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Admit it. At some point during tax preparation, a dangerous thought sometimes crosses your mind: “What if I just don’t file?” And while you likely file your taxes anyway, you may wonder what happens if you can’t pay your taxes…
When you bring a new employee on board, you need to consider the total cost of hiring, whether you’re a solopreneur who’s considering hiring some help or you already have a team of employees but need to hire more. Salary…
A recession, strictly defined, is two consecutive quarters of negative economic growth. And as anyone who experienced both the 2018 and 2020 recessions knows, recessions can take many forms. The 2008 recession was marked by falling housing pricing, a plummeting…
If you paid for a work-related expense your employer didn’t reimburse you for or if you spend money looking for work, you used to be able to deduct those expenses on your taxes. Starting with 2018 tax returns, those unreimbursed work…
Generally speaking, Americans are a generous lot. According to the National Philanthropic Trust, Americans gave $449.64 billion to charities in 2019. Perhaps one motivation for being generous is that qualified charitable contributions are deductible on your taxes. Frequently, December is…
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 resulting from the sale of investment property. When…
Filing for bankruptcy can be a long and stressful process, but it doesn’t have to be. Typically, the most stressful part is trying to manage the financial difficulties that lead you to consider bankruptcy and finally deciding to file. Once you…
Being a single parent is tough. Whether you’re newly divorced or have a child with someone to whom you were never married, parenting solo can take a toll on you emotionally, mentally, and financially. If you’re in this situation, your…
As tax season heats up, your mailbox will be flooded with tax-related forms. While many have familiar names and numbers, a slew of new schedules was introduced in recent years. Each has a particular purpose and carries information critical to…
IRS Schedule E is a catchall form for several types of income. You need to attach Schedule E to your Form 1040 (or Form 1040NR) if you earn rental income, receive royalties, or have income from a pass-through entity, such as a…
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