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Taxes

Leveling the Playing Field Among 529 Plans

Many people are already aware of the benefits of investing in a state-sponsored 529 college savings program. What might not be as well known yet are tax parity laws. Numerous states give up-front state tax deductions or credits to residents who enroll in their own state-sponsored 529 plans. But until …

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Payroll Tax Penalties, When the IRS sends a Letter.

“Payroll Taxes are Due, with Penalties and Interest” At least that is what the letter from the IRS says. First thing, don’t panic. Quoting Daniel J. Pilla’s study for the Cato Institute “About 40 percent of the revenues the IRS collects through penalty assessments are abated when citizens challenge the …

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Monaco and Andorra Tax Havens Raise Entry Price

While Monaco is a well known European tax haven, Andorra has remained little known outside of the financial community – despite enjoying the same tax advantages and arguably more private banking than her better known rival. In contrast to the similar financial benefits both Monaco and Andorra residents enjoy, the …

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It’s a Taxing Time of Year

Yes, that’s right, it’s that time of year nobody loves – tax time! No, this is not too early to think about it, especially if you have money coming to you. All right, so it’s not fun to think about doing your taxes. But there is a distinct advantage to …

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Obtaining a Federal Income Tax Refund

“You’re getting an income tax refund”! Those are the words that every taxpayer would love to hear. A federal income tax refund occurs if the tax you owe is less than the sum of the total amount of refundable tax credits claimed and the total amount of withholding paid. For …

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Tax Returns – Should You Itemize?

When you finally decide it is time to prepare your taxes, the first question is whether you should itemize your deductions or take the standard deduction provided by the IRS. Choices, Choices Tax deductions are a very simple part of a theoretically simple tax reporting system. If you’ve ever prepared …

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Need a Copy of Your Tax Return Information?

Taxpayers have two easy and convenient options for getting copies of their federal tax return information – tax return transcripts and tax account transcripts – by phone or by mail. A tax return transcript shows most line items from the tax return (Form 1040, 1040A or 1040EZ) as it was …

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Tax Time Tips for Mortgage Holders

It’s that time of year again when numbers such as 1040, W-2 and INT-1099 become all too familiar to millions of people. One of the benefits of holding a mortgage on your house is the ability to claim certain deductions that can assist you in offsetting some of your tax …

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