4 Ways The Rich Reduce Their Taxes (And How You Can Too!)


For as long as I can remember, people in the so-called middle and lower classes (as far as income is concerned) have always felt that the “rich” have far too many tax breaks. They point toward those wealthy individuals who are able to retain a significant portion of their income through various income tax deductions […]

These 5 Commonly-Missed Tax Deductions Could Be Costing You Money


Almost everyone complains about paying taxes, wouldn’t you agree?. In fact, many people go to great (sometimes) illegal lengths to avoid paying them. However, the IRS estimates that millions of taxpayers fail to claim these overlooked tax deductions, thereby overpaying their taxes each year! Here is a list of a few of the more common tax […]

How To Organize Yourself For Tax Preparation


Ever since I became a tax preparer, I’ve noticed how little people actually pay attention to their finances…especially their taxes! Most people simply throw their receipts into a shoebox, grab a bunch of unopened envelopes (which they believe contains their various tax documents) from employers, banks, and mortgage companies, and dump all of this paperwork on […]

What the Tax Cut Extension Means For You


The White House issued a fact sheet that explained the benefits of the tax cut extension in more detail. Here’s a broad overview of the four main benefits as outlined by the White House: 1. Payroll Tax Cut for Workers This would include a 2% payroll tax cut for employees, which would result in tax relief […]

What You Need to Know About Tax Deductions and Tax Credits (And Why It Matters)!

Personal Finance

In the course of preparing tax returns over the last few years, I have heard people confuse the concepts of tax credits and tax deductions. What’s worse is that I’ve even seen various financial writers and bloggers misuse the terms when performing various types of analysis involving taxes. Let’s take a look at the difference. […]

What You Need to Know About a 1031 Exchange


Tax Free Exchange (1031 Exchange) Explained Normally, when you sell investment property, and realize a gain, you must pay taxes on that gain. However, if you are replacing that property with another one of equal or greater value, you may be able to classify it as a tax free exchange, otherwise known as a 1031 exchange. Be […]

4 Factors to Consider Before Doing a Roth IRA Conversion


So we are about halfway through 2010!  Hard to believe isn’t it? Although some of the buzz has seemingly died down about the year of the Roth IRA Conversion, there is still some controversy regarding whether folks should convert their Traditional IRAs to a Roth. For those of you wondering what exactly is a Roth IRA,  Well, here are the […]

What Should You Do With Your 401k Plan When You Leave Your Job?


“Mr. Jones, we appreciate your work for us, but unfortunately there’s just not enough room in our budget for you. Here’s a packet of information regarding your retirement account.  Please look this over and have a decision made about your 401k plan by the 31st.” Ever hear these words? Maybe your company didn’t sound as nice, […]

Small Business Taxes and 2 Other Concerns for the Self Employed

Personal Finance

This was a post I originally did on I’ve adapted it some for my site, but you can check out the original here. It seems there are more and more people becoming self employed these days – or at the very least, many folks are starting a side business, turning a hobby into some extra income or doing […]

What to Do When You Owe IRS Back Taxes


If you missed the tax deadline and have tax returns that have not been filed, it is imperative you address the situation immediately to avoid continued problems with the Internal Revenue Service. While the reasons for not filing taxes are certainly important, at this stage of the game your focus should be on how you […]

IRS Tax Deadline: When and How To File a Tax Extension


With the IRS tax deadline of April 15th on the horizon, procrastination may actually turn out to be a good thing for some taxpayers who have not filed yet. You may want to file for a tax extension if you are trying to claim a home-buyer tax credit this year, you want to reverse a Traditional IRA […]