Welcome To The AO Tax Blog

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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 [...]

2018-02-25T14:10:29+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 [...]

2018-02-20T21:06:17+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 [...]

2018-02-13T21:19:21+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 [...]

2018-02-09T23:48:37+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 [...]

2018-02-06T22:23:50+00:00 February 6, 2018|Tax Planning|0 Comments

Tips to Reduce Self-Employment Taxes

Tips to Reduce Self-Employment Taxes Self-employed individuals need to pay self-employment taxes on the top of income tax. It might seem a bit harsh on some individuals. The self-employment taxes help federal programs such as social security and Medicare. So here are some ways by which you can cut down your tax liability if you [...]

2018-01-30T18:31:15+00:00 January 30, 2018|Investment & Income|0 Comments

Child and Dependent Care Expenses

Child and Dependent Care Expenses Paying for day care expenses slowly and steadily becomes a large chunk of the household income. But there is very little that working parents can do about the same. The IRS understands your pain and that is the reason they let you take credit for such expenses. You can avail [...]

2018-01-23T22:00:10+00:00 January 23, 2018|Deduction & Credits|0 Comments

Details about Capital Gains

Details about Capital Gains Who wouldn’t like to see their assets growing on a regular basis? As much as we enjoy seeing our assets swell up, there is a different side to it that we must deal with, capital gains. A capital gain is a type of tax than an investor has to pay if [...]

2018-01-20T00:00:04+00:00 January 20, 2018|Investment & Income, Tax Planning|0 Comments

Reporting of Income and Payment made via Virtual Currency

Reporting of Income and Payment made via Virtual Currency In the current year, virtual currencies have taken the entire world by storm. At the current times, they look like ever appreciating assets but with profound risks involved. If you have been even remotely aware of the proceedings, you would have heard of Bitcoin and its [...]

2018-01-16T23:16:03+00:00 January 16, 2018|Virtual Currency|0 Comments