VIDEO: How to Prepare a 1040

VIDEO: How to Prepare a 1040
Here’s the next video in my series: how to prepare a 1040. This is a complex topic, so this is video one of two.

Tax Loss – Handling Net Operating Loss for Small Businesses

Tax Loss - Handling Net Operating Loss for Small Businesses
As the old cliché goes, you’ve got to spend money to make money. Sometimes that means the small business you’re trying to get off the ground has losses for a year or two, including a tax loss on your tax return. Does that big red number on the bottom of your return do you any good, ...

Victim of Tax Fraud? What do you do next?

Victim of Tax Fraud? What do you do next?
Look, I get it. The guy was offering Celine Dion tickets in exchange for your Social Security number, so how could you refuse? I did something similar in college in exchange for a pita (which, thankfully, turned out to be a real promotion by Discover Card). If it’s not legit, though, don’t be surprised to ...

VIDEO: How to Prepare A Free 1040EZ Online

VIDEO: How to Prepare A Free 1040EZ Online
It’s Tax Season, and I’m sure there’s more than a few people scrambling to get their returns shoved in the mail at the last second like a buzzer beating half court shot. To help you along with the process, I decided to start doing online videos to work through a few tax topics. First up ...

iPhone Stolen? There’s a Deduction For That!

iPhone Stolen? There's a Deduction For That!
When I was really young, we moved from one self-proclaimed Promised Land to another (a.k.a. Texas to California). After taking a midway break at a cheap motel, I remember waking up, walking out to where the U-Haul had been parked the night before, and finding only an oil slick. It’d all been stolen. My Nintendo! Mario! ...

CreativelyAccounting.com is now BackAlleyTaxes.com!

CreativelyAccounting.com is now BackAlleyTaxes.com!
I had to be honest and admit that a relatively obscure tax website really should have the word “tax” in somewhere. So after several months of sulking like an emo kid convinced that it’s the world that’s wrong, I sucked it up and changed the domain to match the title of my book (hopefully book ...

What Part of $1 Billion in Refunds Do You Have With The IRS?

What Part of $1 Billion in Refunds Do You Have With The IRS?
Today, the IRS dropped a press release bomb stating they have $1 billion in refunds from 2011 stashed away in their sock drawer, just waiting for one of a million people to show up and claim it.  They estimate that half of the potential refunds are more than $698. Before I move on, can I comment on ...

The Worst Part About Multistate Taxes

The Worst Part About Multistate Taxes
Every time I have to deal with state taxes, I get frustrated with the Postal Code state sorting mess. That means “Maine” comes before “Maryland,” which comes before “Massachusetts” when it’s all spelled out, but it’s reversed if you sort “ME,” “MD,” and “MA.” With each department sending over data like our sort standards are the ...

Work Those Kids For The Child Care Tax Credit

Work Those Kids For The Child Care Tax Credit
Let’s face it, kids are expensive. That’s even before they take a magnet to your brand new stainless steel appliances with special fingerprint coating that make it impossible to remove scratches. To help defray a tiny fraction of the cost of these hopefully future productive members of society, the government allows a couple of tax credits. The one ...

Emma Thompson’s Misguided Tax Protest

Emma Thompson's Misguided Tax Protest
This weekend I saw a bit of news from across the pond that made me chuckle. Emma Thompson’s husband, Greg Wise, stated that he wants “to stop paying tax, until everyone pays tax.” He notes that “Em’s on board” with this, demonstrating the necessary spousal approval before jumping into a bed of illegal activity. That part ...