Category Archives: Taxes

What to Do When Audited By the IRS

What to Do When Audited By the IRS

My wife and I were recently audited for our 2012 tax return. While I freaked out when I saw the letter, Being audited by the IRS doesn’t have to be. Here is my experience with the IRS and several things that you can do to ensure you get a clean audit from the IRS.Continue Reading

How To Get Out Of Paying Taxes

How To Get Out Of Paying Taxes

My wife and I just sat down with our accountant this past weekend. For the first time in a few years, we are getting a refund. Most times we owe money to both Federal and State. This post isn’t about the advantages or disadvantages about whether or not you should be getting a refund every year, but rather a post on how to get out of paying taxes altogether.Continue Reading

Simple Tips to Keep More of Your Hard Earned Money

Simple Tips to Keep More of Your Hard Earned Money

I hate paying taxes. It’s not so much that I don’t want to help fund public works projects, but I don’t feel the government is the best at figuring out how best to spend my tax money. After all, these are the same people that built a bridge to nowhere. Because of this, I try to keep as much of my money as I possibly can, legally of course. Here are a handful of ways to help you pay the least amount in taxes.Continue Reading

Your Taxes: Do It Yourself or Hire A Pro?

Your Taxes: Do It Yourself or Hire A Pro?

When it comes to filing your taxes, it can be a scary thing. Especially the first time you are filing. Most times the fear is because of the unknown and the difficulty surrounding taxes and the tax code. I am here to tell you that filing your own taxes isn’t that difficult. In fact, it is fairly straight forward and easy, especially in your 20’s. Once you begin working full-time, have investments, a house, kids, etc. that is when taxes can quickly become a nightmare. But for now, filing your own taxes is a possibility.Continue Reading

Tax Deductions for Having a Baby

Tax Deductions for Having a Baby

Your life changes dramatically when you have a baby. Your taxes change too. I know. After becoming a mother or a father, the last thing on your mind is taxes. You are thinking about waking up in the middle of the night and whether your relatives have washed their hands before handling the baby. I’m sure the price of diapers would be a higher priority for your finances.Continue Reading

Is It Bad to Get a Large Tax Refund?

Is It Bad to Get a Large Tax Refund?

Of course tax time is stressful and confusing. We can list any number of mundane tasks that we’d rather have engaging our free time. I believe that cleaning bathrooms would even contend. However, for a large majority of Americans, completing your tax forms is not all pain for no gain.Continue Reading

Reasons I Prefer Tax Software to a Tax Professional

Reasons I Prefer Tax Software to a Tax Professional

It is tax season. With about a month left to file your taxes, I am sure preparing your return is on many of your minds. You’re probably asking yourself not only, “How much am I going to get back?” but also, “How should I file my returns?” If you are doing your taxes for the first time, you may not know that there are several ways to prepare your tax return. You can do them yourself, downloading the necessary tax forms off the IRS Website. You can also buy a tax preparation software like TurboTax, or use a tax professional. There are many other options that are a combination or compromise of those three options, but as I shared my story in going to HR Block, I don’t recommend this at all.Continue Reading

How to Do Your Taxes for the First Time

How to Do Your Taxes for the First Time

In many ways I still feel like a person with a lot to learn, but on the other hand, I feel like I am finally getting a good understanding of some things. One of the most complex and confusing systems is the U.S. tax system. Not only are there a number of different types of taxes (federal, state, property, etc.), but there are also a number of different deductions. While I’m not a tax professional, I’ve learned the best way for me to do my taxes.Continue Reading