- IRS Form 1098: Mortgage Interest Statement
Owning a home can yield some benefits at tax time if you’re able to deduct mortgage interest. If you paid interest on a mortgage loan, your lender should provide you with a Form 1098 Mortgage Interest Statement at the beginning of the year. There are several key pieces of information on this form that you’ll… read more…
- How to File Taxes for the First Time
You might know a lot about geometry or grammar. But most of us weren’t taught how to file taxes in high school. Since taxes are an unavoidable part of life, you’ll have to learn how to do this at some… read more…
- How Much Tax Do You Have to Pay on Mutual Funds?
As with any type of investment, you’ll have to pay taxes on your mutual fund returns. If you sold the fund, you’ll have to pay capital gains taxes or ordinary income taxes depending on when the sale occurred. If you didn’t sell the fund but received dividend payouts, you’ll still need to pay taxes on… read more…
- A Guide to Tax Breaks on Your 2025 Return
Taxpayers preparing their federal returns for 2023 will be able to reduce what they owe by taking advantage of some significant credits, deductions and other tax breaks. Here are some of the most popular tax breaks you can potentially use… read more…
- IRS Form 6251: Alternative Minimum Tax (AMT)
IRS Form 6251, titled Alternative Minimum Tax—Individuals, determines how much alternative minimum tax (AMT) you could owe. In order for wealthy individuals to pay their fair share of income tax, Congress mandated an AMT in 1969. You have to pay the AMT if you report taxable income greater than certain income threshold exclusions. If this… read more…
- When Do Taxpayers Use IRS Form 706?C
When someone passes away, what the person passes down to his or her beneficiaries may be subject to federal estate taxes. If the decedent “skips” a generation in passing along assets then it may trigger a tax bill. IRS Form… read more…
- Form 1099-DIV: What You Need to Know
Dividends can be an important part of your income from investments, especially if you have significant fixed-income holdings. Internal Revenue Service Form 1099-DIV supplies you with all the information on your dividend income that you will use when you file… read more…
- Investment Tax Forms – What You Need to Know
The Internal Revenue Service (IRS) sends U.S. investors a myriad of tax forms every year. While the number and complexity of these forms can be off-putting and confusing, it’s important that you understand them and what your responsibilities regarding these are. Here’s an overview of common IRS investment tax forms and what you need to… read more…
- Form 6166: Certification of Tax Residency
Many foreign countries have higher income tax rates than the U.S., and others impose value added tax (VAT) charges that the U.S. does not. These foreign assessments can produce significantly higher tax bills for American individuals and companies that do… read more…
- Tax Deadline Extension: How it Works
A tax deadline extension is an automatic 6-month extension that gives you more time to file your taxes if you’re unable to meet the, typically, mid-April deadline. For 2022, the tax deadline for individuals was on April 18th and for… read more…
- How to Fill Out Schedule C on Your Tax Return
Doing your taxes is never considered to be an easy task and for small business owners there are typically even more layers of complexity. Schedule C is a tax form that some small business proprietors use to file their tax… read more…
- States Where It’s Easiest to Get Help Filing Taxes – 2019 Edition
Filling out your taxes can be a real headache. It’s no surprise, then, that online software like TurboTax has been growing in recent years to meet the demands of taxpayers in need of expert advice. But there are more resources available to you beyond tax software. Many states have programs to help taxpayers fill out… read more…
- IRS Form SS-4: Applying for an Employer Identification Number
If you run your own business, you need a way to identify it to the government when it comes time to do your taxes. The same is also true if you’re the executor of an estate, the creator of a… read more…
- What Is the W-4 Form and How Do You Fill It Out? Simple Guide
IRS Form W-4 tells your employer how much federal income tax to withhold from your paycheck. You’ll be asked to fill one out when you start a new job. You can also submit a new W-4 to your HR or payroll… read more…
- Trump Tax Brackets: Will Your Tax Rate Change Under the New Plan?
President Donald Trump signed a law that dramatically overhauled the U.S. tax code in December 2017. The law created new income tax brackets that changed what many Americans pay in taxes. Most changes went into effect on Jan. 1, 2018,… read more…
- Tax Refund Delay: What to Do and Who to Contact
There are many reasons your tax refund could be delayed. Perhaps your numbers and your employer’s numbers didn’t match. Or you accidentally skipped a line – or an entire form. Or maybe you claimed a credit that the IRS takes longer to check. Filing a paper return might even be a reason it’s delayed longer… read more…
- Where’s My State Tax Refund?
When you file your federal income tax return, you can check the status of your tax refund by visiting the IRS website or its mobile app. However, each state has its own process for handling state income taxes. If you expect… read more…
- Federal Income Tax Deadline in 2025
Circle Tuesday, April 18, 2023, on your calendar, because that’s the one general date by which most filers need to get returns into the IRS. However, you may have a different deadline if you filed for an extension or if you… read more…
- 5 Ways to Get a Bigger Tax Refund
Want to get a big tax refund this tax filing season? You can minimize your tax liability and potentially snag a larger refund by taking advantage of every possible tax break. In this article, we’ll discuss a few strategies to keep… read more…
- What Is a W-9 Form?
When you start a new job, there’s a lot of paperwork to fill out, from direct deposit documents and benefits enrollments to your W-4 form. But when you’re a contractor or self-employed person, income taxes work a little differently. You will… read more…
- TurboTax vs. TaxSlayer in 2025
With the new year starting, it’s just about the time to file your federal tax return. But there’s no need to get stressed out. Tax filing services are making it easier than ever to file your taxes. You will, of… read more…
- Federal Income Tax Brackets for Tax Years 2024 and 2025
The federal income tax rates remain unchanged for the 2022 and 2023 tax years are 10%, 12%, 22%, 24%, 32%, 35% and 37%. The income thresholds for each bracket, though, are adjusted slightly every year for inflation. Read on for… read more…
- H&R Block vs. TurboTax
The start of a new year means it’s time to file your federal tax return. Many people stress about filing taxes, but there are a number of tax filing services to make the process easier. Two of the most well-known… read more…
- All About IRS Form 1023
Businesses and individual consumers have something in common. Both groups have to file taxes. Some groups, however, are automatically tax-exempt, meaning that they’re not required to pay federal income taxes. Others must apply for tax-exempt status. If you want your… read more…
- 9 Expenses You Can’t Deduct on Your Tax Return
If you want to shrink your tax bill or beef up your refund, claiming all the deductions you’re eligible for can be a smart strategy. Deductions reduce your taxable income. That’s a plus if you want to hang on to… read more…