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Home Authors Posts by Janet Berry-Johnson

Janet Berry-Johnson

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Janet 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.
Gift Tax Rate Rules Exclusion Limit

What Is the Gift Tax – IRS Rules, Rate & Maximum Exclusion Limit

Some people believe that when it comes to gifts, giving cash shows a lack of thoughtfulness. But as anyone who's ever received a horrible gift knows, many gifts are simply a waste of time...
Charitable Giving Money Dollars

How Tax Reform Affects Deductions for Charitable Giving This Year

It may be better to give than to receive, but for many taxpayers, receiving a tax break for their charitable giving is a good incentive. Charitable donations stand at an all-time high, but new tax policies may be threatening people's desire to give. As with most tax deductions, there are a lot of rules and limitations you need to be aware of if you want to stay generous without overpaying Uncle Sam.
Tax Deadline Calculator

What Happens If You Miss the Tax Deadline? – Penalties for Filing Late

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.
Elderly Couple Tax Calculation Retirement Pennies

Taxes on Retirement Accounts – IRA & 401(k) Distributions & Withdrawals

When your retirement accounts are growing, it's great to see the numbers climb. But when you retire and start withdrawing money from your IRA and 401(k), the taxes you owe can take a surprisingly big...
Child Tax Credit Wooden Silhouettes Of Family Calculator Post It

Claiming the Child Tax Credit – Everything You Need to Know in 2020

Raising a child isn't cheap. According to the United States Department of Agriculture, the price tag for a child born in 2015 is about $233,610 from birth through age 17 for a middle-income family....
Uncle Sam Steal Wallet

4 Reasons the IRS Can Seize Your Income Tax Refund Money for Debt

If you recently filed your tax return and were expecting a nice, fat refund check, you might be shocked to check the refund status and discover it's no longer coming. There are several situations in which...
Earned Income Tax Credit Street Concrete Paint

What Is the Earned Income Tax Credit (EITC) – Requirements & Eligibility

Taxes are a burden for everyone, but especially for low-income individuals and families who need to hang onto as much money as possible. The federal income tax is a progressive tax system, meaning high-income taxpayers pay...
State Tax Intersection Sign Highway

State Tax Rates Comparison – Property, Sales, Income & Social Security Tax

When it comes to your federal income taxes, you pay the same rate no matter where you live, but each state - and sometimes locality - can set its own tax rules that apply...
Tax Reform Suitcase Red Tape

6 Ways Tax Reform Could Affect Your Taxes This Year

The Tax Cuts and Jobs Act of 2017 (TCJA), commonly referred to as "tax reform," is now a couple of years old. But it continues to surprise taxpayers who don't understand how various provisions...
Types Taxes Folders

5 Different Types of Taxes and How to Minimize Them

Income taxes may be on your mind during this time of year, but they're not the only taxes you're required to pay. Americans are on the hook for several different types of taxes throughout...
Government Benefits Taxes

Taxes on Government Benefits – Unemployment, Social Security, Disability & More

Government benefits such as unemployment, Social Security, and disability are part of a social safety net - a network of programs aimed at helping protect Americans from poverty and financial hardship. When you lose a...
Tax Filing Mistakes

12 Common Tax Filing Mistakes & Errors and How to Correct Them

When you're expecting a large tax refund from the IRS, you undoubtedly want it as quickly as possible. There are a few ways to speed up your refund: electronically file your return, request your...