taxes

3 Simple Tax Tips for Self-Employed People

April 21, 2020 by John Schmoll

I used to enjoy doing our taxes. I know, I’m a dork, but I genuinely liked sitting down at the end of the year to see how everything shook out for the previous 12 months. We didn’t have anything too extravagant going on so it was fairly straightforward.

That all changed once my wife and I stopped working for our employers and went to work for ourselves. Taxes became even more complex when we saw our business take off. I know there is some debate as to whether or not you should pay someone to do your taxes, but for us, it made sense to go that route. That, however, does not let us off the hook in terms of tax preparation. With that in mind, I thought I’d share some of my tax tips to help out if you’re self-employed.

[Read more…]

Why I Started Doing My Own Taxes

April 7, 2016 by Eric Rosenberg

When I was sixteen, I got a part-time job as a cashier at Target to pay for my car insurance and gas. I was lucky enough to have been given an old 1987 Plymouth Horizon by my parents, but if I wanted to drive it, I had to cover the costs. That year, I earned $2,364 and had to file my taxes for the first time.

[Read more…]

PPP004: Can I Invest My Tax Refund in an IRA and File an Amended Return?

February 18, 2015 by Eric Rosenberg

https://media.blubrry.com/personalprofitability/p/dts.podtrac.com/redirect.mp3/pp-podcastfiles.s3.us-east-2.amazonaws.com/PPP004.mp3?_=1

Podcast: Play in new window | Download (Duration: 8:28 — 5.8MB)

Today reader Jeremy asked a tax question about IRAs and tax refunds. When you make Traditional IRA contributions, you can deduct that amount from your income and pay less in taxes. Jeremy asked if you can use your refund to make an IRA contribution, file an amended tax return, and get a second refund.

4 Potential Uses for Your Income Tax Refund

March 6, 2014 by John Schmoll

Like it or not, tax time is upon us as taxes are due a little more than a month from now. Many dream of getting that large income tax refund and going out to blow it on something nice they’d not normally be able to afford, but there generally isn’t much wisdom behind that. I’m assuming that since you’re reading this article, you’re looking for wise ways to use your income tax refund. If that’s the case, I’d like to share some of the ways you can use the influx of cash to your benefit. As an aside, I’ll not be discussing if you should have a large or small refund, but instead ways you can use your tax refund to best improve your financial situation. [Read more…] about 4 Potential Uses for Your Income Tax Refund

Donations and Giving

December 21, 2012 by Eric Rosenberg

As we move through the holiday season, many people take a few minutes to stop thinking about themselves and start thinking about giving money to their community. I grew up a big advocate of giving my time rather than my money. As my career has moved forward, I am now more easily able to give money. Deciding how much to give, and where, is an important decision for your personal finances.

[Read more…] about Donations and Giving

What Is the Best Time of the Year to Sell Stocks

December 14, 2011 by Eric Rosenberg

As we approach the end of the year, some investors are going to try to minimize their taxes by selling stocks. Someone recently asked me when you should sell, and the answer can be complicated depending on your situation.