photo by David Reber
What I have found is that the subject of taxes can be very intimidating to many. Some people find it difficult to understand even the very basics about their tax situation, while others are given bad information by so-called experts!
It is my hope that you find this guide useful to both learn the basics about taxes (or at least what pertains to you), and sort out all of the misinformation that you have heard over the years! If you have any questions, be sure use the search function on this website (upper right-hand section of the site) to find exactly what you are looking for.
Tax Help
Below are a few links to various guides and articles to help you better understand your tax situation:
IRS website – This is the first place to go when you need tax help. Many of the articles/publications are written in layman’s terms.
Publication 17 – The IRS’s comprehensive guide to Federal Income taxes – a “one stop shop” for tax help
The Motley Fool Tax Guide – Contains advice for many topics related to taxes; from preparing a return to how various life decisions will ultimately effect your situation. Also in layman’s terms with a forum full of helpful experts.
Don’t Mess with Taxes Blog – Blog written by expert and journalist, Kay Bell. Her site is comprehensive and her writing is very detailed, yet very clear.
Free Spreadsheet to Track Business Expenses for Schedule C – Paul Williams at Provident Planning, a Financial Planner and Tax Preparer operating out of PA, has provided this wonderful resource!
W-2 Instructions – Guidance on how to read and understand your Form W-2.
About.com’s List of Deductions and Credits
I will be adding to this list often, if you have a blog or site to recommend please click here to contact me.
____________________________________________________________
Here are a few articles from KNS Financial regarding taxes:
8 Things You Can Do With Your Tax Refund
Share1 Tweet11 Pin Share2 Reddit StumbleShares 14Many people will be receiving (or have already received) a tax refund in the near future. Most people that I know plan to blow it on something that will not provide a benefit for their lives. Instead of wasting your refund and regretting your decision, try one of these […]
Need More Time to File Your Tax Return? Here Is How To File For An Extension
Share13 Tweet5 Pin Share3 Reddit9 StumbleShares 30For many people, meeting the IRS’s April 18th tax return deadline for filing and paying the 2010 taxes will prove impossible. Unfortunately, the IRS did not automatically extend the deadline because of the tax filing delay! Fortunately, the IRS allows taxpayers to file for an extension of the deadline […]
The IRS Has Over $1.1 Billion In Unclaimed Refunds
Share3 Tweet Pin Share Reddit10 Stumble2Shares 15The IRS has more than $1.1 Billion in unclaimed refunds for nearly 1.1 million people who did not file an income tax return for 2007. Many taxpayers may have chosen not to file a return because they did not earn enough income to require filing an income tax return, even […]
How The IRS Wants To Help You With Your Job Hunting Expenses
Share5 Tweet Pin Share8 Reddit6 Stumble146Shares 165Normally, when we talk about tax deductions, we immediately think of IRA contribution limits, the standard mileage rate, or self employment tax. However, with so many people being out of work or working part-time hours, the job market is being flooded with applicants. This is why it is important […]
What You Need To Know About Tax Exemptions And Dependents
Share Tweet Pin Share Reddit StumbleSome tax laws and guidelines affect every person who may have to file a return – this includes rules governing tax exemptions and dependents. Ever since I became involved in preparing taxes, I have noticed a lot of confusion regarding exemptions and dependents. Apparently, so has the IRS. Therefore, they […]
How Do I Know Which Filing Status To Use On My Tax Return?
Share6 Tweet3 Pin Share2 Reddit2 StumbleShares 13Since tax filing season is upon us (after waiting for the tax filing delay to be over), many people will have questions regarding which filing status to use when completing a tax return. Because of that, the IRS has given use several tips/facts that can help us to choose […]
What To Do If You Are Missing Your Forms W2
Share2 Tweet8 Pin Share4 Reddit8 StumbleShares 22Even though employers had until January 31st to get all of their Forms W2 mailed out to their employees, there are still many people who haven’t received one as of yet. If you are missing one of more of your forms W-2, the IRS has procedures in place to […]
Free Tax Software Giveaway At KNS Financial
Share15 Tweet17 Pin Share11 Reddit4 StumbleShares 47H&R Block was kind enough to provide us with several free copies of their H&R Block AT Home Tax Preparation software. Free Tax Software You Can Trust Many of you already know that H&R Block provides professional tax preparation all across the country. However, like TurboTax, they also provide […]
How To Find Internal Revenue Service Tax Forms
Share1 Tweet Pin1 Share1 Reddit9 Stumble1Shares 13In discussing which of the free tax forms you should use, we mentioned that the IRS has stopped mailing out paper tax packages. Because of this, tracking down Internal Revenue Service tax forms can be a bit of a chore. Thankfully, the Internal Revenue Service tax forms and publications […]
Which Of The Free Tax Forms Should I Use To File?
Share Tweet Pin Share Reddit StumbleMany people are confused by the different free tax forms available to use. Of course, if you come to KNS Financial for tax preparation, then you won’t have to worry about finding free tax forms! Choose The Simplest Free Tax Forms For Your Situation In order to file a tax […]
Why You Should File A Tax Return Even If You Are Not Required!
Share2 Tweet8 Pin Share5 Reddit10 Stumble273Shares 298In a previous article, we discussed the fact that many people are not required to file an income tax return. However, there are some instances when you may want to file a tax return even though you are not required to do so. Why You Should File A Tax […]
Do I Need To File An Income Tax Return?
Share2 Tweet10 Pin Share4 Reddit5 Stumble211Shares 232By this time, most people should have received all of the necessary tax forms in order to prepare their income tax return. Many people have questions about various deductions, credits, and exemptions. However, there are a large number of people who never get that far, because they have one […]
Tax Filing Delay Means Valentine Gift For 50 Million Taxpayers!
Share16 Tweet18 Pin Share7 Reddit10 StumbleShares 51Earlier on this site, we made the following announcement, “According to an IRS bulletin, about 50 million taxpayers will face an income tax filing delay this year. If you itemize your tax deductions, then you will have to wait until mid to late February in order to file your […]
Federal Income Tax Rates For 2011
Share2 Tweet12 Pin Share5 Reddit10 StumbleShares 29The Income Tax Rates for 2011 haven’t changed much from 2010. This is because the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 was signed into law on December 17, 2010 (Click here if you would like to read the full bill). This Act included a last […]
Why The IRS Is Forcing Many Taxpayers To Wait Before Filing
Share20 Tweet16 Pin Share5 Reddit10 StumbleShares 51According to an IRS bulletin, about 50 million taxpayers will face an income tax filing delay this year. If you itemize your tax deductions, then you will have to wait until mid to late February in order to file your tax return. The Reason For The Income Tax Filing […]
IRA Contribution Limits for Both Roth and Traditional
Share3 Tweet8 Pin Share Reddit12 StumbleShares 23Below you will find the IRA Contribution Limits for 2016, 2015, and 2014. Unfortunately, there were no adjustments made to the 2015 contribution limits of IRAs – both Roth and Traditional. Therefore, Roth IRA contribution limits and Traditional IRA contribution limits will remain the same as this year. Combined […]
401k Contribution Limits
Share2 Tweet6 Pin Share Reddit3 StumbleShares 11Below you will find the 401k Contribution Limits for employees, employers, and also for participants who will be at least 50 years old by the end of the calendar year. You should also consult the IRA contribution limits before completing your retirement plan. As you can see, there was […]
Flexible Spending Account Deadlines: Use it or Lose it!
Share2 Tweet8 Pin Share3 Reddit10 StumbleShares 23Recently, we looked at 5 ways you can still increase your 2010 tax return! You’ll notice that using up your entire flexible spending account was listed under additional tips – that is because of the way in which an FSA is structured. For those who have a Flexible Spending […]
5 Things You Can Still Do To Increase Your Tax Refund!
Share7 Tweet3 Pin Share Reddit1 StumbleShares 11photo by JD Hancock The end of 2010 is fast approaching, but there are still moves that you can make now that will decrease your 2010 tax liability. This hopefully means a larger 2010 tax return (or a smaller check for you to write out in April)! Here are […]
IRS Gives Non-Profits Until October 15th to Protect Their Tax-Exempt Status!
Share4 Tweet5 Pin Share Reddit1 StumbleShares 10[ad#Google Adsense – Large Rectangle] A few months ago we wrote about how many non-profits were set to lose their tax-exempt status on May 17th. That date has come and gone with thousands of non-profits still failing to file the necessary returns. Because of this the IRS has initiated […]
Devastating Changes Coming for Flexible Spending Arrangements (FSA’s)
Share6 Tweet4 Pin Share2 Reddit11 Stumble63Shares 86 Those of you who have been following my recent CVS shopping trips know that I have a flexible spending account. However, the list of Flexible Spending Account Eligible Expenses will see some major changes for 2011! How a Flexible Spending Account normally works – before the changes to […]
In the Military? Here are Some Things You Should Know
Share Tweet Pin Share Reddit StumbleIf you are in the military, you already have a lot of important things to worry about and keep track of. You don’t need to go through the year and realize that you haven’t taken full advantage of opportunities that the government has given you. Especially when it comes to […]
Flexible Spending Accounts – What Are They and How Do They Work?
Share1 Tweet3 Pin Share1 Reddit Stumble171Shares 176Over the last month, I have written about a couple of CVS shopping trips in which I saved a good deal of money by using Extra Care Bucks (ECBs) , CVS coupons & deals, and manufacturer coupons. In that article I also mentioned that we purchased over-the-counter medicine through […]
Lebron James, Wealth, and Taxes
Share9 Tweet5 Pin Share1 Reddit StumbleShares 15I have to admit that I didn’t care what team Lebron James decided to sign with last night – my teams (Phoenix and Detroit) weren’t in the running. However, I was correct in my assumption that he was going to sign with Miami. Here is the official announcement: Of […]
Should Christians be Required to Pay Taxes to an Ungodly Government?
Share Tweet Pin Share Reddit StumbleThis is a continuation of our series on giving. At first we asked the question: “What Does the Old Testament Teach About Tithing?” What we found is that the various tithes required of the Israelites served as taxes to fund the government and the national religious festivals. Then we asked, […]
What Does the New Testament Teach About Tithing?
Share Tweet Pin Share Reddit StumbleThis article is part of a larger series on giving. We are starting by examining what the bible teaches about tithing – which is by far the most popular form of giving taught in the church today. Then we will look at voluntary, sacrificial giving and ultimately determine what God’s […]
The IRS is Offering Free Help to Small Businesses and Individuals
Share Tweet Pin Share Reddit StumbleThe IRS is holding an Open House on Saturday, May 15th to address any tax related questions that you may have. For more information, see the IRS bulletin below: The Internal Revenue Service will host a special nationwide Open House on Saturday May 15 to help small businesses and individuals […]
What Does the Old Testament Teach About Tithing?
Share4 Tweet1 Pin Share Reddit StumbleShares 5This will be the first installment on a series on giving. I pray that we all will be blessed by what the Word of God’s teaches us about giving. First we need to take a look at a few concepts before taking a deeper look. The first thing we […]
Last Minute Tax Advice From KNS Financial
Share Tweet Pin Share Reddit StumbleSince today is the deadline for both filing and paying your 2009 taxes, I figured it would be a good time to look recap some of the more popular topics that we have written about this year. So, here we go: First, you need to determine if you should file […]
Do You Owe Taxes If the Bank Forgives Part of Your Mortgage?
Share Tweet Pin Share Reddit StumbleNormally, if a creditor (bank, mortgage company, credit card issuer) dismisses all or part of your debt, it is considered taxable income. However, if your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the […]
Haiti Relief Workers Qualify for Combat Zone Extension
Share Tweet Pin Share Reddit StumbleThe IRS announced today that members of the military and certain civilians who provided earthquake relief in Haiti will have additional time to file their 2009 income tax returns (the deadline for making payments was also extended)! Below are some of the important details from that announcement: Deadlines for taking […]
Owe the IRS Money? Here are a Few Things That You Need to Know
Share Tweet Pin Share Reddit StumbleNow that you have completed your tax return, you realize that you owe the IRS more money! This can be a very frustrating and intimidating experience. There are many questions that come up: What are your options? Can you send a check or cash? Can you pay by credit card […]
Understanding the Alternative Minimum Tax
Share Tweet Pin Share Reddit StumbleThe Alternative Minimum Tax (AMT) has become one of the more controversial tax topics in recent memory. The original intent of the AMT was to ensure that taxpayers who benefit from certain tax advantages pay at least a minimum amount of tax. Sounds like a noble idea, right? I mean, […]
Common Errors To Avoid At Tax Time
Share Tweet Pin Share Reddit StumbleMany taxpayers experience a delay in the processing of their tax return due to simple, common errors that can be avoided with a little double checking. According to the IRS, here are nine of the most common errors that can unnecessarily delay your tax return: Incorrect or missing Social Security […]
Many New Jersey Residents Will Have Until May 11th to File Their Tax Return
Share Tweet Pin Share Reddit StumbleAccording to the IRS, many of the victims of the severe storms, flooding, mudslides and landslides that began on March 12 in New Jersey will qualify for tax relief. According to the IRS press release, “The President has declared Atlantic, Bergen, Cape May, Essex, Gloucester, Mercer, Middlesex, Monmouth, Morris, Passaic, […]
Important Facts About the Savers Credit
Share Tweet Pin Share Reddit StumbleFor taxpayers who make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement (IRA), you may be eligible for a tax credit. Here are several things you should know about the Savers Credit: The Savers Credit, formally known as the Retirement Savings Contributions Credit, applies to […]
Taking Early Distributions from Retirement Plans
Share Tweet Pin Share Reddit StumbleDue to the state of the economy, many taxpayers may have taken early distributions from retirement plans last year. In most cases, there is a negative tax impact that arises from these early distributions. Because of this, the IRS has released some facts about early distributions. Here are some of […]
Using Tax Credits to Help Offset Education Costs
Share Tweet Pin Share Reddit StumbleThe current economic conditions in have put many Americans in a tough position. On the one hand, it is a fact that difficult times usually lead to an increase in the number of people pursuing degrees – or looking to gain various certifications. However, in a recession colleges and universities […]
What Income Does the IRS Consider to be Taxable?
Share Tweet Pin Share Reddit StumbleA common tax question that we hear is whether certain income is taxable. Generally, most income that you receive will be considered taxable; however, there are a few types of income that are only partially taxable or not taxed at all. To ensure that taxpayers understand the difference between taxable and non-taxable […]
A Few Basic Facts About the Earned Income Tax Credit (EITC)
Share Tweet Pin Share Reddit StumbleThe IRS estimates that up to 25% of taxpayers who are eligible for the Earned Income Tax Credit (EITC) don’t claim it because they don’t realize that they qualify. In fact, many of our clients who are eligible to claim this credit have either never heard of it, or they […]
Understanding the Making Work Pay Tax Credit
Share Tweet Pin Share Reddit StumbleThe Making Work Pay tax credit is worth up to $400 for individuals and $800 for married couples filing jointly. It is a temporary credit that will only be in effect for tax years 2009 and 2010. For 2009, the IRS implemented this credit by making an adjustment to the […]
Should I File a Tax Return?
Share Tweet Pin Share Reddit StumbleThere are various factors which determine if you are required to file a Federal tax return. These include filing status, gross income, age and whether or not you are a dependent (see IRS Publication 501 for details). Even if you are not required to file a Federal tax return, the […]
Understanding Tax Credits for Higher Education Expenses
Share Tweet Pin Share Reddit StumbleThe American Opportunity Credit (part of the American Recovery and Reinvestment Act) allows more parents and students to qualify for a tax credit for college expenses. To this end, the IRS has developed a brief fact sheet to assist you in completing your 2009 tax return. Here are a few […]
House Passes Bill to Accelerate Tax Benefits for Donations to Haiti
Share Tweet Pin Share Reddit StumbleA new bill has been passed that will allow taxpayers who make donations for the Haitian Earthquake Relief Efforts to claim the deduction on their 2009 taxes. Normally, donors would have to wait until they file their 2010 tax returns in order to claim the charitable deductions; however , according […]
Use Your Tax Refund to Open a Savings Bond
Share Tweet Pin Share Reddit StumbleIn addition to having your tax return directly deposited into your bank account, the IRS also gives you the option to purchase US Savings Bonds (up to $5,000). Here are a few things they want you to know regarding this option: You may use a portion of your refund to […]
