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A tax credit created in 1997 is getting an upgrade, which will send more federal money to help the majority of American families. Starting July 15, 2021, the Internal Revenue Service (IRS) will increase the child tax credit for children below six-years-old to $3,600 and for children between six and 17 to $3,000 from its […]
How a Bigger Child Tax Credit Could Mean More Money for You Read More »
People imagine IRS auditors as scary, calculator-wielding mercenaries out to get more money. That’s usually not true and audits are rare, but an IRS audit is nonetheless stressful and time-consuming. If you ever do get audited, there are a few things you need to know to get yourself through it. IRS Tax Audit Help –
IRS Tax Audit Help – Types, Procedure & What to Do If You Get Audited Read More »
Billionaire Warren Buffett once famously said he pays a lower tax rate than his secretary. How is that possible? The answer lies in the difference between how capital gains and income from employment are taxed. Learn how and why capital gains and ordinary income are taxed differently here. Capital Gains vs. Income Tax — Why
Capital Gains vs. Income Tax — Why Investors Pay Less Than Employees Read More »
Adopting a child can be expensive. Fortunately, there are federal and state assistance programs that minimize financial obstacles to adoption. If you’re considering adopting, here are the tax credits you might be eligible to claim. Adoption Tax Credits (Federal & State) – Requirements & Eligibility is a post from Money Crashers. https://www.moneycrashers.com/adoption-tax-credits-federal-state/ #financialfreedom #money #entrepreneur
Adoption Tax Credits (Federal & State) – Requirements & Eligibility Read More »
Procrastinators may have a reason to celebrate this year: The Internal Revenue Service (IRS) pushed the tax filing deadline to May 17, 2021 from its usual mid-April deadline. While that date gives the IRS much-needed time to accommodate new stimulus payments and a backlog of tax returns, it also gives procrastinators more time to delay
3 Things People Dread Most About Taxes Read More »
If you’ve ever been employed, you know about the Social Security and Medicare taxes your employer withholds from each paycheck. Self-employment taxes are the equivalent for the self-employed. Learn how much self-employment tax to expect, how to pay it, and how to reduce your self-employment taxes. How Much Is Self-Employment Tax & How Do You
How Much Is Self-Employment Tax & How Do You Pay It? Read More »
As a self-employed person or business owner, you get access to tax deductions and benefits not available to most employees. Here’s what you need to know about how a side gig changes your tax situation, often for the better. 10 Ways a Side Gig or Business Can Impact Your Taxes is a post from Money
10 Ways a Side Gig or Business Can Impact Your Taxes Read More »
Many people believe retirement means lower taxes. But just because you’re no longer earning a paycheck doesn’t mean the taxman’s out of your life forever. And with major economic and demographic challenges on the horizon, it’s time to start laying the groundwork now for lower taxes in retirement. Why Your Taxes Could Go Up in
Why Your Taxes Could Go Up in Retirement and How to Prevent It Read More »
If you know you’re getting a refund come tax time, filing your taxes can almost feel fun. But if you suspect you’re going to owe the IRS money you don’t have, it can be hard to even start the process. According to a NerdWallet survey, of those who failed to file by last year’s extended…
5 Options for People Who Can’t Afford Their Tax Bills Read More »
TurboTax, TaxAct, and H&R Block have a similar set of core features and capabilities. That can make it challenging to differentiate among them at a glance. But there are differences. Before choosing one, learn how they stack up — and what’s new for the 2020 tax year. What’s the Best Online Tax Prep Software? –
What’s the Best Online Tax Prep Software? – TaxAct vs TurboTax vs H&R Block Read More »
Paying taxes with a credit card isn’t always ideal, but it does make sense for certain taxpayers, especially those who’ve recently signed up for new cards with long 0% APR introductory promotions or generous sign-up bonuses. Read on for suggestions of the best credit cards to use to pay your taxes. Best Credit Cards to
Best Credit Cards to Use to Pay Your Taxes in 2021 Read More »
At tax time, it’s often hard to predict how much you’ll owe or receive in a tax refund without actually doing your taxes. But there are some telltale red flags that can mean an unwelcome tax surprise is headed your way, tax pros say. Here’s how to spot the signs — and how to keep…
4 Signs You’re About to Get a Tax Surprise Read More »
If you missed the tax deadline, you’re likely very concerned about fees, penalties, and how to file your taxes late. The good news is that it can happen to anyone, for a variety of reasons, and you can still get back on track. Here is some advice for doing just that, whether you’re owed a
What Happens If You Miss the Tax Deadline? – Penalties for Filing Late Read More »
Advertisements about “settling your tax debt for pennies on the dollar” typically refer to the process of applying for an IRS offer in compromise, which is an IRS program designed to help people pay at least some of their tax debt. But statistically, the odds of getting an IRS offer in compromise are pretty low….
IRS Offer in Compromise: Basics and Who Qualifies Read More »
There are many things you can do before the year’s end to lower your taxes and perhaps keep more money in your pocket in the coming year. Here are five moves you can make before December 31 that could reduce your tax bill and make for an easier tax filing season. 5 Year-End Tax Planning
5 Year-End Tax Planning Strategies to Save More Money Read More »
The post Here’s What Happens to Your Tax Money Each Year appeared first on The Simple Dollar. #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
Here’s What Happens to Your Tax Money Each Year Read More »
During the first few months of the year, I read lots of articles and hear from many readers on the question of income taxes. It’s not surprising since filing income tax paperwork is part of the life of most American adults during these first few months of the year, and it’s always a painful process.
6 Common Tax Misunderstandings, Explained Read More »
