Auto Added by WPeMatico
If you earn over $200,000 per year, you may be subject to the net investment income tax (NIIT), an additional tax levied on the investment income of taxpayers considered to be high income. In some parts of the country, particularly the big coastal cities, an individual requires a $200,000 income just to achieve a middle-class […]
What Is the Net Investment Income Tax? Read More »
Tax-loss harvesting lets you use underperforming assets to lower your taxes. But managing your portfolio is complicated enough — is tax-loss harvesting even worth it? The short answer is yes. And advisory services leveraging modern technology can help you reap the benefits without the headache. The post What Is Tax-Loss Harvesting and How Does It
What Is Tax-Loss Harvesting and How Does It Work? Read More »
The child tax credit offers parents a tax break for each child they have. It can help reduce the amount you owe in taxes or boost your refund by thousands of dollars. But what is it and how does it work? The post What Is the Child Tax Credit (CTC) and How Do You Claim
What Is the Child Tax Credit (CTC) and How Do You Claim It for Dependents? Read More »
Jamie Golombek: Victory comes after almost a decade battling over millions in winnings https://financialpost.com/personal-finance/taxes/poker-champion-comes-up-a-winner-in-high-stakes-showdown-with-cra #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
Poker champion comes up a winner in high stakes showdown with CRA Read More »
Jamie Golombek: Study shows how much additional revenue CRA would have received if individuals and companies reported income properly https://financialpost.com/personal-finance/taxes/non-compliance-costing-cra-18-1-billion-new-tax-gap-report-finds #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
Non-compliance costing CRA at least $18.1 billion, new ‘tax gap’ report finds Read More »
Passive income. It’s not an exaggeration to say it’s probably the best kind of income you can earn. Simply put, it’s income you earn with little or no effort on your part. And that means you’ll be free to earn even more money doing other things – or just enjoying your life. Jeff Rose is
How is Passive Income Taxed? Read More »
The post Tips for Tax-Efficient Investing appeared first on Millennial Money. There’s no getting around it: If you invest, you’re going to have to pay federal income taxes. The sooner you come to terms with this, the better. The main reason you need to pay attention to taxes as an investor is that they can
Tips for Tax-Efficient Investing Read More »
Income tax withholding sets aside a portion of your regular salary or wages every pay period for taxes. It isn’t set in stone, however. You can ask to have more or less of your salary withheld for taxes based on your tax filing status, deductions, additional income and more. While you can adjust your tax
When Should I Adjust My Tax Withholding? Read More »
Tax credits can lower your tax bill by thousands of dollars—but not all tax credits are the same. A nonrefundable tax credit can lower your tax bill to zero, but you won’t receive a tax refund for the difference if any money from the credit is left over. On the other hand, a refundable tax
Refundable vs. Nonrefundable Tax Credits Read More »
About 16 million of America’s 150 million workers are self-employed, according to Pew Research. Self-employment can translate to more independence and greater choice when it comes to your work hours and location. But it can also come with a more complicated—and more expensive—tax bill. If you work for yourself, you can claim a variety of
15 Tax Deductions for Self-Employed Taxpayers Read More »
Jamie Golombek: Tax authority sending out ‘notices of redetermination’ as COVID-benefit-related disputes hit the courts https://financialpost.com/personal-finance/taxes/if-you-thought-the-cra-wouldnt-follow-up-on-improperly-claimed-cerb-and-other-benefits-think-again #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
Non-fungible tokens (NFTs) have made a big splash in the investing world over the past few years. In 2021, NFT sales hit a whopping $17.6 billion, according to data from NonFungible.com and L’Atelier BNP Paribas. An NFT is a unique digital token that represents the ownership of an original piece of digital property, such as
How Are NFT Gains Taxed? Read More »
An ABLE account is a tax-advantaged savings account that helps individuals with disabilities save for the future while still receiving government benefits such as Medicaid and Supplemental Security Income. Millions of people are eligible to open one — learn how. The post ABLE Accounts Defined: Tax-Advantaged Savings for the Special Needs appeared first on Money
ABLE Accounts Defined: Tax-Advantaged Savings for the Special Needs Read More »
One lesser-known measure of income is your modified adjusted gross income. It impacts your ability to qualify for certain tax incentives or things like health care subsidies. Fortunately, your MAGI isn’t all that hard to calculate once you know what it is and why you’re trying to figure it out. The post What Is Modified
What Is Modified Adjusted Gross Income? (MAGI) Read More »
Many Americans have woven green practices into their everyday lives — from recycling to going paperless and even cutting back on meat consumption. Switching to clean energy or purchasing an electric vehicle are additional ways to go green, but large-scale upgrades also often come with major price tags. Several existing tax credits can help to…
Made Green Upgrades in 2021? Don’t Miss These Tax Credits Read More »
If you earn $73,000 or less annually, you may be able to use a service to file your federal tax return for free through a program from the IRS. The IRS partners with the nonprofit organization Free File Alliance, a group of eight software companies that offer tax filing services. The IRS and the Free
Do You Know About the IRS’ Free File Program? Read More »
Tax lots are records pertaining to your acquisition of securities, including the dates of sale and purchase, your cost basis, and sale price. This info determines how your capital gains are calculated and the tax rate you pay. Learn how tax lots work and how to use them to save on your taxes. The post
What Are Tax Lots and How Do They Affect Your Capital Gains? Read More »
The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks or securities. The events of 2021 didn’t always play out as expected. A lingering pandemic, a shifting government response and a wave…
If Your Life Changed in 2021, Watch for Income Tax Surprises Read More »
EY TaxChat is an online tax preparation service that puts your return in professional hands. In most cases, you can file your federal and state returns here for less than what you’d pay an independent CPA. Pricing is transparent and your taxes are always handled by licensed preparers. The post EY TaxChat Review – Is
EY TaxChat Review – Is This Professional Tax Preparation Service for You? Read More »
Tax time is a confusing and frustrating time of year for many people. Fortunately, answers to common tax questions are readily available. Learn when your tax return is due, what to do if you can’t file on time, how to work out a payment plan with the IRS, and more. The post 17 Most Common
17 Most Common Tax Questions Answered By a CPA Read More »
