- What Is the Convenience of the Employer Rule?
Remote 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…
- How to Report Self-Employment Income Without a 1099
Working 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…
- Capital Improvements: Real Estate Guide
Money 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…
- Can You Deduct Rent on Your Taxes?
If 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…
- What Is IRS Form 1099-C: Cancellation of Debt?
If 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…
- What Is a Tax Loss Carryforward?
A 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…
- How to Avoid Capital Gains Tax on Foreign Property
Selling 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…
- How to Buy Property With Delinquent Taxes
Buying property with delinquent taxes can seem like a hidden shortcut into real estate investing, promising low prices, unique opportunities and, in some cases, double-digit returns. However, the process works very differently from a traditional home purchase, and whether you end up earning interest or walking away with a property depends on the type of… read more…
- How to Pay Taxes on Stocks
If you sell stocks at a profit, you will owe taxes on those gains. Depending on how long you’ve owned the stock, you may owe at your regular income tax rate or at the capital gains rate, which is usually… read more…
- How to File Back Taxes
Owe back taxes? There are different reasons why you may not have filed your tax return on time. Regardless of what caused you to fall behind, it’s important to get caught up as soon as possible in order to minimize… read more…
- Writing Off Losses on Sale of Investment Property
Selling an investment property at a loss may not be ideal but it may be necessary if you need cash or you simply no longer wish to own the property. Before selling rental properties or investment real estate at a loss, consider how it could affect your taxes. For instance, you might be wondering whether… read more…
- Do U.S. Citizens Have to Pay Taxes on Foreign Income?
Do U.S. citizens have to pay taxes on foreign income? The short answer is yes. Even if you bring in foreign income, you’ll need to include that on your required annual tax return. And all U.S. citizens are required to file a tax return each year, regardless of their location. Here’s what you need to… read more…
- How to File Self-Employment Taxes
If you’re self-employed, you must file quarterly taxes every few months. These are your estimated tax payments, making up for the fact that you don’t have an employer to withhold your taxes over the course of the year. Quarterlies can be a hassle, but skip them and you’ll face a massive tax bill come April. Consider… read more…
- What Is the Tax Rate on an Inherited Annuity?
When inheriting an annuity, the tax rate depends on how the original contract was funded and how distributions are taken. If the annuity was purchased with pre-tax dollars, beneficiaries usually pay ordinary income tax on withdrawals. For annuities bought with after-tax dollars, only the earnings portion is taxable. The timing of distributions, whether taken as… read more…
- IRS Form 1098: Mortgage Interest Statement
Owning a home can yield some benefits at tax time if you’re able to deduct mortgage interest. If you paid interest on a mortgage loan, your lender should provide you with a Form 1098 Mortgage Interest Statement at the beginning of the year. There are several key pieces of information on this form that you’ll… read more…
- How to Pay Quarterly Taxes
From flexible work hours to not reporting to a boss, being self-employed comes with a lot of perks. However, with the freedom of working for yourself also comes responsibilities such as paying quarterly taxes. Here’s a checklist and basic steps… read more…
- How to File Taxes for the First Time
You might know a lot about geometry or grammar. But most of us weren’t taught how to file taxes in high school. Since taxes are an unavoidable part of life, you’ll have to learn how to do this at some… read more…
- Last-Minute Tax Deductions to Take in 2026
With tax season in full swing and the April 18 filing deadline rapidly approaching, many Americans are once again wondering whether they should take a standard deduction or consider itemizing their deduction. If you’re considering itemizing your deductions and up… read more…
- How Do I Avoid Capital Gains Tax on Gold?
If you invested in gold and sold it for a profit, you are probably looking for ways to minimize your taxes. Smart tax planning is crucial for the success of your investments. And there are definitely ways to minimize capital gains… read more…
- Are Funeral Expenses Tax Deductible?
When a loved one passes away, most families hold a funeral to mourn, remember the deceased’s life and pay last respects. While these events are a good way to gather family and friends to honor the deceased, funerals can be… read more…
- How to Avoid Paying Taxes on a Divorce Settlement
Divorce settlements can be extremely complicated. While it makes eminent sense to work with a financial advisor as you plan your finances for a divorce, there are several key areas that can hold promise of avoiding or at least minimizing… read more…
- This Is a Little Known Tax Credit You Should No Longer Ignore
The Hope Credit, which is the previous and perhaps better known name of the American Opportunity Tax Credit, is a federal tax break that can help people pay for college or trade school. This credit offers up to $10,000 in tax credits per student over four years to cover qualifying educational expenses. Students pursuing degrees… read more…
- 2026 Tax Deductions for Traditional, Roth IRAs
Whether you have access to a workplace retirement account or not, everyone with earned income can contribute to their own IRA. However, depending on your income, work situation and the type of IRA chosen, your contributions may or may not… read more…
- How Much Tax Do You Have to Pay on Mutual Funds?
As with any type of investment, you’ll have to pay taxes on your mutual fund returns. If you sold the fund, you’ll have to pay capital gains taxes or ordinary income taxes depending on when the sale occurred. If you didn’t sell the fund but received dividend payouts, you’ll still need to pay taxes on… read more…
- Are Home Equity Loans Tax Deductible?
A home equity loan is a loan using your house as collateral — a somewhat risky move, but useful in some circumstances. Furthermore, you may be able to deduct the interest you pay on a home equity loan as long as you meet some requirements. Taxpayers who itemize deductions on their returns, spend the proceeds… read more…