Taxes

May 9, 2023If you use PayPal, Venmo and other third-party payment networks, then you might get a 1099-K form from the IRS. This form reports transactions from third-party payment networks. And depending on how big your payment is and what it’s for,… read more…

March 14, 2025If you’re like most taxpayers, you may not need either a tax preparer or a certified public accountant (CPA). There are exceptions, though. Maybe you’re self-employed, own a small business or have lived in several jurisdictions. In these cases you… read more…

May 27, 2023Donating real estate to charity can come with a myriad of benefits. Not only will you help out a worthy cause, but also take advantage of tax benefits that can lower your overall personal tax burden. The largest benefit is,… read more…

August 20, 2025Earning a higher income can mean paying more in taxes at both the federal and state levels. You might assume that you’re stuck with a bigger tax bill because you earn more but that’s not always the case. There are… read more…

January 31, 2025Working as an independent contractor or small business owner can bring tremendous freedom—but it can also bring headaches at tax time if you’re not careful. In addition to filing income taxes each April, you’re also required to set aside money… read more…

September 6, 2023The IRS says that the average tax refund for returns filed in 2022 is $3,039. This is an increase of 7.5% when compared with 2021, which averaged $2,827. But for taxpayers expecting to get the same sizable refund next year, Jackson Hewitt urges them to do a midyear tax checkup to prepare for upcoming changes.… read more…

February 28, 2025If incentive stock options (ISOs) are part of your compensation package, knowing what they are, what they can do for you and how their tax treatment is going to affect you in the future is important. At the very least, you have to determine how they will affect your federal income taxes when you exercise… read more…

July 7, 2022Backup withholding is money deducted for federal income taxes on some payments by banks and other payers. Backup withholding amounting to 24% of a payment may be required if a taxpayer who receives interest or dividend income provided an incorrect Social Security number to the bank or corporation that is paying the income. Money deducted… read more…

October 8, 2025The gift tax is a tax levied on any unilateral transfer (a gift) from one person to another. The federal tax is aimed partially at making sure wealthy families don’t use gifts to bypass the estate tax. The federal gift… read more…

July 15, 2025Investing is all about making your money work for you – getting money without having to actually perform labor.  But what some investors may initially neglect to take into account is the fact that investment gains mean investment income, and… read more…

September 26, 2025Investors use irrevocable trusts to protect their assets from creditors, lawsuits and estate taxes. However, when you sell a home in an irrevocable trust, that can complicate your tax situation. This is a guide to how it works and whether… read more…

August 2, 2025Filing taxes is one American pastime that many Americans dread. With so many complicated forms, rules and tax rates, most taxpayers need assistance to complete their returns. While some use software like TurboTax to file returns on their own, others… read more…

February 28, 2025A flexible spending account (FSA) allows you to save up money for medical expenses. You can use this tax-advantaged fund to pay for costs like copays, deductibles and pharmaceuticals. For the most part, you have to spend the money in… read more…

May 17, 2023One of the most popular and enduring government programs in U.S. history, Social Security has funded the lives of senior citizens for more than 80 years. As a result, today the senior poverty rate clocks in at a mere 9%.… read more…

January 30, 2025Claiming one or more dependents on your taxes can yield some valuable tax benefits, including the ability to claim the child tax credit and the child and dependent care tax credit. But when parents share 50/50 custody, determining who claims a child on taxes depends on IRS rules and agreements between the parents. Typically, the… read more…

May 20, 2022Tax alpha, sometimes called alpha tax, measures how much an investor can add to their financial plan by optimizing efficient tax strategies. Essentially, tax alpha boils down to the ability of an investor to outperform reasonable returns by implementing tax strategies that lead to savings. Let’s break down how to calculate tax alpha. A financial advisor… read more…

May 6, 2022Anyone whose income is less than the tax filing threshold is not required to file an income tax form with the IRS. For most taxpayers, this threshold is usually set at or around the standard deduction. However, it’s a good idea to file your taxes anyway. Low-income Americans often qualify for tax credits and refunds that… read more…

September 6, 2023What do onesies, binkies of every size and color, swaddles plastered with fluffy animals, and tax credits have in common? If you had a child in the last year, they all play a significant role in your life. As any new parent can attest, diapers and bottles aren’t cheap, particularly with inflation on the rise.… read more…

February 28, 2025Remote work has become more popular in recent years and is among the many trends that have accelerated due to the COVID-19 pandemic. While remote work is not new, the rise in the number of people working remotely has created tax challenges for some employees and states. As a result, some states have adopted the… read more…

April 22, 2025Working for yourself comes with many perks, but tax season can be challenging, especially when you don’t receive a 1099 form from your clients. Whether you’re a freelancer, gig worker or small business owner, reporting self-employment income without a 1099 is still your legal responsibility. The IRS requires you to report all income earned, regardless… read more…

November 21, 2025Money spent to improve your home can save on taxes. However, the improvements have to be of a certain type, and you can’t claim the deduction until you sell your home. Capital improvement deductions usually aren’t important to sellers whose… read more…

July 15, 2025If you’re wondering whether you can deduct your rent on your tax return, the short answer is yes. You can deduct rent if you live in a state that allows it. However, only 23 states and Washington D.C. offer this type of deduction. Here’s what you need to know. A financial advisor can help you create a… read more…

May 9, 2023If you have debt that is canceled by a lender, you may receive IRS Form 1099-C. Although you are no longer liable to repay the debt, you can’t simply forget about it. The IRS may consider the forgiven amount as… read more…

April 21, 2022A loss carryforward lets a taxpayer use a loss incurred in one year to reduce tax obligations in a future year. Businesses and business owners can carry forward net operating losses when expenses exceed income. Individual investors can carry forward capital losses after selling investments for less than they paid. For help with taxes and… read more…

November 10, 2025Selling property abroad can create tax obligations both in the country where the property is located and in the United States. While U.S. taxpayers must generally report and pay capital gains tax on profits from selling foreign real estate, several strategies can reduce or eliminate this burden. These include using foreign tax credits, qualifying for… read more…