IRA Early Withdrawal Penalties and Their Exceptions
IRA account early withdrawal penalties are put in place for good reason. The average citizen is encouraged to stash money away for their golden years under penalty of losing 10% of it (taxes not included). However, there are many exceptions to the penalties, which we cover here.
Income Inequality Increases Under the Trump-GOP Tax Cut?
It is a given that the rich and corporations WON under the Trump-GOP tax act, but who else benefited or were hurt by this controversial law?
Guide to Tax Clearance in Malaysia for Expatriates and Locals
Tax clearance is required if you retire, resign, or leave Malaysia for more than 3 months, and for the deceased. But how do you actually apply for a tax clearance letter (TCL) and get your last month's salary ASAP?
Requesting Penalty Waivers From the Florida Department of Revenue
So, you need a penalty waiver, but don't know how to get one. Here are some tips on requesting penalty waivers from the Florida Department of Revenue.
Malaysian Tax Issues for Expatriates and Non-Residents
If you are looking for job opportunities in Malaysia or already working here as an expatriate, this list of issues and Q&A on tax law in Malaysia LHDN will help you understand your tax exposure better.
How to Claim Your Girlfriend on Your Taxes if She Lives With You
You can claim your girlfriend or fiancée on your taxes provided she meets certain qualifications. Here's how to do it and how much you can get back from the IRS.
Tax Avoidance or Tax Evasion: Which One is Legal?
Is playing within the rules tax evasion and 'not paying your fair share'? Is everyone that lowers their tax bills evading taxes? Is lowering your tax bill illegal or something even the IRS expects? What is the difference between tax avoidance and tax evasion?
Pros and Cons for the U.S. of Flat vs. Progressive Taxes
Learn all about the differences between flat and progressive taxes. Both types have their pros and their cons and both can be successful if implemented correctly.
IRS Red Flags That Put Your Tax Return at Risk for an Audit
Certain red flags that the IRS looks for can put you at risk for a tax audit. Stay out of trouble by reporting all of your income and only taking credits and deductions that you are entitled to and can support with proper documentation or receipts for all expenses.
The End Is Near! Your Federal Income Taxes Are Now Due July 15th!
Because of the coronavirus pandemic, the deadline for filing your federal income tax return has been extended to July 15, 2020. In addition, payments will not incur penalties or interest if paid by July 15th. If you need more time to file, use Form 4868 to file for an extension until October 15th.
Top 5 Common Taxpayer Mistakes From My View in My Tax Office
Mistakes made when filing your tax return can lead to delays in receiving your refund. In my tax office I see mistakes that are often avoidable. Some "mistakes" are intentional and are illegal attempts at trying to increase a tax refund.
Who Can You Claim as a Qualifying Child for the Earned Income Tax Credit (EITC)?
The Earned Income Tax Credit (EITC) is a refundable federal tax credit. It is designed to help low and moderate-income individuals and families keep more of what they earn. Claiming a qualifying child can increase your EITC. The 4 criteria that must be passed for a qualifying child include relationship, age, residence, and joint return.
How to Buy the Right TurboTax for 2021 Taxes and Avoid Errors
I used TurboTax for over 20 years for my business and personal accounts, and I'll show you what version you need to file your taxes correctly. This article will be updated for 2022 taxes due in April 2023 when TurboTax releases their software updates. Bookmark this for further review.
Tax Benefits of a Second or Vacation Home as a Primary Home vs. Rental
If you own a second home, then you want to be aware of some tax advantages that could save you money.
What Do You Mean, There Could Be a Tax on Social Security?
Social security benefits are usually tax-free but not always. Interest income, dividends, pensions, IRA distributions, and employment income can all contribute to making your social security benefit taxable. Up to 85% of your social security benefit maybe taxable as income.
Claiming the Earned Income Tax Credit Fraudulently Will Get You Audited
Taxes are confusing. Here's an overview of the earned income tax credit, including what it is, who qualifies, and the high rate of tax fraud surrounding it.
Who Can Claim Head of Household on Taxes? Rules and Penalty
In this article, discover why you should not claim head of household on your tax return if you are not entitled to. We go over the requirements for claiming this status and the penalties for claiming it fraudulently.
How to eFile Your Income Tax Return and Wealth Statement Online With FBR
A complete guide to submitting/e-filing income tax returns and wealth statements for tax years 2015, 2016, 2017, 2018, 2019 and 2020 via FBR's IRIS system. How to get NTN before submitting returns.
How to Find the Value of Donations for Tax Purposes
When you donate something that isn't straight cash, you are responsible for recording its value if you want to get a deduction for it when you file taxes for the year. This article helps you accurately determine your donation's value.
Tips and Advice for Furniture Donation Pickup
Don't let old furniture sit around and collect dust. Donate it! You will be surprised to find how easy it is to donate furniture. Many organizations pick it up for you, plus you can enjoy a nice tax deduction. Here's what you need to know.
Taxes: When Your Dependent Child Receives SSI Disability
Does your dependent child collect unearned income from government benefits? Learn what you need to claim and how to do it.
How to Find Out If Your Federal Tax Refund Will Be Offset
If you are wondering whether your federal tax refund will be taken by the IRS as a result of debt, owed child support, or another reason, here is how you can find out.