Tips

pstrongAvoid IRS hassles by starting off on the right foot./strong/ppYou start your own business because you found you have something valuable to give the world and you’re good at it. But like most entrepreneurs starting out, you learn there’s a bunch of red tape that has to be handled in order for you to get to the business you set out to start.

pstrongThe IRS can’t audit everybody but just how many taxpayers are being audited? Find out the percentage by income./strong/ppThere are over 200 million tax returns filed every year. There’s no way the IRS could audit all of them. So just how many of these returns are being audited?

pstrongWhen it comes divorce or being an unmarried parent, who gets to claim your dependents can be a bit tricky. Here’s what you need to know./strong/ppMany times, divorced or unmarried parents can cause headaches because both parents attempt to claim their son or daughter as a dependent.

pstrongEver wonder about what the Earned Income Tax Credit is? You just might qualify!/strong/ppEssentially, the Earned Income Tax Credit, also known as the EITC, is way to help US citizens that work hard but still have lower income. What’s great about this credit is that it is a refundable credit.

pstrongPutting off your taxes until it’s too late can be damaging./strong/p pFiling your taxes late can mean that you’ll owe even more money. Or, if you have a refund due, it can lessen how much you get back. Either way, you’re losing money./p

pstrongIf you bought a house or owned in house in 2013, there may be more deductions than you knew about./strong/p pFor itemized deductions, most people know that you can deduct the interest you pay on your mortgage. Here’s a list more deductions you may be able to take as well./p ul liProperty Taxes/li

pstrongSure getting married means you’ll more than likely change your filing status, but there are also some other administrative things that need to happen as well./strong/p

pstrongNot sending out 1099s can be costly. Here’s what business owners are responsible for./strong/p

pstrongThe distinction between capital expenditures and expenses may seem obvious. But the IRS may see it differently./strong/p pThere are capital expenditures and there are expenses. And most of the time, the line between them seems pretty clear to business owners come tax season. But there can be some gray areas./p

pstrongIf you’re taking care of a parent in their sunset years, you may be able to claim them as a dependent./strong/p pIt doesn’t have to be a parent per se, it can be a family member that you are giving care to. It can be a family member such as an aunt or uncle./p