Gains & Losses: What Will Be Taxed and What Can I Claim?

As we get older, we generally acquire more and more assets. The assets usually start out small and become increasingly more valuable. Typically, as we become more independent and financially stable, we’ll buy our first car, start investing our money, … [Read more...]

Unemployed? At Least Your Job Search is Tax-Deductible

Last week, the National Bureau of Economic Research announced that the recession ended in June 2009. According to the announcement, the economic downturn reached a plateau that month and hasn’t decreased since then. In other words, we are now on the p … [Read more...]

Wedding Taxes: Four Must-Know Tax Facts For Planning Your Big Day

With a booming wedding industry, I sometimes wonder how it’s even possible that our country is in a recession at all. Now that the average cost of a wedding hovers around $30,000, you’d think that the spending induced by weddings could sin … [Read more...]

Mid-Year Tax Planning

It’s almost August, it’s sunny outside, and the last thing you want to think about is your tax bill. In fact, you have last year's tax filing memory so deep that the phrases “April 15th” and “1040 form” don’t ring a bell at all. I don’t blame you. … [Read more...]

Tax Benefits of Home Ownership

Some benefits of home ownership are obvious: there's the investment value, the pride of ownership, the privacy… What you might not have realized is that the tax benefits are one of the greatest benefits to owning a home. In fact, many of the costs … [Read more...]

I Received an IRS CP 2000 Letter; What Do I Do?

A few days ago, I discovered a big fat envelope from the Internal Revenue Service in my mailbox. “Well, this can’t be good,” I thought. Inside was an IRS CP 2000 Letter. It had a friendly-enough-sounding title “We are proposing changes to your t … [Read more...]

Declare Your Tips!

For all of you working as a waiter or waitress, bartender, barista, valet, cabbie, pizza delivery driver, or any other job that involves getting paid in tips, I have a tip for you: declare, declare, declare! Although it may be tempting to get … [Read more...]

Avoid These Simple Tax Return Mistakes

If you're hurriedly trying to finish up your tax returns, it’s easy to make a number of simple mistakes as you’re trying to meet the due date. When it comes to completing complex tax forms, many of us are more worried about whether we claimed our d … [Read more...]

Two Deadlines Loom

Before dashing off the weekend, I want to remind everybody of two important upcoming deadlines. Don't forget, April 15th is tax day, and it's next Thursday! Still plenty of time to use TurboTax to finish your returns. Also, for anybody interested … [Read more...]

Home Mortgage Interest Deduction: What You Need to Know

Want to save thousands on your taxes? Consider buying a home. Without a doubt, the home mortgage interest deduction is a major perk of home ownership: the mortgage interest you pay on your home reduces your taxable income. The first-year interest … [Read more...]