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Janet Berry-Johnson is a Certified Public Accountant. Before leaving the accounting world to focus on freelance writing, she specialized in income tax consulting and compliance for individuals and small businesses. She lives in Omaha, Nebraska with her husband and son and their rescue dog, Dexter.
If you pay for day care, you may be eligible for a tax credit to offset some of your federal income tax bill. This credit applies to qualifying children who were under the age of 13 when the care was…
A corporation has three main ways to pay its employees. The primary type of compensation, of course, is cash, which comes in the form of hourly wages, contract income, salaries, bonuses, matching retirement plan contributions, and lifetime payouts from defined…
When most people think of claiming a dependent on a tax return, they think of a child who lives with them. Historically, the Internal Revenue Code (IRS) has allowed taxpayers to claim a “personal exemption” for themselves as well as…
Tax scams happen year-round, but they tend to crop up most often during tax season. It’s easy to see why. During the 2019 fiscal year, the IRS collected more than $3.5 trillion in taxes and issued more than $452 billion…
In an effort to help make filing taxes easier this year, we are breaking down the various IRS tax forms to help you know if you need them, and how to use them. If you’re a freelancer or run a…
Farming isn’t just about managing crops and livestock. Like any other business, it also involves paying federal income tax. Farms that operate as sole proprietors, trusts, partnerships, limited liability companies (LLCs), and S corporations use Schedule F to report their farming income and…
Each time you begin a new job, one of the forms your new employer asks you to fill out is a Form W-4. This form helps your employer determine how much federal income tax to withhold from your paycheck based…
Raising a child isn’t cheap. According to a 2019 analysis by EverQuote, it costs about $2,319,162 to raise a family in the United States, including providing common family expenses like housing, food, transportation, insurance, child care, and vacations. For parents,…
Taxes are a burden for everyone, but especially for low-income workers and families who need to hang onto as much money as possible. The federal income tax is a progressive tax system, meaning high-income taxpayers pay higher rates than people with…
The April 15 tax filing deadline (May 17, 2021, for tax year 2020) is one of the most dreaded days of the year for millions of Americans, either because they hate the hassle of preparing their taxes or dread the resulting…
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