Before taxes, investment assets such as bonds, equities, mutual funds, loans, and other investments generate income known as net...

A consumption tax is a tax on the purchase of a good or service. A consumption tax is charged when consumers spend money, while an income...

The main difference between W-2 and 1099 workers is that a W-2 is a payroll employee and 1099 is a non-payroll worker. The names “W-2...

Buying health insurance affects your taxes, as well as not buying it. Where you buy your health insurance can also make a big difference...

The Internal Revenue Service announced about a month ago on May 20, 2022, that interest rates will be increasing for the calendar quarter...

Are you doing taxes for the first time? There are a couple of different types of payroll taxes such as income taxes, unemployment taxes,...

When you take a 401(k) distribution, you will have to pay taxes if you have a traditional 401(k). Ordinary income tax applies to the...

Identities can be stolen just about anywhere nowadays. Workplaces, nursing homes, local police stations, and hospitals are just some to...

Tax evasion and tax avoidance are two distinct concepts with two very different consequences. While tax avoidance uses legal measures to...

Everybody makes mistakes, even on tax returns. Filing an amended return isn't necessarily difficult but there are a couple of steps that...

The IRS wrapped up the 2022 annual list of the "Dirty Dozen" tax scams on Friday, June 10, 2022, with a warning to taxpayers to avoid...

Spear phishing is the eighth item on the IRS's "Dirty Dozen" scams warning list for 2022 and it is a severe problem since it may be...

Identity thieves have continued to use suspicious communications for years to trick, surprise, or scare taxpayers into revealing personal...

At the beginning of the week, the IRS released the 5th and 6th items from the annual list of the 'Dirty Dozen' tax scams to help bring...

Because most individual taxpayers face a lot of scams while they're filing their tax returns, the IRS compiled the twelve most prevalent...

Filing taxes may be very overwhelming for new taxpayers, especially if they don't know if they're within the income threshold to be...

You can either claim the standard deduction or the itemized deduction, but there's no way you can do both. Itemized deductions are...

Anyone who's a new taxpayer will eventually hear the terms gross and net income but have no idea how to tell the difference from each...

Unless you’re a tax professional, mistakes are bound to happen when preparing documents and filing returns, such as inputting inaccurate...

Owing back taxes to the IRS can complicate your life in several ways. If you’re looking to buy a house while you have a federal tax debt,...