Big Savings on Tax for Newly Married Couples

Big Savings on Tax for Newly Married Couples Of the several advantages of being married to someone, the least expected one comes in the form of tax deductions. Post marriage, if you file your taxes jointly, you can cut down on tax liability by a decent enough margins. You can avoid certain types of penalties, [...]

2018-07-17T23:35:24+00:00 February 28, 2018|Deduction & Credits, Tax Planning|0 Comments

7 Reasons Why File your Tax Return EARLY?

7 Reasons Why File your Tax Return EARLY?   1. The Earlier You File, the Earlier You Get Your Refund  A good reason to file your taxes early you’ll get your money sooner. According to the IRS, the average refund was more than $2,800 for 2016 and 2017 Tax Filers…so why miss on that earlier [...]

2018-07-17T23:35:25+00:00 February 24, 2018|Tax Planning|0 Comments

All you need to know about College Savings Accounts (529 Plans)

College Savings Accounts (529 plans) Given the constant increase in costs of education, it is imperative that you start saving for the same early. 529 saving plan has been in effect for more than a couple of decades and does a fine of a job providing security against the rising costs while providing tax benefit [...]

2018-07-17T23:35:25+00:00 February 20, 2018|Deduction & Credits, Tax Planning|0 Comments

Details and Understanding for Casualty and Theft Losses

Casualty and Theft Losses It is not unknown for people to suffer a loss in the form of theft and casualty for their personal properties. If you are one of them, you can claim the same as itemized deduction for your tax returns. To do so, you need to fill up the Form 4684 to [...]

2018-07-17T23:35:25+00:00 February 13, 2018|Deduction & Credits, Tax Planning|0 Comments

Tax on Cash Donations, Non-cash Donations, Charity Expenses

Tax on Cash Donations, Non-cash Donations, Charity Expenses A donation in any form can give you immense pleasure and harmony of sharing stuff with others who do not have access to such things. More people are interested in such noble causes than ever before. Apart from helping some people in need, you can help yourself [...]

2018-07-17T23:35:25+00:00 February 9, 2018|Deduction & Credits, Investment & Income|0 Comments

Self-employed Health Insurance

Self-employed Health Insurance Things have changed a lot for the better for self-employed individuals post the introduction of the Affordable Care Act. Things were a bit different for self-employed individuals prior to the Act, as they either had to pay for pre-existing conditions or even worse could not get cover for the same. The ones [...]

2018-07-17T23:35:25+00:00 February 6, 2018|Tax Planning|0 Comments