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One of the main reasons to invest your money is to make more of it by earning interest and dividends. But that income isn’t free — you have to pay taxes on it. That’s where IRS Schedule B comes in. Learn about Form 1040 Schedule B, the tax form for interest and dividends, and how […]
Schedule B (Tax Form 1040) Instructions – Interest and Dividends Read More »
Tax law is tough. Even seasoned tax professionals can have questions about certain transactions or tax planning strategies. You can get most questions answered online or by a tax professional. But if you’re still stumped after that, you can request a private letter ruling from the IRS. Here’s how. The post What Is a Private
What Is a Private Letter Ruling (PLR) and How Much Does One Cost? Read More »
The stepped-up basis loophole is part of the tax code that applies to inherited assets. The rule allows you to avoid capital gains on assets you pass to your heirs, lessening the tax burden on your heirs when they inherit from you. Learn about the stepped-up basis loophole and what it means for you. The
What Is the Stepped-Up Basis Tax Loophole? Read More »
Most people never pay the alternative minimum tax, also known as AMT. Only about 0.1% of U.S. households paid the AMT, and the majority of those had income greater than $1 million. Calculating the AMT is complicated — learn the basics of how it works if you believe you may have to pay AMT. The
What Is the Alternative Minimum Tax (AMT) and Who Has to Pay It? Read More »
If you will receive Stash tax forms, they should be available on or before February 16, 2022 in the Stash app or on the web. Before we begin, please note that nothing written in this article should be construed as investment, legal, or tax advice. Please address specific questions on taxes to a tax professional.
Your Stash and Taxes: The (Super) Basics Read More »
Note: The IRS urges taxpayers to file their 2021 tax returns electronically, to speed up refunds and to support social distancing during Covid-19. Paper returns may take longer to process due to reduced staffing. Find out more here. How long do tax returns take? It can feel great to complete your federal income tax return
Why It Can Pay to File Your Taxes Early Read More »
Keeping track of your small-business expenses can qualify you for tax deductions — but only if you’ve kept a record of them. Thankfully, there are many reliable options for manual and digital expense tracking for you to choose from. Learn how to track expenses for small-business tax deductions. How to Track Your Small-Business Expenses for
How to Track Your Small-Business Expenses for Tax Deductions Read More »
Investing can help you build wealth for short and long-term goals. But the money you earn on your investments in a personal brokerage account can be subject to taxes once you sell your holdings, or close your account. That’s why it’s important to understand the tax consequences of selling your investments. Read on to find
What Happens When You Sell Investments From a Brokerage Account? Read More »
Many parents will soon be eligible for extra federal money for their kids, thanks to an expansion of something called the child tax credit. And nearly two thirds of U.S. parents say that the additional money will be essential to supporting their families. That’s according to a May 2021 survey¹ from Stash on the changes
Spend or Save? How American Consumers Plan to Use the Child Tax Credit Read More »
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 »
