Lower tax rates, double deductions, and generous tax credits. Tax season is often met with a mixture of anticipation and trepidation. But what if we told you that there’s a financial silver lining to saying “I do”? Marriage and joint tax filing can lead to significant tax savings, and we’re here to walk you through the tax benefits you can enjoy when you tie the knot and file together. 1. Lower Tax Rates for Joint […]
Unlocking the Tax Advantages of Roth IRAs When it comes to retirement savings, understanding the tax implications of your investment choices is crucial. A Roth IRA offers unique tax benefits that can significantly impact your financial planning. Unlike traditional retirement accounts, contributions to a Roth IRA are made with after-tax dollars, which means that withdrawals during retirement are generally tax-free. Contributions and Growth: Tax-Free Earnings The money you contribute to a Roth IRA grows tax-free.
Is your tax refund playing hide and seek? Receiving a tax refund can be a financial boost, but what if you find yourself in a situation where you didn’t get a refund this year? Understanding the reasons behind it is essential for better financial planning. In this article, we’ll explore the common reasons why you might not have received a tax refund. 1. Filing with Unpaid Taxes One of the most common reasons for not
FAQs and Tax Implications for Property Owners Are you a property owner wondering about the tax implications of rental income? Whether you’re a seasoned landlord or just starting your journey in real estate, understanding how rental income is taxed is crucial. In this Q&A style guide, we’ll answer common questions about taxation and offer insights into how Liberty Tax can assist you in navigating the complexities of rental income taxation. Basics of Rental Income Taxation
Dive in with us to understand these terms better and make smarter financial decisions! Income is the cornerstone of our financial lives, but not all income is created equal. For anyone navigating the complexities of personal finance or preparing their taxes, understanding the distinction between gross and net income is crucial. What Exactly is Gross Income? Gross income is the total amount you earn before any deductions are made. This includes wages, salaries, bonuses, interest,
Student loans can be a financial burden, but they also come with some tax benefits that can help ease the pain. If you’ve made payments on your student loans, you may be eligible for deductions that lower your taxable income. One of the key documents you need for this is Form 1098-E, which reports the amount of student loan interest you’ve paid during the tax year. In this comprehensive guide, we’ll explore how student loans impact your
TAX season can be a daunting time, but having the proper knowledge can make the process easier. The Internal Revenue Service (IRS) will officially begin accepting and processing 2023 tax returns on Monday, January 29 but before then, there are several steps and tools to make it less stressful. Taxpayers should note that the IRS’s free filing portal opened on January 12. IRS Free File is only available to taxpayers who made $79,000 or less in 2023. Those
Are you single with a child, that you support for more than half the year? You may qualify* to lower the amount of taxes you owe. Filing your taxes as Head of Household (HOH) can be a powerful way to reduce your tax liability, especially if you’re a single parent or provide support for dependents. In this Q&A style guide, we’ll explore the qualifications, benefits, and filing tips for the HOH status. What is the
Simplify self-employment tax and get expert insights for seamless filing. Are you a sole proprietor wondering how your business is taxed? We’ve got you covered. In this article, we’ll break down the top insights and filing considerations for sole proprietorship taxes. Whether you’re new to this business structure or looking for ways to optimize your tax situation, read on for valuable tips and tricks. 1. Understanding Sole Proprietorship Taxation As a sole proprietor, your business
Are you interested in the top 10 common IRS tax forms used in the United States for individual federal income taxes? The article below details the purpose for common tax forms, who should use them, and any relevant considerations. 1. Form 1040: U.S. Individual Income Tax Return Overview: Form 1040 is the primary form used by individuals to file their federal income tax returns. It summarizes the taxpayer’s income, deductions, and credits for the year. Who