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Tag Archives: Tax tips
Tax Break for College Students
College students are always looking to save money in any way they can, especially when it comes to taxes. Fortunately for them, Uncle Sam gives them two potential credits, the American Opportunity Credit and the Lifetime Learning Credit, in order … Continue reading
Go for the Big Gulp, Stay for the Tax Payments
The IRS is now offering one more way to pay your taxes – the local 7-Eleven. Individual taxpayers can elect to pay their balance in cash through OfficialPayments.com and PayNearMe. After following a few short steps, the taxpayer will be … Continue reading
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Offer-in-Compromise
An Offer-in-Compromise is an agreement between the IRS and the taxpayer that settles the taxpayer’s tax debt and allows the taxpayer to pay less than the full amount that is owed. Whenever you watch TV and you see a commercial … Continue reading
Common Tax Filing Errors
Before you file your tax return, make sure you double-check your return for these common mistakes: Wrong or missing Social Security Numbers. Misspelled names. Filing status errors. Math mistakes. Incorrect bank account numbers for direct deposits. Unsigned forms. If you … Continue reading
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Missouri Use Tax
Missouri applies a use tax on any item that is purchased outside of Missouri but comes to rest in Missouri and is put to use in Missouri for even an instant by the purchaser. However, if the purchaser never uses … Continue reading
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Donations to Presidential Candidates
Don’t be fooled! A donation to a political campaign or a political action committee is not deductible. Also, donations to non-profits with clear political agendas are not deductible. If you are in tax trouble and need some help, contact our … Continue reading
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Medical Music
In 1962, the IRS allowed a taxpayer to deduct the cost of his son’s clarinet lessons because the lessons were recommended by the son’s orthodontist in order to fix the son’s overbite. This ruling stems from lobbying orthodontists that … Continue reading
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Over-looked Tax Deductions
The end of this month marks the halfway point for the tax season. If you haven’t filed yet, or you have filed but may want a second look, don’t forget about these often-over-looked deductions: Investment losses up to $3,000 from … Continue reading
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Tips to Avoid an IRS Scam
Every year the IRS warns taxpayers regarding current tax scams. In order to avoid being a victim of a tax scam, here are a few tips to remember: Avoid e-mails from the IRS. The IRS does not send e-mails to … Continue reading
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Invest in Christmas Trees
Internal Revenue Code 631 allows Christmas tree farmers to have their profits taxed at capital gain rates, instead of ordinary income rates like other businesses, as long as they sell Christmas trees at least 6 years old. Christmas trees usually … Continue reading
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