2 hours agoNet Investment Income Tax (NIIT): The BasicsBefore taxes, investment assets such as bonds, equities, mutual funds, loans, and other investments generate income known as net...
3 days agoWhat Is A Consumption Tax?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...
4 days agoKey Differences: W-2 vs. 1099 vs. W-4The 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...
5 days agoHealth Insurance Coverage May Or May Not Affect Your Taxes And Here's WhyBuying health insurance affects your taxes, as well as not buying it. Where you buy your health insurance can also make a big difference...
6 days agoIRS Raises Interest Rates On July 1The Internal Revenue Service announced about a month ago on May 20, 2022, that interest rates will be increasing for the calendar quarter...
7 days agoWhat Is FICA Tax?Are you doing taxes for the first time? There are a couple of different types of payroll taxes such as income taxes, unemployment taxes,...
Jun 17How Can I Avoid Penalties When I Withdraw From My 401(K)?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...
Jun 16Afraid Of Identity Theft? Get An Identity Protection PIN Now!Identities can be stolen just about anywhere nowadays. Workplaces, nursing homes, local police stations, and hospitals are just some to...
Jun 15How Does Tax Evasion Differ From Tax Avoidance?Tax evasion and tax avoidance are two distinct concepts with two very different consequences. While tax avoidance uses legal measures to...
Jun 14Important Things You Need To Know About Amended Tax ReturnsEverybody makes mistakes, even on tax returns. Filing an amended return isn't necessarily difficult but there are a couple of steps that...
Jun 13Last Of The "Dirty Dozen" Annual List Of 2022: Tax Avoidance Methods Warnings Part 5The 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...
Jun 10IRS Warns Taxpayers With "Dirty Dozen" 8th Tax Scam With Spear Phishing Part 4Spear 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...
Jun 9"Dirty Dozen" 7th Tax Scam Newly Added To The 2022 Annual List Part 3Identity thieves have continued to use suspicious communications for years to trick, surprise, or scare taxpayers into revealing personal...
Jun 8The IRS Released 5th & 6th Items Of "Dirty Dozen" Tax Scams To Alert Taxpayers Part 2At 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...
Jun 7IRS Reveals The First Four "Dirty Dozen" Scams For 2022 Part 1Because most individual taxpayers face a lot of scams while they're filing their tax returns, the IRS compiled the twelve most prevalent...
Jun 6How Much Money Do I Need To Make To File Taxes In 2022? Filing taxes may be very overwhelming for new taxpayers, especially if they don't know if they're within the income threshold to be...
Jun 3Standard Deduction vs. Itemized Deduction: Which One Should I Choose? You can either claim the standard deduction or the itemized deduction, but there's no way you can do both. Itemized deductions are...
May 26Gross & Net Income Simply ExplainedAnyone 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...
May 25What Is Backup Withholding? Can I Avoid It?Unless you’re a tax professional, mistakes are bound to happen when preparing documents and filing returns, such as inputting inaccurate...
May 24What Are The Chances of Getting a Mortgage If I Owe Back Taxes to the IRS?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,...