Every tax season presents an opportunity to make key decisions that can significantly impact your tax liability. But do you know how to make the most of the options? Your filing status, educational credits, and other choices for making the ...
If you’ve ever found yourself wondering whether the IRS tax code is written in another language, you’re not alone! Some common words can take on entirely new meanings within the tax code. Then there’s the question of awkward vocab, like ...
Understanding the taxability of various types of income is essential to avoid unexpected bills when tax season arrives. Yet the difference between what’s taxable and what’s not isn’t always straightforward. It’s easy to run into confusion, whether it’s with unemployment ...
As the leaves begin to change and the crisp fall weather starts to arrive, it’s the perfect time to run through some quick questions to assess your tax situation before the end of the year. Making adjustments now could save ...
Filing as head of household gives taxpayers at all types of income levels a lower tax rate. This can lead to some nice savings, especially if you’re on the higher end of the income scale. Whether you’re a single parent ...
5 Features of Social Security That Are Important to Keep in Mind Should you claim your Social Security benefits ASAP? Or does it make more sense to hold out for another few years? A quick recap of the facts could ...
How the IRS Defines Basis The main reason why it’s important to understand “basis” as an IRS term is because it affects the taxes you pay in relation to property ownership. Whenever you sell, exchange, or give away property, the ...
Know Your Tax Terms: Wash Sales On the basic level, a wash sale occurs when an investor sells a security or trades stock at a loss, and then decides to repurchase the same security within 30 days. That might sound ...
Even just hearing the words “tax audit” can put people on edge. Completing your tax return can be complicated enough, and the idea of having it reexamined can make things even worse. But it’s important to know the facts. There ...
