Thanks to advances in technology, more and more people are becoming self-employed. And there are a lot of perks that come with self-employment. Being your own boss is a great feeling. And when it comes to tax time, there are a number of tax deductions and benefits that you can take as well. Let's start with the common ones: Supplies, Advertising, Education, and Travel You can deduct the full cost of office supplies and advertising. That … [Read more...]
How to talk to a live person at the IRS
I have seen a lot of questions recently about how to navigate the IRS's automated phone system so you can talk to a live person at the IRS. While automated systems can be great, sometimes you just need to talk to a human, and it can be hard to figure that out through the IRS's system. Recently, I came across some great information about how to get a live person at the IRS and wanted to make it easily available to you. Step one - Call the IRS … [Read more...]
Beware of a New IRS Audit Scam
You do your taxes every year. Your taxes are pretty simple, so you do them yourself. No big deal. You get a small refund and you think you're done. Then you get a letter from the IRS. A Letter from the IRS You open the mail one day to a letter from the IRS indicating that you actually owe them a bit of money back. You still earned a refund, but because there was an error in your taxes, you need to pay back a small amount. Let's say it's … [Read more...]
Complete Your Tax Return Early
Most people think of April when they think of tax season, but I'm here to advocate that you should make a point to complete your tax return in March (if you haven't done it already). Why Should You Complete Your Tax Return in March? While some people (like me) enjoy the satisfaction of completing my tax return, many people very much dread the process. There's so much paperwork. So many numbers. And it can be overwhelming. But if you give … [Read more...]
Why is my tax refund smaller this year?
Ahh, tax season. Everyone's favorite time of year. Okay, to be honest, I actually enjoy the process of doing my taxes. I like sitting down and seeing how the numbers fall out, and how well I estimated my withholdings. My goal is always to break even, meaning that I don't get a huge refund, but I don't owe a large amount either. What is a tax refund? For a lot of people, however, they plan for and look forward to a large tax refund. Last … [Read more...]