You know you need to take steps to keep your credit card numbers and Social Security number from falling into the wrong hands. Do you know thieves also want to steal your federal income tax return? Or, more precisely, your…
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…
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…
During tax season, do you spend hours or even days wrestling with old receipts, canceled checks, W-2 forms, 1099s, and statements from your banks, credit card companies, and mortgage company, trying to document every possible deduction and lower your federal…
While perusing tax advice on the Internet, you’ll come across lists of tax deductions and tax credits that can help you reduce your tax bill. But do you know the difference between a tax deduction and a tax credit? They’re…
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,…
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