Deductions

Adjust or Change Your Paycheck Tax Withholding (W4) After These Personal and Financial Life Events

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During the year many people have personal and financial life changing events that can affect how much they pay in taxes. But they often forget to adjust their income or paycheck tax withholding to cater for these events. This means they ending up owing taxes and associated penalties when filing; or missing out on extra […]

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2016 Alternative Minimum Tax (AMT) Threshold and Exemption Amounts

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[Updated for 2015-2016 Tax Year] Following enactment of the American Tax Relief Act (ATRA), the AMT patch legislation that Congress had to pass every year to ensure more people were not snagged by the Alternative Minimum tax is now no longer required. Instead the AMT exemption and associated thresholds based on filing status are now tied […]

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Year End Tax Planning – 15 Tax Deductions and Credits To Remember

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As the year draws to a close it’s always a good idea to review your tax situation and in light of that, we have put together a collection of fifteen tax deductions worth considering to lower your overall tax bill. But act soon, because if you wait until next year to evaluate your current tax […]

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How to Reduce Your Tax Bill Liability By Lowering Your Taxable Income and Claiming More Deductions

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I recently filed my taxes and much to my disappointment I ended up owing taxes. While paying taxes is not itself a bad thing, after all I did not give an interest free loan to Uncle Sam, what really hurts is that if I had undertaken a few actions earlier in the year I could […]

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