- How the LLC Pass-Through Taxation Works
Limited liability companies (LLCs) are what’s called “pass-through entities.” This means that the business does not pay corporate income taxes. Instead, the individual owners or members of the LLC collect its proceeds as income and then pay personal income taxes… read more…
- How to Find a Small Business Tax Advisor
Small business owners can identify tax advisors by asking for recommendations from other professionals such as accountants, seeking personal referrals, checking out professional directories and following leads from advertisements. Before seeking help from a tax advisor, business owners will want… read more…
- Tax Haven Examples, Benefits and Legality
Tax havens offer very low tax rates to foreign and domestic investors. While we often think about the business implications of tax havens, there can also be implications for individuals. Here are common examples, benefits and legal requirements you must… read more…
- What Is a Deferred Tax Asset?
When it comes to a company’s taxes, there are two important categories to understand: assets and liabilities. Tax liability is anything that a person or company owes taxes on, such as income or revenue. Tax assets are anything that can be… read more…
- How Options Are Taxed
Historically, options contracts have been a niche market occupied by professional investors. All that changed in recent years with the rise of no-fee online brokers. Now, retail investors trade options contracts regularly, and this means paying taxes on those trades.… read more…
- What Is OASDI Tax on My Paycheck?
If you’ve glanced at your pay stub or W-2 from your employer, you may be dismayed at the rundown of tax items dinging your take-home pay. The Old Age, Survivors, and Disability Insurance program (OASDI) is one such tax. Fortunately,… read more…
- What is Tax Diversification?
Tax diversification is an investment strategy that uses tax-advantaged, fully taxable and tax-free investment accounts to help lower taxes. Diversification is the name of the game when it comes to investing. This even applies to taxes. When you invest in accounts… read more…
- States With the Lowest Property Taxes in 2025
Property taxes can make or break your budget as a homebuyer. That’s especially true if you live in one of the higher property tax states in the U.S. New Jersey, for example, has the highest property tax rate in the nation at 2.33%, while Hawaii has the lowest at 0.27%. There are 23 states with… 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…
- What Is the Earned Income Tax Credit (EITC)?
The Earned Income Tax Credit (EITC) reduces tax bills for low-to-moderate-income working families. It’s a tax credit that ranges from $560 to $6,935 for the 2022 tax year depending on your filing status, number of children and earned income. Taxpayers… read more…
- IRS Hobby vs. Business: What It Means for Taxes
Operating a business on the side can give you valuable tax deductions as well as extra income. However, the Internal Revenue Service (IRS) decides if the business is actually a hobby or not. If the IRS says it is, you… read more…
- Capital Gains Tax on Real Estate Investment Property
Real estate investments can be lucrative assets. However, they can also incur capital gains taxes that weaken your profits. Fortunately, you can implement tactics that reduce capital gains taxes so you can keep more of your money. Although the IRS… read more…
- What It Means to Be Tax Exempt
Taxes are an unavoidable part of life for most people. You could, however, get out of paying income tax if you’re deemed tax-exempt by the Internal Revenue Service (IRS). But what does tax-exempt mean exactly? In simple terms, if you… 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…
- Tax Benefits of Real Estate Investing
Real estate investing can produce robust returns, but higher income doesn’t always equal more taxes. While it’s rare to eliminate taxes completely, the tax benefits of real estate investing can reduce your tax burden. As a result, you can rent… read more…
- What Is a Tax Shield?
Optimizing your return is often one of the most important things you can do during tax season. One way to make the most of your tax situation is by using deductions to lower your tax burden. The mitigating factors to… 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…
- Real Estate Investing Tax Strategies
When you’re starting with any investment, it’s always good to be aware of the tax implications. This is especially true when investing in real estate. Because the government wants to encourage real estate investment, there are several real estate investing… 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…
- What Are Trust Fund Taxes?
Trust fund taxes are a common form of tax withholding. These are the taxes that W-2 employers withhold from their employees’ paychecks for Medicare, Social Security and income tax programs. They are otherwise known as payroll taxes. Let’s break down… read more…
- Capital Gains Tax for Roth IRAs
When you’re saving for retirement, there are a variety of accounts you could use. The Roth IRA, or individual retirement account, is one of those options. Roth IRAs offer more investment flexibility, as well as their own tax benefits. Understanding… 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…