Do you want to know how to cut your tax bill by donating? This is a question asked every year at tax time, but the answer tends to change frequently because the United States tax code changes on a regular basis. Deductions allowed last year may not be permitted this year, and vice versa. What follows IS NOT TAX ADVICE. If you have tax questions, consult a qualified tax professional or search the IRS official site for answers to specific … [Read more...]
What to Do If You Forget to File Taxes
What to Do If You Forget to File Taxes I am not sure how you would forget to file taxes, but if you do, there are steps to remedy the offense. Here is a rundown of what to do if you have indeed forgotten to file taxes or were thinking of skipping out on this basic part of financial life. Hint: it’s not a good idea, but it can be fixed. Do Not Panic First thing’s first. Understand that the IRS very rarely pursues criminal action. It … [Read more...]
Where does your paycheck go?
A young friend recently got her first “real” job and was very excited at the prospect of her huge, enormous paycheck. And sometime during this celebration, she learned that taxes would be taken out of her paycheck. Never mind that she somehow made it to her mid-20’s without realizing this, but when she asked me how much would be taken out, I told her that a rough estimate I like to use when I’m calculating pay is that you will take home around … [Read more...]