Tax Time Tools and Resources

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

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

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

What is the Saver’s Tax Credit?

One of the most overlooked tax credits is also one of the best. If you qualify for this credit, the government actually pays you to contribute to your retirement account. It’s called the Saver’s Credit (officially the “Retirement Savings Contributions Credit”), and it’s one you don’t want to miss. The Saver’s Credit is designed to […]

Published or Updated: December 23, 2013

What You Need to Know About the Fiscal Cliff

Imagine your finances are in shambles. You’re drowning in credit card debt and not making nearly enough money. So you cut your discretionary spending and get a second job to generate some more income. Most would applaud the responsible steps you are taking to fix your finances. If you are the government, however, we call […]

Published or Updated: January 1, 2013

How About a 91% Tax Rate?

Yesterday I read an article written by Paul Krugman that made me hurl. Called The Twinkie Manifesto, the title of the article was the best part; it was all downhill after that. Krugman wants us to return to the day when the top marginal federal income tax rate was 91%. And his argument is as […]

Published or Updated: November 21, 2012

The Lowest and Highest State Taxes (Map)

The Tax Foundation recently published a state-by-state study on state and local tax burdens. The study lists that tax burdens by state, including a ranking from highest to lowest state taxes. New York was the “winner” with a state tax burden topping the charts at 12.8%. Alaska has the lowest tax burden at 7.0%. The […]

Published or Updated: October 29, 2012

10 Surprising Steps Every Executor of a Will Should Take

My step-mother passed away last week. She was an incredible woman. She was a pilot, certified scuba diver, Harley-Davidson rider, and if that weren’t enough, a big game hunter. No joke. Cancer took her far too soon. And now I’m the executor of her will and trustee of her living trust. While I practice law, […]

Published or Updated: September 19, 2012

Tax Deductions for Employees who Work from Home

Recently a reader named Lisa asked me about tax deductions for employees who work from home. Here is Lisa’s question: My husband will begin working from home 3 days per week beginning at the end of this mth and will need to travel to his company’s site the other 2 days. Can you please provide […]

Published or Updated: September 12, 2012

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