Taxes

Let’s take a look at some of the most common itemized deductions, whether you’re eligible to deduct them, and if it would save you money come tax time. Standard Deduction vs. Itemizing If you’ve ever done your taxes, you’re likely aware that all taxpayers (companies and individuals) are allowed to deduct certain expenses from their…

Are you planning for retirement and want to accelerate your investment portfolio? The Uniform Gifts to Minors Act (UGMA) may be a great option for those looking to maximize your savings. UGMA effectively provides financial support for minors without having the funds go through probate court or guardianship proceedings. In this article, I’ll talk about…

Taxes can be complicated, especially for freelancers. It’s important to understand the basics of taxes as a freelancer to ensure you don’t miss any deductions or credits that could help your bottom line. This article will go over the essentials of taxes for freelancers and provide tips on filing, finding deductions and credits, record-keeping advice,…

If you’re a homeowner who might soon sell a home or an investor with money in stocks, bonds, or real estate, you’ll need to be familiar with the tax form Schedule D. Tax form 1040 Schedule D is used to report capital gains for the purpose of income tax. A capital gain is any profit…

For most of you, Schedule F is of no consequence. The typical taxpayer need never worry about adding this schedule to their IRS Form 1040. But for a small sliver of Americans, this form is crucial. Read the Full Cash App Tax Review Here If you have to report any income from farming, you’ll have…

Most wage-earning Americans are familiar with payroll taxes. These flat taxes are taken out of paychecks to fund Social Security, Medicare, and Medicaid. Most taxpayers are also aware that their employers match their contributions to these programs. What you may not know is that self-employed individuals are required to pay the portion usually paid by…

Tax form 5695 allows you to claim your credits for the Nonbusiness Energy Credit and the Residential Clean Energy (RCE) credit. RCE is the new name for the Residential Energy Efficient Property (REEP) credit. You can qualify for these credit if you made energy efficient upgrades to your home. A number of improvement costs can…

Tax Form 1040 Schedule A is the schedule that allows you to take an itemized deduction, rather than the standard deduction for the year. The schedule walks you through possible deductions you can take on your taxes. If you take the standard deduction, you don’t have to worry about Form 1040 Schedule A. Deductions lower…

Tax deductions reduce your tax liability and fall into two categories, above-the-line and below-the-line. “The line” for the purposes of this discussion is your adjusted gross income (AGI). Above-the-line deductions reduce your AGI. An example would be a contribution to a traditional IRA. This can be an advantage because a lower AGI may enable you…