue of how to handle claims on your tax forms come tax season. Here are some tax considerations for divorced parents with joint child custody:

Get it in writing. Of course, you know that claiming dependents on your tax returns comes with benefits, in the form of … Read the rest

Retirement Planning Mistakes You Don’t Want to Make

Retirement planning can be difficult, but that shouldn’t stop you from getting started. However, you do have to be careful. After all, there are many mistakes people make with their retirement planning. Whether it’s starting too late or not regularly reassessing your portfolio, things can go wrong. Here are just a few retirement planning mistakes you don’t want to make.

Starting Too Late

People don’t usually start thinking about retirement until their 30s or 40s. However, you are missing out on thousands of dollars by not starting your portfolio as soon as possible. It doesn’t matter if you can’t invest … Read the rest

Money Saving Tips Through Tax Moves

Every year there are changes that are made in most homes. These changes always affect the taxes filed. In order for you to save up on tax, there are a few things to consider.

Check the following money saving tax moves before filing your tax returns

If you changed or set up a business in 2011, then the expenses for all the movements will be tax deductible.

• To be eligible for job search expense, you have to have used more than 2% of your adjustable gross income. Make sure to list your deductions. This means that those expenses … Read the rest

Learn More About The Tax Breaks That Will Expire At The End Of This Year

End of Tax Breaks: All You Need To Know About the Expiring Tax Breaks

There seem to be changes in the IRS tax code every single year. The only advantage they have is that they keep accountants employed.

It is important that you stay informed about tax code changes regardless of whether you use computer software to do your taxes or you have your accountant do it for you. Knowing changes in the tax code will help you to file the right returns and get your refund quickly.

The first tax breaks to go are Bush Tax Cuts that gave … Read the rest

Tax Credits And Turbo Tax

4 tax credits that can boost your refund

A dollar-for-dollar reduction of taxes owed is a tax credit. Several tax credits if you claim one and are eligible, are refundable. You can receive the remainder of it in a tax refund even though your tax liability is zero.

Here are 4 refundable tax credits you should consider on your two-thousand eleven federal income tax return to increase your refund:

1.For people earning less than forty-nine thousand and seventy-eight dollars from wages, self-employment or farming there is the Earned Income Tax Credit. Age, Income, and the amount of qualifying children decide … Read the rest

The Pros and Cons of Filing Your Tax Return Early

Some people can’t wait to file their tax returns. They are the lucky ones, who anticipate a refund. Others dread tax season every year, and want to put off the knowledge of how much they owe the IRS for as long as possible. In these contrasting situations, it is easy to see why some people would want to file their tax returns early, and why others would want to wait. But are there advantages to filing early, in general? Or are there drawbacks? If you find yourself considering the possibilities of both, then these pros and cons of filing … Read the rest