- How to Avoid Capital Gains Tax on Stocks
Capital gains taxes are a tax on the profits you make on investments, which you might owe if you are investing through a taxable brokerage account. The good news is that there are strategies investors can use to eliminate or… read more…
- How to Avoid Paying Taxes on a Lawsuit Settlement
Winning or settling your lawsuit can be exhilarating. After you’ve received the settlement money and paid attorney fees, most people assume that the rest is theirs to keep. However, some settlements are subject to taxes. And, unfortunately, many people don’t… read more…
- How to Avoid Capital Gains Tax When Selling a House
There’s a lot of pride associated with owning property, whether it’s a primary home or a vacation bungalow. It’s especially rewarding when real estate is properly compensated for. But while a high-selling price may be exciting at the moment, it… read more…
- What Is a Taxpayer Identification Number?
A Taxpayer Identification Number (TIN) is a unique nine-digit number the Internal Revenue Service uses to identify individual taxpayers. A TIN can come in different varieties, including Social Security Number (SSN), Employer Identification Number (EIN), Individual Taxpayer Identification Number (ITIN)… read more…
- How to Find a CPA for Tax Services
Taxes can be complicated and frustrating to many people. Not only is there a risk of not filing them correctly, but many miss out on strategies that can save them money. Fortunately, Certified Public Accountants (CPAs) help millions of Americans… read more…
- How to Avoid Taxes on a Large Sum of Money
A financial windfall is something to celebrate. But if you don’t play your cards right, the government will expect a major portion of the cash. The good news is that smart tax planning strategies can help you minimize your tax… read more…
- How Savings Accounts Are Taxed
You are required to report and pay federal taxes on any interest income you receive from a savings account. The income is taxed as unearned, which means you’ll escape payroll taxes, but you will owe federal income tax on it… read more…
- JP Morgan Reveals 3 Tricks to Cut Taxes
With interest rates rising, it’s increasingly important to make sure you’re taking advantage of all interest deductions you’re entitled to so you can avoid paying more in taxes than you need to. Three interest deductions are particularly important, according to… read more…
- The Carried Interest Loophole and the Inflation Reduction Act Concession
To get the Inflation Reduction Act passed in the Senate, Democrats dropped their attempt to kill a controversial tax provision that’s known as the carried interest loophole. Also called the carried interest income classification, it has long been a target… read more…
- When 1099-K Is Needed: IRS Form
If you use PayPal, Venmo and other third-party payment networks, then you might get a 1099-K form from the IRS. This form reports transactions from third-party payment networks. And depending on how big your payment is and what it’s for,… read more…
- Differences in Hiring a Tax Preparer vs. a CPA
If you’re like most taxpayers, you may not need either a tax preparer or a certified public accountant (CPA). There are exceptions, though. Maybe you’re self-employed, own a small business or have lived in several jurisdictions. In these cases you… read more…
- Donating Real Estate to Charity: Tax Benefits
Donating real estate to charity can come with a myriad of benefits. Not only will you help out a worthy cause, but also take advantage of tax benefits that can lower your overall personal tax burden. The largest benefit is,… read more…
- 7 Tax Saving Strategies for High-Income Earners
Earning a higher income can mean paying more in taxes at both the federal and state levels. You might assume that you’re stuck with a bigger tax bill because you earn more but that’s not always the case. There are… read more…
- How Much Should You Save for 1099 Taxes
Working as an independent contractor or small business owner can bring tremendous freedom—but it can also bring headaches at tax time if you’re not careful. In addition to filing income taxes each April, you’re also required to set aside money… read more…
- Taxpayers Beware: Your 2023 Tax Refund Could Be Smaller. Here Are 4 Reasons Why
The IRS says that the average tax refund for returns filed in 2022 is $3,039. This is an increase of 7.5% when compared with 2021, which averaged $2,827. But for taxpayers expecting to get the same sizable refund next year, Jackson Hewitt urges them to do a midyear tax checkup to prepare for upcoming changes.… read more…
- What Is the ISO AMT?
If incentive stock options (ISOs) are part of your compensation package, knowing what they are, what they can do for you and how their tax treatment is going to affect you in the future is important. At the very least, you have to determine how they will affect your federal income taxes when you exercise… read more…
- Backup Withholding: A Guide for Taxpayers
Backup withholding is money deducted for federal income taxes on some payments by banks and other payers. Backup withholding amounting to 24% of a payment may be required if a taxpayer who receives interest or dividend income provided an incorrect Social Security number to the bank or corporation that is paying the income. Money deducted… read more…
- How to Avoid the Gift Tax
The gift tax is a tax levied on any unilateral transfer (a gift) from one person to another. The federal tax is aimed partially at making sure wealthy families don’t use gifts to bypass the estate tax. The federal gift… read more…
- What Are the 2025 Capital Gains Tax Rates?
Investing is all about making your money work for you – getting money without having to actually perform labor. But what some investors may initially neglect to take into account is the fact that investment gains mean investment income, and… read more…
- Do Irrevocable Trusts Pay the Capital Gains Tax?
Investors use irrevocable trusts to protect their assets from creditors, lawsuits and estate taxes. However, when you sell a home in an irrevocable trust, that can complicate your tax situation. This is a guide to how it works and whether… read more…
- TurboTax vs. CPA: What’s Right for Your Taxes?
Filing taxes is one American pastime that many Americans dread. With so many complicated forms, rules and tax rates, most taxpayers need assistance to complete their returns. While some use software like TurboTax to file returns on their own, others… read more…
- What Is the FSA Carryover Limit for 2025?
A flexible spending account (FSA) allows you to save up money for medical expenses. You can use this tax-advantaged fund to pay for costs like copays, deductibles and pharmaceuticals. For the most part, you have to spend the money in… read more…
- Your Taxes Could Skyrocket Under This New Social Security Bill
One of the most popular and enduring government programs in U.S. history, Social Security has funded the lives of senior citizens for more than 80 years. As a result, today the senior poverty rate clocks in at a mere 9%.… read more…
- Who Claims a Child on Taxes With 50/50 Custody?
Claiming one or more dependents on your taxes can yield some valuable tax benefits, including the ability to claim the child tax credit and the child and dependent care tax credit. But when parents share 50/50 custody, determining who claims a child on taxes depends on IRS rules and agreements between the parents. Typically, the… read more…
- How to Calculate Tax Alpha
Tax alpha, sometimes called alpha tax, measures how much an investor can add to their financial plan by optimizing efficient tax strategies. Essentially, tax alpha boils down to the ability of an investor to outperform reasonable returns by implementing tax strategies that lead to savings. Let’s break down how to calculate tax alpha. A financial advisor… read more…