- Tax Refund Schedule 2025
If you’re like most people, you dread tax season. But if you’re expecting a tax refund, you may have something to look forward to. Most people will get their tax refund within three weeks of filing, but it varies based… read more…
- All About IRS Form 8962 and Calculating Your Premium Tax Credit
With Form 8962, you are reconciling the tax credit you are entitled to with any advance credit payments (or subsidies) for the tax year. The size of your tax credit depends on the cost of available health insurance, your family… read more…
- All About IRS Form 2441
Hiring someone to care for your loved one so you can continue working is a common practice in the U.S. If a child, spouse or other household member requires care and you can’t provide the care without quitting your job,… read more…
- An Independent Contractor’s Guide to Taxes
If you’re self-employed or a freelancer, you likely get paid as an independent contractor rather than an employee. The IRS defines an independent contractor as someone who performs work for someone else, while controlling the way in which the work… read more…
- All About Self-Employment Tax
As an employee, you may have noticed that your paycheck never matches your full salary. This is because your employer has to withhold certain payroll taxes. You might think that you don’t have to worry about those payroll taxes if… read more…
- How Depreciation Recapture Works on Your Taxes
When you sell a depreciated capital asset, you may be able to earn a “realized gain” if the asset’s sale price is higher than its value after deduction expenses. You’ll then be able to recapture the difference between the two… read more…
- How Long Does It Take to Get a Tax Refund?
Once you’ve gone through the burdensome process of filing your taxes, your sigh of relief might be short-lived. That’s because you’ll likely be wondering, “How long does it take to get a tax refund?” But as excited as you may… read more…
- How Many Allowances Should You Claim?
Prior to 2020, one of the biggest things you could do to affect the size of your paycheck was to adjust the number of allowances claimed on your W-4. The ideal number of allowances for you would depend on your individual… read more…
- 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 Avoid Paying Taxes on a Bonus Check
The satisfaction of receiving a year-end bonus may soon be tempered by the realization that income taxes will have to be paid on the extra money. Bonuses are treated as income and thus subject to taxation, but there are ways… read more…
- Can You Avoid Capital Gains By Buying Another Home?
When you sell your home, the IRS allows one major form of capital gains break. It’s called the home sale exclusion, and it allows you to deduct a significant amount of the profit from your home sale to minimize or… read more…
- Who Should Itemize Deductions Under the Trump Tax Plan
When you file a federal income tax return, you have the choice between taking the standard deduction or itemizing your deductions. The option that you pick should depend on which strategy will maximize your tax benefits. Your calculations may also have… read more…
- Explaining Changes to the State and Local Tax (SALT) Deduction
The state and local tax (SALT) deduction allows taxpayers of high-tax states to deduct local tax payments on their federal tax returns. The tax plan signed by President Trump in 2017, called the Tax Cuts and Jobs Act, instituted a… read more…
- How to Avoid Paying Taxes on Inherited Property
Inheriting a home or other property can increase the value of your estate, but it can also result in tax consequences. If the property you inherit has appreciated in value since the original owner purchased it, you could be on… 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…
- Capital Gains Tax on Inherited Property
An inheritance is a windfall that can absolutely help someone’s financial situation – but it can make your taxes tricky. If you inherit property or assets, as opposed to cash, you generally don’t owe taxes until you sell those assets. These… 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…
- Tax Prep Checklist: What You Need to Know
If you’re part of the roughly 60% of Americans who pay someone else to prepare their tax return, then there’s a good chance that you’ve had to make more than one visit to the preparer’s office because you forgot something. Since preparing… 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…
- What Can You Deduct at Tax Time?
Knowing what you can deduct when you’re doing your taxes each year is important if you want to reduce your tax liability. Some common deductions, like the mortgage interest tax deduction, are well known, but if you’re going to do… read more…
- Tax Breaks You Can Claim Without Itemizing
When you file a federal income tax return, you have the choice between taking the standard deduction and itemizing your deductions. But after the 2017 Trump tax changes, which nearly doubled the standard deduction, many taxpayers who lowered their tax bill by… read more…
- A Guide to the Federal Estate Tax for 2026
An estate tax is most notably levied at the federal level, and it’s charged to a decedent’s estate when their assets pass on to their beneficiaries. Most estates won’t trigger the federal estate tax though, as it only applies to estates… read more…
- Understanding How Tax Credits Work
If you were unhappy with last year’s income tax bill, there are several ways to reduce your overall 2022 tax burden before the April 18, 2023, filing deadline arrives. You can try to qualify for as many tax deductions and… read more…
- How to Deduct Medical Expenses on Your Taxes
Paying for health insurance and medical bills can get expensive. Luckily, you can recoup some of those costs when you file your taxes by taking a deduction for medical expenses. To do so, the expenses in question must meet the qualifications outlined… 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…