Every year, and tax year 2021 will not be different, brings a few surprises to some of us. Even though a few tax changes are already announced, you might want to be aware of them. There are planned adjustments and changes because of inflation and phase-outs too. If you’re doing your own tax return, you need to be especially aware.
Proper financial planning provides View full post…
It might surprise you to know that your car, truck, home, insurance, your education bills, and even retirement savings can be used to get you a big tax break if you file taxes as self employed.
Those of you who are freelancers, contractors, or maybe just own your own business, have some unique and valuable tax deductions that you can take to offset business income. Our list here is by no means all inclusive, but we’ll show you 15 that you should consider. View full post…
1. Make sure you know when the deadlines are – Normally, the filing deadline for personal tax returns is April 15, unless that day falls on a weekend or holiday. When doing taxes yourself online, be sure to file taxes electronically by that date.
If you plan on sending them in by mail, and we do not recommend this, make sure they are postmarked by that date. Due to the IRS staffing problems View full post…
There are times when going to a professional tax preparer might be a good idea, but for most individuals, doing your taxes yourself is fairly straight forward. This is especially true now and through 2025. The Tax Cuts and Jobs Act (TCJA) that was enacted in December 2017, increased the standard deduction that most of us now use.
At the same time the standard deduction was increased, the entire category for Miscellaneous deductions on Schedule A was eliminated. This, in effect, View full post…
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