- Tax Benefits of Real Estate Investing
Real 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…
- What Is a Tax Shield?
Optimizing 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…
- Form 1099-MISC vs. 1099-NEC
Whether 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…
- Real Estate Investing Tax Strategies
When 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…
- Small Business Tax Deadlines for 2025
For 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…
- What Are Trust Fund Taxes?
Trust 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…
- Capital Gains Tax for Roth IRAs
When 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…
- When Is an Estate Tax Return Required?
After 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…
- How Early Can You File Taxes?
Contrary 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…
- Can Both Divorced Parents Claim Head of Household?
Getting 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…
- Flipping Houses and Taxes: A Real Estate Guide
Flipping 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…
- Are Church Donations Tax-Deductible?
Giving 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…
- Is the Employee Retention Credit Taxable Income?
Although 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…
- Is Personal Loan Interest Tax Deductible?
As 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…
- Does Buying a House Help With Taxes?
Owning 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…
- Business Tax Extension: Tax Planning Guide
Most businesses can get an extension of six months to file a federal income tax return by filing Form 7004. No explanation for making the request is necessary and the extension is automatic. However, filing Form 7004 only grants more… read more…
- Is a Family Loan Taxable Income?
There are two main ways to give significant amounts of money to a family member: gifts and loans. Each has its own tax consequences and advantages. In the case of a loan, if you want this not to count as… read more…
- Home Business Tax Deductions: Guide
Owners of home-based businesses can take advantage of a slew of tax deductions that will help them reduce their taxable income and save on income taxes. The home office deduction is a tax break, especially for home-based businesses. Other deductions… read more…
- Are Home Improvements Tax Deductible?
If you’ve spent a sizable amount of money improving your residence, you may understandably be looking for ways to offset those costs and find yourself wondering if your home improvements are tax deductible. Alas, in most cases, the answer is… read more…
- Guide to Tax Deductions Related to Insurance
Claiming tax deductions you’re eligible for is an effective way to reduce your tax burden. But identifying all the deductions available to you can be challenging and you can’t claim deductions if you don’t know they exist. You may be… read more…
- What Are the Tax Benefits of Marriage?
While persevering in sickness and health is a familiar concept during a wedding, you’ll rarely hear about tax breaks at the altar. However, married couples can take advantage of a slew of tax benefits, especially when they file jointly. Here… read more…
- How to Calculate the Marginal Tax Rate
Marginal taxation systems like the U.S. federal income tax system increase the percentage of income owed to taxes as a taxpayer’s income increases. There are seven income brackets. Your marginal tax rate will also be affected by your filing status,… read more…
- How to Avoid Depreciation Tax on Rental Property
It can pay to be a responsible rental property owner. For instance, if you’re always investing in your rental property and making improvements, not only will your tenants appreciate it and remain tenants longer, you can get a depreciation deduction… read more…
- What Is Tax Debt?
The IRS has many different payment options for taxpayers who owe money. The important thing is to reach out and arrange a payment plan. As long as you address it, tax debt is almost always manageable. If you ignore it,… read more…
- Is Margin Interest Tax Deductible?
The world of investing is vast, exciting and often expensive for individual traders. Occasionally, you’ll encounter an investment opportunity you don’t want to pass up but can’t quite afford. Fortunately, you can borrow the funds necessary from your broker to… read more…