- How Commission Income Is Taxed
Earning a commission income is like the icing on the cake for a job well done. Whether you’re a sales manager that’s just closed a major deal or a real estate agent who’s recently sold a high-end home, your commission… read more…
- Is Private School Tuition Tax-Deductible?
Claiming tax deductions can help to reduce your taxable income for the year. As a parent, there are a number of child-related expenses you might be able to write off to lower your tax liability. But is private school tuition… read more…
- How Day Traders Can Reduce Taxes
Day trading can be a fulfilling and lucrative career. If you know what you’re doing, you can make a serious chunk of change. But with every financial success comes everyone’s favorite consequence: taxes. So how do day traders avoid taxes,… read more…
- How to Avoid Capital Gains Tax on Collectibles
Collecting is a pastime to which a great many people are drawn. The satisfaction of having a complete set of old stamps or unearthing a rare bottle of wine is quite easy to understand. However, a less easy-to-understand aspect of… read more…
- When Are Health Insurance Premiums Tax-Deductible?
Health insurance premiums can be tax-deductible under some circumstances. Taxpayers who itemize may be able to use this deduction to the extent that their total medical and dental expenses, including health insurance premiums, exceed 7.5% of adjusted gross income. Self-employed… read more…
- Are Moving Expenses Tax-Deductible?
When you move from one home to another, these expenses can add up quickly. For many households, moving costs can be thousands of dollars, even if you do most of the work yourself, and hiring a moving company can increase… read more…
- Is Alimony Taxable?
Alimony has two important tax statuses. If you finalized your divorce before Jan. 1, 2019, the person who collects alimony pays taxes on this money. This means that the person who pays alimony can claim a full tax deduction for… read more…
- What Is a Tax Audit?
America uses what is known as a self-reporting tax system. This means that at the end of each year, you calculate your income, assets and liabilities, then tell the government what you owe. The IRS then double-checks your work against… read more…
- How to Avoid Capital Gains Tax on Mutual Funds
In the long run, if you sell an investment asset for a profit you will owe capital gains taxes. But for active investors, it’s important to understand that the IRS gives you a few ways to defer those taxes. This… read more…
- How to Report Foreign Income Without a W-2
As a U.S. citizen or legal permanent resident, the IRS is in charge of collecting a cut of your income. Even if you work or live outside the U.S., Uncle Sam will want its rightful share of your earnings because you’re a citizen. Taxpayers typically use a W-2 to declare earnings. While some foreign companies… read more…
- How to Legally Avoid Paying Sales Tax on a Used Car
Sales tax on large purchases, like a car, is crucial to factor into the price. Depending on where you live and the price of your car, sales tax can cost you thousands of dollars. But did you know there are… read more…
- How the Premium Tax Credit Works
Tax credits can save you money at tax time by reducing what you owe. If you purchase health insurance through the Health Insurance Marketplace, you may qualify for the Premium Tax Credit. Eligibility for the credit is based on income… read more…
- Trust Tax Rates and Exemptions for 2025
A trust is a legal entity that holds money and assets for future distribution or management. For example, you might create a trust for your children’s college education, putting money into it which they can withdraw when they go to… read more…
- 2025 Capital Gains Tax Rates by State
Investors must pay capital gains taxes on the income they make as a profit from selling investments or assets. The federal government taxes long-term capital gains at the rates of 0%, 15% and 20%, depending on filing status and income.… read more…
- What Is the Jock Tax?
Tax planning is central to financial planning for professional athletes who play in multiple states. In addition to the usual round of state and federal taxes, pro athletes may also be subject to the jock tax. The jock tax is… read more…
- How to Avoid Capital Gains Tax on a Business Sale
There’s a lot to consider when selling a business and tax planning is at the top of the list. When you sell a business or business assets at a profit, the IRS expects to receive a cut in the form… read more…
- How to Avoid Capital Gains Tax on Stocks
Capital gains taxes are a tax on the profits you make on investments, which you might owe if you are investing through a taxable brokerage account. The good news is that there are strategies investors can use to eliminate or… read more…
- How to Avoid Paying Taxes on a Lawsuit Settlement
Winning or settling your lawsuit can be exhilarating. After you’ve received the settlement money and paid attorney fees, most people assume that the rest is theirs to keep. However, some settlements are subject to taxes. And, unfortunately, many people don’t… read more…
- How to Avoid Capital Gains Tax When Selling a House
There’s a lot of pride associated with owning property, whether it’s a primary home or a vacation bungalow. It’s especially rewarding when real estate is properly compensated for. But while a high-selling price may be exciting at the moment, it… read more…
- What Is a Taxpayer Identification Number?
A Taxpayer Identification Number (TIN) is a unique nine-digit number the Internal Revenue Service uses to identify individual taxpayers. A TIN can come in different varieties, including Social Security Number (SSN), Employer Identification Number (EIN), Individual Taxpayer Identification Number (ITIN)… read more…
- How to Find a CPA for Tax Services
Taxes can be complicated and frustrating to many people. Not only is there a risk of not filing them correctly, but many miss out on strategies that can save them money. Fortunately, Certified Public Accountants (CPAs) help millions of Americans… read more…
- How to Avoid Taxes on a Large Sum of Money
A financial windfall is something to celebrate. But if you don’t play your cards right, the government will expect a major portion of the cash. The good news is that smart tax planning strategies can help you minimize your tax… read more…
- How Savings Accounts Are Taxed
You are required to report and pay federal taxes on any interest income you receive from a savings account. The income is taxed as unearned, which means you’ll escape payroll taxes, but you will owe federal income tax on it… read more…
- JP Morgan Reveals 3 Tricks to Cut Taxes
With interest rates rising, it’s increasingly important to make sure you’re taking advantage of all interest deductions you’re entitled to so you can avoid paying more in taxes than you need to. Three interest deductions are particularly important, according to… read more…
- The Carried Interest Loophole and the Inflation Reduction Act Concession
To get the Inflation Reduction Act passed in the Senate, Democrats dropped their attempt to kill a controversial tax provision that’s known as the carried interest loophole. Also called the carried interest income classification, it has long been a target… read more…