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Gift Tax Rate Rules Exclusion Limit

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

The IRS considers many gifts taxable, including money given to friends and family, cars, furniture, use of a vacation home, and an interest in your business. If you’re extremely generous, you might have to consider the gift tax. Here’s what you need to know about gift tax rules and exclusions.
Post Its 401k Ira Roth Question Mark Retirement Tax Free

Types of Tax-Advantaged Accounts for Retirement, Education, & Health Care

Savvy taxpayers can slash their tax bill using a range of tax-sheltered accounts, but these can seem confusing and often sound alike. Which combination of retirement accounts, education accounts, and health savings accounts can help you save on your tax bill? Read on to learn more.
Standard Tax Deduction

Standard Deduction vs. Itemized Tax Deduction – What’s Better?

Tax deductions get a lot of attention come tax time, but many people don’t have enough deductions to benefit them. Instead, these taxpayers benefit from the standard deduction. Here’s what you need to know to choose between the standard deduction and itemizing your deductions on your tax return.
Tax Benefits Real Estate Investment Properties

Tax Benefits of Real Estate Investment Properties – IRS Rules Explained

Renting versus buying can be a difficult choice. Still, according to The Wall Street Journal, almost two-thirds of American households own homes. Many more own rental...
Tax Reform Suitcase Red Tape

6 Ways Tax Reform Could Affect Your Taxes This Year

The Tax Cuts and Jobs Act (TCJA) of 2017 is now a few years old. But it continues to surprise taxpayers who don’t understand how various provisions affect them. Here’s how the TCJA could impact your tax return this year.
Family Under One Roof Concept Kids Parents

Claiming Qualifying Dependents on Taxes – IRS Definition & Rules

Claiming a dependent can be worth several thousand dollars. Plus, several of the tax credits available to taxpayers with qualified dependents are refundable, meaning they don’t just offset the tax you owe, but they can also increase your refund. Can you claim a dependent? Read on to find out.
Green Energy Tax Credits Home Improvement

Green Energy Tax Credits for Home Improvement & Energy Efficiency

For homeowners and bill-paying renters, the cheapest way to save money on utilities is to reduce consumption. In summer, raising the temperature setting on...
Tax Coins Pennies Stacked Block Letters

What Is the FairTax Act Explained – Pros & Cons

Anyone who’s filed a tax return knows the U.S. tax system is complex and difficult to understand. Many say corporations, wealthy individuals, and special interest groups use loopholes to avoid paying their fair share. One idea for fixing the system is called FairTax. But would it really work?
Itin Number

What Is an ITIN Number and How to Apply to Get...

Foreign-born individuals pay nearly $224 billion in federal taxes and $105 billion in state and local taxes each year. An individual taxpayer identification number is one of the tools that make those tax payments possible. But what is it and how do you get one?
Side Hustle Clothing Pins Stable Sign

10 Ways a Side Gig or Business Can Impact Your Taxes

The gig economy is big and getting bigger. According to a 2018 Gallup poll, 36% of American workers currently participate in the gig economy....
Homestead Exemption Definition

What Is the Homestead Exemption – Definition, Tax & Legal Treatment

Actually living off the grid is rare, but millions of American homeowners can truly call themselves homesteaders. That's because the Federal Government - and most state governments too...
Deduct Health Insurance Premiums Expenses

Deducting Health Insurance Premiums & Health Care Expenses on Your Taxes

Health care costs can be steep, especially if you’re self-employed, but with a little planning and preparation, you can cut those costs by saving on your taxes. You might have to strain your budget throughout the year, but at least your bottom line can even out when you get your refund.