- All About IRS Form 8965
If you’re claiming an exemption from healthcare coverage, you’ll need to fill out IRS form 8965 when you do your federal income taxes. This form helps you comply with Affordable Care Act rules that require health insurance coverage for just… read more…
- Reasons You’re Still Waiting on Your Tax Refund
A tax refund can come in handy when you need to pay down student debt or you want to pad your emergency savings. But waiting for the money to hit your bank account can be nerve-wracking. According to the IRS, most refunds are… read more…
- Head of Household Filing Status: Definition, Rules and Requirements
For IRS purposes, a head of household is generally an unmarried taxpayer who has dependents and paid for more than half the costs of the home. This tax filing status commonly includes single parents and divorced or legally separated parents (by… read more…
- Where Millennials Pay the Highest Taxes in 2016
Millennials, now the largest age cohort in America, are different than prior generations in a number of ways. They are less likely to get married, for instance. 65% of present day 18-to-35-year-olds have never been married, compared to the 40% of young adults who had never said “I do” in 1980. Another key difference between… read more…
- Payroll Tax Deductions
Payroll tax deductions are a part of the way income taxes are collected in the U.S.. When you work at a job, a part of your income is taken each pay period, based on a number of factors including your… read more…
- The Economics of the Lottery in the U.S.
If you’re reading this, chances are slim that you’ve ever won a lottery because the odds of winning are just so low. In 2021, Americans spent $105.26 billion on lottery tickets, making it the most popular form of gambling. That’s… read more…
- 11 Cities Where Homeowners Save the Most on Taxes in 2016
The home mortgage interest tax deduction is one of the most common deductions claimed on federal income tax returns, but that doesn’t mean most taxpayers are taking advantage of it. In fact, according to data from the Tax Foundation, only about 27% of all taxpayers deduct mortgage interest paid from their income when filing their… read more…
- What to Do If You Underpaid Your Estimated Taxes
Paying taxes is one of the most burdensome parts of being self-employed and one of the trickiest parts is figuring out just how much you need to pay. Instead of having an employer taking taxes out of your paycheck, you’re… read more…
- 5 Things You Shouldn’t Do If You Owe the IRS at Tax Time
While everyone hopes to come out even or get some money back when they file their taxes each year, sometimes people do end up owing money – and there is a smart way to go about dealing with that. Owing… read more…
- 5 Tax Benefits of Becoming a Landlord
Think your landlord has it made? Just wait until you find out about the tax breaks she’s eligible for. Owning a rental property certainly comes with its fair share of frustrations. When you consider what landlords stand to save on… read more…
- 2025 Child Tax Credit: What Will You Receive?
If you have children or other dependents under the age of 17, you likely qualify for the Child Tax Credit. In 2021, it was temporarily expanded as part of the American Rescue Plan, which was signed by President Biden in March… read more…
- States Leading the Charge on Renewable Energy
Renewable energy has been gaining steam in recent years. Windmills are popping up on ridges and in fields throughout the country, and solar panels are covering more roofs every day. From 2008 to 2013, the total energy produced by renewable sources increased by more than 25%, according to data from the Energy Information Administration. Try… read more…
- What’s the Standard Deduction for 2024 and 2025?
A tax deduction is a type of tax break that reduces the amount of money you owe the government. Tax deductions decrease your tax burden by lowering your taxable income and you can either claim the standard deduction or itemize your… read more…
- The Average Tax Refund in Every State
Tax season is upon us. While we all dread doing our taxes, for many Americans there is a light at the end of that dark tunnel: a tax refund. Not everyone gets one, and the refund itself is money that you as a taxpayer have technically overpaid during the course of the year. Nonetheless, it… read more…
- How to Do Your Taxes at Home
There are several good reasons to consider filing your own tax return. It can be cheaper than putting everything in the hands of a professional. You’ll learn how to lower your tax bill and you’ll be able to crunch the… read more…
- Tax Season Dos and Don’ts
Before you know it, tax season will be here again. If you’ve made a couple of mistakes on your tax forms in previous years or you’ve had to file for an extension on more than one occasion, this is the perfect time to right those wrongs. A financial advisor can help you optimize a tax… read more…
- 6 Factors That Affect How Much Income Tax You Pay
We all know that the salary we negotiate is not the same as our take-home pay. Between benefits, retirement contributions and taxes, the difference can be quite substantial. In the U.S., federal and often state and local governments collect income… read more…
- The Economics of National Parks
On March 1, 1872 Congress voted to establish Yellowstone National Park, the first national park. Today, there are over 400 national parks and over 20,000 National Park Service employees. Want to know more about these parks, how they’re funded and… read more…
- The Best Cities for Holiday Shopping
Shopping season is upon us. For some holiday shopping is a chore and a headache, synonymous with long lines and baffling return policies. Well good news for the Grinches: the rise of online retailers like Amazon and Jet.com means you can take care of your gift purchases from the comfort of your couch, with a credit… read more…
- What Is a Donor-Advised Fund?
Did you know that there’s a way to deduct up to half of your income at tax time? But there’s a catch: You have to make a cash donation to a qualified charity. If you donate shares or other non-cash… read more…
- What Do NFL Players Pay in Taxes?
Professional football players lead enviable lives. The pro athletes on an NFL roster make a minimum of $435,000 per year, approximately 10 times the U.S. median income. The top earners get paid over $20 million per year. While that income… read more…
- What to Know About State Taxes
Every year at tax time you’ll pay federal income taxes, state taxes and local taxes. Some states are known for being more tax-friendly than others. Maybe you don’t mind paying higher taxes if it means safer streets, better schools and more modern infrastructure. Still, if you’re planning to move or buy a home, consider the impact… read more…
- What Is a Tax Refund and Why Do We Get Returns?
Tax season can be stressful. But for many taxpayers, there is a light at the end of the tunnel in the form of a tax refund. Indeed, many people even depend on their annual refund, using the windfall for everything… read more…
- What Are the Different Types of Taxes?
Every April we have to go through filing federal income taxes, on our own or with the help of a tax accountant. Unless you happen to be a tax policy wonk, you probably don’t dwell too much on the theory… read more…
- How to Fill Out Your Form 1040
Form 1040 is the tax form you will fill out every year when you do your federal income taxes. Prior to the 2018 tax year, there were multiple versions of the 1040 form, but for 2019 and beyond, the form… read more…