You’ve finally taken that big step and have retired. You look back and realize that you’ve been paying a lot of different taxes all throughout your working years. Most taxes have been paid on your wages like federal and state income taxes, social security tax, and Medicare tax, but now, some of that will change. When you do your taxes by yourself, they might View full post…
Many of you heard the term cryptocurrency a few years ago, and may have wondered if you were on a different planet. No, it’s not real currency backed up by gold bullion, but a virtual currency. Before we get into our main topic of how and where to report crypto transactions when you’re doing taxes by yourself, we need to digress a little. View full post…
It’s hard to visualize taxes as being romantic in any way. But, they are a part of life, and now that you’re married, you can still do your taxes yourself. When you were single, taxes were a bit different, and now, as a newly married couple, you’ll be faced with more changes.
Don’t feel bad though, every married couple goes View full post…
Time and again, many taxpayers make the same errors when filing their tax returns. Every error doesn’t mean that your return will be pulled for an audit, but it’s best to make sure you’re as accurate as can be. Knowing how to file your taxes by yourself isn’t hard either.
Making these common mistakes may delay a much needed refund, especially if the IRS mails you a notice and you mail a response back. Besides, some errors may lead to View full post…
When a family member dies, there are a few unpleasant tasks that need to be done. Last, but not least, is someone has to file taxes for a deceased person, usually a final return. Yes, the old saying that death and taxes are the only things in life that are certain, is so true. In this case, they both happen at the same time.
A federal return needs to be filed showing View full post…
For many years, some taxpayers hid money in foreign banks to avoid paying taxes to the USA. The problem continued to grow, and in 1970, the Treasury Department came up with a way to correct this. As a part of the Bank Secrecy Act, the FBAR was designed to keep taxpayers from hiding money and other assets in foreign banks.
This report form is the Foreign Bank Account Report, (FBAR), View full post…
If you’re still working part time and retired, up to 85% of your Social Security benefits may be taxable. This unfair rule was started by Congress during the Reagan administration in 1984. They decided initially that up to 50% of benefits would be taxed again depending on certain income limits.
Many of our seniors who are retiring and beginning to collect Social Security are surprised to learn that their benefits are subject to taxation a second time. It shouldn’t come as a surprise though. When you’re dealing with View full post…
The 2020 tax year is almost over as we approach the October 15 extension filing date. Now is the time for tax planning for the 2021 tax year that is rapidly approaching. Covid and its variants are still causing problems for many and inflation is also rearing its ugly head. If you’re filing your own taxes online, you need to be aware of changes for this year.
Tax credit advance payments for those with children are being sent, and many remote workers have not returned to View full post…
I can recall doing taxes for the first time. I was 23, fresh out of college, and looking for work, just like a lot of other recent graduates. I had a chance to do some background work as an actress and couldn’t pass it up. It lasted about 6 months and was a fun job.
It was fun until I received View full post…
Due to an economy turned upside down by Covid, many individuals have started their own small businesses and became a part of a growing gig economy. Some of these same individuals made a definite choice, and some others, who lost their jobs, were forced into it.
Whatever the case, these workers are confronted by an important issue View full post…
