- Estate Tax vs. Inheritance Tax: Key Differences
Losing a loved one is a tragedy that requires space to grieve, and the last thing a family needs at that time is to deal with unexpected costs. However, there are federal and state-level taxes that need to be handled… read more…
- Biden Tax Plan: Federal Tax, Corporate Tax and Capital Gains Tax
The White House and the U.S. Treasury Department have outlined the goals of President Joe Biden’s tax plan, which include provisions to raise corporate taxes and eliminate incentives that allow companies to move profits overseas. These moves would mark the first… read more…
- States Most Dependent on the Federal Government – 2021 Edition
The U.S. is a federal republic, meaning that power is held by both the central federal government, located in Washington, D.C., and by the governments of every state and territory that make up the union. But the “division of powers” isn’t as simple as it seems – and neither is the division of finances, since… read more…
- Form 6166: Certification of Tax Residency
Many foreign countries have higher income tax rates than the U.S., and others impose value added tax (VAT) charges that the U.S. does not. These foreign assessments can produce significantly higher tax bills for American individuals and companies that do… read more…
- How to Avoid Paying Taxes on Your Social Security
Social Security benefits can provide an additional income stream in retirement alongside withdrawals from a 401(k), individual retirement account or brokerage account. Part of shaping a retirement plan around Social Security income means planning ahead for taxes. Social Security benefits… read more…
- How to Avoid Paying Taxes on a Savings Bond
Savings bonds can be a safe way to save money for the long term while earning interest. You might use savings bonds to help pay for your child’s college, for example, or to set aside money for your grandchildren. Once… read more…
- Reducing Capital Gains Tax on a Rental Property
Owning a rental property can help you grow wealth in the long term and diversify your income streams. Receiving regular rental income can help supplement withdrawals you might make from a 401(k) or an individual retirement account (IRA) in retirement or give you an extra cushion in addition to your regular paychecks if you’re still working. However, rental… read more…
- Strategies for Avoiding and Reducing Taxes
Taxes can take a big bite out of your income, especially if you’re in a higher income tax bracket. And even with careful planning, it’s possible that you could still be hit with an unexpected tax bill. The good news is, there are things you can do to keep more of your hard-earned dollars in… read more…
- Are Social Security Disability Benefits Taxable?
If you receive Social Security disability benefits, you may wonder whether you get a 1099 form for reporting your income. The Social Security Administration issues Form SSA-1099 to recipients of Social Security Disability Insurance, which details the total benefits received in a year. However, those receiving Supplemental Security Income (SSI) do not get a 1099,… read more…
- A Comprehensive Guide to 2025 Tax Credits
Every year, people’s lives change in ways that affect their taxes. They may start a higher education program or have a child, and others take on elderly parents as dependents. These situations can change their eligibility for tax credits. In… read more…
- Are Political Contributions Tax-Deductible?
Simply put, political contributions are not tax-deductible. Americans are encouraged to donate to political campaigns, political parties and other groups that influence the political landscape. When it comes time to file taxes, though, many people may not fully understand what… read more…
- Wealth Tax: Definition, Examples, Pros and Cons
A wealth tax is a type of tax that’s imposed on the net wealth of an individual. This is different from income tax, which is the type of tax you’re likely most used to paying. The U.S. currently doesn’t have… read more…
- Donald Trump Tax Dodging: Tax Avoidance vs. Tax Evasion
The question of tax dodging has been in the news a lot lately – namely because of the New York Times Report that President Donald Trump, despite his claimed billions of dollars in wealth, paid only between $0 and $750… read more…
- Financial Transactions Tax: What You Need to Know
A financial transactions tax is exactly what it sounds like — a tax levied on each transaction an investor makes in the financial markets. The U.S. does not have a significant financial transaction tax, but it has become a favorite… read more…
- Joe Biden’s Healthcare Plan Explained
Healthcare was already one of the most high-profile and contentious political issues in America, but since the COVID-19 pandemic began it has become even more of a pressing topic. Donald Trump tried and failed to repeal the Affordable Care Act… read more…
- Joe Biden vs. Donald Trump: Tax and Economic Policies
President Trump’s 2017 Tax Cuts and Jobs Act made big changes to the tax code, specifically in deductions and tax brackets. President Biden has sense become President and tried to reverse different aspects of the 2017 tax overhaul, calling for higher… read more…
- Joe Biden’s Tax Plan Explained
Tax policy is one of the more inscrutable parts of American politics, yet it’s one of the areas that impact the most people on a day-to-day basis. President Joe Biden has released a number of proposed tax policies, but it’s… read more…
- States Most Dependent on the Federal Government – 2020 Edition
Though it may not always be apparent to the average citizen, the federal government is responsible for many of the everyday conveniences that help the country operate. Even some state programs are ultimately paid for by federal government money through intergovernmental aid. SmartAsset wanted to see which states are ultimately most reliant on the federal… read more…
- Tax Deadline Extension: How it Works
A tax deadline extension is an automatic 6-month extension that gives you more time to file your taxes if you’re unable to meet the, typically, mid-April deadline. For 2022, the tax deadline for individuals was on April 18th and for… read more…
- What Is a Charitable Gift Annuity?
A charitable gift annuity allows you to donate money to a non-profit, such as your alma mater. Planned giving can include charitable gift annuities. You can give back and get tax benefits. Meanwhile, you’ll receive an additional stream of income for… read more…
- Excise Tax: What Is it and How Does it Affect You?
Excise taxes apply to specific goods and services. Businesses that make or sell chosen goods and services pay most of these taxes. As a consumer, you generally won’t get a bill for excise tax. If you purchase a good or… read more…
- All About the Home Office Tax Deduction
Maintaining a home office for your business can yield a benefit at tax time if you’re able to claim a deduction for your expenses. The IRS lays out the rules for deducting home office costs in Publication 587. There’s a… read more…
- What Does a Taxpayer Advocate Do?
A taxpayer advocate is an employee of the Office of the Taxpayer Advocate, also known as the Taxpayer Advocate Service (TAS). Working closely with, but independent of, the IRS, a taxpayer advocate can help you resolve tax disputes you might… read more…
- The Lifetime Learning Credit: Are You Eligible?
The Lifetime Learning credit is a tax credit for college expenses, though it can also be claimed for tuition paid for graduate courses, vocational schools and continuing education courses. The credit is worth up to 20% of the first $10,000… read more…
- The American Opportunity Tax Credit
There are two key education tax benefits that can help families who are paying for college: the Lifetime Learning Credit and the American Opportunity Tax Credit (AOTC). In general, it may be wise to take the American Opportunity Tax Credit if… read more…