The members of the armed forces and their families face many challenges and that include filing taxes with the IRS. American military personnel, whether on active duty or reserve service,...
Posted by Advantage Tax Service on 11/14/2018
We all are managing the finances in our personal life. Someone is worried about their studies where the other could be worried about getting married. Everything revolves around money...
Posted by Advantage Tax Service on 11/06/2018
A look at the statistical evidencesOne-fourth of the Americans who come under the section of Senior citizens claim that when Medicare Part B Premiums was subtracted from their social...
Posted by Advantage Tax Service on 10/26/2018
Charitable deduction can be defined as those deductions which the tax payers have to pay when they donate money to any kind of charity. The charity must qualify for these deductions...
Posted by Advantage Tax Service on 10/26/2018
When you're a business owner, you have to keep in mind that things are not going to be stable at all times. There are certain curves which are popular for the trends of business...
Posted by Advantage Tax Service on 10/10/2018
Are you planning to get married but is worried about how you’re going to be dealing with taxes once you join the married folks club? Although marriage symbolizes true love and...
Posted by Advantage Tax Service on 10/03/2018
The relationship between the community and theme parks are usually pretty smooth because of both benefits from one another. The parks hire a lot of people to work for them and their...
Posted by Advantage Tax Service on 09/24/2018
A consumer spending website, ValuePenguin, issues a recent report that elucidates upon which states have the most student debt. This report exclusively shed light upon the fifteen...
Posted by Advantage Tax Service on 09/14/2018
Several IRS tax deductions came to an end due to the tax reform process but the deduction for state and local taxes made it through. The property tax deduction specifically, survived...
Posted by Advantage Tax Service on 09/11/2018
The reason why people are so concerned about tax security and the security six is because of cyber activities. As people are getting fonder with the systems, things get easier for...
Posted by Advantage Tax Service on 08/17/2018
Non-credentialed tax return preparers are encouraged to join the IRS voluntary program called the Annual Filing Season Program (AFSP) and participate in continuing education (CE) courses....
Posted by Advantage Tax Service on 08/17/2018
You may consider that the individuals with ultrahigh net value have no tension about money. In fact, you are wrong because these persons need experts to manage. People with ultrahigh...
Posted by Advantage Tax Service on 07/31/2018
Health savings account is an account which limits the medical expenses of people. As compared to health insurance policies, health savings account is much more preferable in terms...
Posted by Advantage Tax Service on 07/31/2018
People have heard a lot about CPEO program but unless you have the right guidance, you won’t be able to pursue it well. CPEO program is popular in the outsourcing world of human...
Posted by Advantage Tax Service on 07/23/2018
The reason why various types of spousal support were created is due to the increasing rate of divorce in America. Generally, whoever has the highest-earning income is required...
Posted by Advantage Tax Service on 07/23/2018
Refinancing is an option for everyone, but there are some moves which you have to be careful about. It is the question in many people’s mind that should help you refinance or...
Posted by Advantage Tax Service on 06/30/2018
There are many regulations which are associated with IRS. One of them is the repeal of federal excise tax (FET). You have to get into the regulations of understating the basic meaning...
Posted by Advantage Tax Service on 06/30/2018
Some of the people get surprised that the social security benefits get taxed. As social security is a part of government then how can it get taxed? Well, some states don’t tax...
Posted by Advantage Tax Service on 06/18/2018
It can be confusing for some people to know about taxes when they visit US for the first time. There are some of the states which have separate rules and regulations. If you move from...
Posted by Advantage Tax Service on 06/08/2018
When you are thinking about opening a business account for a startup, then know that it involves a process. Having the account makes your business legible to be in the market. You...
Posted by Advantage Tax Service on 05/31/2018
Many times when you are going to establish a new business, there is confusion. The confusion is nothing but about the type of business which you should get indulged in. There are different...
Posted by Advantage Tax Service on 05/22/2018
Self employed pensions seem great, but you have to sort of lots of things to prepare their priority list. Despite doing hard work by yourself, you can find a tax preparer. The concept...
Posted by Advantage Tax Service on 05/18/2018
Unlike employees, the taxes of a business organization are not exempted from paychecks. A business owner and freelancer should have sufficient discipline to put funds aside for each...
Posted by Advantage Tax Service on 05/15/2018
With having the right partner you will never have to face the tax consequences of divorce at first place. It is about the matter that you are able to get through the processes within...
Posted by Advantage Tax Service on 05/15/2018
It is very important that you begin coaching kids approximately cash before they stay in the misconception that money comes from someplace loose. Children want to be conscious that...
Posted by Advantage Tax Service on 04/27/2018
We all do tax every year, especially the ones who are in a hurry to get the tax returns. Given that it is a very important part of everyone’s yearly schedule, one thing has to...
Posted by Advantage Tax Service on 04/20/2018
Taxation in the US or any other country is not limited to just property or income taxes, but also many other entities are taxable, and it is very important that you get the full information...
Posted by Advantage Tax Service on 04/20/2018
Getting multiple credit cards, personal loans and student loans all of these are the underlying factors why somebody can fall into the cruel hands of unmanageable debts. Often times...
Posted by Advantage Tax Service on 03/14/2018
When preparing your tax return, you have to choose between standard deductions and itemized deductions. Your choice would likely depend on the higher figure, which is what most taxpayers...
Posted by Advantage Tax Service on 01/31/2018
As dreadful as the word might sound, tax basis remains one of the most important components as far as filing tax returns is concerned. Also referred to as adjusted basis or cost basis,...
Posted by Advantage Tax Service on 01/24/2018
If you amend your 2017 tax return, it means that you must file a new form with the IRS, namely a 1040-X. Not all situations, however, require you to file an amended return. even though...
Posted by Advantage Tax Service on 01/17/2018
Audits and IRS bills and headaches...oh my. Tax prep can leave you feeling like you aren't exactly in Kansas anymore. Avoid getting targeted by the IRS and those pesky flying monkeys...
Posted by Advantage Tax Service on 01/10/2018
If you have unfiled tax returns or unpaid taxes then you may be steering towards an IRS audit. An audit could result in draconian tax sanctions such as a tax levy, tax lien or wage...
Posted by Advantage Tax Service on 01/04/2018
When you buy new equipment for your business, the intention is never to benefit from the tax deduction. The intention when purchasing new equipment is to expedite growth and development...
Posted by Advantage Tax Service on 01/03/2018
Putting together a good business tax return doesn't have to be a huge headache. There are many quality small business deductions out there to help business owners overcome the early...
Posted by Advantage Tax Service on 12/27/2017
One common investment that people get involved in is real estate. Perhaps you have been living in a home you own and decide to upgrade, renting out your existing home.Or maybe you...
Posted by Advantage Tax Service on 12/13/2017
Fresh retirees often have to cope up with the sudden changes that hit them when they quit something they've been doing for several years together. The adjustment could mean a lot...
Posted by Advantage Tax Service on 12/06/2017
Those pesky medical expenses seem to get higher every year. Health insurance premiums and deductibles have increased for many people over the past decade, so it is in your best interest...
Posted by Advantage Tax Service on 11/29/2017
All homeowners should probably be aware of the term "basis". Basis is essentially the sum your house (or other similar property or investments such as stocks or mutual funds) is...
Posted by Advantage Tax Service on 11/22/2017
Often times the difference between a small business that is struggling to build up cash reserves and one that isn't comes down to how each company does their taxes. Are you taking...
Posted by Advantage Tax Service on 11/15/2017
Tax season brings on serious stress and frustration for many business owners, and it's understandable when the tax preparation isn't going as smoothly as you hope or the numbers aren't...
Posted by Advantage Tax Service on 11/08/2017
There's no question that tax season tends to be a stressful time whether you're dealing with an individual tax return or a business tax return, or even both. Tax preparation tends...
Posted by Advantage Tax Service on 11/01/2017
According to the S&P/Case-Shiller seasonally adjusted property index, real estate prices increased by 5% (3.3% in real terms) in 2016 compared to 2015. Some of the areas that experienced...
Posted by Advantage Tax Service on 10/25/2017
Filing late? Here are 6 tips to make the most of a bad situation... #1. Need income information? Just ask. When you are prepping your past due tax return, you may run into a need...
Posted by Advantage Tax Service on 10/18/2017
Small businesses carry a large burden through the year - especially when they are trying to get their company off the ground. Let's face it... staying afloat can be tough, especially...
Posted by Advantage Tax Service on 10/11/2017
Tax preparation often gets a bad rap as being stressful or frustrating, but it can be made much easier with a skilled and professional tax specialist on your side. While many forms...
Posted by Advantage Tax Service on 10/04/2017
Bookkeeping is an aspect of accounting that companies have been indulging in ever since cash transactions became the norm. Remember, bookkeeping is only an aspect of accounting. It...
Posted by Advantage Tax Service on 09/27/2017
The common misconception regarding the amendment of a tax return is that it makes one susceptible to an audit by the IRS. This notion tends to deceive most people in not filing an...
Posted by Advantage Tax Service on 09/20/2017
All is not lost for people who are late with filing their tax returns. Besides not being subjected to any legal action, people who file their taxes late may also see certain tax refunds...
Posted by Advantage Tax Service on 09/13/2017
Capital gains tax on the profit made from selling a house can be avoided to some extent based on numerous factors. The timing of sale is crucial. If you time things right, there...
Posted by Advantage Tax Service on 09/06/2017
Tax debts are no fun. They can accumulate for a myriad of reasons ranging from ignorance concerning what should be done when filing taxes, to completely unfiled tax returns. Of course,...
Posted by Advantage Tax Service on 08/30/2017
About one-quarter of all U.S. families who take care of aging parents spend more than $10,000 per year doing so. In addition, at least 4 out of 10 families who care for elderly parents...
Posted by Advantage Tax Service on 08/23/2017
If you invest in properties, you probably need to pay substantial real estate taxes and numerous other expenses. Fortunately, a variety of federal tax deductions allow you to recover...
Posted by Advantage Tax Service on 08/16/2017
Owing the government taxes is a situation every taxpayer dreads. The Internal Revenue Service (IRS) can be intimidating as it can subject you to wage garnishment, seize your properties...
Posted by Advantage Tax Service on 08/09/2017
Some people call it "cost basis" and some people call it "tax basis"...whatever you call it, figuring it out does not have to be rocket science. (Unless you are into that kind of...
Posted by Advantage Tax Service on 08/02/2017
One of the most difficult processes for those who are new to retirement is the abrupt change of switching from accumulating funds to withdrawaling them. It is easy to see why this...
Posted by Advantage Tax Service on 07/26/2017
The way income is taxed varies immensely based on how that money is earned and what (if any) taxes have already been taken out before it reaches the recipient's hands. Rental...
Posted by Advantage Tax Service on 07/19/2017
Americans dread an IRS audit because individuals charged with tax fraud charges could be fined up to $250,000 ($500,000 for corporations), end up in jail for up to five years, or...
Posted by Advantage Tax Service on 07/12/2017
Back in 2015, the IRS overhauled some rules regarding deductions related to retirement savings accounts. While HSA funds are largely unaffected, taxpayers doing their best to reduce...
Posted by Advantage Tax Service on 07/05/2017
The real estate or mortgage business is the perfect career choice for people who wait for things and do not make decisions in haste. An investor who waits for the right time to...
Posted by Advantage Tax Service on 06/24/2017
Small businesses, especially those still trying to get off the ground, often take their tax preparation very seriously. After all, every little deduction counts. As you get ready...
Posted by Advantage Tax Service on 06/21/2017
No one ever wants to be on the wrong end of an audit by the IRS, especially when you know the books are off or might not be as well put together as they should be. While individuals...
Posted by Advantage Tax Service on 06/14/2017
When it comes down to reclaiming a portion of your college education expenses, you have a couple of options at the time of income tax filing: claiming an education credit, or tuition...
Posted by Advantage Tax Service on 06/07/2017
If you have never heard of the Earned Income Tax Credit, you may be missing out on a financial boost that can help you pay for some of the items and services your family needs. The...
Posted by Advantage Tax Service on 05/17/2017
According to the AARP, over 30 million American adults are caregivers to other adults. What's more, about 80% of family caregivers are paying for dependent care expenses out-of-pocket,...
Posted by Advantage Tax Service on 05/10/2017
The tax reform proposal coming from the Trump administration includes another two dependent care deductions that will benefit families paying for child care. The first proposed tax...
Posted by Advantage Tax Service on 05/09/2017
It is safe to say the average tax paying American sees the US tax system as burdensome and exorbitant. However, with a little research, it quickly becomes clear that the average...
Posted by Advantage Tax Service on 04/26/2017
Many people in the country have an innate fear of the repercussions that are associated with not filing tax returns. This is because, in the US, failure to file or pay tax returns...
Posted by Advantage Tax Service on 04/19/2017
Every time you are done filing a tax return, you expect a fat refund check heading to your address. However, a refund is not the only thing that could result from a tax return filing. There...
Posted by Advantage Tax Service on 04/12/2017
There is no doubt that you will require legal advice at some point in your life. Whether you want help going over a contract, draw up a lease agreement, or sue for injury or lost...
Posted by Advantage Tax Service on 04/05/2017
There seems to be a lot of confusion surrounding the fast track settlements program of the IRS, and what exactly this means for the many small business owners who may find themselves...
Posted by Advantage Tax Service on 03/29/2017
Business vehicles offer a wide array of potential deductions for a business. Whether it is in the form of a full write off, deductions that are based around the idea of depreciation,...
Posted by Advantage Tax Service on 03/22/2017
When it's time to start disposing of your investments, understanding the rules is critical. The IRS requires you to accurately report the sale of any of your assets. Your tax basis...
Posted by Advantage Tax Service on 03/15/2017
Each year there are changes to tax laws and procedures that can affect your return. It is important to be aware of these changes to file a correct and timely tax return. The IRS...
Posted by Advantage Tax Service on 03/08/2017
"It was a dark and stormy night..." That was basically the opening sentence of the IRS's recent list of tax scams that taxpayers should be weary of in 2017. Before you hide in the...
Posted by Advantage Tax Service on 03/01/2017
There are many little known tax breaks that can have a major impact on the lives of those who qualify, and one that very few people know about is the home sale gain exclusions benefit. This...
Posted by Advantage Tax Service on 02/22/2017
Running a small business isn't easy, and while every small business owner has had times where he or she felt completely overwhelmed (sometimes as early as trying to figure out entity...
Posted by Advantage Tax Service on 02/15/2017
Safe to say unless you are an accountant, tax preparation and dealing with the IRS during tax season is pretty low on your list of things you want to do. Most business owners certainly...
Posted by Advantage Tax Service on 02/08/2017
Anytime you have debts that have accrued due to unpaid taxes; you will feel stressed by the situation. In such a situation, it is best to find out what options are available to you...
Posted by Advantage Tax Service on 02/01/2017