The tax deadline tends to creep up quietly. In 2020, the IRS extended the tax deadline to July 15, giving taxpayers another three months to file and pay taxes. However, it’s back to the normal schedule this year. After all, it’s never too early to start thinking about taxes. Filing taxes late can cost you […]
Category: Tax Tips
Are Your Assets Subject to Personal Property Tax?
Some municipalities use personal property tax to generate revenues for public programs and infrastructure. Each tax jurisdiction has the power to levy their own taxes and set their own guidelines. As a result, there are no set rules regarding personal property taxes. You have to check with your local tax authorities to find out specific […]
How to Avoid Capital Gains Tax on Real Estate Sales
Investing is all about turning profits, but those profits come with a price. Anytime you sell an asset for a financial gain, Uncle Sam wants his cut. The government takes its share of the loot through a capital gains tax. Capital gains taxes most commonly apply to sales of securities, like stocks and bonds, and […]
Airbnb Tax Planning for Hosts
How do you report Airbnb taxes? Estimated tax planning is the best way to ensure that your taxes are properly filed as an Airbnb host. Here are some tips to help you prepare your Airbnb taxes so that you can avoid tax problems. […]
How to Claim Education Tax Credits with Form 8863
If you pay for continued education for yourself, your spouse, or a dependent, you may be able to claim the expenses on your taxes and take advantage of the education tax credits available to you. You can use Form 8863 to report these expenses on your year-end taxes. However, you should take a few things […]
LLC Advantages for Freelancers and Small Businesses
Choosing an entity structure for your business is not an easy call. You have a lot of options to choose, but LLCs are one of the most popular. We’ll cover LLC advantages so you can decide whether an LLC structure is the best option for your business.. What is an LLC and How Does it […]
Form 1040EZ: How to File a Simplified Tax Return
For 1040 is the form you use to file your taxes. Currently, Form 1040 is also available as Form 1040A and 1040EZ. The form you’ll need to use depends on various factors, including your filing status, overall income, and how many dependents you’re claiming. However, Form 1040EZ is the simplest version of this form, so […]
Everything You Need to Know About Coronavirus IRA Withdrawals
The coronavirus has been devastating in more than one way. After many states implemented shelter in place orders, many Americans were left in a very vulnerable financial situation. Without the ability to go to work and earn an income, many people have struggled to make ends meet. The CARES act, also known as the Coronavirus […]
What is a Property Lien and How to Get Out From One
Creditors have a lot of collection weapons in their arsenal, but a property lien is one of the most feared. Property liens create major hassles for both the property holder and any parties interested in buying the underlying assets. If you’re up against a property lien, you probably have a lot of questions. Don’t worry, […]
6 Tips for Avoiding an IRS Audit
No one wants to run afoul of the IRS. Few situations can invoke as much angst as an IRS audit. Although, none really come to mind at the moment. An IRS audit is the result of the IRS wanting more information from you. There are various reasons why an IRS audit may be triggered. The […]