You can’t take a holiday from paying federal income taxes, but you might be able to take a break from paying sales tax, depending on where you live. In America, 18 states and Puerto Rico announced tax holidays for 2021. Does your state have a sales tax holiday?
Raising a child isn’t cheap. Fortunately, there are several tax deductions and credits available to parents with dependents. And the child tax credit has an important update parents should know about in 2021 — advance child tax credits that give you the money you need now instead of at tax time.
People imagine IRS auditors as scary, calculator-wielding mercenaries out to get more money. That’s usually not true and audits are rare, but an IRS audit is nonetheless stressful and time-consuming. If you ever do get audited, there are a few things you need to know to get yourself through it.
Did you get an unexpected surprise at tax time this year? Some people owe additional tax — sometimes quite a lot of money. If you find yourself in that boat and don’t have enough cash on hand to pay your tax liability with your tax return, don’t panic. It’s easy to set up an IRS tax payment plan.
Freelancers, small-business owners, and independent contractors received a new form in their mailbox in 2021: Form 1099-NEC. So, what is Form 1099-NEC all about? Learn about IRS tax form 1099-NEC and find instructions for small businesses and contractors required to complete this document.
Today’s freelancers and small-business owners have more choices than ever when it comes to accounting and bookkeeping services. Many of the most popular are inexpensive or even free. Learn about the best online accounting, bookkeeping, and invoicing services and find the option that’s right for you.
Billionaire Warren Buffett once famously said he pays a lower tax rate than his secretary. How is that possible? The answer lies in the difference between how capital gains and income from employment are taxed. Learn how and why capital gains and ordinary income are taxed differently here.
One of the main reasons to invest your money is to make more of it by earning interest and dividends. But that income isn’t free — you have to pay taxes on it. That’s where IRS Schedule B comes in. Learn about Form 1040 Schedule B, the tax form for interest and dividends, and how to complete it.
