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Why Did I Receive a 1099-C From My Credit Card Issuer?

By John Ulzheimer By now you’ve probably started receiving your tax-related forms. Most of you will receive form W2, which is sent by your employer and memorializes your income earned for tax year 2014. Some of you, like me, will receive one (or several) 1099s. A 1099 is sent to people who do contract work as a non-employee. And some of you will unfortunately receive form 1099-C.   What is …Read More

Spend Your Tax Refund Wisely

By Jason Alderman Last year the IRS doled out over 110 million income tax refunds averaging $2,803. Another way to look at it is that collectively, Americans overpaid their taxes by nearly $310 billion in 2012. Part of that is understandable: If you don’t have enough tax withheld throughout the year through payroll deductions or quarterly estimated tax payments, you’ll be hit with an underpayment penalty come April 15. But …Read More

2014 Tax SeasonWhat You Need To Know

By Lauralynn Schueckler Many people are already anticipating the need to get their taxes in order, after all, April 15th comes pretty quick. For those who have done taxes in the past, history has shown that the folks in Washington are forever making changes to the tax laws. As with many years in the past, changes will likely occur in the way we process those returns, however the biggest change …Read More

Tax Preparation and Refund Tips

By Mark Foster As the tax season rolls around there are some important things to keep in mind. Last year’s average federal tax refund was approximately $3,000. That’s a lot of money, so it’s important to have a game plan for what to do with it. It’s all too easy to spend a refund on various fun things or odds and ends, so it is wise to have a plan …Read More

Retiring Soon? Don’t Forget Tax Implications

By Jason Alderman If your retirement is not far off you’ve probably already started to estimate what your living expenses will be after the regular paychecks stop. Most would-be retirees remember to include routine expenses like housing (rent or mortgage), medical bills and prescriptions, insurance premiums, transportation – even food and entertainment. But don’t forget to factor in taxes, which can have a substantial impact on your cost of living, …Read More

Income Tax Identity Theft

By Jana Castanon Be Aware Now Identity Theft. You know what it is. You have heard ads, news reports, and warnings on ways to protect yourself. You probably have a firewall on your computer, are more cautious when you are using your credit or debit cards, and more mindful when you are giving out personal information. But, are you protecting yourself from the fastest growing area of identity theft – income tax …Read More

What To Do With That Tax Refund?

By Sara Gilbert The average tax refund last year was just under $3,000, and that amount is expected to be about the same for tax returns being filed now. For many of us money and expenses can be a constant concern.  But, if you are expecting a nice refund this year try to use that money to alleviate some of your money concerns.  Here are some ideas to consider.  There is no …Read More

Should You Hire a Tax Preparer?

By Jason Alderman The US tax code grows more complicated every year and currently spans thousands of pages – even government experts can’t agree exactly how long it is. So it’s not surprising that millions of Americans hire professional tax preparers to complete their returns. Relinquishing the onerous task of calculating your taxes to a professional may save you time and give peace of mind – they know more about …Read More

7 Money Smart Waysto Spend Your Tax Return

By Malcolm Johannessen Tax time can be a nice time of year for many struggling homeowners. Playing catch up or getting ahead can be far more comforting in the long term than that flat screen TV. Whether you’re expecting $700 or $7000, spending your tax returns wisely can be a real difference maker for the rest of the year. Knowing how much is coming in can really help to pinpoint …Read More