File Savvy, Not Fast: Review Tax Credits for a Bigger Refund in 2024
There are just two weeks left to file your 2023 tax return. The deadline is April 15th for most taxpayers in the United States. While you might be rushing to finish your return, it’s important to take your time. Reviewing tax credits can help you get a bigger refund. Also, these credits are available for […]
Filing My Business Tax Return: Which Form Do I Need?
Every year, business owners face the task of filing their business tax returns. This can include federal, state, and even local filings. There’s no getting around it, but the good news is you can be prepared. Let’s dive into the details of choosing the correct tax form for your business. Business Tax Return Every business […]
Tax Planning: Fundamentals, Concepts and Strategies for 2024
Tax planning is all about saving money on your taxes. It involves taking a close look at your finances and figuring out ways to legally reduce your tax bill. By following a tax-efficient plan, you can keep more of your hard-earned cash. Tax planning is especially important for investors, as it can help them maximize […]
How The Rich Avoid Paying Federal Taxes (And How You Can Too)
Do you know how some rich folks keep getting richer? Well, one trick they use is called tax avoidance. So, the top 1% of rich households in the U.S. owned about 23.3% of the country’s money in 2023. That’s more than the 22.8% they had the year before. Surprisingly, the IRS says these guys only […]
Tax Form 1040 Evolution: Everything You Need to Know for Tax Planning in 2024
Since 1913, Americans have used Form 1040 to file taxes. Even with the option to file online, the form remains crucial. The 16th Amendment made income tax collection possible, solidifying the use of IRS Form 1040. There are different versions of Form 1040 for U.S. citizens. The main two are the standard 1040 and the […]
Tax Planning 2024: When, How and Where To Start Filing Your Taxes
If you file your taxes annually and your tax year concludes on December 31, mark April 15 on your calendar – that’s when your federal individual income tax return is typically due. Now, if you follow a fiscal year ending on a month other than December, file by the 15th day of the fourth month […]
Gambling Winnings and Tax Strategies: Smart Planning for Unexpected Fortunes
Listen up, all you gambling enthusiasts! Before you hit the casino tables or buy that lottery ticket, there’s something you need to know: your gambling winnings are not entirely yours to keep. Uncle Sam wants his cut. The Internal Revenue Service (IRS) has its eye on your winnings from casinos, lotteries, horse races, off-track betting, […]
Year-End Tax Planning: Section 199A Deduction
Section 199A of the Tax Cuts and Jobs Act (TCJA) lets you deduct up to 20% of your qualified business income (QBI) on your income taxes. Your deduction hinges on factors like your business structure and income level. To maximize this benefit, grasp how Section 199A tax deductions function and take year-end tax planning steps […]
Variance in Accounting and Tax: Hobby Earnings vs. Business Earnings
In today’s world, many people have a side gig, in addition to their regular job. It could be teaching fitness classes or selling skincare products, often stemming from their hobbies. Understanding whether your activity is considered a business for tax purposes is crucial. For instance, if you’re just starting your business and, like most new […]
Family Loans: What’s the IRS’s Take on Lending Money to Your Kids?
Are you a parent who loans money to your kids for things like a bike, their first car, or even a home? Wondering if the IRS cares about it? Good news: Small loans to your children don’t bother the IRS. But if it’s a significant amount, charging some interest can help you avoid gift tax […]
