As you know, 2012 is rapidly coming to an end!  You should start thinking now about how best to prepare yourself for tax season, which is only a few short months away.  We have some great information to get you started. The first thing you should do is take a look at your income-tax return from last year (Form 1040).  Make note of anything that is different since that time (e.g., marriage, house purchase, having a child)—your tax liability will probably be different if anything has changed.  … [Read more...]

With the rising price of transportation costs, more and more people are choosing to work from home and many others are starting their own home-based businesses.  Often, these at-home workers have a dedicated office space in their homes and are eligible to take the Home Office Deduction on their taxes.  This deduction, however, can be a bit tricky so you’ll want to make sure you qualify if you want to claim it! The absolute most important aspect of your home office is that it must be used solely … [Read more...]

It’s hard to believe that 2011 is almost over.  With less than a month-and-a-half left in the year, now is a good time to start getting your tax documents in order so that you won’t be pressed for time come tax-time.  There are a few other things you may wish to do before the end of the year, and we’ll go over each one below. If you are filing taxes as an individual, you should make sure you have all of your tax documentation from 2011.  Ideally, you have already set up and been utilizing a … [Read more...]