“The hardest thing in the world to understand is the income tax.” - Albert Einstein, physicist. Well! It may be connected to his theory of relativity but, being a physicist that he was, he didn't think of the U.S. tax system in reverse. It would have been a lot easier for him if he understood two things:

  1. The more you make, the less you pay - ever heard of loopholes?
  2. The less you make, the more you pay - never heard of loopholes?

Filing tax returns, for some, is like going to the dentist. If you have flossed once a day and brushed twice a day regularly, then going to the dentist should be a breeze and not something to dread upon.

So keep records of all your income and expenses. Figuring out your tax returns should be a breeze as well.

Always remember this golden rule:
You earn your money in pre-tax dollars but you spend them in post-tax dollars.

Don't try to fool IRS

Al Capone was not sent to jail by Eliot Ness
Al Capone was sent to jail by IRS

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Time To Have Mid Year Tax Review

Monday, July 2, 2012, AM | 1 Comment

When you go to the dentist twice a year for cleaning and checkup, why not visit your tax status the same – twice a year. Because it’s mid year, this is a good time to do so. This year is special because of changes that may be coming to you. Congress so far has not […]

Details Relating To the Uniform Tax Refund

Wednesday, May 23, 2012, AM | Leave Comment

Citizens of respective countries can avoid paying taxes to the government using several methods. Presently, the government of many countries are allowing exemptions in the payment of taxes. The citizens belonging to the United Kingdom enjoy the special advantage of the uniform tax rebate. Getting deduction on paying the taxes for an employee depends largely […]

Tax Issues To Be Aware Of

Wednesday, May 9, 2012, AM | Leave Comment

The tax season is long passed its 17th April deadline. The sweating of your palms has dried up. Sweaty palms are thought to be the result of a hyperactive nervous system. Tax season is known to be one of the biggest reasons for having sweaty palms. We should all be glad that it’s all over […]

Tax Issues With Estate Planning

Monday, May 7, 2012, AM | 1 Comment

If you have not made out your will yet, it may be a good time to do so now. Better yet think about making your estate planning which is considered by personal finance experts to be much better than a will. Will Power If you don’t have a will, your state has one for you […]

Tax Issues With First Time Home Buyer Credit

Saturday, May 5, 2012, AM | 1 Comment

If you received the first-time home-buyer credit for a home purchased in 2008, you should have begun repaying the credit in 2010. This repayment must continue in 2012 and years beyond until the full amount is repaid. You may also prepay a portion of the credit if that will work best for your financial situation. […]

Tax Issues With Home Office

Thursday, May 3, 2012, AM | 2 Comments

If you are self-employed or work from home for an employer, you need to meet the requirements from IRS that the home business operator must face. If your home office qualifies for tax benefits, you may be able to deduct a percentage of your real estate property taxes on your home, mortgage interest, utilities, etc. […]

Tax Issues With Higher Education

Wednesday, May 2, 2012, AM | Leave Comment

Education needless to say is quite expensive, especially higher education. During tax time, you are generally able to get credit for higher education. Of course, not the total amount you have spent but some percentage of it which nonetheless helps in paying tuition fees and other expenses such as books. If the following one or […]

Tax Issues With Your Retirement Account

Monday, April 30, 2012, AM | 2 Comments

The tax season is over for most Americans. Some may have filed for automatic extension in which case they would be given a 6-month time-period that they must file their tax return. If they owe the IRS money, they will be charged interest on the weeks and months that they delayed filing. If the IRS […]

Tips What To Do If You Receive IRS Notice

Wednesday, April 4, 2012, AM | Leave Comment

Notices sent by the IRS regarding Form 1040, 1040A, 1040EZ or any of the related schedules, forms or other attachments are called individual filer notices. The IRS may send you a letter or notice to request payment for taxes, notify you of a change to your account, or request additional information. If and when you […]

How To File Secure Tax Returns

Monday, March 12, 2012, AM | Leave Comment

You still have a little more than a month to file your taxes. The IRS Tax filing deadline for 2012 is on Tuesday, April 17. Every year, especially in recent years, with the advent of technology and Internet use in abundance, the scammers and identity thieves come to life with full force. Every year they […]




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