- 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…
- IRS Form 5329: Reporting Taxes on Retirement Plans
When filing your taxes, it’s important to make sure you’re reporting all of your income correctly. That includes making note of early distributions from qualified retirement plans or other tax-favored accounts that may be subject to a 10% early withdrawal… read more…
- Gross vs. Net Income: How Do They Differ?
For individuals, gross income is the total pay you earn from employers or clients before taxes and other deductions. This is not limited to income received as cash, as it can also include property or services received. On the other… read more…
- Fiscal Year (FY): Definition and Importance
In the world of accounting, finance and taxes, there’s more than one type of year. In addition to regular years, there are a number of different fiscal years. A fiscal year is the 12-month period a company uses for accounting… read more…
- What Is a Tax Abatement?
If you’re considering buying a new home, a tax abatement may provide an incentive that’s hard to pass up. These beneficial tax programs allow for a long-term break on your property tax bill. Savings like that will undoubtedly impact your bottom… read more…
- How to Fill Out Schedule C on Your Tax Return
Doing your taxes is never considered to be an easy task and for small business owners there are typically even more layers of complexity. Schedule C is a tax form that some small business proprietors use to file their tax… read more…
- What Is Net Income and Why Does It Matter?
Net income refers to a company’s earnings minus business and operating expenses. An individual’s net income is equal to total income minus applicable deductions and taxes paid. Net income helps you understand how profitable your business is. If you’re an… read more…
- What Is Adjusted Gross Income (AGI), and How Do You Calculate It?
Adjusted gross income, or AGI, is extremely important for filing your annual income taxes. More specifically, it appears on your Form 1040 and helps determine which deductions and credits you are eligible for. Based on the amount of your AGI,… read more…