Making Sense of Taxes

Taxes can be a scary subject for many; also very confusing. The articles listed below aim to help you understand your taxes better and inform you of the latest information.

Take a look!

Do You Have to Pay Tax on Airline Miles?

by Kevin Mulligan

You’ve been earning rewards for signing up for a credit card or using it to earn airline miles. Are those miles now considered taxable income? You would think not, but some Citibank customers received a 1099-MISC for airline miles they were awarded for signing up for an account in 2011.  These customers are understandably upset [...]

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Free Tax Day Snacks, Giveaways and Deals

by Melissa

You got a few extra days this year to take care of your taxes. Did you get them in or are you still procrastinating? If you are really one of those last minute folks then you better make sure your return is in either electronically by day’s end or post-marked by the end of the [...]

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6 Audit Red Flags the IRS Uses to Choose Which Returns to Audit

by Miranda

When it comes to your taxes, there are few things scarier than the prospect of a tax audit. The good news is that most people aren’t audited. Further, most audits are actually taken care of through the mail.  Many audits are routine, and require only that you send in a piece of missing documentation. However, [...]

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What Do Your Property Taxes Pay For?

by Glen Craig

So often we look at our property tax bills and decide—based on the whole bill—that our taxes are too high. I know I do. The problem with that view though is that property taxes are never a single number, but a combination of several. Most of us tend to think our property taxes are too [...]

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What is Adjusted Gross Income (AGI) and How Does it Affect Your Taxes

by Glen Craig

We toss different terms around to describe our incomes, one of which is adjusted gross income, but what exactly is adjusted gross income (AGI), and is it an accurate way to describe what we make? What is Adjusted Gross Income? In its simplest form, adjusted gross income, or “AGI”, is the broadest measure of income [...]

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Withdrawing Money From a Roth IRA: How Does It Work and When Can I Do It?

by Kevin Mulligan

Withdrawing money from your retirement account is something you only really want to do in retirement. That’s obvious. What is also obvious is there are definitely times in life when you find yourself with a significant cash crunch and that nest egg looks ripe for the harvest. Unfortunately for a majority of your retirement account [...]

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Did You Get a 1099-K Tax Form This Year?

by Miranda

One of the newest tax forms to be released is the 1099-K. This new 1099 tax form is designed by the IRS to help catch those who under-report their income from online business transactions. Concerns that sellers on eBay are not reporting their income, as well as other third-party transactions handled by banks and processors [...]

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What is the Alternative Minimum Tax (AMT) and How Does It Impact Your Taxes?

by Kevin Mulligan

There are few things in the world of taxes more terrifying than the Alternative Minimum Tax (AMT). After taking all of that time with your W-2s, donations, and various deductions the AMT steps in and tells you that none of that matters; you suddenly owe thousands more in tax. That’s scary enough for me.  Here’s [...]

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What Business Expenses are Tax Deductible?

by Miranda

When it comes to reducing business income for tax purposes, the tax deduction is one of the most popular methods. You can deduct some of the money you spend on business and lower your taxable income. However, it’s important that you understand what makes an expense tax deductible for business purposes.  Otherwise, you could find [...]

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What is VITA – Volunteer Income Tax Assistance Program

by Miranda

Many people would like help with their tax returns, but don’t know how they can afford to employ the services of a tax professional. It’s true that some of the major income tax preparation services advertise that they will file your taxes for free, but this isn’t always the same as preparing them; in many [...]

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