Even though the economy is slowly picking up and the unemployment level is going down, lots of people are still out there looking for work.
We all know that job-searching is not easy, not just emotionally but also financially, as job seekers may incur some extra expenses while looking for work. The good news is that, come tax season, some expenses can be claimed for federal income-tax deductions. So how do you know which ones are deductible? Let us give you the good, the bad and the ugly of what you can claim back this tax season from Uncle Sam.
Have you filed your taxes yet? If not, here’s why you should get a move on:
Let’s be honest, for those of us who have to put our lives on hold to organize all of the information necessary to file our taxes, filing early can seem like a bit too much to ask for but consider the benefits that go along with early tax filing.
There are few things in life that take little to no consideration before attempting although it is best to think even the smallest of decisions through to garner the greatest possible return on investment. When it comes to taxes, will you choose to itemize your deductions this year or take the standard deduction? If you are unsure of which to do, consider weighing the pros and cons of each before filing your taxes for the April 15th deadline.
American expats must report their worldwide income to the IRS even if they are paying taxes somewhere else.
Mia and her boyfriend Alex made the decision to leave the United States over sushi one February evening last year. Their decision was based on circumstances at the time. She was unhappy at her job. The landlord wasn’t going to renew their apartment lease in Brooklyn. They didn’t have children and both had a desire to try something new after living in New York City for six years.
The alternative minimum tax, often referred to as simply, AMT, is a tax that must be paid in addition to a regular income tax. For individuals who take a larger number of tax-preference deductions, a minimum amount must be paid on their income.
Did you hit it big this year at the casino? Hopefully your answer is yes. Even if you failed to strike it big this time around, it may be worth your while to read about gambling and how your winnings or lack thereof, could have an impact on your taxes.
Congratulations! You are the proud owner of a beautiful home. With this investment come a variety of reasons to smile—including the tax deductions. It is important to itemize your income tax each year to truly benefit from this major tax advantage.
Death and taxes. For the self-employed, these can feel like two sides of the same coin. As your own boss, handing the government your hard-earned cash may be hard to fathom, causing you to penny pinch—even though taking control of your businesses tax preparation could be costing you more.
Procrastination is a behavior that many of us are guilty of acting upon yet hate to admit. At Prosado, we have worked with family, friends and customers in need of professional tax preparation services at the very last minute. When it comes to holding back on filing your taxes, we will be the first to tell you to save that quality for another day.