There are many occasions in which you may need to prove your income, whether you’re attempting to get a mortgage, auto loan, a new apartment, or a public welfare benefit. Read on to learn how to show proof of income from the most common income sources in a wide range of situations.
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?
Investment properties come with an incredible number of tax advantages. If you’ve been looking for the perfect side hustle to earn money and reduce your tax liability, here are some ideas to slash your tax bill through real estate investing.
President Joe Biden’s agenda is to “Build Back Better.” He wants a stronger economy, lower income inequality, and a restored middle class. And his tax plan aims to provide all three. But as with any new tax plan, Biden’s proposal would have both losers and winners. Find out how it affects you.
Paying taxes with a credit card isn’t always ideal, but it does make sense for certain taxpayers, especially those who’ve recently signed up for new cards with long 0% APR introductory promotions or generous sign-up bonuses. Read on for suggestions of the best credit cards to use to pay your taxes.
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.
Keeping track of your small-business expenses can qualify you for tax deductions — but only if you’ve kept a record of them. Thankfully, there are many reliable options for manual and digital expense tracking for you to choose from. Learn how to track expenses for small-business tax deductions.
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.
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.