If you receive money, goods or services, you might have to pay tax on the value of what you receive as taxable income. That’s true for money you earn, as well as, any interest and dividends you receive on your investments. Unless the Internal Revenue Service (IRS) specifically outlines a type of income as nontaxable…you […]
The Internal Revenue Service (IRS) is probably the last place you expect to find help during financial hardships. However, thanks to certain provisions of the IRS code, help is out there. Many people are unaware that the IRS has a “hardship status,” meaning they have determined your account is currently not collectible if levy action […]
Raising children is expensive. Fortunately, the Internal Revenue Service (IRS) offers many tax benefits, such as the Child Tax Credit, to help working families make ends meet. Here is what you should know about this potentially valuable credit.
Going through a divorce changes almost everything about a person’s finances. If couples had joint accounts and jointly held assets and debts, they must divide them up and open new, independent accounts. They need new financial plans and strategies. And they need to start filing tax returns as newly unmarried persons. Here are some things […]
The Earned Income Tax Credit, or EITC, is a tax credit designed to help low- to moderate- income working individuals and couples get ahead and put more money back in their pockets. It can provide a significant boost to your tax refund each year if you meet certain criteria. For instance, if you are employed, […]
Income tax deductions are items that reduce your taxable income. But, there’s more to the story. It’s important to be aware that not all deductions are created equal. For instance, some deductions can be taken “above the line” on your tax return. Above-the-line deductions are subtracted from your income before the adjusted gross income (AGI) […]
This year, don’t let your tax results take you by surprise. Instead of spending time worrying about whether you are withholding enough income tax from your paycheck, take a few minutes to do something about it. Be proactive in your tax planning so you can feel confident you’re covered come tax season.
If you have substantial investment gains or other income this year, make sure you know how they will affect your taxes, and be prepared to deal with them. If you have investment losses, on the other hand, you also need to know how your tax return may be impacted. You may want to change your […]
Being a member of the U.S. Armed Forces can bring a variety of unique challenges to your financial and family life. You may serve overseas for extended periods of time, travel for training and move frequently. You may also incur special expenses, such as the cost and maintenance of military uniforms. Fortunately, the IRS has […]