In a roller-coaster economy, a struggling company might decide to seek a fresh start under Chapter 11 bankruptcy proceedings — especially if its leadership believes the business could eventually become profitable through debt relief. Generally, filing Chapter 11 is done voluntarily by a company to protect itself from creditors. It differs from Chapter 7, which […]
IRS woes
Tax ID Theft Prevention: You Are Your Own Best Defense
Any form of identity theft can be costly and unsettling. And it can take months — sometimes years — to fully recover. But tax-related identity theft can be particularly disturbing because it involves the IRS. While the government agency has taken significant steps in recent years to help minimize the occurrence of tax-related identity theft, […]
How to Turn Your Side Hustle into Tax Savings
If you took on an extra gig last year to earn some extra cash, you may have found an unexpected surprise when you filed your taxes — a big bill. That’s because independent contractors don’t have money withheld by their employer. But don’t worry. With the right preparation, your side hustle could actually help lower […]
5 Actions That Can Unexpectedly Raise Your Taxes
Knowing what factors can raise your taxes is one of the best ways to keep more money in your pocket. That’s why proper tax planning is a year-round practice. Here are five actions that can unexpectedly increase your tax bill: Cashing in your retirement plan. There are many reasons not to cash in your plan […]
Amending a Prior Tax Return is Easier Than You Think
Tax returns can often be filed with incomplete or incorrect information, leading to more tax trouble than you bargained for. If you filed early in years past, you might’ve overlooked income from a temporary job or a side gig. Or you may eventually realize that you’re entitled to an extra deduction or exemption. Lucky for […]
The Procrastinator’s Guide to Surviving This Year’s Tax Season
If you’re a procrastinator, tax filing season is probably the worst time of year. With deadlines looming, filling out all those complicated forms and making sense of the ever-changing tax code can seem like an overwhelming task. But no matter how long you put it off, the April 15th tax filing deadline will arrive, and […]