How to Calculate and Pay Quarterly Self-Employment Taxes

Tax Paperwork

Photo: x_jamesmorris If you’ll have self-employment income this year – either from a small business with employees, a sole proprietorship, or even just contract work you do alongside your full-time job – you’ll probably need to pay quarterly self-employment taxes this year. As an employee, this isn’t something you have to worry about. Your employer […]

Published or Updated: April 12, 2013

10 Ways to Use Your Tax Refund

In 2012, the average federal tax refund for Americans was $2,800. If you have a big family or a low income, your refund was likely even more than that. Even though you should know about what to expect with your refund, most of us treat it as a windfall. Choosing what to do with this […]

Published or Updated: April 8, 2013

Avoid These 12 Tax Scams this April!

Photo: agrilifetoday Each year the IRS releases a list of the “Dirty Dozen” tax scams to watch out for. Unfortunately, scams are common and lead to lost taxpayer money every year. To best avoid these scams, know what to look out for. Here’s an overview of the top 12 tax scams – and how to […]

Published or Updated: April 8, 2013

Tax Credits and Deductions for a College Education

College Fund Taxes

Photo: Tax Credits If you were a college student, were paying off student loans, or had a child in college in 2012, remember to check for education-related deductions and credits when you file your taxes this year. The IRS names several available deductions and credits related to college expenses. I’ll break down the options, so […]

Published or Updated: April 21, 2014

Important Facts about Mortgage Debt Forgiveness

Mortgage Debt and Taxes

Photo: 401(K) 2013 If you’ve been through hell and back with your mortgage, having part of that mortgage forgiven by your lender may seem like a blessing. Until tax time, that is. Before the housing market bottomed out and mortgage debt was being forgiven left and right, tax time could be a huge problem for […]

Published or Updated: July 3, 2013

What To Do If You Didn’t Get a W-2

Missing W-2

Didn’t receive your W-2? Here’s what to do. Photo: reallyboring Still waiting on the W-2? You’re ready to prepare and file your taxes ahead of time. Yet each day goes by with no W-2 in the mailbox. It’s actually a problem I encountered this year for the first time. So for those that didn’t get […]

Published or Updated: February 12, 2013

Tax Time Tools and Resources

Tax Tools

Tax time doesn’t have to hurt with these tips, tools, and resources Photo: ChuckHolton Let’s be honest here–tax time sucks. Whether you’re filing business or personal returns (or both), it’s typically very stressful. Even with a CPA, I still spend a ton of time pulling records together, getting the stuff to my accountant, and meeting […]

Published or Updated: February 5, 2013

Quarterly Estimated Taxes: Due Dates and Payment Strategies

Tax Withholding

Due you owe quarterly income tax? If you do, don’t miss the estimated tax deadline. Photo: OhioProgressive There are a lot of things to like about being self-employed. Estimated taxes is not one of them. If you are self-employed, a freelancer, or earn other income that is not subject to withholdings, paying state and federal […]

Published or Updated: January 15, 2013

The 2013 Tax Hike–What You Need to Know

2013 Federal Tax Hike

Taxes to rise for everybody in 2013 (Source: WSJ) As you’ve probably heard by now, our leaders in Washington have reached an agreement on tax hikes for 2013. While higher rates for the wealthy have dominated the news coverage, the deal reached actually raises tax on all workers. While most of the tax hikes hit […]

Published or Updated: January 2, 2013