When to Worry if Your Tax Refund is Delayed While many tax filers experienced significant delays in receiving their 2020 tax refund due to pandemic-related issues, the IRS has assured the American public that things should be back to normal for 2021 returns. That begs the question, what is normal, and when should I worry […]
Stocks are a fantastic way to make passive income but can play a massive part in your end-of-year tax bill. As you buy and sell investments, you may be wondering how are stocks taxed? Profits on stocks are assessed a capital gains tax. If you sell a stock after holding it for less than […]
6 Things to do After Filing a Tax Extension The deadline for filing your income taxes has come and gone. Like millions of Americans, you took advantage of the ability to extend the tax deadline to October 17th, 2022. What now? While you now have some extra time to file your taxes, there are still […]
8 Common Tax Credits With tax season upon us, Americans are looking for ways to reduce their overall tax burden and save as much money as possible. While many people focus on claiming as many deductions as possible, tax credits can also go a long way in reducing your overall tax burden. 8 common tax […]
How are Tax Credits and Tax Deductions Different? Tax credits and tax deductions are two great ways to help save money when it comes time to file your taxes. However, the two tax-saving mechanisms work affect your yearly tax bill very differently. So, what is the difference between a tax cred and a tax deduction? […]
Many Americans choose to leave the US to work or live abroad. It’s an exciting experience that can lead to a lot of opportunities. Through all of the excitement and emotion of moving to a new country, many Americans fail to consider how moving abroad will impact their taxes. That’s where we come in! If […]
Every year towards the end of the year you hear about wealthy individuals making extremely generous contributions to charitable foundations. While these donations certainly help the foundations receiving the money, they also benefit the individual donating the funds. You are able to claim charitable donations as a tax deduction when filing your taxes. However, it […]
Cryptocurrency has gained a huge amount of traction over the past couple of years. Due to the volatility of these cryptocurrencies investors are constantly trying to buy low and sell high. However, they rarely pause to think how all these sales and purchases will affect them come tax time. Despite cryptocurrency lacking government oversight, it […]
If you have recently started a side-gig or even branched out on your own to become self-employed you may be wondering, how does the IRS tax the money I’m earning? If you work for a company you typically receive a W-2 and the company will automatically deduct payments from your paycheck for tax. However, if […]
The obvious reason why you should strive to avoid the failure to file penalty is because it costs you money, and nobody wants to pay for something that could have been avoided! The failure to file penalty is charged if you file after the due date (usually April 15th for individuals), owe taxes and don’t […]
