Weekly Tax Advice: Tips for Surviving an IRS Audit

Posted on March 3 2014

If you're like most taxpayers, the word "audit" will send shivers up your spine and cause your heart rate to jump by at least 20 beats per minute. The idea of having the Internal Revenue Service single out your tax return and require verification of information can be scary, especially because you could be facing penalties and an additional tax bill if they find anything wrong. If you receive an audit notice, these tips can help you survive an audit and come out in the best position possible.
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Have a baby in 2013? Here are 10 tax tips for new parents

Posted on March 3 2014

The federal government offers several significant perks for parents filing taxes. In the midst of the chaos of teething, diaper changes, and keeping little hands out of trouble, use these tips as you complete your tax return.
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Medical Bills: How to Use Them to Your Tax Advantage

Posted on February 14 2014

Nobody likes paying medical bills, but the good news is that if you had high medical costs last year, you may be able to use them to your advantage at tax time. This week, work to gather information about all the medical costs you paid last year. When you fill out your tax return through OnePriceTaxes, this information will come in handy to determine whether you qualify for tax deductions that could save you hundreds, or even thousands, of dollars.
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Weekly Tax Advice: Is my child care deductible?

Posted on February 10 2014

Anyone with children knows they can be expensive, but the government helps you out a bit during tax time. In addition to the child tax credit that many parents claim, you also may be able to get tax benefits if you spent money on child care during the year. The question-and-answer format at OnePriceTaxes will walk you through the process of determining what tax benefits you can claim, but if you'd like to understand how it all works, read on for an overview of the potential tax benefits for child care.
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First time home buyer this year? How to correctly file your taxes

Posted on February 10 2014

Buying a home can have many financial benefits, and sometimes you don't even realize how significant they are until many months after your home purchase. You probably realized right away that you're paying less on your mortgage than you would be on rent in a comparable home. You're also building equity, either through the gradual repayment of your mortgage or through an increase in the value of your home. Now, at tax time, you'll discover some additional benefits that can save you a lot of money on your taxes.
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Married in 2013? Here are 10 tax tips for newly married couples

Posted on February 10 2014

Taxes were probably not even on your radar on your wedding day, but that switch from being single to being married has a big impact come tax time. It may feel like a rude awakening to be jolted out of your honeymoon phase with a looming tax return in your first year of marriage. Thankfully, filing taxes when you're married really isn't that complicated, especially if you use OnePriceTaxes. These tips can help you understand the financial impact marriage has on taxes, file correctly, and strategize how to get the biggest refund possible.
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Are you a student filing taxes? Here's what you need to know

Posted on February 10 2014

When you're a student, filing your taxes is probably one of the last things you want to be thinking about in the middle of a busy semester. However, you should definitely pay attention to your tax return so you can avoid penalties for not filing if you were required to. Also, you want to get the biggest refund possible with the help of tax deductions and tax credits for students. As you get started on your simple tax return with OnePriceTaxes, keep this information in mind to file your return correctly.
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Home Office Deductions: The Do's and Don'ts

Posted on February 4 2014

If you regularly work from a home office that is set aside for business purposes, you may be eligible to claim home office deductions. These small business tax deductions directly reduce your business profits for the year, which significantly decreases your tax burden on your income tax return. If you plan to deduct home office expenses, you will need to file with Form 1040, not Form 1040 EZ, and you will need to provide additional information on Schedule C and, depending on your situation, Form 8829.
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In the Military? Tax savings you may have overlooked.

Posted on February 4 2014

For many who choose to serve, being in the military is a calling. Luckily, in the United States, the government does what it can to support our troops and veterans alike. You may be familiar with the VA Loan and the Montgomery GI Bill, which make common expenses easier for former military personnel. However, there are a number of tax-related considerations for those who have served or currently serve. The tips below are a great first step towards understanding your taxes as a member of the military. However, it is only the beginning. There is detailed information available online at http://www.irs.gov in Publication 3 - IRS Armed Forces Tax Guide, or you may choose to work with a simple software solution such as One Price Taxes that can help make the entire tax process much easier.
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Tax Documentation Filing Tips

Posted on February 4 2014

Completing your tax return can leave you feeling like you're buried under piles of paperwork because of all the numbers you have to gather from different sources. You'll have W-2 forms, 1099s, charitable contribution receipts, annual account statements, mileage logs, and maybe even business receipts. You don't have to send these in when you submit your tax return through OnePriceTaxes, so what do you do with the piles of paperwork? This week, we are going to take a look at the best ways to organize a filing system to store all the documentation that supports your tax return.
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