Taxes

February 13, 2023Property taxes can make or break your budget as a homebuyer. That’s especially true if you live in one of the higher property tax states in the U.S. New Jersey, for example, has the highest property tax rate in the nation at 2.33%, while Hawaii has the lowest at 0.27%. There are 23 states with… read more…

February 8, 2023If you have formed a limited liability company that is being taxed as an S corporation, also called an S Corp, you will at some point need to become acquainted with form 1120-S. The IRS Form 1120-S is a tax… read more…

February 1, 2023For many Americans, filing federal income taxes means getting a refund. The IRS says that the average tax refund in 2022 was $3,039, a 7.5% uptick from the previous year. Taxpayers often rely on this money to boost their retirement savings or… read more…

February 1, 2023The IRS uses your modified adjusted gross income (MAGI) to determine whether you qualify for important tax benefits like deducting contributions from your individual retirement account (IRA) and making contributions to your Roth IRA. Many taxpayers consult a financial advisor to… read more…

February 1, 2023The Earned Income Tax Credit (EITC) reduces tax bills for low-to-moderate-income working families. It’s a tax credit that ranges from $560 to $6,935 for the 2022 tax year depending on your filing status, number of children and earned income. Taxpayers… read more…

February 1, 2023Operating a business on the side can give you valuable tax deductions as well as extra income. However, the Internal Revenue Service (IRS) decides if the business is actually a hobby or not. If the IRS says it is, you… read more…

February 1, 2023Real estate investments can be lucrative assets. However, they can also incur capital gains taxes that weaken your profits. Fortunately, you can implement tactics that reduce capital gains taxes so you can keep more of your money. Although the IRS… read more…

January 31, 2023Taxes are an unavoidable part of life for most people. You could, however, get out of paying income tax if you’re deemed tax-exempt by the Internal Revenue Service (IRS). But what does tax-exempt mean exactly? In simple terms, if you… read more…

January 31, 2023Filing taxes yourself has never been easier. As long as you have internet access, you can submit your tax return from the comfort of your couch. Before you get started, however, you’ll have to choose which online tax software to… read more…

January 31, 2023There are three main ways to maximize your tax return. You can file your taxes on your own to save on tax preparation fees. You can work with a financial advisor to develop a tax strategy for your financial goals. Lastly,… read more…

January 30, 2023Real estate investing can produce robust returns, but higher income doesn’t always equal more taxes. While it’s rare to eliminate taxes completely, the tax benefits of real estate investing can reduce your tax burden. As a result, you can rent… read more…

January 30, 2023Optimizing your return is often one of the most important things you can do during tax season. One way to make the most of your tax situation is by using deductions to lower your tax burden. The mitigating factors to… read more…

January 24, 2023Whether you’re a business owner who relies on independent contractors or you make your living as a freelancer, understanding the difference between Form 1099-MISC and 1099-NEC is critical to ensuring tax season runs smoothly. While Form 1099-MISC is used to report… read more…

January 24, 2023When you’re starting with any investment, it’s always good to be aware of the tax implications. This is especially true when investing in real estate. Because the government wants to encourage real estate investment, there are several real estate investing… read more…

January 18, 2023For most Americans, tax day comes once per year. That’s not the case for businesses though. If you own a business, you have to file tax forms on a regular basis. There are deadlines you must stay on top of… read more…

January 11, 2023Trust fund taxes are a common form of tax withholding. These are the taxes that W-2 employers withhold from their employees’ paychecks for Medicare, Social Security and income tax programs. They are otherwise known as payroll taxes. Let’s break down… read more…

January 5, 2023When you’re saving for retirement, there are a variety of accounts you could use. The Roth IRA, or individual retirement account, is one of those options. Roth IRAs offer more investment flexibility, as well as their own tax benefits. Understanding… read more…

January 5, 2023After losing a loved one, responsibilities can quickly pile up during a time when you’d like to focus on grieving. Unfortunately, taxes don’t disappear when someone passes. If you’re the executor of your loved one’s estate, you’ll be responsible for… read more…

January 4, 2023Contrary to general belief, you cannot file your taxes on Jan. 1. Although April 15 is the standard deadline for the latest day you can file your taxes, the IRS also has deadlines for the earliest it begins accepting returns… read more…

January 3, 2023Getting divorced can have financial implications for how you file taxes. One question you might have is whether both of you can claim head of household if you maintain separate residences but share children. The IRS allows legally separated or… read more…

January 3, 2023Flipping houses can be a lucrative business. But don’t let the idealized house-flipping TV shows affect your view of how it works. You need to be experienced, funded and knowledgeable about what you’re doing. That’s especially true when it comes… read more…

January 3, 2023Giving money to a good cause can lift our spirits, but can it also lift our tax burden? What about if we’re not donating to a charity, but to a church? Church, synagogue and mosque donations are tax-deductible, as long as… read more…

January 3, 2023Although swaths of the economy grounded to a halt in 2020 because of the COVID-19 pandemic, governments across the world worked to keep businesses afloat. In the United States, the Employee Retention Credit was part of these efforts. The Employee… read more…

December 20, 2022As a general rule, you cannot deduct the interest that you pay on a personal or family loan. The IRS considers these standard lending products, with the same rules whether you borrow from a family member or the bank. However,… read more…

December 20, 2022Owning a home can offer some unique financial benefits, including appreciation and a potentially lower monthly cost compared to renting. But you might be wondering: Does buying a house help with taxes? The short answer is yes, there are numerous… read more…