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What Is FICA Tax and How Does It Work?
If you’re traditionally employed in the United States, you’ve likely glanced at the line-by-line breakdown on your paystub before. You’ve probably noticed a deduction called FICA Med or FICA Social...
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Backup Withholding: Everything You Need To Know
When it comes to paying taxes, you need to know what you’re doing. Making a mistake can be costly. Backup withholding is a process where a payer must hold back a portion of the payment to another...
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Those IRS Letters About Garnishing Your Stimulus Were a Mistake
If you recently received a “Notice CP21C” from the IRS, you can breathe a sigh of relief. The letters were sent in error, the IRS confirmed last week. The notices had many citizens worried, since they...
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How Long Should You Keep Tax Returns (and Other Documents)?
Every year, millions of Americans resolve to finally get themselves organized in the New Year. Unfortunately, when it comes to financial paperwork, it’s very easy to feel beaten before you even start....
View ArticleNet Investment Income Tax: How It Works
First enacted in 2013 to raise revenue for the Affordable Care Act, the Net Investment Income Tax (NIIT) introduced a 3.8% tax on net income from certain investments. This tax affects estates, trusts,...
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W-2 vs. W-4 Tax Forms: Everything You Need to Know
Navigating taxes can be difficult no matter where you are in your career. Understanding the differences between W-2 vs. W-4 tax forms can be especially tricky. W-2, W-3, W-4, W-9—it can be hard to...
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Important Tax Changes You Need to Know About For 2021
Spring signals many things. It might mean (re)committing to those New Year’s resolutions, enjoying the warming weather and signs of new beginnings in nature, or some much-needed spring cleaning. Spring...
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What is OASDI Tax? Understand Old-Age, Survivors and Disability Insurance
You may have heard the argument that Social Security is not really an entitlement program. Some will insist it’s actually a benefit that you’ve paid into your entire working like. While we can argue...
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TaxAct vs TurboTax: Which One Is Better?
With as much as our lives have changed over the last year, it can be difficult to remember major obligations. But driver’s licenses need to be renewed, you could receive a summons for jury duty, and...
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What’s Your Marginal Tax Rate?
I was recently emailing back-and-forth with one of my readers at MoneyNing. I was explaining how contributing to a 401(k) is a better option for most people. That’s because the entire contribution to a...
View ArticleTax Deductible Home Improvement & Repairs For 2022
Tax credits reduce your tax bill on a dollar-for-dollar basis. However, deductions are what lower your taxable income. The good news is that some home improvements can make your living space better and...
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Taxable Income: What Is It and How Is It Determined?
Whether this tax season is your first or you’ve been doing this adulting thing for a few years, you might still have questions about your taxable income. Including what it is, and how to calculate it....
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The IRS Just Postponed the 2021 Income Tax Deadline
You may have it ingrained into your brain that Tax Day is April 15. However, much like the extension granted in 2020, the government is once again offering you more time. The IRS recently announced...
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Adjusted Gross Income on W2: How to Calculate
Getting tax terms straight can be a dizzying exercise. Remembering the difference between your income, investment income, gross income, and your adjusted gross income is important, but it’s tricky when...
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What is a Schedule 1 Tax Form: Everything You Need To Know
The Schedule 1 tax form might be applicable to you. If it is, it will become part of the standard Form 1040 you fill out every year. You may hear the Schedule 1 form referred to as the “Additional...
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Tax Abatement: Everything You Need to Know
A tax abatement is a reduction in the amount of taxes a business or individual must pay to the federal, state, or municipal levels of government. Tax abatements typically take the form of a decrease in...
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Little-Known Facts Around IRS Tax Relief Programs
It’s that time of year again. The airwaves are once again full of commercials for tax relief services. They offer a promise to settle your back taxes — sometimes for just pennies on the dollar. I can...
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Are Social Security Payments Taxable?
Is social security disability taxable? It’s a question that a lot of people have asked. While the answer can be a bit complicated, in most instances Social Security benefits of any kind are subject to...
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What is Tax Liability and How Is It Calculated?
You’ve probably heard the phrase before and wondered “what is tax liability?” Simply put, a tax liability is the total amount of tax owed by a person or company to the government. In short, it’s the...
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Do You Need to File Quarterly Tax Payments?
Whenever you get a new job, you’re required to fill out a W4 form. Your answers will help your new employer figure out how much tax to withhold from your paycheck. They will send that money to the IRS...
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How Much Money Do You Have To Make To File Taxes?
Every single year without fail, tax time returns. If you’re already a seasoned tax veteran, then don’t worry. This article probably isn’t for you. However, if you are young and just started your first...
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Schedule 3 Non-Refundable Credits: Everything You Need to Know
Every single Spring, it’s the same thing. Tax season rolls around and millions of Americans stress about making sure their tax returns are correct. Even more than that, plenty of us search every nook...
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How To Get Cheap (or Free) Help With Your Tax Return
Nowadays, do-it-yourself online tax filing is easily the most popular way to file you tax return. For many people, it’s convenient, cheap, and takes care of your tax needs with ease. Despite that,...
View ArticleReasons Why Your Tax Refund is Delayed
The Internal Revenue Service is currently swamped. Despite that admission, you might still be anxiously waiting for your expected tax refund. The IRS says they have already processed more than 91...
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Payroll Tax Deferment Guide: Everything You Need to Know
On March 11, 2021, President Biden signed the American Rescue Plan Act into law. It’s a $1.9 trillion bill that extends many forms of federal assistance for businesses impacted by the Covid-19...
View ArticleWhat Are The New 2021 Tax Brackets?
Each year, the Internal Revenue Service (IRS) updates their marginal income tax rates. In other words, they issue new tax brackets for the year ahead to reflect the ongoing impact of inflation. For...
View ArticleWhat is Tax Diversification (And Can It Help You Invest Smarter?)
Most people think of their investments in terms of gains and losses. Unfortunately, very little thought is given to the potential tax implications. That is, until the Internal Revenue Service (IRS)...
View ArticleThe 2022 Tax Brackets Just Changed
The Internal Revenue Service (IRS) just released updated information about the tax brackets for 2022. The new brackets have been adjusted for inflation, which has spiked up drastically during the...
View ArticleAnswers to Popular Questions About the Internal Revenue Service
The Internal Revenue Service can be a complex labyrinth of red tape and bureaucracy. Even the most experienced accountants can sometimes struggle to get things done in a timely fashion. On the other...
View ArticleHow to Determine a House’s Property Taxes
As a first-time homeowner, you may be aware of some of the additional costs of homeownership. This includes mortgage closing costs, homeowner insurance, monthly mortgage payments, and utility bills....
View ArticleEverything You Need to Know About State Unemployment Benefits
The world continues to deal with the effects of the pandemic and the economic uncertainty it created. Every day, the number of Americans dealing with financial hardship increases. Restaurants have...
View ArticleWhat Is a Homestead Exemption, and Do You Qualify?
A homestead exemption is a provision that helps certain taxpayers reduce their property taxes (and protect the homestead from creditors) following the declaration of bankruptcy or death of a spouse....
View ArticleStates With The Lowest Taxes to Retire In
The best advantage that retirement brings is that you no longer need to be tied down to your job. Retirees can take this opportunity to relocate anywhere they want. That is why you may see many...
View ArticleCommon Law Marriage and Taxes: Everything You Need to Know
Common-law marriage has been practiced in the United States since the 1870s. The rules are still applied to any unmarried couples living together that meet certain conditions. If you’re thinking of...
View ArticleAre You Prepared For The 2022 Tax Season?
You 2021 Tax Return is due by April 15. If you suspect you will owe the IRS money, start making a plan for repayment now. Start planning for your 2022 Tax Return now, in order to avoid any last minute...
View ArticleEverything You Need To Know About The 2022 Tax Season
Your 2021 tax return is due on April 18 or 19, depending on which state you live in. The tax brackets changed only slightly from last year. Filing electronically is the easiest and fastest way to file...
View ArticleChild Tax Credit 2022: Everything You Need To Know
Millions of American families received a child tax credit payment for 2021. However, that same payment isn’t exactly guaranteed in 2022. There are plenty of plans to modify the program, all currently...
View ArticleThe 12 Most Popular Tax Season FAQs, Answered
Learn what to do if you’ve changed your address or need an extension. Take action if you think you may have been the victim of identity theft. Find out how long it will take to get your refund. Tax...
View ArticleHow to File Your Own Taxes: A Step-By-Step Guide
You can save hundreds of dollars in fees by filing yourself. File electronically to get your refund faster. Learn how to request an extension. It’s tax season again, and that means it’s time to put...
View ArticleCan A Tax Lawyer Save You Money on Taxes?
Tax lawyers have deep, detailed, specialized knowledge of tax law. Their expertise can be essential in complex income and taxation situations. Tax attorneys help clients craft long-term strategies for...
View ArticleFree At-Home Tax Filing: Everything You Need To Know
Whether you realize it or not, April 18th is a big day. That’s when taxes in the United States have to be filed. Even if you didn’t know when the filing deadline was, anyone reading this definitely...
View Article12 States That Won’t Tax Your Retirement Distributions
Choosing to live in a state that doesn’t tax retirement income can help you preserve your savings for longer when you’re aging. Taxes aren’t the sole factor you should consider. Other expenses, such as...
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Worst States To Live In For Taxes
If you’re thinking about moving to a new state, then you might want to look at its taxes. Since individual income, property, and sales/excise taxes vary from state to state, your total tax burden can...
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Tax Exemption vs Tax Deduction: Know The Difference
When discussing income tax, it’s easy to confuse similar-sounding technical terms. The boundaries around tax exemption and tax deduction are particularly blurry. Although these two types of reductions...
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Tax Deductions For Working From Home
With more employees working from home than ever before, the subject of tax deductions has become very topical. Perhaps you’ve heard other remote workers brag about the expenses they’ve managed to trim...
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Tax Deductions For The Self-Employed
If you’re self-employed, you may feel a little lonely during tax season. After all, it’s hard to gauge which deductions you’re entitled to when there are so many personalized expense categories to...
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Tax Deductions For Rental Property Owners
Being a landlord can bring in a significant revenue stream, but it isn’t as easy as it looks. There are a lot of investments involved, including insurance, property taxes, and additional mortgages. On...
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These Simple Mistakes Can Really Sabotage Your Tax Return
Tax season can be stressful and overwhelming. Unless you’re a numbers person who enjoys filing each year, completing your income taxes is a job you likely want to finish as quickly as possible. That...
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The Best Free Tax Filing Services (That Are Actually Free)
People have all kinds of pejoratives to express how they feel about filing their taxes. The process is stressful, time-consuming, and inconvenient. It’s also expensive… but it doesn’t have to be. There...
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Everything To Consider Before Choosing A Local Tax Return Service
Choosing a local tax return service can be a critical decision for many individuals and businesses. With the tax laws and regulations constantly changing, it is important to have a trusted and...
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