If you’re a self-employed individual or freelancer, taxes won’t be removed before you receive your paychecks, which means that you’ll owe the IRS. You must save money during the year to meet your tax obligations. This guide offers an in-depth look at “How much should I set aside for taxes?”. Understanding Your Tax Obligations Regardless […]
Category: Tax Tips
The 5 Most Common Audit Triggers and How to Avoid Them
Filing your taxes can create a ton of stress. The US tax code is thousands of pages long – and extremely complicated. Despite this complexity, the IRS expects you to comply with all of these detailed rules. If you don’t, you may face an audit, which can lead to owing more taxes and, potentially, penalties. […]
Tax Deadlines and Updates for 2024 You NEED to Know
Tax laws change every year, and 2024 is no exception. Taxpayers will encounter several notable changes this year, as well as adjustments to tax brackets and other deductions. Stay tuned because I’m going to cover all the 2024 tax deadlines and updates in this post. The Most Important Tax Deadlines for 2024 Tax deadlines stay […]
Estimated Tax Payments for 1099 Independent Contractors
Find everything you need to know to correctly estimate and pay your quarterly taxes in this complete guide. […]
How to Check Your Tax Refund Status
If you overpay on your taxes, you’re eligible to receive a tax refund. Usually, refunds are the result of employers withholding too much money. However, self-employed individuals may receive a refund if they overpay on their estimated taxes. If you are one of the lucky taxpayers who gets a tax refund, here’s how you can […]
Tax Preparation 2024: What You NEED to Know
There are many important updates that you should consider before you file taxes this year. Many of these developments may allow you to lower your tax bill. One particularly exciting development is the Energy Efficient Home Improvement Credit, which gives you energy credits for making energy-efficient upgrades to your home. Other significant tax changes include […]
Your Guide to the Energy Efficient Home Improvement Credit
In August 2022, the Inflation Reduction Act was signed into law. Along with boosting domestic energy production, this law provides tax credits to homeowners who take steps to improve efficiency. The Energy Efficient Home Improvement Credit helps homeowners reduce their taxes by making specific home improvements, buying the right equipment, and obtaining audits. This guide […]
UGMA vs UTMA: Which is the Best for College Savings?
Many parents may want to get an early start on securing their child’s educational and financial future. The Uniform Gift to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA) are both excellent options to consider. These accounts are very flexible and beneficial for your child’s future. You can choose the types of investments […]
Accounting for Influencers: Explained by Experts
The influencer market is booming, turning content creators into entrepreneurs running profitable businesses. But this financial growth means you need good accounting practices. The IRS is watching influencers closely, and poor accounting can lead to audits. As influencers become more economically significant, managing finances professionally is key. Accounting for Influencers: The Basics Influencer Marketing Hub […]
Student Loan Tax Tips: A Complete Guide
Though student loan forgiveness has been in the news a lot lately, most borrowers are still shouldering significant debt. Though higher education can be a costly investment, there are some benefits to having loans when it comes to taxes. We’ll take a look at the student loan interest deduction and other student loan tax tips. […]