Here’s what you need to know about Form 1099
The IRS requires 1099s to be issued to track income and, in some cases, income movement. So, you’ll have a smooth tax season if you act on every 1099 received and report all your income.
The IRS requires 1099s to be issued to track income and, in some cases, income movement. So, you’ll have a smooth tax season if you act on every 1099 received and report all your income.
This is the second and final installment of our blog series explaining capital gains taxes. Last week’s introduction to capital gains taxes provided background on what constitutes a capital gain. It also provided information on what qualifies as a capital asset. This week, let’s concentrate on understanding how capital gains taxes can impact your bottom […]
As we head into the new year, thoughts turn toward end-of-year tax filing. Many people have one thought: “How can I keep more of my hard-earned paycheck?” In earlier posts, we covered tax-saving vehicles for education, like 529 Plans and IRAs for retirement. But there’s another one involving health insurance you may not be familiar […]
You don’t hear much talk about it anymore, but the Alternative Minimum Tax, or AMT, has been around for a long time, and it’s a tax system that taxpayers can’t afford to ignore completely. Though most taxpayers will never be subject to the AMT, it can be a rude surprise if you are. That’s because […]
The end of the year brings about an inevitable round of questions regarding tax returns, especially what is (and isn’t) legal to claim. One potentially thorny question is who can be claimed as a dependent. IRS rules cover almost every conceivable scenario, including housekeepers. That’s beyond the scope of this article. Still, we will get […]
According to the U.S. Bureau of Labor Statistics, the annual inflation rate in January 2022 soared to 9.1 percent. Though it had cooled a bit to 8.2 percent by September, plenty of Americans still feel inflation’s sting. In tough times like these, it’s a little ironic the IRS would come riding in to help, but […]
No one wants to hear they owe taxes, but life happens. In fact, in 2020, over 11 million people collectively owed the IRS more than $125 billion in back taxes. If you find yourself in that number, it’s critical to know your options and how to exercise them. First, act quickly If you find out […]
Most of us have heard the phrase ‘Christmas in July.’ Some of you may even consider it a little worn. It’s usually assigned to some event or sale designed to separate you from your money. So, let’s make a new out-of-season event to help you keep more money in your pocket. We’ll call it “Tax […]
Admittedly, many articles on this blog regarding taxes are cautionary. However, that’s prudent since the goal is to help you navigate events like audits and avoid pitfalls like liens against your personal property. But it’s not all doom and gloom with the IRS. A tax refund can be a bright spot in your year and […]
Spring is right around the corner, and that means warmer weather and longer days. Unfortunately, it also means tax season is upon us. The sweet, siren song of Spring can make it easy to put things off. So can the fear that stems from navigating the web of tax laws. No matter what’s holding you […]