Can't Pay Your Taxes by April Due Date?

If you aren’t one of those lucky Americans who gets a tax refund from the IRS you might be wondering about your options for paying off your tax liability by the April due date. The IRS encourages taxpayers to pay the full amount of their tax liability on time, and it imposes significant penalties and interest on late payments. Thus, if you are unable to pay the taxes that you owe, it is generally in your best interest to make other arrangements to obtain the fully funds to pay your taxes so that you are not subjected to the government’s penalties and interest. Here are a few options to consider. Family Loan – Obtaining a loan from a relative or friend may be the best bet because this type

Is Bunching Right for You?

Note: The is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December of 2017, could affect you and your family, both in 2018 and future years. This series offers strategies that you can employ to reduce your tax liability under the new law. The Act increased the standard deduction and placed new limitations on itemized deductions. Beginning with 2018 tax returns, the standard deductions will be: $12,000 for single individuals and married people filing separately, $18,000 for heads of household, and $24,000 for married taxpayers filing jointly. If your deductions exceed the st

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