Tax identity theft robs people of their personal data, tax returns, and all the time and effort they put into filing a clean return. Tax fraud and identity theft are frequently caused by a lack of data protection. Safeguard Your SSN & Get Identity Theft Protection Keep Your SSN Safe: Accessing a vulnerable Social Security Number can result in a tax crime. Throughout the year and especially during tax season, practice safe SSN habits by shredding paperwork with the SSN, and st

Is there even such thing as cryptocurrency tax? If you're interested in cryptocurrency, it'll be beneficial for you to understand how the IRS taxes these cryptocurrency investments and what composes taxable and non-taxable assets. What Crypto Activity Is Taxable? It's important to acknowledge that when investing and transacting with cryptocurrency, it's pretty much taxed just like stocks are, which means you must record any capital gains or losses when selling it. Below are t

Divorce is bound to raise significant financial concerns. You could be wondering how to leave a marriage with no money or how a divorce would affect your tax situation. What's important is to be as prepared as possible for the financial implications that arise in a divorce settlement. Alimony Payments If your divorce settlement was established on or before December 31, 2018, alimony payments are fully tax-deductible for the individual making the payments, whether you itemize

Did you receive a tax refund for the year 2021? This year's average is around $3,000 per person. No matter how much you've collected, the key is to utilize it to the best of your abilities! Catch Up on Past-Due Bills Your first objective should be to catch up on your payments and avoid accumulating any more penalties. Sometimes we have to make some short-term sacrifices, but they will pay off in the long run. Tax returns can act as a lifeline for taxpayers. A lot of people us

According to financial experts, it may be time to change your withholdings if you received a surprise tax bill during this filing season. It's crucial to review withholdings throughout the year, especially if you recently had a drastic transition in your life. Reasons to Adjust Your Withholdings Here are a few good reasons why you should keep an eye on your withholdings and adjust it before you get an unexpected tax bill: Tax law changes Life changes in one's lifestyle, such

The Biden administration proposes extra spending in the budget that it argues will drive economic growth and job creation, as well as a number of tax revisions. Over the following decade, the Biden administration estimates that their budget will lower the deficit by more than $1 trillion. Biden's Federal Budget Proposal President Joe Biden's 2023 federal budget proposes more taxes on the ultra-rich and companies while increasing spending for the Defense Department and the Jus

Unless you requested a tax extension, the time for filing your taxes has passed. Here are some things you can do if you missed the tax deadline and didn't file your taxes or request an extension. File Your Tax Returns As Soon As You Can If you owe money, you should file as quickly as possible to prevent additional fines. Although there may be a penalty for filing late, it will be less severe than if you fail to file at all. If you file as soon as possible, you will save money