Tag Archives: Tax-time

Tuition and Fees

Another deduction designed to help students and former students is the tuition and fees deduction.  This deduction is another deduction that is taken on the first page of a person’s federal income tax return. This deduction allows a taxpayer to … Continue reading

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Alimony

Alimony that is received by a taxpayer must be included as income on that person’s tax return. Anyone who pays alimony can deduct the alimony payments on the first page of their federal tax return. However, in order to be … Continue reading

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Student Loan Interest

If you went to law school in the last 50 years, then there is a good chance that you had to take out some sort of student loan.  While your student loan payments may be killing your wallet, Uncle Same … Continue reading

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Tax Preparation Fees

An often overlooked itemized deduction is the deduction of tax preparation fees.  Generally, anyone you pay to prepare or assist in the preparation or review of your income tax return can be deducted on Schedule A. The tax preparation fees … Continue reading

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Entertainment is Subject to Sales Tax

Missouri has ruled that a person must pay sales tax on any activity that occurs in any place of amusement, entertainment, or recreation.  This rule includes dance lessons, as Miss Dianna’s School of Dance learned earlier this year.  Therefore, if … Continue reading

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Tips to Avoid Surprises at Tax Time

Here are some things you can do to try and reduce the taxes you will owe come tax time: 1. Adjust your withholdings on Form W-4 2. Report any changes in circumstances to the health insurance marketplace in order to … Continue reading

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2015 Tax Updates

Here are a few recent tax changes for the upcoming 2015 tax year that you should be aware of: The annual contribution limit for 401(k)s, 457 plans, and thrift savings plans is $18,000; The catch-up contribution limit for taxpayers over … Continue reading

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Avoiding Tax Surprises

There are usually two things that you can adjust in order to try and avoid a surprise come tax time. 1. Adjust your withholdings from your paycheck to have the right amount of taxes taken out. Come tax time, if … Continue reading

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Eight Tax-Time Errors To Avoid

If you make a mistake on your tax return, it can take longer to process, which in turn, may delay your refund. Here are eight common errors to avoid. 1. Incorrect or missing Social Security numbers When entering SSNs for anyone … Continue reading

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