Ask The Taxgirl: Standard Deduction Versus Itemized Deductions
It’s Ask The Taxgirl! Today, we tackle claiming the standard deduction versus itemizing your deductions.
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Taxes From A To Z (2017): P Is For Pease Limitations
It’s Taxes from A to Z! P is for Pease limitations.
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Fix The Tax Code Friday: Time To Ditch Itemized Deductions?
I do a lot of radio and other interviews this time of year and inevitably I’m asked why doing your taxes is so complicated. My answer is predictable, “The Tax Code is too complicated.” Of course, that’s easy to say. And the proof is easy to find. The National Taxpayer Advocate Nina E. Olson agrees,…
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11 Things To Know Before Filing Your Tax Return For 2012
With so many changes looming for 2013, it’s easy to forget that there were some significant tweaks to the Tax Code for 2012. Here’s a list of eleven changes to keep in mind before you file your 2012 tax return, due April 15, 2013: 1. Payroll tax credit will still affect self-employed taxpayers. The expiration…
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Real World/Road Rules Challenge Contestant Shares A Tax Lesson
Last night, I was browsing through my email and a message caught my eye. A reader passed along a link to this piece written by Diem Brown, with a note that said, more or less, “Can you believe she didn’t know about the medical deduction?” By way of background, Brown, age 30, is a recurring…
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Taxes From A To Z: T Is For Tuition & Fees Deduction
T is for Tuition and Fees Deduction. College can be expensive. Crazy expensive. I say this as a former student now repaying tons of student loans – and eying my three kids and thinking about how in the world I’m going to pay for them, too. Fortunately, there are some tax breaks available for paying…
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Taxes From A To Z: S Is For Standard Deduction
S is for Standard Deduction. Most taxpayers have the option of claiming the standard deduction or the itemized deduction. I say “most” because, as with almost everything tax-related, there are some exceptions. You cannot use the standard deduction if you file as married filing a separate return and your spouse itemizes deductions; you are a…
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Taxes From A To Z: F Is For FSA
F is for FSA. Benefits stink at a lot of businesses these days. As a business owner, though, I understand why: the underlying costs of providing benefits to employees are, in some cases, enormous. At my firm, the cost of providing health insurance to my employees costs more than the rent and all utilities for…
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Taxes From A To Z: D Is For Deductible Taxes
D is for Deductible Taxes. (Admit it, you thought I was going to say depreciation. Nah, that was last year.) It feels like everything you touch these days is associated with some kind of tax. You can get socked with taxes for doing anything from working to tanning to smoking. It can add up. Surely…
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Ask The Taxgirl: Comparing Tax Preparer Costs
Taxpayer asks: Before I got married, I used TurboTax to do my taxes. Now, my wife wants me to go somewhere to get our taxes done. I called around and got a few quotes. Some of them were as low as $150 and one guy wanted $500. How do I know who is the best…
