7 Ways Millennials Can Avoid Mistakes Filing Taxes

This post is brought to you by TurboTax. While this post was sponsored by TurboTax, all content and opinions expressed here are my own. Tax season is upon us, which can be a stressful time of year for anyone. Millennials in particular tend to dread filing their taxes—according to a 2016 survey by NerdWallet, 80% […]

These 7 Strategies Save Us Thousands Each Year in Taxes

It’s time once again to start giving some thought to paying taxes. Who’s excited? Okay, even though it may feel like a chore it’s wise to do a little analysis at the end of the year to see if there are any year end tax planning moves you need to make. Remember, corporate returns are […]

The Official PT Money Tax Preparation Checklist

Time to file your taxes if you haven’t already! We’ve still got plenty of time before the last day to file taxes, so you’ve got time to get ready. But even if you want to purposefully wait till the last minute, it doesn’t hurt to start pulling together your information. I still try to follow […]

What If You Can’t Pay Your Taxes This Year?

Does your heart sink when you receive a piece of mail from the IRS? That’s reason enough to dread tax season, but growing up, my family always filed extensions on their taxes. This added to the stress of tax season. After April, 15th no one in my family would go to the mailbox. I decided at age […]

10 Commonly Overlooked Tax Deductions

Are you doing your own taxes this year? Do you review your tax return even if you have it prepared by a CPA, friend, TaxACT or H&R Block? Probably not a bad idea to give it a once over. If you do, consider some of these tax deductions (as noted by Kiplinger.com) and make sure you […]

Use the Federal Income Tax Brackets to See What You Really Owe

It’s that time of year again when our minds start turning towards what taxes we will owe come April. One of the critical pieces of the tax code are the federal income tax brackets. These tax brackets were created to facilitate the taxing of different levels of income. Our progressive tax rate structure (i.e. as […]

Everything You Ever Wanted to Know About the Standard Tax Deduction

I remember back in the day, when life wasn’t as complicated as it is now, I used to take the standard tax deduction when filing my taxes. No itemizing required. No Schedule A required. Just a simple tax return with one number for my “below-the-line” deductions. Don’t get me wrong, I’m glad to have more […]

Making Sense of Education Tax Credits and Deductions

It’s tax season, and that rhythmic thumping you hear is the sound of filers all across America banging their heads against their desks. One of the many maddeningly complicated decisions facing taxpayers is how to claim a deduction or credit for tuition payments made last year. Here is the breakdown of the available options: 1. […]

[Warning Landlords] Don’t Forget Depreciation Recapture

Editor’s note: After I posted my recent rental property cash flow analysis, the topic of depreciation came up in the comments. My friend Jason Hull then offered to share his thoughts on the often overlooked topic of depreciation recapture. So here ya go… “Lay up your treasures in heaven where there is no depreciation.” –Unknown […]

Are You Sure You Earned Enough? [Minimum Income to File Taxes]

It’s that time of year when people begin wondering whether they need to file a federal income tax return. When in doubt, I say go ahead and file your return. But I know you guys want numbers, so I’m going to give them to you. The minimum income to file taxes isn’t one number that you […]

9 Smart Ways to Spend Your Tax Refund

The April tax deadline will be here before you know it. I should be getting around to filing our tax return in the next few weeks. This year, thanks to our little tax deductions (our kids) and my estimated tax payments, we just might be getting a decent sized refund. If you work for someone […]

Get the Most from Your Mileage Tax Deduction

Do you drive for your job? Then you might be eligible for a mileage deduction. Here is an easy-to-understand guide to the IRS standard mileage deduction. Happy filing! 1. What kind of driving is deductible? If you drive for business in some way and your employer does not reimburse you for gas, those miles are […]