Several terms, such as tax planning, tax saving, tax avoidance and tax evasion, are often used in taxation issues. Tax planning is where the taxpayer organizes his affairs in such a manner as to reduce legally his liability towards income tax. This type of tax planning is sometimes referred to as ‘tax avoidance’, though the [...]

Whether you choose to complete your tax return this year by hand, the old-fashioned way, with a multimedia interactive software package online, or by enlisting the help of a licensed tax professional, you need to be aware of the tax deductions and credits that are available to you.
Most taxpayers do claim their exemptions, and according [...]

Burden for preparers
Tax preparers may start being tougher in asking you to prove your entitlement to certain deductions. This is because a law was recently passed that requires these professionals to help weed out tax dodgers. This may result in increased paperwork and greater fees to some taxpayers since a longer amount of time will [...]

What’s the difference between a taxidermist and a tax collector? According to Mark Twain, “The taxidermist takes only your skin!” Many Americans would agree with him – tax bills often seem unreasonably high. Fortunately, there are many completely legal ways to reduce your taxes and keep more of your hard-earned money for yourself and your [...]

This tax season 10% of Americans will let someone borrow them their own money through a tax refund anticipation loan.  Rates might be as high as 744%.  A rapid refund is just your income tax refund given to you on the spot by your tax preparation service- usually within 1-2 days.  Rather than waiting for [...]

Deducting mileage for your commute is not allowed by the IRS unless you know a few commuting mileage tax deduction tricks. The IRS mileage allowance can include virtually all your commuting mileage expense, allowing you to take a mileage tax deduction for the miles you log from your home to the office or other place [...]