- What Is the Homestead Tax Exemption?
The homestead tax exemption applies to property taxes. It’s generally a dollar amount or percentage of the property value that is excluded when calculating property taxes. The amount or percentage depends on the state, as does who is eligible for… read more…
- Understanding Agricultural Tax Exemptions
If you own a home, you’re no stranger to property taxes. There are property tax breaks for seniors, people with disabilities and other protected classes, but did you know that there are agricultural tax exemptions, too? If some of your… read more…
- What Is a Tax Amnesty?
A tax amnesty is an opportunity for people who owe back taxes to pay some or all of what they owe, often with some penalties and interest waived. In the U.S., tax amnesty often takes the form of a certain… read more…
- Tax Avoidance vs. Tax Evasion
What’s the difference between tax avoidance and tax evasion? One is legal and the other is not. Tax avoidance means using the legal means available to you to decrease your tax liability. Those means include deductions, credits and tax-advantage accounts. Tax evasion, on the other hand, means taking illegal steps to shrink or eliminate your… read more…
- All About IRS Form 8863
Taking higher education classes, whether in pursuit of a degree or to acquire additional professional skills, is something the government wants to encourage. To that end, the IRS offers tax credits for post-secondary education expenses. Two of those credits, the… read more…
- All About IRS Form 1040X
Did you make a mistake on your income tax return? Don’t sweat it – it happens. Whether you forgot about a tax deduction or credit or you need to include additional sources of income, you can fix those errors by… read more…
- All About IRS Form 1041: Tax Return for Estates and Trusts
If you’re designated the executor of someone’s estate, you may need to file Form 1041 to declare the income from that person’s estate (or hire someone to file the form for you). Form 1041 isn’t a substitute for Form 1040,… read more…
- All About IRS Form 2848
If you ever need ton resolve an issue with the IRS, whether or not it’s related to your federal income taxes, you will need to contact the IRS. That can be intimidating. You may not feel like you know enough… read more…
- What Is a Net Operating Loss (NOL)?
Many businesses don’t make any money, particularly during their first year of operation. When this happens, the IRS provides business owners with some tax relief in the form of something called a net operating loss (NOL). What follows is a… read more…
- Using the IRS2Go App to Track Your Tax Refund and More
Thanks to advances in technology, filing taxes isn’t nearly as complicated as it once was. Today, many tax filers complete their tax returns online or through apps. The IRS released its own mobile app in 2011. While you can’t use… read more…
- All About IRS Form 4562
Starting a business can be expensive. You’ll likely have to cover the cost of a building or office space, equipment, utilities and legal and accounting fees. Fortunately, business owners can recoup some of the money they’ve spent by deducting expenses… read more…
- All About IRS Form 5498
When you don’t have access to an employer-sponsored retirement account – like a 401(k) or a 403(b) – you can save for retirement by opening an IRA. Your contributions may be tax-deductible, meaning you can use them to lower your… read more…
- A Guide to Filling Out Form 8917
We all know that the cost of higher education is steep and getting steeper. If you’re not relying solely on student loans or grants and are instead paying some of your own money toward tuition and fees, you may be… read more…
- All About IRS Form 4868
Meeting deadlines can be tough, especially when you have a lot on your plate. If you won’t have time to file your federal 2022 income taxes by April 18, 2023, deadline, don’t worry. You can get a six-month extension to file,… read more…
- What You Need to Know About Taxes on Lawsuit Settlements
Representation in civil lawsuits doesn’t come cheap. In the best-case scenario, you’ll be awarded money at the end of either a trial or a settlement process. But before you blow your settlement, keep in mind that it may be taxable… read more…
- All About Taxes on Pensions
If you have a pension, consider yourself fortunate. Traditional defined benefit plans, such as pensions, have become increasingly rare, often replaced by defined contribution plans like 401(k)s. However, accessing your pension income in retirement isn’t entirely tax-free – some or all of it may be subject to taxation. Working with a financial advisor can help… read more…
- 5 Ways the Rich Can Avoid the Estate Tax
The idea of the estate tax, or death tax as it’s sometimes known, is scary for many Americans. However, the real truth is that the vast majority of people will never encounter it. That’s because the federal estate tax has… read more…
- Should There Be a Soda Tax?
Sin taxes are meant to dissuade people from participating in activities considered harmful to their health and well-being. Places around the country tax consumers for buying things like tobacco and alcohol and many people have debated whether it’s necessary to… read more…
- What to Know About Part-Year Tax Withholding
If you’ve ever taken a look at your pay stubs you’ve probably noticed your employer’s tax withholding. Based on the W-4 form that you submit when you start a new job or your tax situation changes, your employer will withhold… read more…
- What Happens When Your Tax Return Is Flagged for Review?
Filing taxes can be stressful. When the IRS opts to take a closer look at your tax return, that can only increase your anxiety level. Getting your return flagged for review doesn’t mean you’ll be audited, but it can raise the… read more…
- What Is Minimum Essential Coverage?
The Affordable Care Act requires most Americans to have healthcare coverage. Unless you don’t have to file taxes or you qualify for an exemption, you’ll likely get stuck paying a penalty called the individual shared responsibility payment if you don’t… read more…
- How Turning a Hobby Into a Business Affects Your Taxes
Having a hobby can be a great way to unwind, but a hobby can take on an entirely new dimension if you can make money while you’re working at it. That’s because any money your side hustle brings in may be considered taxable… read more…
- The Economics of Zoos
Zoos are incredibly unique businesses, as they typically feature unique animals that have very distinct rules and regulations surrounding their captivity. For this reason, the economics of zoos is heavily muddied, as they involve major costs like park upkeep, national… read more…
- 5 Tax Rules to Consider When Paying Off Student Loans
Tax considerations should be front-of-mind when you’re paying off your student loan debt. Whether you have a standard repayment plan or you’ve signed up for an income-based repayment program, there are certain tax rules that affect student loan borrowers, including some… read more…
- Tax Form 1095-A Details
Form 1095-A is a tax document Americans need to file if they buy health insurance through the government health insurance marketplaces established by the Affordable Care Act (commonly known as Obamacare). This is not a form you will actually fill… read more…