Residing in a State Without Income Tax: Can You Avoid State Income Tax? November 21, 2017
In the United States, federal income tax is just the start. In most cases, you also have to pay state tax, and some municipalities charge local or city income tax as well. All those bills can add up, and you may be wondering “how can I avoid state income tax?” or “can I lower my state tax bill?”
Tax Breaks for Teachers: How to Reduce Your Taxes As a Teacher October 16, 2017
The school year is in full swing, and if you’re a teacher, you’ve probably already spent money out of your own pocket. Luckily, the IRS allows you to claim a deduction for many of these expenses. If you want to reduce your tax bill, here are some tax breaks for teachers you need to know.
October 16th IRS Tax Filing Deadline for Individuals: Details & Exceptions October 03, 2017
If you requested an extension on filing your federal income tax return, your due date is just around the corner on October 16th, 2017. You must have your tax return postmarked or electronically submitted by that date. If you don’t file on time, you face a very serious failure-to-file penalty.
How to Avoid the Penalty for Underpayment of Estimated Tax September 20, 2017
The estimated tax penalty is technically called an underpayment penalty. More than ten million taxpayers paid underpayment tax penalties in the 2016 tax year, compared to the 8.9 million who paid them in 2014. That increase may have something to do with the estimated 30% of working-age people the Chicago Tribune reports are now part of the so-called “gig economy.”
IRS Tax Relief for Hurricane Harvey: Extensions, Loss Deductions and More August 30, 2017
The IRS is offering tax relief for Hurricane Harvey victims. Specifically, it is giving affected taxpayers extensions on certain tax returns and payments. The extensions apply to most returns or payments due between August 23, 2017 and January 31, 2018. At the time of writing, most of these deadlines have moved to January 31, 2018.
