Planning what to do in case of a disaster is an important part of being prepared. Some simple steps can help you protect financial and tax records in case of disasters. 1. Take Advantage of Paperless Record keeping for Financial and Tax Records Many people receive bank statements and documents by e-mail. This method is …
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Aug 22
Tax Tips for Job Seekers
If you are seeking new employment, you might be able to deduct some of your job hunting expenses on your tax return. To qualify for a deduction, the expenses must be spent on a job search in your current occupation. You can deduct amounts you spend for preparing and mailing copies of your resume to …
Aug 09
What If You Receive an IRS Notice!
Each year, the Internal Revenue Service sends millions of letters and notices to taxpayers for a variety of reasons. Just in case one shows up in your mailbox remember: 1. Don’t panic. Many of these letters can be dealt with simply and painlessly. 2. There are a number of reasons why the IRS might send …
Aug 01
Avoiding IRS Penalties
When it comes to filing a tax return – or not filing one – the IRS can assess a penalty if you fail to file, fail to pay or both. 1. If you do not file by the deadline, you might face a failure-to-file penalty. If you do not pay by the due date, you …
Jul 25
Tax Tips for Students Working a Summer Job
This summer many students have been working summer jobs. Remember, not all the money you earn may make it to your pocket. That’s because your employer must withhold taxes. Here are some things students should be aware of when they work a summer job. * When you first start a new job you must fill …