6 Tips to Pay Your IRS Taxes
Jul29

6 Tips to Pay Your IRS Taxes

While most people get a refund from the IRS when they file their taxes, some do not. If you owe federal taxes, the IRS has several ways for you to pay. The IRS offers these six tips when paying your federal tax bill: Mailed tax bills. The IRS sends bills in the U. S. mail. Try to pay soon and in full to avoid any extra charges. If you can’t pay in full, you’ll save if you pay as much as you can. The more you can pay the less interest...

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Summer Withholding Check Prevents a Tax Surprise
Jul26

Summer Withholding Check Prevents a Tax Surprise

Each year, many people get a larger refund than they expect. Some find they owe a lot more tax than they thought they would. If this has happened to you, review your situation to prevent a tax surprise. Did you marry? Have a child? Change in income? Life events can have a major impact on your taxes. Bring the taxes you pay closer to the amount you owe. The IRS offers these tips to help you come up with a plan: New Job. When you start...

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10 Military Tax Breaks
Jul21

10 Military Tax Breaks

If you are in the U. S. Armed Forces, there are special tax breaks for you. For example, some types of pay are not taxable. Certain rules apply to deductions or credits that you may be able to claim that can lower your tax. In some cases, you may get more time to file your tax return. You may also get more time to pay your income tax. The IRS reminds those in the military of these 10 tax breaks. Deadline Extensions.  Some members of...

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Claiming an Elderly Parent as a Dependent
Jul18

Claiming an Elderly Parent as a Dependent

The IRS allows you to claim your elderly parent as a dependent on your tax return as long as both of you meet the following criteria: You are not a dependent of another taxpayer. Your parent, if married, does not file a joint return. Your parent is a U.S. citizen, U.S. national, U.S. resident alien, or a resident of Canada or Mexico. You paid more than half of your parent’s support for the calendar year. Your parent’s...

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Mid-Year Tax Planning Checkup
Jul12

Mid-Year Tax Planning Checkup

It may sound crazy to be thinking about next year’s tax return. However, now is the best time to do a mid-year tax planning checkup to see if you’re on track so you can make adjustments now to reduce your taxes. Here are some things to do: File your tax return if you filed an extension. Get your records and receipts in order and organized in one file now. Keep track of expenses that are deductible in case you itemize....

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