- Joe Biden vs. Donald Trump: Tax and Economic Policies
President Trump’s 2017 Tax Cuts and Jobs Act made big changes to the tax code, specifically in deductions and tax brackets. President Biden has sense become President and tried to reverse different aspects of the 2017 tax overhaul, calling for higher… read more…
- Joe Biden’s Tax Plan Explained
Tax policy is one of the more inscrutable parts of American politics, yet it’s one of the areas that impact the most people on a day-to-day basis. President Joe Biden has released a number of proposed tax policies, but it’s… read more…
- States Most Dependent on the Federal Government – 2020 Edition
Though it may not always be apparent to the average citizen, the federal government is responsible for many of the everyday conveniences that help the country operate. Even some state programs are ultimately paid for by federal government money through intergovernmental aid. SmartAsset wanted to see which states are ultimately most reliant on the federal… read more…
- Tax Deadline Extension: How it Works
A tax deadline extension is an automatic 6-month extension that gives you more time to file your taxes if you’re unable to meet the, typically, mid-April deadline. For 2022, the tax deadline for individuals was on April 18th and for… read more…
- What Is a Charitable Gift Annuity?
A charitable gift annuity allows you to donate money to a non-profit, such as your alma mater. Planned giving can include charitable gift annuities. You can give back and get tax benefits. Meanwhile, you’ll receive an additional stream of income for… read more…
- Excise Tax: What Is it and How Does it Affect You?
Excise taxes apply to specific goods and services. Businesses that make or sell chosen goods and services pay most of these taxes. As a consumer, you generally won’t get a bill for excise tax. If you purchase a good or… read more…
- All About the Home Office Tax Deduction
Maintaining a home office for your business can yield a benefit at tax time if you’re able to claim a deduction for your expenses. The IRS lays out the rules for deducting home office costs in Publication 587. There’s a… read more…
- What Does a Taxpayer Advocate Do?
A taxpayer advocate is an employee of the Office of the Taxpayer Advocate, also known as the Taxpayer Advocate Service (TAS). Working closely with, but independent of, the IRS, a taxpayer advocate can help you resolve tax disputes you might… read more…
- The Lifetime Learning Credit: Are You Eligible?
The Lifetime Learning credit is a tax credit for college expenses, though it can also be claimed for tuition paid for graduate courses, vocational schools and continuing education courses. The credit is worth up to 20% of the first $10,000… read more…
- The American Opportunity Tax Credit
There are two key education tax benefits that can help families who are paying for college: the Lifetime Learning Credit and the American Opportunity Tax Credit (AOTC). In general, it may be wise to take the American Opportunity Tax Credit if… read more…
- IRS Form 5329: Reporting Taxes on Retirement Plans
When filing your taxes, it’s important to make sure you’re reporting all of your income correctly. That includes making note of early distributions from qualified retirement plans or other tax-favored accounts that may be subject to a 10% early withdrawal… read more…
- Gross vs. Net Income: How Do They Differ?
For individuals, gross income is the total pay you earn from employers or clients before taxes and other deductions. This is not limited to income received as cash, as it can also include property or services received. On the other… read more…
- Fiscal Year (FY): Definition and Importance
In the world of accounting, finance and taxes, there’s more than one type of year. In addition to regular years, there are a number of different fiscal years. A fiscal year is the 12-month period a company uses for accounting… read more…
- What Is a Tax Abatement?
If you’re considering buying a new home, a tax abatement may provide an incentive that’s hard to pass up. These beneficial tax programs allow for a long-term break on your property tax bill. Savings like that will undoubtedly impact your bottom… read more…
- How to Fill Out Schedule C on Your Tax Return
Doing your taxes is never considered to be an easy task and for small business owners there are typically even more layers of complexity. Schedule C is a tax form that some small business proprietors use to file their tax… read more…
- What Is Net Income and Why Does It Matter?
Net income refers to a company’s earnings minus business and operating expenses. An individual’s net income is equal to total income minus applicable deductions and taxes paid. Net income helps you understand how profitable your business is. If you’re an… read more…
- What Is Adjusted Gross Income (AGI), and How Do You Calculate It?
Adjusted gross income, or AGI, is extremely important for filing your annual income taxes. More specifically, it appears on your Form 1040 and helps determine which deductions and credits you are eligible for. Based on the amount of your AGI,… read more…
- States With the Smartest Taxpayers
A large majority (75%) of taxpayers overpay on taxes and receive a tax refund, according to IRS data. A smaller proportion (19%) see the opposite: They will have overestimated their withholdings and learn they still owe the IRS some money. Apart from overpaying and underpaying, there is another small, exclusive group of savvy Americans who… read more…
- What Is the Tax Rate on Stock Options?
For many employees in America, especially those at tech companies and other startups, stock options are a part of compensation packages. While the right to buy stock in a company at a set price is an attractive form of compensation,… read more…
- Will the Government Shutdown Affect Tax Refunds?
The U.S. experienced a partial government shutdown from Dec. 22, 2018 to Jan. 25, 2019. This 35-day shutdown was the longest in U.S. history and disrupted the service of multiple federal agencies, such as the National Park Service. However, the… read more…
- How to Donate Your Vehicle to Charity
Donating your car to charity is a thoughtful and generous act. It’s also one that can save you some money on taxes. Many non-profit organizations that take automobile donations advertise it heavily, but doing research is necessary before you hand over your… read more…
- States Where It’s Easiest to Get Help Filing Taxes – 2019 Edition
Filling out your taxes can be a real headache. It’s no surprise, then, that online software like TurboTax has been growing in recent years to meet the demands of taxpayers in need of expert advice. But there are more resources available to you beyond tax software. Many states have programs to help taxpayers fill out… read more…
- States With the Highest Average Tax Refund – 2019 Edition
About 75% of American taxpayers overpaid on taxes in tax year 2016, according to IRS data. And though they may have been overjoyed to get a handsome tax refund, this scenario means they are simply being reimbursed for money they’ve lent the government. This tax season, whether or not an individual has a windfall on the… read more…
- What Are the Tax Benefits of an LLC?
One of the most popular ways to organize a business is as a limited liability company, otherwise known as an LLC. The true advantage of an LLC over other business entity types comes in the form of tax benefits. LLCs,… read more…
- Guide to the California Gift Tax for 2025
California does not levy a gift tax, however, the federal government does. That tax rate can climb to as high as 40%. Still, there are plenty of ways you can minimize the hit or avoid it all together. For the… read more…