- What Is a Net Operating Loss (NOL)?
Many businesses don’t make any money, particularly during their first year of operation. When this happens, the IRS provides business owners with some tax relief in the form of something called a net operating loss (NOL). What follows is a… read more…
- Using the IRS2Go App to Track Your Tax Refund and More
Thanks to advances in technology, filing taxes isn’t nearly as complicated as it once was. Today, many tax filers complete their tax returns online or through apps. The IRS released its own mobile app in 2011. While you can’t use… read more…
- All About IRS Form 4562
Starting a business can be expensive. You’ll likely have to cover the cost of a building or office space, equipment, utilities and legal and accounting fees. Fortunately, business owners can recoup some of the money they’ve spent by deducting expenses… read more…
- All About IRS Form 5498
When you don’t have access to an employer-sponsored retirement account – like a 401(k) or a 403(b) – you can save for retirement by opening an IRA. Your contributions may be tax-deductible, meaning you can use them to lower your… read more…
- A Guide to Filling Out Form 8917
We all know that the cost of higher education is steep and getting steeper. If you’re not relying solely on student loans or grants and are instead paying some of your own money toward tuition and fees, you may be… read more…
- All About IRS Form 4868
Meeting deadlines can be tough, especially when you have a lot on your plate. If you won’t have time to file your federal 2022 income taxes by April 18, 2023, deadline, don’t worry. You can get a six-month extension to file,… read more…
- What You Need to Know About Taxes on Lawsuit Settlements
Representation in civil lawsuits doesn’t come cheap. In the best-case scenario, you’ll be awarded money at the end of either a trial or a settlement process. But before you blow your settlement, keep in mind that it may be taxable… read more…
- All About Taxes on Pensions
If you have a pension, consider yourself fortunate. Traditional defined benefit plans, such as pensions, have become increasingly rare, often replaced by defined contribution plans like 401(k)s. However, accessing your pension income in retirement isn’t entirely tax-free – some or all of it may be subject to taxation. Working with a financial advisor can help… read more…
- 5 Ways the Rich Can Avoid the Estate Tax
The idea of the estate tax, or death tax as it’s sometimes known, is scary for many Americans. However, the real truth is that the vast majority of people will never encounter it. That’s because the federal estate tax has… read more…
- Should There Be a Soda Tax?
Sin taxes are meant to dissuade people from participating in activities considered harmful to their health and well-being. Places around the country tax consumers for buying things like tobacco and alcohol and many people have debated whether it’s necessary to… read more…
- What to Know About Part-Year Tax Withholding
If you’ve ever taken a look at your pay stubs you’ve probably noticed your employer’s tax withholding. Based on the W-4 form that you submit when you start a new job or your tax situation changes, your employer will withhold… read more…
- What Happens When Your Tax Return Is Flagged for Review?
Filing taxes can be stressful. When the IRS opts to take a closer look at your tax return, that can only increase your anxiety level. Getting your return flagged for review doesn’t mean you’ll be audited, but it can raise the… read more…
- What Is Minimum Essential Coverage?
The Affordable Care Act requires most Americans to have healthcare coverage. Unless you don’t have to file taxes or you qualify for an exemption, you’ll likely get stuck paying a penalty called the individual shared responsibility payment if you don’t… read more…
- How Turning a Hobby Into a Business Affects Your Taxes
Having a hobby can be a great way to unwind, but a hobby can take on an entirely new dimension if you can make money while you’re working at it. That’s because any money your side hustle brings in may be considered taxable… read more…
- The Economics of Zoos
Zoos are incredibly unique businesses, as they typically feature unique animals that have very distinct rules and regulations surrounding their captivity. For this reason, the economics of zoos is heavily muddied, as they involve major costs like park upkeep, national… read more…
- 5 Tax Rules to Consider When Paying Off Student Loans
Tax considerations should be front-of-mind when you’re paying off your student loan debt. Whether you have a standard repayment plan or you’ve signed up for an income-based repayment program, there are certain tax rules that affect student loan borrowers, including some… read more…
- Tax Form 1095-A Details
Form 1095-A is a tax document Americans need to file if they buy health insurance through the government health insurance marketplaces established by the Affordable Care Act (commonly known as Obamacare). This is not a form you will actually fill… read more…
- All About IRS Form 8965
If you’re claiming an exemption from healthcare coverage, you’ll need to fill out IRS form 8965 when you do your federal income taxes. This form helps you comply with Affordable Care Act rules that require health insurance coverage for just… read more…
- Reasons You’re Still Waiting on Your Tax Refund
A tax refund can come in handy when you need to pay down student debt or you want to pad your emergency savings. But waiting for the money to hit your bank account can be nerve-wracking. According to the IRS, most refunds are… read more…
- Head of Household Filing Status: Definition, Rules and Requirements
For IRS purposes, a head of household is generally an unmarried taxpayer who has dependents and paid for more than half the costs of the home. This tax filing status commonly includes single parents and divorced or legally separated parents (by… read more…
- Where Millennials Pay the Highest Taxes in 2016
Millennials, now the largest age cohort in America, are different than prior generations in a number of ways. They are less likely to get married, for instance. 65% of present day 18-to-35-year-olds have never been married, compared to the 40% of young adults who had never said “I do” in 1980. Another key difference between… read more…
- Payroll Tax Deductions
Payroll tax deductions are a part of the way income taxes are collected in the U.S.. When you work at a job, a part of your income is taken each pay period, based on a number of factors including your… read more…
- The Economics of the Lottery in the U.S.
If you’re reading this, chances are slim that you’ve ever won a lottery because the odds of winning are just so low. In 2021, Americans spent $105.26 billion on lottery tickets, making it the most popular form of gambling. That’s… read more…
- 11 Cities Where Homeowners Save the Most on Taxes in 2016
The home mortgage interest tax deduction is one of the most common deductions claimed on federal income tax returns, but that doesn’t mean most taxpayers are taking advantage of it. In fact, according to data from the Tax Foundation, only about 27% of all taxpayers deduct mortgage interest paid from their income when filing their… read more…
- What to Do If You Underpaid Your Estimated Taxes
Paying taxes is one of the most burdensome parts of being self-employed and one of the trickiest parts is figuring out just how much you need to pay. Instead of having an employer taking taxes out of your paycheck, you’re… read more…