Not all donations can be written off on your taxes. For example, a donation to a private party or individual does not count. If you donate your time to an organization, you may not deduct the value of your time either. In this post we’ll take a closer look at what is required to receive credit for
How to Decide if You and Your Spouse Should File Separately or Jointly
If you have just gotten married or if your life circumstances have changed, you may be interested in choosing to file a joint return. If you are unsure of the most beneficial way to file, here are some of the factors which should figure in the decision-making process. Filing Together For most
5 Smart Ways to Use Your Tax Refund
You can use your tax refund as you please, but using it wisely will bring lots of future rewards. Create a list of goals and mark items which can be achieved with the use of your tax refund. Here are some ideas which may help you spend your refund in a smart manner. Invest Consider investing in
How to File Your First Income Tax Return
You should not have fear when the time comes to file your first tax return. First time filers typically have a simple form to fill out, and this usually only takes a few minutes with most online tax preparation services. Take a deep breath and make sure your mind is focused before you begin. Gather
Is Every Donation Tax Deductible?
Many believe that every donation to a charity is tax deductible. In actuality, there are charitable organizations which are not tax-exempt, and donations to these types of organizations are not tax deductible. The IRS offers a database of organizations so you can see if donating to a specific
How to Get a Head Start on Next Year’s Taxes?
Getting a head start on the next tax year helps relieve some of the stress of preparation. Below you’ll find a list of the some of the steps you can take to be extra prepared for the next tax year. Make Valid Predictions While you cannot predict the future, you can predict what may change
5 Things You Need to Know About Taxes in Your Twenties
Very often people don’t learn much about taxes until their twenties. This is usually because most people don’t get their first “career job” until they reach their twenties. Here are five things you should understand about taxes during this critical decade. 1. Refunds Don’t Necessarily Indicate
What You Need to Know About Form 1095
Obamacare saw the healthcare system change forever. It also came with three new tax forms. The 1095 family of tax forms is there to determine if you need to make any shared responsibility payments. This is the fee you have to pay if you don’t have a valid health insurance policy. If you already