You’ve filed for the federal tax exemption, and your nonprofit organization has been approved. At this point, you can put the IRS paperwork aside and focus on your volunteer organization, or can you? Being tax exempt is not as straightforward as it sounds, as most nonprofits still have to pay some taxes. Here is a…
There are very few people that actually enjoy paying taxes. So it is no wonder that when mill levies come up, there is a very vocal group saying they are not needed. However, many of these levies are necessary for the greater good of everyone. For instance, without taxes we would not have police or…
Since 2008 there has been a 650% increase in tax related identity theft cases. Imagine going through the painstaking process of making sure you are counting up all your income, maximizing your deductions, double checking for errors only to get a response from the IRS stating that your claim has been denied because your taxes…
It’s tax filing season again—that time of year when we all go tearing through our homes trying to find the right forms, the right receipts and the right documents that will prove how much money we earned, spent and for how much of it we are responsible and accountable. The forms are the worst because it always…
Medical expenses are always going up. And they are going up even faster than the rate of inflation (about 5.5% as opposed to 3%). This not only means that health insurers are required to pay more, it also means that insurance deductibles are going up. Most people just assume that they must pay their insurance…
Thanks to the American Taxpayer Relief Act (also known as the “fiscal cliff” tax bill), one popular tax credit has now become permanent: the Child Tax Credit. However, since we’re dealing with the IRS here, the details of this credit can be a little difficult to figure out. Here is what you need to know…