Taxes

August 28, 2015Update for the Current Tax Laws: President Trump signed a new tax plan into law in December 2017. The new law consolidated forms 1040, 1040A and 1040EZ into one redesigned Form 1040 that all filers can use. For your 2019 taxes, which… read more…

August 27, 2015With a limited liability company (LLC), a single person usually isn’t fully responsible for company debts. Like other business categorizations, you’ll have to pay taxes if you’re a member of this type of entity. However, LLCs are also taxed differently depending on… read more…

August 24, 2015Filing your taxes on an annual basis is a major part of everyone’s financial life. While the idea of filing might seem intimidating at first, there are many services and methods available to make doing so much easier. For instance,… read more…

August 21, 2015In late 2017, President Trump signed a new tax plan into law. This law consolidated the forms 1040, 1040A and 1040EZ into a single redesigned Form 1040 that all filers can use. For your 2022 taxes, which you file in 2023, and… read more…

August 20, 2015Along with the independence of owning your own business comes a greater level of responsibility. One of those responsibilities is paying business taxes. The business taxes you file will depend on whether the business is a sole proprietorship or whether it… read more…

August 19, 2015One of the most important tax forms is the W-2. Unlike many tax forms, most individuals taxpayers won’t need to fill this one out themselves. Rather, employers fill out W-2 forms for their employees. If you’re an employer who doesn’t… read more…

August 14, 2015Given the complicated nature of income taxes and the popularity of convenient but not foolproof DIY tax filing software, it’s understandable that you may make a mistake on your taxes at some point. When this happens, you’ll need to file an… read more…

August 12, 2015If your income is particularly low one year, you may not need to file federal income taxes at all. You can save yourself the time and hassle of filling out your tax returns. The income threshold for determining whether you need to file taxes varies based on several factors, such as whether someone claims you… read more…

August 11, 2015These days, the government works to lift folks out of poverty by means of subsidized housing, grants, tax deductions, tax credits and hundreds of programs targeting different needs. Some economists and tax policy wonks have questioned the need – and the… read more…

August 6, 2015The first thing you should know about the different types of 1099 forms is that if you’re a worker, you don’t need to fill them out yourself. Instead, the entity who is administering your investment account will send you a… read more…

August 3, 2015Failure to keep up with your tax liabilities can lead to what’s called a tax levy. With a tax levy, the IRS confiscates assets of yours such as the money in your savings account or a portion of your wages. Of course, an IRS levy doesn’t happen overnight. You’ll get notices of overdue taxes and have… read more…

July 30, 2015The term “tax liability” describes the amount of money owed to the Internal Revenue Service (IRS) at the end of each tax year. Many Americans make reducing their tax liability a goal by chasing deductions and tweaking their filing strategy. If… read more…

July 28, 2015If you are an independent contractor or business owner, you are responsible for making sure that you get the correct tax payments to the government — unlike people who work as employees of a company which withdraws payments from each… read more…

July 27, 2015If you’ve ever looked at your earnings statement from a job, you have likely noticed some tax withholding. As part of your overall payroll taxes, the federal government requires employers to collect the FICA (Federal Insurance Contributions Act) tax. The… read more…

July 23, 2015A tax shelter is a place to put your money where it will be safe from the long arm of the Tax Man. Many people think of tax shelters negatively, but they are completely legal and legitimate ways to decrease… read more…

July 23, 2015A health savings account (HSA) is a way to set aside some money, tax-free, to use for possible medical situations you can’t see coming. If you don’t end up needing the money, can also be used as a vehicle for… read more…

July 22, 2015Paying a federal income tax now seems so routine that it’s hard to imagine a time when income taxes were controversial. The federal income tax as we know it is actually only a little over one hundred years old. That’s a… read more…

July 17, 2015According to the U.S. Department of the Treasury, payroll taxes made up approximately 30.6% of federal tax revenue in fiscal year 2022. That’s $1.5 trillion out of $4.9 trillion. These taxes come from the wages, salaries, and tips that are… read more…

July 16, 2015A sales tax is a form of consumption tax that is collected by merchants who sell goods. The merchants then pass those taxes on to the government. Most states impose a sales tax, expressed as a percentage of the price… read more…

July 13, 2015Schools, roads, parks, hospitals, and other public works and services rely on you and your neighbors, businesses, organizations, and estates to pay taxes that will help fund their budgets. Understanding how taxation works can give you a big picture idea about… read more…

March 26, 2015Property taxes got you down? It’s worth investigating exemptions, deductions and credits in your area. Even if you don’t live in a property that came with a tax abatement, you might qualify for a property tax break through your local… read more…

March 25, 2015According to the non-profit Tax Foundation, the average effective income tax rate for all U.S. households is 18.1%. That is lower than the highest marginal rate paid by most year-round workers, (at least 25% for any individual with an adjusted gross income of more than $36,901)—but it also doesn’t capture the full picture. For the typical tax… read more…

March 20, 2015As a general rule, you shouldn’t wait until the last second to file your tax return. It helps to plan and make certain decisions ahead of time to speed up the process. For one, if you’re married, you’ll need to… read more…

March 19, 2015A Refund Anticipation Loan (RAL) gives you early access to a sum roughly equivalent to your IRS tax refund. Sounds great, right? Well, the problem with these loans is that they come with significant fees and high interest rates. Another… read more…

March 9, 2015The deadline to file your 2022 taxes is April 18, 2023 (April 15, 2024 for tax year 2023). But you may need even more extra time. If you think you’ll need more time to get your taxes done, filing a… read more…