When entering their chosen field, medical professionals mull over a number of important concerns. They think about their compensation; they ponder the frightening hours they may have to work; they think about the impact they will make on the lives of their patients. Rarely, if ever, do they wonder about the various tax issues which affect the medical field. As it turns out, tax matters should figure... [Read more of this post]
Most people — even those among the so-called millennial generation — would like to own property at some point in their lives. Since it relates to both our drive for prosperity as well as our abundance of space, there is something about real estate ownership which gives off a thoroughly American impression. As Americans, material success has always been among our primary concerns, and home... [Read more of this post]
EB-5 investors are foreign investors who have chosen to take part in the EB-5 visa program. The EB-5 visa was initially created as part of the Immigration Act of 1990. The EB-5 visa program created an incentive for foreign nationals to invest money in the United States: after investing a significant quantity of money (minimum of $500,000), the foreign investor would receive conditional... [Read more of this post]
Taxpayers are not the only ones who fall victim to scams by criminals during tax season. Professionals who prepare taxes can also be made victims of scams which target them for money. For this reason tax professionals need to be educated about the most common scams aimed toward them. Below is a list of the three most common scams targeted at tax professionals.
(1) Tax Preparer Phishing Scam
Phishing... [Read more of this post]
Unfortunately, most people cannot choose their tax status when it comes to filing taxes. Your status is determined by your current set of life circumstances and your income. If you are unmarried without children, you must file as single. If you are a single parent, you can claim yourself as head of household. Only married couples have a choice as they are able to either file jointly or separate.
Being... [Read more of this post]
Having to file a tax return late is always a tough situation. The extra fees can be steep and the longer you wait the more in danger you are of being subject to the failure-to-pay penalty. However, if you find yourself in this position it’s important to know what the penalties are so you plan for them in advance.
The Failure-to-File Penalty
The failure-to-file penalty applies to you if you did not... [Read more of this post]
Here are five major tax write-offs freelancers shouldn’t ignore when they are getting ready to pay taxes.
This should be the most obvious since most freelancers work out of their home. The IRS allows freelancers to deduct a portion of their mortgage or rent, provided that this space is not used for anything else. It must be designated for work purposes only.
You can deduct... [Read more of this post]
Americans have many fears when it comes to filing taxes. One of the most common is missing the tax filing deadline. Everyone is well aware of this date, but many people procrastinate and run out of time. Below is a list of the most common fears related to taxes experienced by Americans.
Having to Pay
When you find that you have to pay and are not getting a refund, take a second look at your return.... [Read more of this post]
Deadlines and dates get away from people all the time. In our fast-paced, hectic society, missing a deadline on occasion is practically inevitable. The good news is that if you have missed your tax deadline, there are remedies available which are not detrimental to your financial stability. The few tips below will help you understand what to do if you did miss the deadline.
Use IRS Free File
If you... [Read more of this post]
Planning ahead for the next tax season should begin with the new tax year on January 1st. It is best to determine how much tax you will be expected to pay and where you can make cuts to make those savings. When you are able to plan ahead, not only does it cut down the time in your preparations, the entire process will be less stressful.
View Credits for the Upcoming Tax Year
It is important to be aware... [Read more of this post]