If you look closely at your most recent tax return, you may notice a question at the top of Form 1040, just below your name and address. The question asks, “At any time during 2020, did you receive, sell, send,…
Tax law is tough. Even seasoned tax professionals can have questions about certain transactions or tax planning strategies. For example, say you and your tax advisor aren’t sure whether your restructuring plan will count as a tax-free spin-off. Millions of…
What keeps employees happy, engaged, and loyal? Salary, paid time off, health insurance, and retirement benefits are vital parts of the equation, but many employers also give their employees perks — otherwise known as fringe benefits. You might think of…
One of the main reasons to invest your money is to make more of it by earning interest and dividends. You earn interest from loaning your money to banks in the form of savings accounts, certificates of deposit, bonds, or…
Running a small business puts serious demands on your time, energy, creativity, and talent. Knowing where you are financially is a critical component. Whether you’re a freelancer, independent contractor, or side-gigger, you probably have a good sense of what your…
The U.S. has a pay-as-you-go taxation system. Employers withhold income tax from employees every pay period and send it to the IRS to help the government maintain a reliable schedule of income. All they have to do is file by…
In the United States, the amount of tax you owe depends on several factors, one of them being how much money you make each year. The U.S. tax code is based on a progressive tax system. That means everyone pays…
Did your kids discover the joys of entrepreneurship this year, raking in the dough from lemonade stands, shoveling driveways, or walking the neighbors’ dogs? Or maybe generous family members gave them stocks and bonds instead of toys. Your child may…
If you have investments, you may be wondering where you can deduct investment fees on your income tax return. Don’t spend a lot of time hunting around for the right place to enter them. Thanks to the Tax Cuts and Jobs…
Saving for retirement isn’t always easy, but there are significant income tax benefits to low- and moderate-income families who choose to prioritize these long-term savings. The Retirement Savings Contributions Credit (otherwise known as the “Saver’s Credit”) is a tax credit designed to…
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