Category Archives: Income Tax

Estimated Tax Payments: Q & A

bigstock--175573642Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, and rent, as well as gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough. If you do not pay enough by the due date of each payment period you may be charged a penalty even if you are due a refund when you file your tax return. Continue reading

Tax Changes for 2017: A Checklist

Order Checklist criteria Clipboard Questionnaire Form ListWelcome, 2017! As the New Year rolls around, it’s always a sure bet that there will be changes to current tax law and 2017 is no different. From health savings accounts to tax rate schedules and standard deductions, here’s a checklist of tax changes from your accountant to help you plan the year ahead. Continue reading

Tax Brackets, Deductions, and Exemptions for 2017

Pig Tax Financial Advisor Intelligence deduction Finance BizarreMore than 50 tax provisions, including the tax rate schedules and other tax changes are adjusted for inflation in 2017. Let’s take a look at the ones most likely to affect taxpayers like you. Continue reading

Special Tax Breaks for U. S. Armed Forces

bigstock2-military-forces-military-serv-136447196Military personnel and their families face unique life challenges with their duties, expenses and transitions. As such, active members of the U.S. Armed Forces should be aware of all the special tax benefits that are available to them. Here are 10 of them: Continue reading

Tax Tips for Separated or Divorced Individuals 

tax deductionsIf you are recently separated or divorced, taxes may be the last thing on your mind; however, these events can have a big impact on your wallet at tax time. Alimony, or a name or address change, are just a few items you may need to consider. Here are a few key tax tips to keep in mind: Continue reading

Tax Tips for Hobbies that Earn Income

accountantMillions of people enjoy hobbies such as stamp or coin collecting, craft making, and horse breeding, but the IRS may also consider them a source of income. As such, if you engage in a hobby that provides a source of income, you must report that income on your tax return; however, taxpayers (especially business owners) should be aware that the way income from hobbies is reported is different from how you report income from a business. For example, there are special rules and limits for deductions you can claim for a hobby.  Continue reading