Missing the filing deadline does not automatically mean that you will be hit with penalties and interest. Interest and penalties only apply when there is tax due. However, a taxpayer can lose a refund due if they wait more than three years to file a return.
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Continue Reading →You often hear of people saying that you should or should do something “because you get a tax deduction.” Changing your normal course of action just because a tax incentive is usually not a good idea. One can point to the 10% tax credit on home purchases in 2008. Home [...]
Continue Reading →What are the effects of moving between the 10%, 15%, 25% and 28% marginal tax brackets? The answer, like most questions on tax, is that it depends. Different levels of income and family situations dictate the different level of income taxes paid. There is a difference to be aware of when moving from the 15% [...]
Continue Reading →If you are like most Oshkosh or Fox Valley business owners, you may have taken a deduction for your home office or for an area of your house used in business. Also, you may be familiar with the 43-line Form 8829, the form used to calculate an [...]
Continue Reading →The bulk of my work in tax return preparation is in the world (specifically the Appleton – Oshkosh area) of income tax . I add up a taxpayer’s income, and then deduct everything I am legally able to in order [...]
Continue Reading →Maybe it’s because I am in the world of accounting, but any time I put money into an offering, donate to a charity, or give goods to a thrift store, I always make a mental note to keep the receipt. Actually keeping the receipt is an entirely different matter! I make the mental [...]
Continue Reading →The first thing I do when I get home from work is check the mail box. I don’t know, it just seems like the right thing to do. There’s usually 3-4 mail pieces in there. In the pile of newly acquired mail, I would peg the average [...]
Continue Reading →Interest payments add up. Car payment, credit card payments, business expenses, mortgage and recurring monthly bills add up, and they can add up quickly. One day you are making payments adding up to $500, and in the blink of an eye you could be staring down the barrel of $5,000 a month. [...]
Continue Reading →A short video blog I recorded yesterday while watching some football. You can see in the video what the new home office looks like as well. It’s is regarding the tax implications of marriage. There were a million reasons I got married; but I have to say, for a bean counter, this [...]
Continue Reading →The IRS estimates as many as 25% of taxpayers still haven’t filed their returns yet; so if you are in that boat, be rest assured that it is a large boat indeed! It is human nature; don’t you think? Whenever I book a vacation, I always think to myself, with flight [...]
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"Back in college I pitched an idea to my marketing student group that I truly believed in: "Anything of quality can be had at an affordable price." The Tax Relaxer is built on the same simple principal: "Quality Returns, Prepared and Reviewed by a Quality Specialist, for an Affordable Price, PERIOD."
- Kevin McMullen, Founder
