How to Track Your Small-Business Expenses for Tax Deductions
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.
What’s in President Biden’s Tax Plan – Proposed Rates & Who’s...
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.
10 Best Credit Cards to Use to Pay Your Taxes in...
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.
Claiming the Child Tax Credit – Everything You Need to Know...
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.
IRS Tax Audit Help – Types, Procedure & What to Do...
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.
How to Set Up an IRS Tax Payment Plan – 4...
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.
IRS Tax Form 1099-NEC – Instructions for Small Businesses & Contractors
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.
Capital Gains vs. Income Tax — Why Investors Pay Less Than...
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.
Schedule B (Tax Form 1040) Instructions – Interest and Dividends
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.
Adoption Tax Credits (Federal & State) – Requirements & Eligibility
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.
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.
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.
