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Explore news, videos and much more based on what your friends are reading and watching. Publish your own activity and retain full control.It's often possible to file your tax return as early as January, once you've received your W2 from your employer and your 1099s from your investments. The IRS will even accept your return as soon as January. But this is one situation where the early bird doesn't always get the worm. Let's dig into whether filing early will leave you satisfied or spitting dirt.How Filing Early Might Help You Though many people think of filing their tax returns as a dreaded chore to be postponed for as long as possible, there are many reasons why it can make sense to file early.Get it over with. [Read the full article]
Explore news, videos and much more based on what your friends are reading and watching. Publish your own activity and retain full control.You've finally received a hard-earned raise. Unfortunately, that raise has bumped you into the next tax bracket. Does that mean you should tell your employer you don't want the raise after all? If all of your income is going to be taxed at a higher rate, with your new raise, you're actually going to take home a smaller paycheck. Right?Fortunately, this statement isn't true, but it's a common misconception about how our progressive federal income tax system works. While people are taxed at higher rates when they earn higher levels of employment income, only a portion of their income, not all of their income, is taxed at the higher rate. Let's take a look at how the system works.How to Calculate How Much Tax You OweAs you've already noticed, the more money you earn, the more tax you pay. [Read the full article]
Explore news, videos and much more based on what your friends are reading and watching. Publish your own activity and retain full control.With every important job comes the question of whether or not individuals should do it themselves or hire a professional. While the ever improving selection of tax preparation software certainly makes it easier to do your own taxes, it has hardly put Certified Public Accountants (CPAs) and other personal tax preparers out of business.The Advantages of Using Tax SoftwarePriceThere is no way around the fact that you will pay less for a software package than you will to hire a CPA or another qualified tax professional. The price of tax preparation software ranges from the $10-$120 range to websites that offer the service for free. On the other hand, the least expensive tax preparers will cost at least $100 and a CPA is likely to charge at least twice that amount. [Read the full article]
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