Lotteries are a very effective way to TRIPLE tax the poor. Here's how it works. Category: Your Income Now that the dust has settled on the big lottery winnings, it is worthwhile to see how the tax math works. Seen in the light of day, it is a great way for federal and state governments …
Category: Income
Leveraging Your Children’s Lower Tax Rate
One of the best places for parents to look for tax savings You can legally lower your tax by shifting unearned income to your children. Here are some ideas. Tip Category: Your Income If you're a parent, your dependent children can be a source of tax savings. There are the well-known provisions in the tax code …
3 Things to Know About Summer Job Taxes
Students! Have a summer job? Will you make less than $12,950 in 2022? Claim EXEMPT on your Form W-4 to prevent federal taxes from being withheld on your paycheck. Summer brings warm weather, fun outdoor activities, and new opportunities to earn some additional income. However, taxes on seasonal income need to be handled with care, …
If You’re Expecting a Refund, Read This!
The average refund is nearly $3,000 and takes about three weeks to arrive if you e-filed. Track its progress to your bank account by visiting http://www.irs.gov/refunds. If you’re getting a refund, here are four useful tips to know.1. The average refund is more than $3,500. Through February 18, the IRS reports the average refund is $3,536, …
Rent Your Property Tax-Free
Did you know you can rent your home or cabin tax-free for up to 14 days per year? Most income you receive is taxable income that is reported to the federal and state tax authorities. However, renting out your home or vacation property on a short-term basis can be done tax-free if you follow the …
What? This Form 1099 is Wrong!
What to do to fix this thorny problem It is late February and you realize the Form 1099 you received is in error. In fact, it overstates your income by several thousand dollars. What should you do? Gather your facts. Put yourself in the shoes of the vendor, bank or investment company representative. Gather evidence …
Five Tax-Loss Harvesting Tips
Actively managing your investments throughout the year can lower your taxes, especially if you can offset losses with gains. Though the markets have been up strongly this year, your investment portfolio could have a few lemons in it. Using the tax strategy of tax-loss harvesting, you may be able to turn those lemons into lemonade. …
File That Tax Return! – October extension deadline fast approaching
Time to file your tax return for 2020 if you have not already done so. There is no reason to leave a possible refund on the table, and the IRS is not going to beg to send you back your money. Friday, October 15 marks the extension deadline for filing your 2020 Form 1040 Tax …
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Avoid Tax Traps with Loans to Friends and Family
The IRS assumes you'll charge interest if you make personal loans, even to friends and family. Even if you don't charge interest, you'll owe tax on an assumed rate of interest. Lending to friends and relatives can be tricky, and not only because of the stress it can place on your relationships. There are tax …
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Time for a Checkup – Are you withholding enough for your taxes?
With all the changes last year, now is a great time to conduct a tax checkup, especially since their is still time to make adjustments. As we enter mid-year, it's a good time to check your tax withholdings to ensure you haven't been paying too much or too little. This is especially true if your …
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