States With the Lowest Overall Tax Burden (Income, Property & Sales)
State and local taxes in the U.S. add up to real money. There’s a huge difference between the highest-taxed states and the lowest. If you’re considering where to set down roots or looking to move to a lower cost-of-living area, read on to learn which states offer the lowest tax rates.
Schedule F (Tax Form 1040) Instructions – Farming Profit/Loss
Like any other business, farmers must pay taxes. Farms that operate as sole proprietors, trusts, partnerships, LLCs, and S corporations use Schedule F to report their farming income and expenses. Not sure how to fill it out? These instructions will get you started.
Schedule D (Tax Form 1040) Instructions – Capital Gains & Losses
Do you buy and sell stocks, bonds, mutual funds, and other investment property? If so, you need to familiarize yourself with IRS Schedule D, the form used to report capital gains and losses. Here is your guide to completing the Schedule D Tax Form correctly and painlessly.
Nanny Taxes – How to Pay for Your Household Employee (Schedule...
Research shows that spending money on time-saving services like nannies and housekeepers can promote happiness and lead to greater life satisfaction. But it can get you into hot water if you aren’t aware of household employment taxes, also known as the nanny tax.
Schedule E (Tax Form 1040) Instructions – Supplemental Income & Loss
If you earn rental income, receive royalties, or have income from a pass-through entity such as a partnership or S corporation, you’ll need to complete IRS Schedule E when you file your taxes. Reporting supplemental income can be confusing but the form itself is pretty simple. Learn how to complete it here.
When Does It Make Sense to Hire a Tax Attorney?
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.
Tax Implications & Consequences of a Short Sale or Foreclosure
Every year, a million homes enter foreclosure and many more people are forced to sell back to the bank for less than their home is worth. Foreclosures and short sales are bad enough, but few people consider the tax implications — until they file their tax return and realize the worst isn’t over.
IRS Tax Evasion Fraud Definition & Penalties – What If You...
Admit it. At some point during tax season, you’ve likely had the thought: “What if I just don’t file?” Whether you skip filing or just don’t pay, that’s called tax evasion, and it can lead to stiff penalties and jail time. But you can prevent that sticky situation — even if you can’t afford to pay.
Job-Related & Job Search Expenses That Are Tax Deductible
You used to be able to deduct unreimbursed expenses and job search costs on your taxes. But with the new tax law, it’s gotten a lot more complicated and fewer people qualify. Before you file this year’s return, find out if you still qualify, what costs you can deduct, and where to claim them.
Extending the Tax Deadline for COVID-19 – What It Means for...
The IRS has officially announced it’s pushing the due date for filing personal federal income taxes and making 2019 tax payments to July 15, 2020, due to the COVID-19 pandemic. Here’s how it will affect you.
Important Tax Due Dates & Deadlines – 2020 IRS Tax Calendar
Do tax deadlines seem to sneak up on you? April 15 isn't the only important day on the tax calendar. There are a number...
Box 12 Codes on Tax Form W-2 Explained
If you’re an employee, one of the many tax forms you have to file is Form W-2. And Box 12 of that form throws many taxpayers for a loop. Each of the uppercase codes you might see in Box 12 has a meaning, and understanding them is the first step to calculating your total tax liability.
