Taxes

January 20, 2021

Our Federal tax code is complicated. One thing this causes is misunderstandings of tax law. I like to call these misunderstandings “tax myths.” Like many myths, tax myths often have some truth in them. Let’s look at three common tax myths. 1. I Don’t Want to Go Up to a New Tax Bracket Sometimes people…

January 12, 2021

You Can Probably File Your Taxes for Free. Really.

We know taxes are important. The government needs revenue to do things it does for our society. We want to comply with the law and pay the taxes we owe. Plus, most of us want a refund if we are entitled to it. But having to pay to get that done, when our tax situation…

January 05, 2021

I’m Married and Filed Jointly, Then the IRS Kept My Refund. What Happened?

Sometimes you don’t realize it is going to happen. You are expecting your tax refund and it never arrives. You may ask your tax professional or call the IRS at 1-800-829-1040. Here’s what may have happened: they kept the refund because your spouse owes money. This is often back taxes, both federal and state. But…

December 23, 2020

If I Can Pay off My Debt, Is it Better for My Credit to Pay it off Slowly or All at Once?

I think I’m going to receive a large tax refund this year that could help me pay off my debts. If I’m able to pay off all of my debt, should I do it all at once or is it better for my credit to pay it off slowly over time? Submitted by ...

January 08, 2021

The Saver’s Credit: Are You Double Dipping on Tax Savings?

How Do Tax-Advantaged Accounts Work? When you contribute to a retirement account like an Individual Retirement Arrangement (IRA) or a qualified employer-sponsored retirement plan (like a 401K), you receive a tax advantage. If the account is a tradi...