Category: Tax Returns

Tax filing and tax returns are a perfect time to reexamine your tax situation and decide if some changes are in order.

tax scams to watch out for and avoid

Tax Scams to Watch Out for and Avoid

The desire to steal other people’s money has probably been around since the invention of money. The only thing that’s changed over time has been the lies criminals tell to get that money. Because of the emotional reaction people often have to the IRS, many scammers focus on taxes as a means of tricking their potential victims. Let’s take a look at some of the newer and more common schemes you and other taxpayers are likely to see this tax season.

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Income Tax Deductions: Itemized Versus Standard

Income Tax Deductions: Itemized Versus Standard

Tax season is well underway. If you haven’t already filed your income tax return for the 2023 tax year, you’re either getting ready to start the process or already in the swing of things. One of the questions you might need to address is whether to take the standard deduction or itemize your tax deductions.

The answer to that question is really easy, at least in theory. You take the deduction that offers you more tax savings. But how do you know which one offers more tax savings? That’s a tougher question and its answer depends on your unique situation. However, if you’re like most taxpayers, you’ll be better off taking the standard deduction. But why is that? We’ll answer that question in this blog post, but before we do, let’s take a quick look at tax deductions.

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an overview of the gift tax

An Overview of the Gift Tax

There’s a cynical saying that goes something like this: “No good deed goes unpunished.” If you’re not familiar with it, it means that people who act kindly will often get punished for their acts of kindness. Whether this is true may be up for debate. What’s not up to debate is that subject to certain conditions, the IRS will gladly tax anyone for the gifts they give.

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child tax credit

The Child and Dependent Care Credit: What You Need to Know if You’re a Parent

If you’re a parent who regularly files income tax returns to the IRS, you’re probably already aware (and taking advantage of) the Child Tax Credit. But did you know there’s another tax credit you might be able to take advantage of if you’re a parent?

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overview of irs penalties

An Overview of IRS Tax Penalties

Getting in trouble with the IRS is not a fun experience. If you’re lucky, the only thing you’ll lose is your time (and maybe a little sanity). If you’re unlucky, you might have to pay some hefty monetary penalties to the IRS for unpaid taxes. In this blog post, we’ll examine why you might have to pay a penalty to the IRS. We’ll also look at ways to avoid having to pay tax penalties.

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