Now that another tax season has come to an end, it’s a good time to take stock of your situation, and consider what you might do to improve your situation going forward.
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You don't want to be one of those who make frivolous tax arguments in an attempt to reduce -- or avoid -- paying what you owe. Here are some of the arguments that the IRS considers frivolous.
More and more people are discovering Bitcoin, a type of cybercurrency that was created in 2009. While the currency was once used mainly for shady, unscrupulous dealings, it is now becoming more and more acceptable. In fact, many major online retailers and organizations, such as Overstock.com and WordPress now accept Bitcoins as a legitimate form of payment.
If you’re using or accepting Bitcoins or thinking about doing so, however, you should know that taxation laws still apply. When you sell a product, you have to record the transaction and remit sales tax on it, regardless of whether you earn traditional money for that transaction, or you earn this new cybercurrency.
While less-than-honest filers might not get caught right away, continued discrepancies in tax related matters can easily lead to audits and potential related consequences. To avoid audits and to keep all of your practices on the up-and-up, contact a qualified Naperville accounting firm, such as Susan S. Lewis, Ltd., to assist you.
As Tax Day approaches, it’s important to avoid costly mistakes. It’s getting down to the wire, and U.S. News & World Report (via Daily Finance) has a list of common taxpayer mistakes to avoid as you prepare your tax return.
Tax debt is one of the most difficult and stressful situations to overcome, since it combines two of the most debilitating financial situations. If you want to reduce your tax debt stress, here are 4 strategies to employ.
If your state collects income tax, you need to file a state return as well as a federal return. If you've moved in the last year, you might need to file more than one state tax return.
Although the 2014 tax season is coming to close, here are three reasons why you should begin planning for next tax season now.
If it’s past December 31, though, reducing your income through deductions is difficult. You’re usually stuck with the deductions you already have, and the income that you have already reported. There are two ways to get a truly last minute tax break, though.