taxes

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Why Getting a Big Tax Refund by Overpaying Taxes is a Bad Idea 

From the time we start working as young adults, we begin to form lifelong beliefs about taxes. One of the most common beliefs is this: “As long as I don’t owe, that’s all that matters.”  Unfortunately, that belief is a myth — and buying into it can cost you a lot of money over time. […]

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“What Can I Write Off?” | Tax Tips for Sole Proprietors

Sole proprietors who work as independent contractors pay taxes differently than people who work as hourly or salaried W-2 employees. If you’re a sole proprietor, you have one very important tax advantage that W-2 employees don’t have: the opportunity to write off a variety of business expenses in order to lower your taxable income. “What

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Understanding Tax Allowances and Withholding

For many employees, the concept of allowances has been one of the most perplexing aspects of calculating one’s income tax. Here is some essential information on allowances and how they coincide with calculating income taxes, in addition to some recent changes made to tax withholding in 2020.  Tax allowances are claimed by an employee so

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