100 POSTS 0 COMMENTSJanet Berry-Johnson is a Certified Public Accountant. Before leaving the accounting world to focus on freelance writing, she specialized in income tax consulting and compliance for individuals and small businesses. She lives in Omaha, Nebraska with her husband and son and their rescue dog, Dexter.
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.
Adopting a child can be expensive. Fortunately, there are federal and state assistance programs that minimize financial obstacles to adoption. If you’re considering adopting, here are the tax credits you might be eligible to claim.
You never know when you’ll face a complex tax situation that calls for outside help. When your tax issues are too complex to handle on your own, hiring a tax attorney makes sense. Not sure if you need a lawyer? Ask yourself these three questions to find out.
Some customers take ages to pay their bills. Invoice factoring can help some small businesses bridge the gap between sales and receivables and ensure ongoing cash flow. What is invoice factoring, and is it right for your small business? Learn more here.
Did you move to take a new job this year, or are you considering moving for work soon? Unfortunately, thanks to new tax legislation, moving expenses are no longer deductible for most people. Are you one of the lucky ones who still qualify? If so, this is how you make sure you don’t overpay.
April 15 — Tax Day — is a day of dread, stress, anger, and fear for many people. Trying to make sense of a rat’s nest of paper receipts, canceled checks, brokerage statements, and other miscellaneous bits of information is frustrating and time-consuming. Avoid the stress by following these tips.