Rod's Blog

Taxes are confusing for most people and knowing how to file and which deductions to take isn’t always easy. When completing your IRS tax return, each person must select a filing status. Generally when filing, it is important to know what your IRS filing status is. Your filing status can influence what taxes you owe and the deductions you can take. There are five different filing status options you can choose from and each one has its own requirements. It’s important to review each option because it can impact the tax benefits you receive. Here are the five filing statuses you can choose from:

Time is running out for taxpayers to file their 2017 tax return. All taxpayers must either file their federal tax return or file for an extension by April 17th. If you’re going to owe taxes for 2017, you must pay those by midnight on April 17th,  even if you file for an extension. Getting an extension on your tax return does not extend your time to pay, only your time to file.

Every year, the Internal Revenue Service sets a standard rate each mile driven for work is worth. While tracking and reporting these miles can be a headache for business owners and employees, it is vital to your tax return. In some cases, incorrect mileage reporting can lead to audits. Understanding the current rates and rules of mileage reporting, as well as the digital apps available to help you track these miles will set you and your business up for success.

It's tax season and it seems like there's a million other things you could be doing other than figuring out your taxes. But you might want to set aside some time to look at your individual tax return because you could be overlooking some important tax deductions that could help you save money every year! Here are just some of the most frequently overlooked deductions!

It’s Tax Time!

Tax season is officially here. Whether you’re self-employed, a W-2 employee, single or married, your 2017 return is your last chance (for at least 8 years) to claim certain tax deductions. It’s important to make sure you’re accounting for any applicable deductions in order to lower your tax bill or possibly enhance your refund.

This multi-part blog series will cover five deductions that were either eliminated or changed as a result of the new tax law. Stay tuned to ensure you are claiming the appropriate deductions and know what to expect in the years to come!

Tax season is upon us and as your life changes each year, so does the way you file taxes. One of the biggest changes can be when you have a child or when your parent moves in with you. Both of those changes can give you the opportunity to save money by claiming them as your dependent.

For every qualified dependent you claim, you can reduce your 2017 taxable income by $4,050. That can add up to a lot of money, but how do you know who qualifies as a dependent? Well, there are two types of dependents and each type is subject to different rules. For both types of dependents, the dependent must be a U.S. citizen or a resident of Canada or Mexico. You also can’t claim someone who takes a personal exemption for their self or claims another dependent on their own tax form. This also applies to someone who is married and files a joint tax return.