Blogs

Hiding income overseas is an all too common way some taxpayers and businesses evade taxes. The 2013 IRS Dirty Dozen Tax Scams lists ‘hiding income offshore’ as the four most common tax scam in the country. Over the years, many taxpayers have been found guilty of hiding their income in undisclosed overseas banks. To assist... Continue reading →

Many taxpayers do not hire professional help because they prefer to prepare their taxes themselves, but some prepare their taxes themselves because they cannot afford to hire the services of a tax preparer. To accurately prepare taxes, and to make use of the credits and deductions that they qualify for, taxpayers can use free tax... Continue reading →

When filing taxes, you need to be up-to-date about the latest changes in the tax rules, keep yourself protected from tax scammers, and ensure that your tax return is prepared correctly and filed on time. For filing in 2014, be aware of the changed tax rules on income from U.S. possessions. The changed tax rules... Continue reading →

Taxpayers must not only ensure that they are filing their 2013 taxes correctly, but also consider if they are using all the tax credits and deductions allowed to them. When filing taxes in 2014, you should check if you qualify for the Earned Income Tax Credit, tax credits for supporting higher education of dependents, and... Continue reading →

With the expiration of the Bush era tax cuts, every taxpayer will be paying more in taxes. However, you can reduce your tax bills by making use of tax credits. If you purchased alternative energy equipment for a qualified residence, then you can use a tax credit of up to 30 percent of the cost... Continue reading →

If you use energy efficient equipment, including vehicles, you can lower your tax liability by taking advantage of tax credits for saving energy. The Residential Energy Efficiency Tax Credit was extended to December 31st, 2013. If you haven’t yet filed your tax return, you may use this tax credit of up to $500 for the... Continue reading →

Until 2020, there is a one-time tax credit if you buy a new original equipment manufacturer AFV (Alternative Fuel Vehicle). The tax credit is of 50% of the incremental cost of the purchase. The tax credit excludes electric vehicles or converting a vehicle to work on an alternative fuel. There is another tax credit for... Continue reading →

The initiation of changes in the tax code has begun with The House of Ways and Means Committee presenting their blueprint before Congress. The blueprint proposes to make the tax code simpler and fairer by providing a generous standard deduction so that 95% of taxpayers will no longer be required to itemize their deductions. It... Continue reading →

It is during tax season that tax scammers are the most active. During this time, millions of taxpayers become victims of tax crimes such as tax preparer fraud, identity theft and abusive trusts. Out of the many tax scams, identity theft has topped the IRS’ Dirty Dozen Tax Scams list for three consecutive years. Identity... Continue reading →

When you file your tax return this filing season, you must make sure that you are filing accurately. Even if a tax preparer is preparing your return, you should still check your return for inaccuracies before it is filed. If you have hired a professional to prepare your taxes, be sure to sign the return... Continue reading →