A Smart Tax Blog For All

Here's How Tax Deductions Are Similar to a Salary Increase

Many people dread tax season because of the hard work and money it takes to do taxes. However, those individuals may not understand the array of benefits that they can get during tax season. Tax deductions are one of the great gifts that come with being or knowing a qualified tax professional.

Qualifying for the right tax deductions each year is almost like receiving a salary increase. Here's some information about the topic so that you can better understand deductions. You might be able to make them work well for you.

Tax TipsTimiarah SpriggsOctober 15, 2020file tax extension, state tax returnComment

How to File Taxes When You Are Unemployed

When you are unemployed, you may think that you don’t have to file taxes because you didn’t receive an income. However, it may still be beneficial for you to be thinking about filing taxes unemployed. When filing taxing unemployed, you may still qualify for certain tax breaks.

Tax TipsJackie StraussSeptember 3, 2020file tax extension, tax saving tipsComment

Qualified Dividends and Capital Gain Tax Explained

Both dividend income and capital gains are sources of profit for a shareholder and will create possible tax liabilities for investors. Capital is the initial sum that is invested. A capital gain is the profit that happens when an investment is sold for a higher price than the original purchase price. An investor won’t make any capital gains until they sell the investments and make a profit. Dividend income is paid out of the profits a corporation makes to the stockholders. It is considered income for the tax year instead of a capital gain. However, qualified dividends are taxed as capital gains instead of income. Since there is a lot of confusion about capital gains tax, a tax manager can help you with this part of your taxes and with general tax tips.

Tax TipsKevin StraussAugust 26, 2020tax tips, tax managerComment

A How to Pay Less Taxes Guide That Everyone Will Appreciate

When learning how to pay less taxes, the key is finding legal ways that will lower your taxable income.

Deductions and tax credits can change regularly but there are still different ways to pay less when you use the right tax management tools.

Tax TipsJackie StraussAugust 8, 2020tax preparation services, tax management toolsComment

What Are the Rules to Claiming a Dependent On Your Taxes?

Even those who pay someone else to file their taxes run into years that they are unsure of what to expect. One of the big changes that always throws people is adding someone new to the family, whether that means having a baby or bringing Grandpa to live with them.

It’s okay- we understand how confusing it can be. Claiming a dependent can seem like a very complicated thing, so we are here to simplify it for you. This guide should cover all of your questions about claiming a dependent.

Tax TipsBrandy WoodfolkJuly 18, 2020federal tax return, find my refundComment

An Inheritance Tax Overview Any Generation Can Understand

As tax time typically nears, you may consider consulting a tax preparer so you do not have to try to sort through your financials alone. This can help you owe less and file accurately, especially if you had an unusual situation occur, such as the death of a family member.

Tax TipsCarlie LawsonJuly 14, 2020tax tracker, tax timeComment

How to Determine Your Land and House Taxes?

If you own a home or are hoping to purchase real estate in the future, you need at least a basic understanding of land and house taxes.

That knowledge will help you decide which property to buy and may save you money if mistakes are made in your taxes during your years of ownership. Keep reading to learn how to determine your land and house taxes whether you’re shopping for a new home or already own real estate.

Tax TipsTheresa HammondJuly 2, 2020tax management, taxes dueComment

Steps to Find Fair Market Value in Real Estate for Taxes

Whether you’re on the buying or receiving end, it’s to your advantage to understand what fair market value (FMV) is and why it’s important to every real estate transaction. This post will give you that information in detail. We’ll also discuss how FMV differs from other types of valuations encountered in the modern real estate market.

Tax Tips, Tax ToolsTheresa HammondJune 12, 2020tax online, tax managerComment

How to File A Tax Extension When You Need More Time?

Taxes are inevitable, and nobody can pretend they enjoy the process of preparing and filing taxes every year. If you have filed your own taxes before or if you have at least helped prepare the paperwork on yours for several years, you at least understand the process and may be able to get through it relatively quickly.

If you are new to filing taxes, it is important that you learn the basics about how to save money on taxes, what kind of information you need to gather, and, if you need to, how to file a tax extension.

Tax TipsGrace DouglasJune 11, 2020taxes due, tax preparationComment

What are the Pros and Cons of a Wealth Tax?

A wealth tax is an annual tax on an individual’s overall wealth – your assets minus your debts. It’s not tied to income or sales, which are financial activities in which you partake. It’s connected to your valuables, your property, your savings, and investments. It’s a tax on what you hold on to rather than on what you do.

Tax TipsBlaine KoehnMay 20, 2020tax tips, handle your taxesComment

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