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
Tax Write-Offs for Freelancers
Here are five major tax write-offs freelancers shouldn’t ignore when they are getting ready to pay taxes. Home Office 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
The Biggest Tax Fears of U.S. Citizens
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
You Missed the Tax Deadline?Now What?
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
4 Ways to Start Planning for the Next Tax Season Now
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
Can Offshore Bank Accounts Do More Harm than Good?
Offshore bank accounts can cause a lot of trouble, especially for those that do so purposely to hide assets. If you are working and living abroad, the trouble can lead to revoked passports, fines and penalties. Here is some useful information regarding offshore bank accounts and how they can
How Wealthy People Avoid Paying Taxes
The wealthy seem to have all kinds of tricks up their sleeves to avoid paying taxes. While some simply do not file, others have learned where the loopholes are. It may be a good idea to put some of these tricks to use to help reduce your individual tax liability. Overseas Accounts If you own a
How to Estimate Your Tax Refund
It is possible to estimate your tax refund or the amount that you might owe before getting your tax documents from employers. Doing so helps you budget for expected payments or make plans for your refund. There are a few options to help you compute your estimate accurately. Online Tax Estimating