Dino Tax Co Blog

­

Tax Credits for Education: The American Opportunity Credit

(For my post on the lifetime learning credit see here.) The American opportunity credit is one of the federal tax credits offered for educational expenses. It bears a reminder that tax credits diminish the total tax you pay on a one-to-one basis, so, for example, a $500 tax credit is literally $500 extra dollars in [...]

The Taxability of Scholarships and Grants

Are scholarships and grants subject to the federal income tax? The answer is sometimes. The non-taxability of a scholarship really depends on four factors: 1) whether the recipient of a scholarship or grant is enrolled in a degree program at an eligible educational institution; 2) the scholarship or grant doesn’t represent payment for work performed; [...]

5 Fascinating TED Talks to Inspire Your Economic Philosophy

Economics, as it relates to a person’s life, is multifaceted. And, it’s not always related to money. For example, if time is the scarcest resource, how do you use it? Does happiness matter? And, how about success? Should you focus on it? If happiness and success matter, how do you allocate your time? Or, what’s [...]

What You Can Learn From This Past Tax Season

With tax season over, one of two scenarios likely occurred: You either got a refund that's currently greasing your wheels, or you had to dig into your pockets to pay what you owed. Maybe this was by design, but then again, maybe it wasn't. Whether you owed money, didn't get a big enough refund or [...]

4 Common Tax Scenarios Explained In Plain English

In the midst of tax season, I can’t help but notice that some deductions, exemptions, and credits are more common than others. Some are so common, in fact, that taxpayers expect to get them no matter what. But like everything else to do with the tax code, it’s not that simple. Requirements must be met [...]

3 Practical Ways to Use Your Tax Refund

All year we pay into our taxes. And, at the end of year, the government gives back anything we’ve overpaid in the form of a tax refund. Refunds are great – they provide extra cash to line our pockets. But if you’re one who gets a sense of euphoria upon receiving your refund, I urge [...]

What Happens When You Don’t Pay Your Taxes

Have you ever thought, "What would happen to me if I didn’t pay my taxes?" I have, but it’s a fleeting, nonsensical thought because to willfully not pay taxes, or not file a return for that matter, is tantamount to crazy. The IRS is one of the most powerful bureaucracies there is, with extremely broad [...]

How to File Your Back Taxes

While I recommend getting help from a tax professional to file a previous tax year’s return, I also understand that some may choose to brave the process on their own. In the spirit of such independence, here are some tips for filing back taxes. Take a deep breath Though you may think the IRS is [...]

5 Financial Goals Everyone Should Set For 2015

They say that an ounce of prevention is worth a pound of cure. Well, an ounce of planning has to be worth at least that. So this year, along with your New Year’s resolutions, why not tack on a few financial New Year’s resolutions? Here are a few that aren’t really that difficult, and that [...]

5 Financial Signs That You’re Getting Older

Nowhere can the aging process become more apparent than when you compare the stark differences between the financial you of today and yesteryear. The list to follow outlines five financial signs that you’ve attained -- I’ll put this delicately -- maturity. 1. Tis better to give than receive You know you’ve ripened when it seems [...]

Load More Posts