96 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.
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.
Not every parent has the means to help cover the cost of their child’s education. But for those who do, it’s never too early — or too late — to start. Investing in a 529 college savings plan is one of the most efficient ways to save for your kid’s college costs. Learn more about 529 plans here.
Have you ever gotten a much higher income tax refund than you expected? Or worse, owed money at the end of the year? That’s because the amount withheld from your paycheck is inaccurate. But you can fix it by adjusting your federal income tax withholdings, which you can do in a few simple steps.
There are several ways to save for education. People often think of 529 plans when it comes to saving for college, but you can also use UTMA and UGMA accounts. Each account has different benefits and drawbacks. Before choosing, learn more about how these accounts work and what features they offer.
If you missed the tax deadline, you're likely very concerned about fees, penalties, and how to file your taxes late. The good news is that it can happen to anyone, for a variety of reasons, and you can still get back on track. Here is some advice for doing just that, whether you’re owed a refund or you owe tax to the IRS.
When you file a tax return for your small business, one of the questions on the form asks about your accounting method: cash or accrual. Deciding whether your business uses the cash or accrual accounting method is a pretty significant decision. Which should your small business use? Learn more here.