Filing a tax extension using Form 4868 provides an automatic six-month extension to file your federal income tax return, moving the deadline from April 15 […]
What Is IRS Form 1099-SB and When Do You Need It?
When dealing with the sale or transfer of a life insurance policy, one of the lesser-known but crucial IRS documents you might encounter is Form […]
Best Way to Set Up an IRS Payment Plan If You Can’t Pay Your Tax Bill
Unexpected tax bills can create significant stress, especially when you are unprepared to pay them in full. Fortunately, the Internal Revenue Service provides payment arrangements […]
The Ultimate Freelancer’s Guide to Managing Income and Expenses
Freelancing gives professionals the freedom to design their careers on their own terms. From setting your schedule to selecting projects and determining your rates, the […]
Understanding the End of the Obamacare Tax Penalty in 2018
The Affordable Care Act, often referred to as Obamacare, introduced a variety of provisions aimed at increasing access to health care coverage for Americans. One […]
A Step-by-Step Guide to Calculating and Paying Estimated Taxes
Estimated tax payments are periodic payments made throughout the year to cover income taxes that are not automatically withheld. Unlike employees who have taxes […]
Must-Know Deductions for Self-Employed and Gig Economy Workers
Freelancing and gig work have grown significantly in recent years, offering individuals flexibility, autonomy, and the chance to be their boss. However, this independence also […]
Filing US Taxes from Abroad: The Expat’s Complete Guide
Living abroad does not exempt you from filing US taxes. As a United States citizen or resident alien, the Internal Revenue Service requires you to […]
Strategies for Maximizing Tax Deductions and Credits
Paying income taxes is a fundamental responsibility of all Americans. The funds collected support vital public services such as national defense, public education, infrastructure, public […]
Self-Employment Taxes: 3 Must-Know Essentials
When you step into the world of freelancing, independent contracting, or starting your own business, you take on a range of new responsibilities. Among the […]
Top Home Improvement Projects That Qualify for Tax Deductions
Home improvement projects can enhance both the functionality and market value of a home. However, many homeowners are unaware that certain types of renovations may […]
Understanding When Interest Expense Is Tax-Deductible
Understanding when interest expense is deductible is essential for individuals, investors, and business owners looking to reduce their taxable income. The Internal Revenue Service provides […]
Essential Tax Benefits for First-Time Homebuyers
Buying a home is one of the most significant financial decisions a person can make. While it often involves a large financial commitment, it also […]
Top 5 Capital Gains Errors Investors Should Watch Out For
Capital gains tax is a levy on the profit realized from the sale of non-inventory assets. These assets include stocks, bonds, real estate, precious metals, […]
Claiming a Boyfriend or Girlfriend on Your Tax Return: What to Know
The tax system in the United States offers a number of deductions and credits for taxpayers who support others financially. Claiming a dependent on your […]