- How Taxes on Lottery Winnings Work
Before you see a dollar of lottery winnings, the IRS will take 25%. Up to an additional 13% could be withheld in state and local taxes, depending on where you live. Still, you’ll probably owe more when taxes are due… read more…
- How to Fill Out Your W-4 Form? Answers to FAQs About the W-4
If you’re filling out a Form W-4, you probably just started a new job. Or maybe you recently got married or had a baby. The W-4, also called the Employee’s Withholding Certificate, tells your employer how much federal income tax… read more…
- How to Fill Out Form 709
If you give someone cash or property valued at more than the 2023 annual exclusion limit of $17,000 ($34,000 for married joint filers), you’ll have to fill out Form 709 for gift tax purposes. But don’t fret. This doesn’t always… read more…
- Taxes: Single vs. Married
When filing federal income taxes, everyone has to choose a filing status. There are five filing statuses: single, married filing jointly, married filing separately, head of household and qualifying widow/er with dependent child. Most people are only eligible for one… read more…
- Filing Taxes After Divorce: A Practical Guide
If you’re getting a divorce, the tax implications probably are not the most pressing issue on your mind. The specifics of filing taxes after divorce and how you draw up your divorce agreement could make a big difference when it… read more…
- IRS Form 1120-S: Small Business Taxes
If you have formed a limited liability company that is being taxed as an S corporation, also called an S Corp, you will at some point need to become acquainted with form 1120-S. The IRS Form 1120-S is a tax… read more…
- Where Can I Get a Tax Refund Loan?
For many Americans, filing federal income taxes means getting a refund. The IRS says that the average tax refund in 2022 was $3,039, a 7.5% uptick from the previous year. Taxpayers often rely on this money to boost their retirement savings or… read more…
- What Is Modified Adjusted Gross Income (MAGI)?
The IRS uses your modified adjusted gross income (MAGI) to determine whether you qualify for important tax benefits like deducting contributions from your individual retirement account (IRA) and making contributions to your Roth IRA. Many taxpayers consult a financial advisor to… read more…
- Best Online Tax Software – 2025
Filing taxes yourself has never been easier. As long as you have internet access, you can submit your tax return from the comfort of your couch. Before you get started, however, you’ll have to choose which online tax software to… read more…
- Best Free Online Tax Software – 2025
There are three main ways to maximize your tax return. You can file your taxes on your own to save on tax preparation fees. You can work with a financial advisor to develop a tax strategy for your financial goals. Lastly,… read more…
- Form 1099-MISC vs. 1099-NEC
Whether you’re a business owner who relies on independent contractors or you make your living as a freelancer, understanding the difference between Form 1099-MISC and 1099-NEC is critical to ensuring tax season runs smoothly. While Form 1099-MISC is used to report… read more…
- Small Business Tax Deadlines for 2025
For most Americans, tax day comes once per year. That’s not the case for businesses though. If you own a business, you have to file tax forms on a regular basis. There are deadlines you must stay on top of… read more…
- When Is an Estate Tax Return Required?
After losing a loved one, responsibilities can quickly pile up during a time when you’d like to focus on grieving. Unfortunately, taxes don’t disappear when someone passes. If you’re the executor of your loved one’s estate, you’ll be responsible for… read more…
- How Early Can You File Taxes?
Contrary to general belief, you cannot file your taxes on Jan. 1. Although April 15 is the standard deadline for the latest day you can file your taxes, the IRS also has deadlines for the earliest it begins accepting returns… read more…
- Can Both Divorced Parents Claim Head of Household?
Getting divorced can have financial implications for how you file taxes. One question you might have is whether both of you can claim head of household if you maintain separate residences but share children. The IRS allows legally separated or… read more…
- Business Tax Extension: Tax Planning Guide
Most businesses can get an extension of six months to file a federal income tax return by filing Form 7004. No explanation for making the request is necessary and the extension is automatic. However, filing Form 7004 only grants more… read more…
- How to Deduct Stock Losses on Your Taxes
Capital gains and capital losses both have tax implications. When you sell stocks for a profit, you owe taxes on those gains. These taxes are calculated based on capital gains rates. However, when it comes to investments, the IRS taxes… read more…
- Do You Get Tax Forms for Your Roth IRA?
As a contributor to a Roth IRA, you’re likely looking forward to a retirement chock full of tax-free income from your account. However, paying income taxes now and eliminating them later doesn’t mean you won’t submit and receive tax forms… read more…
- How to Find a CPA for Tax Services
Taxes can be complicated and frustrating to many people. Not only is there a risk of not filing them correctly, but many miss out on strategies that can save them money. Fortunately, Certified Public Accountants (CPAs) help millions of Americans… read more…
- When 1099-K Is Needed: IRS Form
If you use PayPal, Venmo and other third-party payment networks, then you might get a 1099-K form from the IRS. This form reports transactions from third-party payment networks. And depending on how big your payment is and what it’s for,… read more…
- What Are the 2025 Capital Gains Tax Rates?
Investing is all about making your money work for you – getting money without having to actually perform labor. But what some investors may initially neglect to take into account is the fact that investment gains mean investment income, and… read more…
- TurboTax vs. CPA: What’s Right for Your Taxes?
Filing taxes is one American pastime that many Americans dread. With so many complicated forms, rules and tax rates, most taxpayers need assistance to complete their returns. While some use software like TurboTax to file returns on their own, others… read more…
- How to File Taxes With No Income
Anyone whose income is less than the tax filing threshold is not required to file an income tax form with the IRS. For most taxpayers, this threshold is usually set at or around the standard deduction. However, it’s a good idea to file your taxes anyway. Low-income Americans often qualify for tax credits and refunds that… read more…
- What Is IRS Form 1099-C: Cancellation of Debt?
If you have debt that is canceled by a lender, you may receive IRS Form 1099-C. Although you are no longer liable to repay the debt, you can’t simply forget about it. The IRS may consider the forgiven amount as… read more…
- How to File Back Taxes
Owe back taxes? There are different reasons why you may not have filed your tax return on time. Regardless of what caused you to fall behind, it’s important to get caught up as soon as possible in order to minimize… read more…